"I believe people can solve complex problems eventually. By repeated trial and error they will get there; but they need a long time. At this point I agree with Herbert Simon. People do not learn immediately, as those rational expectations models seem to imply. I don't believe that. The statement that assumptions do not matter is nonsense. It is funny. Yes, I assume people are consistent in their behavior. I assume that not because I believe everybody actually is, but because I believe, on the average, you do not get too far from it."
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JewsPeople from RomeEconomists from the United StatesNobel laureates in EconomicsEconomists from Italy
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Franco Modigliani
Franco Modigliani (June 18, 1918 – September 25, 2003) was an Italian-born American economist and professor at the and MIT Department of Economics, who won the in 1985.
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