Herbert A. Simon vs. Friedrich Hayek
Side-by-side comparison of two thinkers
Herbert A. Simon
1916 – 2001
Herbert Alexander Simon was an American scholar whose work influenced the fields of computer science, economics, and cognitive psychology. His primary research interest was decision-making within organizations and he is best known for the theories of "bounded rationality" and "satisficing". He and Allen Newell received the ACM Turing Award in 1975, and he received the Nobel Memorial Prize in Economic Sciences in 1978.
"The first consequence of the principle of bounded rationality is that the intended rationality of an actor requires him to construct a simplified model of the r…"
Friedrich Hayek
1899 – 1992
Friedrich August von Hayek was an Austrian economist and philosopher. He is known for his contributions to political economy, political philosophy and intellectual history. Hayek shared the 1974 Nobel Memorial Prize in Economic Sciences with Gunnar Myrdal for work on money and economic fluctuations, and the interdependence of economic, social and institutional phenomena.
"Yet, though the French Revolution was so largely inspired by the ideal of the Rule of Law, it is questionable whether it really helped the advance towards that …"
Connections
Both wrote about: