"We need to augment and amend the existing body of classical and neoclassical economic theory to achieve a more realistic picture of economic process."

“Before a science can develop principles, it must possess concepts. Before a law of gravitation could be formulated, it was necessary to have the notions of “acceleration” and “weight.””

“Whereas economic man maximizes - selects the best alternative from among all those available to him, his cousin, administrative man, satisfices - looks for a course of action that is satisfactory or "good enough."”

“During and after World War II, a large number of academic economists were exposed directly to business life, and had more or less extensive opportunities to observe how decisions were actually made in business organizations. Moreover, those who became active in the development of the new management science were faced with the necessity of developing decision-making procedures that could actually be applied in practical situations. Surely these trends would be conducive to moving the basic assumptions of economic rationality in the direction of greater realism.”

“The techniques of the practitioner are usually called 'synthetic'. He designs by organizing known principles and devices into larger systems.”

“A major task in organizing is to determine, first, where the knowledge is located that can provide the various kinds of factual premises that decisions require.”

“It is impossible for the behavior of a single, isolated individual to reach a high degree of rationality. The number of alternatives he must explore is so great, the information he would need to evaluate them so vast that even an approximation to objective rationality is hard to conceive. Individual choice takes place in rationality is hard to conceive... Actual behavior falls short in at least three ways, of objective rationality:”