Herbert A. Simon (economist)

Herbert A. Simon was a renowned economist and psychologist known for his work on decision-making, problem-solving, and organizational behavior. He introduced the concept of "bounded rationality," which suggests that individuals and organizations make decisions based on limited information and resources, rather than perfect logic. Simon's insights help explain how real-world choices are made, acknowledging constraints like time and knowledge. His research influenced economics, computer science, and cognitive psychology, earning him the Nobel Prize in Economics in 1978. Overall, Simon's work deepened our understanding of how humans think, decide, and organize in complex environments.