Lex Phonographica 9: Herbert A. Simon, Organizations and Markets (1991)


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In 1991, the American economist, political scientist and cognitive psychologist Herbert Simon published "Organizations and Markets" in the Journal of Economic Perspectives. It provides a critique of neoclassical and new institutional economic assumptions of organizational behavior. "Research into the decision-making process within economic organizations" won him the The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 1978. Simon provides a theory of organizations in economic systems in both capitalist and non-capitalist economies in this paper.

This article was read by Luce Nguyen, who is on Twitter at @NguyenLuce.

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