No one has characterized market mechanisms better than Friedrich von Hayek.
More Quotes from Herbert Simon:
Human knowledge has been changing from the word go and people in certain respects behave more rationally than they did when they didn't have it. They spend less time doing rain dances and more time seeding clouds.Herbert Simon
What a person cannot do he will not do, no matter how much he wants to do it. Normative economics has shown that exact solutions to the larger optimization problems of the real world are simply not within reach or sight. ... the behavior of an artificial system may be strongly influenced by the limits of its adaptive capacities.
Herbert Simon
Behaving like a manager means having command of the whole range of management skills and applying them as they become appropriate.
Herbert Simon
What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention, and a need to allocate that attention efficiently among the overabundance of information sources that might consume it.
Herbert Simon
The simplest scheme of evolution is one that depends on two processes a generator and a test. The task of the generator is to produce variety, new forms that have not existed previously, whereas the task of the test is to cull out the newly generated forms so that only those that are well fitted to the environment will survive.
Herbert Simon
One finds limits by pushing them.
Herbert Simon
Readers Who Like This Quotation Also Like:
Based on Keywords: characterized, friedrich, hayek, mechanisms, vonI really feel there's no limitation on what this band can do in the studio or on the stage. That's an empowering feeling - that we can bring a song to life.
Ben Harper
I do not think that winning is the most important thing. I think winning is the only thing.
Bill Veeck
Money is a handmaiden, if thou knowest how to use it; a mistress, if thou knowest not.
Horace