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No One Has Characterized Market Mechanisms Better Than Friedrich Von Hayek

-Herbert Simon

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No One Has Characterized

Herbert Simon

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No One Has Characterized Market Mechanisms Better Than Friedrich Von Hayek

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Human Beings Know A Lot Of Things, Some Of Which Are True, And Apply Them. When We Like The Results, We Call It Wisdom.

All Behavior Involves Conscious Or Unconscious Selection Of Particular Actions Out Of All Those Which Are Physically Possible To The Actor And To Those Persons Over Whom He Exercises Influence And Authority.

The Proper Study Of Mankind Is The Science Of Design.

Engineering, Medicine, Business, Architecture And Painting Are Concerned Not With The Necessary But With The Contingent - Not With How Things Are But With How They Might Be - In Short, With Design.

Forget About Nobel Prizes; They Aren't Really Very Important.

The Situation Has Provided A Cue; This Cue Has Given The Expert Access To Information Stored In Memory, And The Information Provides The Answer. Intuition Is Nothing More And Nothing Less Than Recognition.

By 1985, Machines Will Be Capable Of Doing Any Work Man Can Do.

Learning Is Any Change In A System That Produces A More Or Less Permanent Change In Its Capacity For Adapting To Its Environment.

Permanent Change

Because He Treats The World As Rather Empty And Ignores The Interrelatedness Of All Things (so Stupefying To Thought And Action), Administrative Man Can Make Decisions With Relatively Simple Rules Of Thumb That Do Not Make Impossible Demands Upon His Capacity For Thought.

In The Computer Field, The Moment Of Truth Is A Running Program; All Else Is Prophecy.

Human Beings, Viewed As Behaving Systems, Are Quite Simple. The Apparent Complexity Of Our Behavior Over Time Is Largely A Reflection Of The Complexity Of The Environment In Which We Find Ourselves.

Think Of The Design Process As Involving First The Generation Of Alternatives And Then The Testing Of These Alternatives Against A Whole Array Of Requirements And Restraints.

The Intelligent Altruists, Though Less Altruistic Than Unintelligent Altruists, Will Be Fitter Than Both Unintelligent Altruists And Selfish Individuals.

All Correct Reasoning Is A Grand System Of Tautologies, But Only God Can Make Direct Use Of That Fact

The World Is Vast, Beautiful, And Fascinating, Even Awe-inspiring - But Impersonal. It Demands Nothing Of Me, And Allows Me To Demand Nothing Of It.

Maybe We Ought To Have A World In Which Things Are Divided Between People Kind Of Fairly.

No One Has Characterized Market Mechanisms Better Than Friedrich Von Hayek

Innovation Has A Lot To Do With Your Ability To Recognise Surprising And Unusual Phenomena.

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.

Everyone Designs Who Devises Courses Of Action Aimed At Changing Existing Situations Into Preferred Ones.

Learning Results From What The Student Does And Thinks, And Only From What The Student Does And Thinks. The Teacher Can Advance Learning Only By Influencing The Student To Learn.

The Engineer, And More Generally The Designer, Is Concerned With How Things Ought To Be - How They Ought To Be In Order To Attain Goals, And To Function.

A Complex Decision Is Like A Great River, Drawing From Its Many Tributaries The Innumerable Premises Of Which It Is Constituted.

Creativity Is No Less Challenging Or Exciting When The Mystery Is Stripped From The Creative Process. The Most Beautiful Flowers Grow Under Careful Cultivation From Common Soil.

Many Individuals And Organization Units Contribute To Every Large Decision, And The Very Problem Of Centralization And Decentralization Is A Problem Of Arranging The Complex System Into An Effective Scheme.

One Finds Limits By Pushing Them.

One Of The First Rules Of Science Is If Somebody Delivers A Secret Weapon To You, You Better Use It

Most Of What We Do To Get People Ready To Act In Situations Of Encounter Consists Of Drilling These Lists Into Them Sufﬁciently Deeply So That They Will Be Evoked Quickly At The Time Of The Decision.

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.

There Are No Morals About Technology At All. Technology Expands Our Ways Of Thinking About Things, Expands Our Ways Of Doing Things. If We're Bad People We Use Technology For Bad Purposes And If We're Good People We Use It For Good Purposes.

Assuming That A Tax Increase Is Necessary, It Is Clearly Preferable To Impose The Additional Cost On Land By Increasing The Land Tax, Rather Than To Increase The Wage Tax - The Two Alternatives Open To The City (of Pittsburgh). It Is The Use And Occupancy Of Property That Creates The Need For The Municipal Services That Appear As The Largest Item In The Budget - Fire And Police Protection, Waste Removal, And Public Works. The Average Increase In Tax Bills Of City Residents Will Be About Twice As Great With Wage Tax Increase Than With A Land Tax Increase.

Enlightenments, Like Accidents, Happen Only To Prepared Minds.

Accidents Happen

Solving A Problem Simply Means Representing It So As To Make The Solution Transparent.

Anything That Gives Us New Knowledge Gives Us An Opportunity To Be More Rational.

The Social Sciences, I Thought, Needed The Same Kind Of Rigor And The Same Mathematical Underpinnings That Had Made The 'hard' Sciences So Brilliantly Successful.

Most Of Us Really Aren't Horribly Unique. There Are 6 Billion Of Us. Put 'em All In One Room And Very Few Would Stand Out As Individuals. So Maybe We Ought To Think Of Worth In Terms Of Our Ability To Get Along As A Part Of Nature, Rather Than Being The Lords Over Nature

I Don't Care How Big And Fast Computers Are, They're Not As Big And Fast As The World.

Engineers Are Not The Only Professional Designers. Everyone Designs Who Devises Courses Of Action Aimed At Changing Existing Situations Into Preferred Ones. The Intellectual Activity That Produces Material Artefacts Is No Different Fundamentally From The One That Prescribes Remedies For A Sick Patient Or The One That Devises A New Sales Plan For A Company Or A Social Welfare Policy For A State.

The Aim ... Is To Provide A Clear And Rigorous Basis For Determining When A Causal Ordering Can Be Said To Hold Between Two Variables Or Groups Of Variables In A Model . . . . The Concepts Refer To A Model-a System Of Equations-and Not To The 'real' World The Model Purports To Describe.

A Wealth Of Information Creates A Poverty Of Attention.

Technology May Create A Condition, But The Questions Are What Do We Do About Ourselves. We Better Understand Ourselves Pretty Clearly And We Better Find Ways To Like Ourselves

Mathematics Is A Language. We Want Scientists To Be Able To Read It, Speak It, And Write It. But We Are Are Not Training Them To Be Grammarians.

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.

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