This paper looks at how Herbert Simon’s research and publications in the field of economic sciences have continued to influence the decision-making process of many managers in the business world.
This paper examines some of the different business theories that have been put forward by leading scholar, Herbert Simon. The paper details his life achievements in the areas of business, psychology, political science and information science. The author pays special attention of one of his books, Administrative Behavior and examines its influence on how business managers conduct themselves. Herbert Simon won the Nobel Prize in Economic Sciences and it is his work that continues to be used as the basis for analyzing a company’s decision-making process.
“Herbert Simon’s qualifications are in the areas of political science, administration, psychology and information sciences yet his major contributions are based on economic theories. Simon applied economic theory to all situations where human beings make decisions including business situations. The difference of Simon’s work is that he applied the ideas of psychology to economic theories, effectively adding the “human factor” which economists had ignored. As Simon noted “nothing is more fundamental in setting our research agenda and informing our research methods than our view of the nature of the human beings whose behavior we are studying” (Simon 1985, p303).”
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