Comment by UpsideDownRide
2 days ago
Did we? Because while seemingly obvious nowadays it is not a settled matter in orthodox econ academia.
2 days ago
Did we? Because while seemingly obvious nowadays it is not a settled matter in orthodox econ academia.
Yes. Everybody here should be or get acquainted with Herbert Simon - he is both "Logic Theory Machine" and "General Problem Solver" and "linked lists", and "bounded rationality" and "satisficing".
Herbert Simon - https://en.wikipedia.org/wiki/Herbert_A._Simon
People would benefit from learning some control theory too. A little tinkering with (even abstract) PID controllers can quickly disabuse one of the notion that feedback loops settle instantly.