Consequences Quotes - page 37
We declare pragmatism to be bad, not indeed in its moral consequences (which, as a matter of fact, ought not to count in philosophy), but because it introduces into our fashion of thinking a degrading sophistry. Pragmatism, in its modern systematized form, would scarcely have been possible in earlier times. It has, however, become so since erudite scholars and original thinkers have deemed it fit to cater to a public incapable of taking a genuine interest in their researches and their speculations, a public which in the last resort wishes simply to amuse itself with these as it amuses itself with everything else, - the public of our modern democracies. We feel flattered by the plaudits of the crowd, and to procure these we are satisfied to get down to the level of those whom as thinkers we should disdain. Popular science, popular art, popular theology - only one thing was lacking - popular philosophy.
Albert Schinz
Global rationality, the rationality of neoclassical theory, assumes that the decision maker has a comprehensive, consistent utility function, knows all the alternatives that are available for choice, can compute the expected value of utility associated with each alternative, and chooses the alternative that maximizes expected utility. Bounded rationality, a rationality that is consistent with our knowledge of actual human choice behavior, assumes that the decision maker must search for alternatives, has egregiously incomplete and inaccurate knowledge about the consequences of actions, and chooses actions that are expected to be satisfactory.
Herbert Simon