“We need to augment and amend the existing body of classical and neoclassical economic theory to achieve a more realistic picture of economic process.”

—  Herbert A. Simon

Herbert A. Simon (1986) in Preface to: Gilad & Kaish (eds.), Handbook of Behavioral Economics, p. xvi.
1980s and later

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Herbert A. Simon58
American political scientist, economist, sociologist, and p… 1916–2001

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Institutional economics, however, needs a more explicit and dynamic theory of information flows if it is to make more than a dent in the neoclassical defences. Having established that there exists credible institutional alternatives to markets, it needs to show how information production and exchange underpins them all, shaping their internal evolution as well as how they collaborate and compete. In effect, what is needed is a theory of social learning that extends beyond the individual or the organization to encompass more complex institutional settings. Such as theory, I believe, is foreshadowed in Douglas North’s historical studies of institutions. It now needs further development.”

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Michael White, "The gift of tired tongues", The Guardian, 30 September 1994; Norman Macrae, "You've never had it so incoherent", Sunday Times, 2 October 1994.
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