I woke up this morning to an unexpected and strange dream, which involved a significant learning during my doctoral studies at the IIM, Ahmedabad, over 2 decades ago, On waking, my thought was to share this learning with you in the social development sector. Bounded Rationality is a theoretical perspective, an understanding which had a significant impact on the development of my own intellect. I have been able to observe how an understanding of this rather simple concept expanded my own response to unknown, problematic situations over the years, and through this process, my vision evolved and expanded in a manner I had not expected. Bounded Rationality is based on the understanding that we humans search for solutions to problems within known solutions, and only when these dont work, we begin the process of searching for the unknown. This theoretical premise has been beautifully conceptualized and theoretically explained by the late Nobel Laurette, Herbert Simon. Why should we social development professionals understand Bounded Rationality? Because in this increasingly complex problematic world, it is we who need to lead the search for solutions! Do read and understand Bounded Rationality - it will be of help to all in the search for solutions. Good luck to all of us in our search for meaningful solutions!
Posted on: Sat, 19 Jul 2014 09:44:29 +0000
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