Famous quotes with Maximizer

• Central to this book is the further assumption that man is a rational utility maximizer in all areas of life, not just in his “economic” affairs, that is, not only when engaged in buying and selling in explicit markets. This idea goes back to jeremy Bentahm in the eighteenth and early nineteenth century, but received little attention from economists until the work of Gary Becker in th 1950s and 1960s. The concept of man as a rational maximizer implies that people respond to incentives.(...) From this proposition derive the three fundamental principles of economics.

  Richard Posner
• As conceived in this book, economics is the science of rational choice in a world─our world─in which resources are limited in relation to human wants. The task of economics, so defined, is to explore the implications of assuming that man is a rational maximizer of his ends in life, his satisfactions─what we shall call his “self-interest.” Rational maximization should not be confused with conscious calculation. Economics is not a thoery about consciousness. Behavior is rational when it conforms to the model of rational choice, whatever the state of mind of the chooser.(...) Nor is perfect rationality assumed; rational-choice thoery allows us to assume that rationality is “bounded” because of human cognitive limitations, although another way to think of those limitations is as costs of absorbing and using information.

  Richard Posner

Related words & questions

Related words: maximizer definition, maximizer in math, maximizer machine, maximizer game, maximizing machine

Related questions:

What is a maximizer?

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non-evolutionary

The antonyms for the word "non-evolutionary" are "evolutionary," "progressive," and "adaptive." These words indicate a trend towards change, growth, and development - quite the opp...