Season 8 - Episode 1 - Herbert Simon

One of the fundamental principles of orthodox economics the idea that all economic agents "maximise" - consumers aim to maximise utility (econ speak for happiness) and producers profit. Nobel Prize winning economist Herbert Simon challenged this assumption and in doing so coined a new verb, ‘to satisfice’ to show how consumers and producers in the ‘real world’ behave somewhat differently. This is the first episode of Season 8 of our award winning podcast, with the theme of the season being "the economists' economist'. In this episode, your friendly neighbourhood economists, Pete and Gav, enter the world of Ha-Joon Chang’s favourite economist - Herbert Simon. In the course of our journey of discovery we will meet a robot named after Herb, suggest the perfect past-time for long train journeys and discover Simon's surprising and unusual sartorial choices. As always there is a challenging quiz and lashings of bonhomie. Technical support comes from our muse Nic. PS You may hear background vocals from baby Henry during the course of the episode and we would correct the following errata which occurred during the course of enthusiastic discussions: Tom Swift was a character from American teen sci-fi books Mr Miyagi of Karate Kid fame was, in fact, Japanese

You can listen to Season 8 - Episode 1 - Herbert Simon online on Radio and Podcast. Open the player on this page to stream the available audio.

Season 8 - Episode 1 - Herbert Simon is an episode from Economics In Ten by Economics In Ten.

This episode is 01:23:07 long.

This episode was published on Jul 12, 2024.

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