The concept of a price tag is only about 140 years old. Prior to that transactions were a negotiation between buyer and seller. Basically, everything was a yard sale, with haggling expected. Today of course, haggling about the price of an airline seat or an entree at your favorite restaurant is a lost cause. The price […]
Herbert Simon explored the intersection of philosophy, science, politics, economics and a range of other fields and called into question the traditional idea that “economic man” acts rationally.