How did Herbert Simon challenge economic theory and why did he emphasize the importance of data collection? Underlining that economic theory and methodology needed a change, Simon focused his research ...

Simon, 90, co-founded the investment real estate trust in Indianapolis in 1960 with his brother, Melvin, to develop strip malls.

i.e., the “new-old” theory. A few decades after Taylor’s theories became reality, Herbert Simon was publishing work and introducing coined terms such as “saticficing” (a hybrid of the words “satisfy” ...