The International Herbert A. Simon Society, created in Torino in 2008, is named after the winner of the 1978 Nobel Prize for Economics Herbert A. Simon (1916-2001) who was the first to challenge radically the model of rationality used by neoclassical economics and which was the origin of the recent financial crisis and of the many forecasting errors made by national and international financial institutions.
Herbert Simon proposes a theory of economic rationality that reflects the economic agent’s real abilities to reason and make decisions. Only a limited type of procedural and subjective rationality might enable economics to move beyond the abstraction and errors of contemporary economics.
The objective of the Simon Society is to reformulate economic theory by starting with the many non-neoclassical directions that have been developed in recent years, in particular behavioural and cognitive economics, neo-institutional economics, evolutionary economics, and organization theory.
The Simon Society will meet this objective by connecting scholars and academic research centres that have already been committed for years to modernizing economic science. The criterion adhered to will be that of opening economic science to contributions from other disciplines such as neuro-cognitive sciences, artificial intelligence, complexity theory, the social sciences and epistemology.
Along these lines it will develop a programme of fellowships and grants for young scholars characterized by originality and interdisciplinarity.
Finally, it will offer its contribution in application to public and private economic decision-makers who want to update the instruments for analysis and forecasting.