ABSTRACT
Herbert Simon's theory of bounded rationality is a good example of a kind of conditioned rationality. The axiom of rationality of economic agents in the analyses of the behaviour of market structures in a situation typified as one of perfect competition is a starting assumption for the purposes of model building that does not conform to any known reality. Reality is simply too messy and complex to be modelled with the aim of forecasting macro-economic variables, at least with the degree of certainty and accuracy that would constitute a valid tool for organizational planning and policy-making for national economies. In reality, the interests of organizational stakeholders are often not sufficiently aligned, requiring instead balanced solutions, leadership, negotiation and strategic vision, rather than the maximization of any particular objective. The current state of the art of methodological sophistication and scientific scrutiny into economics issues has not allowed for a better scoping and explanation of contemporary reality.
