Simon’s bounded rationality , the first scientific research program to seriously take the cognitive limitations of decision makers into account, has often been conflated with his more restricted concept of satisficing—choosing an alternative that meets or exceeds specified criteria, but that is not guaranteed to be unique or in any sense “the best.” Proponents of optimization often dismiss bounded rationality out of hand with the following “hallway syllogism” : bounded rationality “boils down to” satisficing; satisficing is “simply” a theory of (...) search for alternatives that takes into account the costs of computation. Hence, bounded rationality is “just a minor tweak” on optimal search theory. (shrink)

This is the second of two articles in which I reflect on “generalized Darwinism” as currently discussed in evolutionary economics. In the companion article (Callebaut, Biol Theory 6. doi: 10.1007/s13752-013-0086-2, 2011, this issue) I approached evolutionary economics from the naturalistic perspectives of evolutionary epistemology and the philosophy of biology, contrasted evolutionary economists’ cautious generalizations of Darwinism with “imperialistic” proposals to unify the behavioral sciences, and discussed the continued resistance to biological ideas in the social sciences. Here I assess Generalized Darwinism (...) as propounded by Geoffrey Hodgson, Thorbjørn Knudsen, and others, concentrating on the roles of theory and model building in science (and the roles of analogy and metaphor therein), generative replication, and the relation between selection and self-organization. I then point to advances in current biology that promise to be more fruitful as sources of inspiration for evolutionary economics than the project to generalize Darwinism in its current, “hardened Modern Synthesis” form; and I draw some conclusions. (shrink)