A delay in a balancing feedback loop makes the system likely to oscillate.
~ Donella Meadows

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Bounded rationality means that people make quite reasonable decisions based on the information they have. But they don’t have perfect information, especially about more distant parts of the system.
~ Donella Meadows

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Economic theory as derived from Adam Smith assumes first that homo economicus acts with perfect optimality on complete information, and second that when many of the species homo economicus do that, their actions add up to the best possible outcome for everybody. Neither of these assumptions stands up long against the evidence.
~ Donella Meadows

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