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The Psychology of Money and Public Finance by Günter Schmölders (Dec 12, 2006)_6

Tham khảo tài liệu 'the psychology of money and public finance by günter schmölders (dec 12, 2006)_6', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | a maximum of rationality - that is conscious critically reflected action strictly in accordance with the rules of the optimization principle. This assumption of the objective rationality of entrepreneurial actions can however hardly remain unchallenged. In particular decisions about the future necessarily lack the complete knowledge and anticipation of possible consequences that result from each choice. Since consequences are in the future imagination has to replace the want of actual experience in their assessment. Objective rationality would require a choice between all possible lines of evaluated action in reality only a very few of all the possible alternatives are considered. Added to this is the limited human capacity to process information. In relation to the quantum of problems that would need to be solved for the realization of an objective and rational behaviour such capacity is remarkably small. In the centrally planned economy that has nationalized enterprise and eliminated every business concern for correct investment and production decisions a staff of officials struggles with more luck than judgement to reach its bureaucratic but nevertheless entrepreneurial decisions. These officials may be talented loyal diligent and completely committed. Unlike however the market entrepreneur their viability is not personally dependent on the accuracy of their prognoses and decisions. Nor are they tied with all the threads of their consciousness to the business . Above all in the centrally administered and centrally planned economy there is not a real automatically functioning organ or mechanism of feedback. Wrong decisions on investment and allocation may possibly emerge only years after when the length of customers queues in front of the state-owned shops stretches unendingly. An authoritarian administration is also notoriously reluctant to accept complaints about supply deficiencies. This position is aggravated by the difficulties of establishing individual .