Bounded rationality is a cognitive bias that was coined in the 1950’s by Herbert A. Simon.
It is the idea that when we make decisions, we are limited by the information we have, the cognitive limitation of our minds and the fact that we have finite time to make the decision.
As a result of this, we look for a decision that is “good enough” but is potentially not optimal.
So, yes we can potential increase the cognitive ability of the mind, possibly free up a little more time and definitely get a little bit more information, but….
We are still bounded.
So, what do we do?
If we understand that we can create a broader context for living, ways of feeling that are important to us, then we can accept bounded rationality. We make choices that at least seem to be aligned with our context and then move on. Choosing a path with “heart:”
As Carlos Casteneda writes:
“This question is one that only a very old man asks. Does this path have a heart? All paths are the same: they lead nowhere. They are paths going through the bush, or into the bush. In my own life I could say I have traversed long long paths, but I am not anywhere. Does this path have a heart? If it does, the path is good; if it doesn’t, it is of no use. Both paths lead nowhere; but one has a heart, the other doesn’t.”
All paths lead to nowhere. The information we have is bounded, our cognitive ability is bounded. Does the path have heart?
Is it aligned with the journey?
If so, we quickly go ahead and try it out.
