The converse concept of bounded rationality, it seems to me, must be unbounded stupidity. So is the statement that humans exhibit bounded rationality merely an euphemism for the fact that humans are prone to unbounded stupidity?
A moment’s reflection should convince us that the world around us is definitely complex and we cannot really fathom what the consequences of our actions will be. The best we can do is to try to learn from our previous bouts of “bounded rational” actions and try to avoid being unboundedly stupid.
Here is …