Decision Making as Output and Bounded Rationality

  The classical economics theories proceed on the assumption of rational agents. Rationality implies the economic agents undertake actions or exercise choices based on the cost-benefit analysis they undertake. The assumption further posits that there exists no information asymmetry and thus the agent is aware of all the costs and benefits associated with the choice he or she has exercised. The behavioral school contested the decision stating the decisions in practice are often irrational. Implied there is a continuous departure from rationality. Rationality in the views of the behavioral school is more an exception to the norm rather a rule. The past posts have discussed the limitations of this view by the behavioral school. Economics has often posited rationality in the context in which the choices are exercised rather than theoretical abstract view of rational action. Rational action in theory seems to be grounded in zero restraint situation yet in practice, there are numerous restra

Blake Moulton Grid and the Unconditional Economy First Advocacy


The issue of extending lockdown or reopening of the economy continues to border on rhetoric than substance. There are a few who hold an extreme view of complete reopening of the economy while few advocate the lockdown. At times, it seems rather than the individual judgment, it is the views of their ideological mentors sitting thousands of miles away from the location that determines the views. In India, many state governments notably ruled by the opposition parties are clamouring for an extension of lockdown. This makes the usually vociferous right wing activists on social media see red on any news of possible extension of the lockdown. Their views that India needs to open up fully arises from the fact of the need to oppose the views of the political left and so-called political liberal.  The debate on the feasibility of economy first or the health first has been discussed in this post.  The analysis is underpinned on the classical societal dilemmas of allocation of resources theorized through the economics production possibility curve.

Yet, the current discussion does not underpin on economic analysis but through rhetoric conveniently based on their ideological predispositions. The conclusions are made, only the means to justify the conclusions necessitate some alibi. It is no one’s case that the lockdown must continue indefinitely. Some commentators have argued for phased lifting of the lockdown with appropriate measures of social distancing and personal safety. Some discussion on the same has been captured in this post.  However, for any attempt to have planned exit invites instant rejection scheme. To the economic first extremists, the only solution is to open up the entire India. In fact, Mumbai and Delhi have to open up while the hinterland can remain shut for months though the pandemic situation might be completely under control in the hinterland. There is bound to be difficulties in linking up industries and economy as one opens up district wise. Some theoretical perspective has been offered in this post. In fact, perhaps many of them will have no answers for a question how will India function if for instance, in an extreme scenario, cities like Mumbai, Delhi or Bangalore are bombed out. Would it be still their case that India cannot function and allow everyone to die or use the opportunity to allow districts to become economic forces? In fact, in the current backdrop, the recovery would have to be led by the hinterland away from the urban clusters. Pointers towards the same have been analysed in this post.

However, it would be a matter of interest to decode the prospective motivations for the current economy first analysis. It becomes more puzzling given the nature of the rhetoric. There are a few who believe that given there are ‘lakhs’ of deaths in India for multiple causes, there is no reason to panic over this. Some of their posts on social media including Twitter explicitly point towards the same. A few are impersonalising the deaths occurring due to the Wuhan flu. Any anecdote of death and suffering is pointed to a macro picture of very low fatality rate, more so given their persistent belief that cases are undercounted by a large factor. There is a case not to practice woke but bordering on the other extreme of political incorrectness does not warrant given the circumstances. Apparently many of these voices are those who are likely to stay home and free-ride on any accumulated herd immunity.

At times, migrants looking for work are used as a bogey, but most migrants are going back home not because of lack of work or even food but because of panic. They do not want to die in a different place lonely and away from their family. There is air of melancholy and anecdotal episodes indicate a desire in almost all migrants of going back to their hometowns or villages till the pandemic subsides. In fact, many organizations might suffer from labour shortage as the economy opens up yet again.

Few theories might explain the current approach in extremity in opposing extension of lockdown. At one level, it is the perception of uncertainty and subjective probabilities associated with it that creates the differences. An analysis of the same has been attempted in this post. In the despair and despondency in the air, the scene reminds of the movie Day After. One of the characters after days in the basement run to breathe what she thinks is fresh air and blue sky yet hidden is the radiation that pervades the environment and x-rays that are penetrating her without her knowing it. Yet, this too is insufficient to explain the current issue.

For an analysis one needs to dig into a managerial theory that has come to be known as Blake-Moulton grid. While it was intended to analyse to managerial styles in an organization, it can be repositioned to apply at macro level with economy or society as unit. The model is centred on a grid comprising two attributed plotted along x and y axis. The x-axis measures the managerial concern for production or output while the y-axis measures the concerns for the people or the human labour input. They are graded on a 9-point scale with one being the lowest and nine the highest. Those oriented on x-axis are inclined about production irrespective of the conditions of the people producing them. To those oriented on the y-axis, there is an extra-concern for the labour and manpower inputs irrespective of the quantum of production. In between those two, numerous combinations exist.

The extreme advocacy of economy first represents what in the traditional managerial grid model calls it the produce or perish model. The modern versions call it dictatorial style. Implied is a least concern for health externalities either to individual or family or society but what needs to happen is the production. It is immaterial that people might die or suffer from Wuhan flu, but work cannot stop. One is reminded of an incident in one of the major companies wherein a labourer died when a machine fell on him, the engineers removed his body and asked the others to continue working as if nothing happened. This is the style which the economy first advocates at the extreme level wants. They might be interested in firing on shoulders of some other causes but a separating equilibrium of the lockdown is bringing this style into focus. As a matter of fact, Singapore overlooked the working conditions in dormitories of foreign workers as long as the production did not suffer. The current incidence of Wuhan flu can be attributed to a great degree onto this managerial style visible in migrant dormitories and quarters.

It is worth reiterating hardly anyone is advocating a country club approach where production is hardly a priority. The point being argued is building up the production redundancies without sacrificing the health or risks associated with the same. In the absence of clarity on long term externalities of the Wuhan pandemic on individual health, a precautionary principle would be the right course to follow. As such the government is on right track. The Swedish model being touted by the right wing has its own price visible in the high death rate in Sweden relative to its Scandinavian neighbours. The approach if replicated in India will lead to loss of life in substantial numbers, a political suicide for any government.

To those who advocate unconditional economy first irrespective of the costs associated with the same in the times of pandemic, it is the manifestation of the produce of perish style that Blake and Moulton categorized some fifty odd years ago. To a government however, there are multiple trade-offs that need to be executed at various levels. Any boomerang would cost it big and set the mission to eliminate or at least minimise the virus impact back by many man-years. So, on balance, a combination of the two concerns have to be redressed and any approach will in all probability factor in the same.


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