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

Early Memories of Politics- A Journey Back in Times

A few days back there was this interesting tweet. Like many other tweets, this would fall in the categories of interactive tweets while evoking a sense of nostalgia. The composer of the tweet indicated the fall of Berlin Wall was her first political memory and invited the Twitterati to share their earliest political memories. Like similar interactive tweets, Twitter was full of tweets each pointing towards their earliest memories. Till date it had earned around 9000 retweets with comments with more than 18000 replies. This would not obviously include those who have replied to the retweets or commented on retweets or commented on replies while retweeting. To each one, obviously there is journey back in times when they were young just understanding politics. Certain early memories do have potential shaping of their political leanings and beliefs. On certain occasions, it might be a sort of baptism by fire so as to speak.

 

The blog posts have usually avoided personal references and worked their way through an analytical perspective. Yet, this post indicates to be of a different nature and seeks to describe those earliest political memories. There is of course a tweet that does indicate about the earliest memories. But Twitter by its very nature limits the ability to express and elaborate. It is more akin to précis writing as compared to an essay. Therefore this post will build on the tweet in taking the journey back to those days of the earliest memories involving political happenings.

 

As indicated in the tweet, the earliest memory could back to the election  campaign of Lok Sabha elections of 1980. There was no knowledge that it was LS elections and there is something called Parliament or Legislative Assembly but what was enjoyed was the campaign and knowing the party symbols. Those days election campaigns were in a different league altogether with lot of banners all over the place. The pamphlets being distributed would seem infinite number of pamphlets would exist. There would constant auto-rickshaw campaigns which kept every other boy and girl in the neighbourhood busy following them. Lot of loudspeaker announcements existed. There would be numerous visits by the party candidates and their supporters to the houses. The door-to door campaign was yet another local tamasha for the young. Finally, it was accompanying the parents to the voting booth which happened to be school one studied. Once the results came in, there would be discussion among the elders in the society on the merits or demerits which the young children understood. There are some faint memories of the death of Sanjay Gandhi and VV Giri on successive days thanks to school being declared a holiday.

 

Post that, there was the Gokak agitation on implementation of Kannada in the state. Some faint memories of the processions linger on. There were turbulent times with the farmer agitation spreading across the state. The agitation began with police firing in Nargund and Navalgund in Northern Karnataka ( had no knowledge of the firing or the reason for the agitation), but hometown Hubli being closest to these towns had to bear the brunt of the agitation. There was curfew imposed with schools being declared off for many days. Presumably it took nearly a month before things returned to normal.

 

There were elections in some state assemblies like West Bengal or Kerala which talk of some memories of those results. Communist had returned to power in Bengal. An ex-Chief Minister of Karnataka, Devaraj Urs passed away and guess the next day saw the death of Sheikh Abdullah. There are some memories of the news of his son Farooq assuming Chief Ministership of the State of Jammu and Kashmir. In 1982, there was further, the election to the President of India. One came to know that Neelam Sanjiva Reddy completed his term and was succeeded by Giani Zail Singh. It also was known that Zail Singh defeated the opposition candidate HR Khanna, even though one had no idea who HR Khanna was.

 

The first clear political memory would be the Vidhan Sabha elections in Karnataka in January 1983. One managed to get a glimpse of the campaign not only in the home city Hubli but coastal Karnataka while on religious pilgrimage. It was the time when one heard of leaders in the state like CM Gundu Rao, Janata leaders like SR Bommai (contesting from Hubli Rural, our home constituency). or the national level leaders like Chandrashekhar, Charan Singh, Atal Behari Vajpayee, Lal Krishna Advani among others. It was time to know about the political parties like Congress(I), Janata Party, Bharatiya Janata Party, Lok Dal, Communist Party etc. It was also the time when one got familiarized with the political party symbols. The results came during the pilgrimage tour. It was the news of Congress defeat. The Chief Minister Gundu Rao lost in Somwarpet to Jeevijaya. There was talk of the Janata Government being formed. There was news being floated around that SR Bommai would become the Chief Minister. It was however Ramakrishna Hegde who became the Chief Minister. As his Cabinet was sworn in, one got to about Ministers system and the portfolio allocation. Among the new ministers sworn in, the names of SR Bommai, HD Deve Gowda, JH Patel, PGR Scindia,  MP Prakash, Abdul Nazir Sab, Chandraprabha Urs still come to the mind. There was also the news of DB Chandre Gowda being the speaker of the VS thus understanding the role of the Speaker. Besides one came to know about the 224 constituencies in the state. One understood about the Marathi-Kannada divisions in Belgaum and its electoral impact. One understood the hold of the BJP in the other Hubli constituency.

 

There were assembly elections in Andhra Pradesh too which saw a sweep by NT Rama Rao. It created a buzz. Tripura too had voted though hardly anyone discussed about the results there. Moreover, the newspapers like the Hindu carried in depth the election results. It therefore was a wondrous occasion to learn to read about the votes cast, the votes invalid, votes polled by the winner, votes polled by other candidates, the party positions, the margins, constituency names among others. It was interesting imitation into understanding of electoral politics.

 

When one looks back at politics all these years having viewed many elections and analysed them deep, the memories of the 1983 elections along with the results are perhaps the best. Maybe it was the first time one observed the elections carefully having developed some degree of understanding. The 1984 Lok Sabha elections too have equally wonderful memories being the first Lok Sabha elections followed with some cursory understanding of politics. It might appear knowledge was cursory today but scary that one knew those things at a young age those days.

 

 


Comments

Popular posts from this blog

Decision Making as Output and Bounded Rationality

The Economics Origins of BCG Matrix

People and the Third Wave of Chinese Virus