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

Ramayana on DD and Popularity: Some Notes


The re=telecast of Ramayana on Doordarshan during the lockdown has seen record viewership. Reports indicate 78 million views making it break many records. Doordarshan which had become just another channel for many years has re-emerged as a Star. The increasing popularity of Doordarshan has demonstrated an interesting example of what one was a ‘Dog’ in BCG parlance getting converted into a ‘Star’. The context and position does result in changes. This at some level suggests the static BCG matrix analysis of product portfolio simply flies in the air given the dynamic nature of business, social, cultural and economic topography.   Aside of the BCG matrix, there are interesting pointers from the angle of economics of such a viewership. What makes an old televised portrayal of the epic Ramayana click some 35 years after it was first telecast?

It is obvious that the lockdown meant most people were at home and the idiot box was the best way to pass time. Doordarshan capitalized on the same and decided to telecast many of the old serials. Ramayana and Mahabharata were the obvious leading candidates. Given the free time available, people would have preferred to watch many of these serials. Yet Ramayana seemed to have scored big over even Mahabharata. In terms of suspense and intrigue and plot, Mahabharata scores well above Ramayana. Given these are normally key in viewership, it would be worth examining why Ramayana scored over Mahabharata. Aside of Ramayana, many other old shows of the 1980s and 1990s have really not taken off. Serials like Buniyaad have not attracted significant viewership. Historical like Chanakya too while attracting good viewership doesn’t come anywhere near the records being broken by Ramayana.

Interestingly, Uttar Ramayana which has attracted greater viewership did not command such popularity when it was telecast 1st in '88-89. In those days, it used to be telecast  on Friday at 9.00 PM. In those days, Mahabharata topped charts over Uttara Ramayana throughout. It is more interesting to note, those were the days when the Ram Janmabhoomi campaign was picking up. It was in November 1989, that the Shilanyas was laid at Ayodhya for the construction of the temple. Despite this apparent building of the climax, it did not attract popularity relative to Mahabharata. However, the momentum for Ram temple was definitely laid by the telecast of Ramayana on Doordarshan. This is a story to be reserved for some other day.

Aside of the free time, there is obvious element of nostalgia. Those who saw Ramayana in 1986-88 would now be at least in the middle age and is an opportunity to tell the same to their children, nephews, nieces, grandkids and others. It was the first time, the epic had been serialized. Ram Lilas were common in the north, so were movies in the very early stage of Indian movies. It was the period when TV was getting diffused across the length and breadth of the country and without doubt Ramayana was timed well thus contributing to its popularity.

In the late 1980s and early 1990s, ORG-MARG used to run TRPs for DD shows (it was the only channel then). Across geographies barring Madras and Trivandrum, Ramayana and later Mahabharata topped the charts. In Trivandrum they were generally ranked in the top 5 while in Madras, their popularity was lower. The nostalgia for old times has added to the popularity of this serialised version of the epic dating back at least back to the Bronze Age. As the economy opens up and people get on with their lives, the serial’s popularity will perhaps fade but memories might remain.

As one compares the two epics, Ramayana is more spiritual while Mahabharata more reflects real life. During times of boom, people engage in their own ‘Mahabharat’ leaving little time for spiritual discourse of Ramayana. Even Bhagvad Gita, the key component of the great epic is a spiritual justification of realpolitik. It was a tool to motivate Arjun to do his duty as a Kshatriya- one of fighting a war. Yet in times of distress, people resort to religion. Hanuman fits the bill perfectly. In India he is known as Sankat Mochan- someone who quells the crisis. Given the public health emergency, the desire of the people towards spirituality needs no reiteration. Prayers would be common. It is this context that the televised epic Ramayana found a resonance in a large section of Indian society. It was not their response to the war or post war but to the spiritual solace they were seeking. They were not responding the TV serial but to the spiritual order and consolation that manifested through a serial. The televised serial was merely a manifestation, a form but the inner voice, the inner desire, was seeking solace in the spirituality embedded in the epic.

Therefore in relation to Mahabharata people will tend to respond to Ramayana more. However it is possible that the episodes of Mahabharata dealing with the discourse of the Gita along with the Vishwa Roop Darshan might attract huge viewership. Again it would be in alignment with the societal state of mind. The mind in distress feels a need for consolation, feels a need for comfort. The comfort lies often in the spiritual in the absence of any control over the epidemic. The spiritual needs are being fulfilled by televised versions of Ramayana and the Gita episodes of the Mahabharata. This explains the popularity rather than anything else. Serials come and go, episodes come and go, and it is the profound impact of the epics on the human mankind in the Indian civilization that continues to be perpetual.








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