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

What's in a Name?!

 

“Whats in a name?” is usually attributed to Shakespeare. Yet in the name lies the identity of the character, identity of the place, identity of the person and more. It is for a name that agents fight. Noted economist Stephen Levitt dedicates an entire chapter on naming preferences in his best seller Freakonomics. To him Levitt, name is an aspiration and perhaps manifests a response to an incentive. Parents’ name their children after their role model, one whom they seek to emulate. The name of successful character is what is sought to be named to many a kids born in their era. Names undergo a change with passage of time. If the names denoting God and Goddess dominated the Indian landscape for many years, it is the modern trends and the names associated with these trends that dominate the current era. A part of Pakistani problem in identifying with terror is something decoded through the names the parents keep their children in that country. In fact, the naming trends indicate several pointers on the probable directions of the society. Yet, the discussion on this is something about the personal, at the family level. Yet the naming is not confined to the family or the individual. It goes beyond to the public places. It goes to the various places, localities, new layouts, airports, bus stands, railway stations, bridges, flyovers, metro stations, national parks, local parks and gardens, theatres, roads, bylanes and much more.

 

The current post will seek to examine the intricacies of the naming of public places. The public places are usually named after someone prominent who has played a role in that locale or someone renowned nationally or internationally who has some connection with the said locale. Yet the decision to name public places is often political than anything else. It is the vote bank that matters the most. More importantly it is conveying a signal to the top that they are present. By naming the public place after someone connected with the top in the party hierarchy. In the Indian context, in recent times, the naming of public places has acquired certain notoriety. This is because more and more public places started getting named after the Nehru Gandhi family during the days of UPA in power. Rajiv Gandhi might not have had any connection with Hyderabad airport but it was named after him. Conceding that Rajiv was a pilot and would have flown to Hyderabad many a times, this was certainly not a great reason to name it after him when certainly other leaders existed like PV Narasimha Rao who too was a Congress Prime Minister. Going further the Bandra-Worli Sea Link too was named after Rajiv Gandhi indicating a high degree of sycophancy. In fact, it would seem that every other place in India is named after Rajiv Gandhi, Indira Gandhi, Jawaharlal Nehru and even Kamala Nehru. Naming after Sonia Gandhi too exists but fortunately it did not attain the critical mass.

 

The reasons for the above are very simple. There is both top-down push and bottom up pull. To the party workers and leadership at the local levels including district and state level, their motivation and incentive is to get noticed by the party leadership or the party high command. If they manage to please the party high command, their progress in the upward echelons of the pyramid would become smoother. Yet the competition for those few posts as one moves up the hierarchy is very strong. Too many leaders would aspire for those too a few a positions. Therefore, a competitive gamble would begin among these workers and local level leaders. One way of demonstrating their loyalty credentials is to ensure the names of public places in their local regions are named after the party leadership. In the Congress, obviously everything and anything has to be connected to the Nehru-Gandhi family. Therefore, naming of all and sundry public places would sound good. At the same time, the top leadership would also want to push their things down the throat of the party workers. In the Congress hierarchy, there was no doubt, that the narrative to be created must entail the contributions of the Nehru-Gandhi family. Hence the party leadership would be more than keen to have their names inscribed at all the public places. Therefore it is no wonder during the Congress rule everything under the sun had to bear the name of someone or the other in the Nehru-Gandhi family. The Indira canteens in Karnataka could never have been named Chennamma canteens for this above reason.

 

At another level, it is about catering to the fancies of certain votebank. For instance, Aurangzeb though an invader and who committed numerous atrocities, finds numerous roads and public places named after him. It was after a long battle that Aurangzeb road in Delhi was renamed. The names to public places kept after the Muslim invaders is perhaps unique to India. Germany would not name anything after Hitler nor would many European countries name their roads after their invaders. Yet India relishes in naming roads and other places after the invaders. It might be Stockholm syndrome but at a deeper level it is about catering to the fancies of certain section of a population that sees these rulers as their heroes and reminisces of those days when they were the rulers. Their vote being united and uncluttered offers political parties to cater to them to secure victories. Therefore, many places are named after these Islamic rulers.

 

Every political party has its own iconography and thus names those public places after them. Therefore it is no surprise to find Periyar or Anna or MGR or Karunanidhi or Jayalalitha being named in various public places in Tamil Nadu. It is Tamil Nadu politics and the Nehru-Gandhi family politics in Delhi that were responsible for naming the public places after their therpantheons rather than those who were associated with the place.

Therefore, as we saw in the above instances there are both push and pull effects that goes towards naming the various places. Yet these naming trends do fetch diminishing returns which became visible in the early part of this decade in context of the Nehru-Gandhi family. Names do reflect the identity. The public places do reflect the character of the place. The honour of the names must be connected with someone prominent in that place. So unlike Shakespeare, names do matter.

 

 

 

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