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

Modi and Western Media and Intellectual Perception

 

In the last few weeks, there has been bit of attention in the Western media and celebrity circles about the anti-Modi farm protests. It is being projected as if the whole of India is out on the streets seeking to uproot the alleged dictatorial regime of PM Modi. It is further being projected that PM Modi is trying to suppress these protests, something indicative of India’s backsliding from democracy. These fanciful and wishful projections could have been dismissed as something of fantasy but the forces that seem to be masterminding it seem sinister and would not hesitate to create divide within the country. To add, there is a vast section of the chatterati and the opposition polity that seem ever eager to use any opportunity, however faint it might be to destroy the credibility of Modi even if it meant siding with forces inimical to India’s long term interests.

 

There might be a puzzle or two to the bystanders why the Western media apart from the intellectual and activist celebrity circles is interested in Indian context. The protests are essentially confined to a parts of few states just as the agitation on the citizenship amendment act was confined to sections of a community. It would also be puzzling to understand the logic of Indian elite liberal circuit to seek refuge in global activists voicing concern on the Indian internal issue. In a rational world, the ostensible reaction would have been to solve the issue within the country rather than seek credibility and appeal outside of the country’s borders. While it might sound rational in some ways, the approach adopted by the left liberal elite circuit within India seems the last resort available given the onslaught they are facing with electorally, culturally and socially under the Modi regime. Their power calculus is being dismantled into pieces something manifested both in the Ayodhya judgment as also in the abolition of Article 370 among other actions of late. Their gravy train has derailed. Their attempt to dislodge Modi in 2019 through a campaign of deceit, calumny and what not with more than eager participation and support of the media did not bear fruits.

 

It would be instructive to look at the predicament of the Khan market gang and their future. To the Khan Market gang, it is perceivable that Modi is here to stay. It was for the first time that a non-Congress party retained power after completing a five year term and the worst part was it returned with bigger majority. Given Rahul Gandhi’s antics and image aside of his ability or lack of it, it is very difficult for them to imagine coming back to power in 2024. There seems to be some air of resignation that Modi is here to stay barring a nuclear option. They have to use the nuclear option. In an analogy borrowed from Bodyline, there must exist a person who stands between someone seeking to usurp power and the current incumbent government. The prize must be very high necessitating any approach, irrespective of the consequences to claim the prize. Yet there is just one man standing between the prize and the elite liberals. What perhaps is missing is someone who is willing to go all out including extra-constitutional or extra-legal means to achieve that prize. If this resulted in Bodyline of cricket, the elite circuit is preparing for Bodyline of Indian politics. Yet, they know given the current leadership, there exists a limitation one too many. Moreover, they need to create a global projection of Modi as beleaguered leader who holds onto power merely on force. This perhaps explains Rahul Gandhi’s constant attack on defence issues. He perhaps is instigating the armed forces to revolt. It would not be a surprise if the pitch would become more explicit in the months to come. At the same time, the opposition needs a global support. There must exist a global dislike for the current power calculus.

 

When one observes the Western world, there is no doubt of moral burden they feel in spreading their so-called democratic ethos. The Kipling or perhaps even Marx is well alive in their spirits of shouldering the White Man’s Burden. This is something that is being exploited by the Indian left liberal circuit. To the Western establishment and the intelligentsia, democracy is alien beyond the few countries that lie in their ambit. Indian democracy to them would exist when they deal with familiar faces in the Indian establishment. This obviously means the Congress establishment with whom the West has dealt for decades since independence. Any non-Congress regimes have not lasted long and the West has been context to see them off. Perhaps for the first time, they are too witnessing a regime change, a regime which is an iconoclast in the Indian mound of thinking. Therefore, in their assessment, India is moving away from democracy. This is what the left liberals are trying to reinforce around. With the highlighting of the protests whether on the farm laws or on the citizenship amendment act earlier, the focus is to establish Modi as a dictator with India increasingly divergent from democratic ideals. The truth might be something else but what matters is the perception globally. In any case of a showdown with Modi, they need the support of the Western establishment.

 

As indicated many a times in the previous posts, a civil war seems inevitable though the way it might manifest in would perhaps be different. The showdown is somewhat inevitable. There could possibly be movement towards secession, something reminiscent of the US in the days leading to the Civil War of 1861-65. The current modus operandi seems to be preparing for the same. The Western world at least the establishment, intelligentsia, the celebrities, the activists, all perhaps perceive Modi as a dictator in the same league as a Soviet dictator or any similar one including Erdogan among others. Their treatment of Modi is likely to be similar. In the event of a secession, there would be outpouring of support from these establishment guys to the Indian opposition. They might matter little in the Indian establishment or societal thinking, but in a world interdependent, it is unlikely to have a non-impact. Modi is seemingly countering it through pitch of India of being aggressive market something China successfully did over the years. Therefore, what the left activists in seeking support from their friends abroad is not unsurprising but rather to them a critical step in mobilizing their last stand against Modi. They might not survive, yet what they seek to do is to engage in scorched earth and destroy India’s credibility abroad. For these reasons alone, their plot is sinister and terrifying and needs to be put down.

 

 

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