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Showing posts with the label Ahmed Patel

Decision Making as Output and Bounded Rationality

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  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
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Congress and the Loss of Ahmed Patel and Tarun Gogoi

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  COVID-19, the pandemic induced by the Chinese virus continues to claim celebrity victims. In the past few days, two senior Congress leaders Tarun Gogoi, the ex-Assam Chief Minister and Ahmed Patel, the political secretary to the Congress President succumbed to the post COVID-19 complications. They were two contrasting leaders who contributed in different ways to the Congress and perhaps their loss is irreplaceable to the party in the short run. The Congress had lost Shri Pranab Mukherjee ex-President few months back and thus the woes do not seem to end. It would be pertinent to have a look at what their loss would mean to the Congress.   At the outset, it must be said, no one is indispensable and thus everyone have their own shelf life. Nature would have its own replacements. What Ahmed Patel was the UPA-I and II, the same role was executed in different means, but same intended ends by RK Dhawan during the days of Indira Gandhi. While the Congress would await its new Ahmed Patel,
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