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Showing posts with the label American media

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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Modi and Western Media and Intellectual Perception

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  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 celebr
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