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Showing posts with the label British culture

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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Indic Cultural Exports: Way Forward

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Cultural exports, numerous shortcomings apart, defined both US and British successes positioning them as a sort of aspirational society at different points of time. Interestingly at one point of time, French was a symbol of elitism in British society. To enhance the chances of upwards social mobility in British milieu, one had to speak and act French. It was not unlike Urdu of current Indian liberal elite described in the piece “ Urdu and Anti-Establishmentarian Movement: Dominant Strategy ”. Within a century or so, Britain could turn the tables around and emerged as the cultural superpower across the world. While Britain might be in a terminal decline, its colonial hangover lies in the cultural sphere where its bouquet of creations still pervade across the world. From dress sense to cricket to hill stations to way of life, British cultural creations perhaps stood way above the rest.   US as it expanded into a military superpower developed its own complement of cultural offe
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