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Showing posts with the label Deepawali

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

Deepawali and Cultural Exports

The celebration of Deepawali brings in some ways culmination to the season of festivals across India. As 2020 nears it ends, the year has been of turbulence with the Chinese virus induced pandemic continuing to create havoc. Unlike in the previous years, without doubt, Deepawali would be muted in terms of celebrations and exchange of visits among families. Yet the festival continues to remind of the vast cultural depth in India and the unity that emerges across the diverse traditions. Each region or state have their own traditions associated with Deepawali yet across these diversities emerge a thread of unity that binds India together. India is not an artificial construct as many have sought to portray, but a cultural construct that existed for millions of years. Deepawali has now spread abroad thanks to the numerous Indians who have moved overseas for varied purposes. These Indians have carried their cultural traditions in many ways and these are reflected in the way these are celebra