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Showing posts with the label India COVID policy

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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India's Vaccination Drive: What Next?

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  India seems to have seen the worst off the second wave of the Chinese pandemic. In cities like Delhi, the pandemic seems to have abated with the same pace in which it materialized in April. It is perhaps a mystery on the behavior of the pandemic in terms of its spread and consequent contraction in an equally swift time. While the country is recovering slowly from the pandemic, the vaccination program seems to be picking some pace. The recovery from the pandemic might be slow given the convexities involved, the pact of vaccination would determine the pace of recovery. If the vaccination pace is high, the chances of breakthrough infections and consequent mutations might decrease. In fact, it is in the global self-interest that the vaccination be carried out at a very fast pace. The global vaccination programs are still subject to the geopolitics and protectionism, despite the US announcing lifting of barriers in terms of supply of vaccine raw materials as also with export of excess vac
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India's COVID Waves

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  India’s second wave of the pandemic induced by the Chinese virus seems to continue unabated. The experts are forecasting a peak in a day or two. There are some positive signs however feeble they might be about the plateau of cases in a few states. Yet, the devastation seems to ravage. It would nice in statistics to talk about peak and plateau and flattening of the curve. It would be impersonal in statistics to discuss these terms. Yet to those who are suffering from the pandemic and those who have lost their lives and those who have lost their loved ones, it is a different thing altogether. The wreckage it has created besides the impact on the people’s psyche might take years before some normalcy might return. There is in all likelihood an increase in the cases impacting mental health which might not be easy to tackle around. There seems to be around a corner a mental health crisis across the country and perhaps globally. India has been facing the worse in the last month or so especi
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