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Showing posts with the label JP Nadda

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

JP Nadda's New Team

  Last week, the BJP President Mr. JP Nadda announced his team of office bearers. This was perhaps delayed given the conditions following the lockdown to tackle the pandemic induced by the Chinese virus. There were surprises and also some expected appointments. The surprises too perhaps could have been anticipated. Some of the inclusions or exclusions or non-inclusions do lead to new speculations. These speculations are invariably linked to the expected Cabinet reshuffle and expansion by PM Modi. Thus, it would be in order to understand the logic behind the appointments or non-appointments in the party team.   In the BJP’s organizational structure, few positions are critical and many perhaps ornamental or support staff. While the party president no doubt is the most powerful, one doubts about JP Nadda’s authority to be exercised independently of PM Modi and Home Minster Shah. During the reign of Amit Shah, there was no ambiguity on who called the shots in the party affairs. There w