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Showing posts with the label Lord Krishna

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

Invoking Krishna in the India-China Faceoff

The Prime Minister Narendra Modi made a surprise visit to Leh today. It was ostensibly in view of the ongoing tensions and recent clashes between India and China on the Ladakh border. The motive was to take note and conduct a first hand survey of the happenings and the ground position on the border. Besides, more prominent was to boost the morale of the soldiers serving on the border as their families back home are battling the uncertainty of Chinese virus induced flu. By all accounts, the visit seemed to have been a success. The PM’s communication skills and strategy were once again evident in full flow. There might be a talk of PM not visiting the actual border but there would be many reasons for the same including the problem of acclimatization.   Yet, what needs to be decoded is the communication of PM as he sought to send message to the aggressive moves of the neighbours. The PM’s speech was aimed at China without naming it and pointedly referred to India’s resolve in defeatin