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Showing posts with the label Rahul Gandhi

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

An Amery in the Congress or Night of the Long Knives?

  The grand old party of Indian politics the Indian National Congress seems to find no end to the churnings inside and outside. Given the consecutive drubbings it has received in the general elections both in 2014 and 2019, it is not surprising to find those churnings. At the core of the churnings and discontent in the Congress is the Nehru-Gandhi family which has treated it as a family business. As a matter of fact, the ownership of the Congress by the Nehru-Gandhi family is nothing new. It goes back to 1931 when Motilal Nehru was on his deathbed. He was a member of the Congress Working Committee (CWC), the highest policy making body in the party. So   were his son Jawaharlal, daughther in law, Kamala, son in law, Ranjit Pandit. Soon they were followed by Motilal’s daughter Vijayalakshmi. The control of the party by the family in many ways is close to nine decades now though it was only in the last fifty years that it was complete domination.   The current crisis began immediately