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Showing posts with the label Theodor Herzl

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

Kashmiri Pandits, Thedor Herzl and the Aliyah

  Nothing is more shameful nor agonising than a community being driven out of their homes and find themselves in refugee camps in their own country. They are not in refugee camps for a few days but for years together. While the Internally Displaced Persons (IDPs) is something not acceptable for at least democracies, the case of the Kashmiri Pandits stand testimony to the abdication of the Indian state. Perhaps their only crime was they were Hindus. On January 19 1990, posters sprung up everywhere in the Kashmir valley calling for the Hindus to leave the valley. There were announcements over the loudspeakers through the night threatening the lives of the Hindus. The state had completely collapsed. Jagmohan had taken over as the Governor the previous day, but the administration had completely turned against India. Left with no options, the Kashmiri Pandits had to flee from Kashmir and begin lives afresh in the refugee camps of Jammu and Delhi.   Their tragedy was turned into an insul