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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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China and the Time Warp

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  China has fascinated the West for a very long time. They have been inquisitive about the way China has gone about in it thousands of years of history. Partly because China has been secretive, in part the curiosity has been about China’s handling of its relations overseas, its expeditions, its kingdoms in the Middle to Late Age, the Forbidden City and of course its Communist Revolution and post Maoist period. China was largely forbidden to the West for many years. For many years, China played a role of contented kingdom which had everything to satisfy the needs. The only things it needed perhaps was those goods which had certain snob or entertainment value. In the Middle to Late Middle Ages, it projected itself as something interested in Veblen imports and not something routine. In the Maoist period, the revolutionary impact made it forbidden to the rest. China was perhaps not colonized the way India for instance, yet there were many regions in China that were under Western control at
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Internal Protests and Global Provocations

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  While the farm protests continue to linger on, there seems to be some new turn every now and then. These turns at times do add some drama and perhaps some comic relief to the observers. One such element that seems to have stirred some debate in the last twenty four hours so has been a few tweets in support of the protests by some celebrities. This might not seem surprising but then those celebrities or so-called celebrities have nothing to do with India. Late evening yesterday, singer Rihanna tweeted in favour of the farm protests followed later by porn actress, Mia Khalifa. If this was not enough, in between them, the child environmental activist Greta decided to add her voice. Meena Harris, whose claim to fame lies in she being the niece of US Vice President also decided to add her voice. These voices were sufficient to be a catalyst to the voices of the Indian opposition and the farm protest supporters. They see this as an internationalisation that would eventually hurt Modi and b
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