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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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Westernization of Japan: A Myth?

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  There is a school of thought that believes Westernization to be something that will get adopted in the pursuit of materialism in the Orient. They believe that it is the sacred duty of the West and its manifestations in Christianity, capitalism democracy et al to be adopted across the world. The Orient, to borrow from Marx was steeped in primitive society and needed to be fashioned into a modern society underpinned by materialist pursuits. The Marxian society might not have been formed yet, there is a growing perception of increased westernization in the Orient. In India, the process of Westernization might have started through the Brahmo Samaj movement which was essentially an Abrahamic reshaping of Hindu thoughts. There were many movements, perhaps Indian equivalent of renaissance that did seek to create a departure from the Indian thought process into something western shaped Indic philosophy. Yet, India considerably remains indigenous for which many arguments have been advanced. I
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