Posts

Showing posts with the label cow slaughter Mangalore

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
Post a Comment
Read more

Lakshadweep Connundrum

-
  Lakshadweep is the smallest Union Territory in terms of population but is now in the news for perhaps wrong reasons. The islands are strategically important given their location. The island is predominantly Islamic with more than 97% of the population following the religion. The island was relatively free of COVID-19 cases till early this year before the explosion took place. This is primarily attributed to the dependency on Kerala from where most of the goods are procured of. To add, the increased tourists would have added to the number of cases. Historically, the territory has remained sort of isolated from the rest of the country. The tribals were generally Buddhist followers before they were sort of Arabized. Islam followed later as an outcome of Arabization. The influence could very well been an outcome of it being strategic maritime location. The linkage with Maldives too existed in some ways especially with the island of Minicoy. Minicoy during the British days came under the
Post a Comment
Read more