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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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Basic Income for Housewives: A Note

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  In the recent elections in Tamil Nadu, it was the filmstar turned politican Kamal Hassan who came with the proposal of basic income for housewives for undertaking domestic work. The idea was women do household work yet they are not paid in any form. This work constitutes productivity and needs to be monetized and hence must be paid. This idea has been gaining some traction or debate though the context in which Kamal would have spoken was electoral. The view that household work needs to be monetized is not something new. Feminist literature has been discussing about the same. There are certain judicial observations on the same, though judiciary hardly has any role in the same. Therefore, it would be interesting to examine at some length the proposals that are in play.   Women engaged in household work, in the unpopular opinion, has nothing to do with patriarchy. It is essentially an outcome of the division of labour. There is a household production function. The household does pro
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