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Showing posts with the label technology

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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Technology - Prosperity Linkages : Cause or Effect

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  Technophiles often equate technological adoption with increased prosperity. There is a sense of technological determinism detected by them. To these economic agents, technology provides a deterministic solutions to the global problems and thus enables the rise in prosperity. One might wonder a certain merit being detected in their argument. Prima facie, their arguments do sound impressive. For instance, the invention of the automobile has revolutionized transport and accompanying it were the network effects that enhanced growth. The increased growth certainly translated into a substantial degree of prosperity. There might be an argument on the degree of diffusion of prosperity or the relative shares in income by different socio-economic groups but what is undeniable is a reduction in poverty is something visible.   There are of course many others who argue that the technology has accentuated inequality across the global society. They tend to argue that technology does not further
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Today's Imagination, Tomorrow''s Reality: Sci-Fi and Entrepreneurship

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Imagination with all its wildest possibilities yearn to be released from the human mind into actual reality. The expression of grammar of imagination might be story, visual, movie, art, audio, novel or oral conversation. The outcome however remains the same: far reaching, wild, perhaps bizarre, perhaps practically unimagined set of things that human might ever create and use. The outcome, to its progenitor might appear most marvelous, irrespective whether the public at lare perceive it to be crap or otherwise. Yet few might escape the crap trap and generate into hard core imagination underpinned science fiction expressed through visual, written or audio means.   Science fiction is best expressed as an output generated with infinite degrees of freedom for imagination. Science fiction is not a mere work of fantasy. Adventures and challenges endear to humans thus the foundation for visualizing a universe with those infinite challenges. Invariably, there exists a hero who conque
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