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Showing posts with the label wars

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

The Historian's Trauma

  To an individual, getting embroiled in an experience that would be unsettling or traumatic would be of one that no one would wish to. Yet, in everyday life, there are professions wherein an individual would get into these experiences. To a policeperson, it would be an everyday affair perhaps to visit the crime scenes, investigate, and talk to those families all of which would perhaps be unsettling. It would be something similar to a doctor or a nurse attending medical emergencies on a daily basis. Something similar would exist for lawyers either as prosecutors or defence lawyers. Yet in many of these instances, the situations are not something you are prepared for. There is essentially a reaction to the events that unfold in front of the eyes. In the corona crisis, the events would unfold and there was very little the doctors or other health care workers could do. As jounralists report from different areas including war zones or terror zones, there is very little they could do as the