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Showing posts with the label wealth display

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

Why Wealth Possession is Viewed Negatively?

  Whenever an election happens, there are number of organizations digital or otherwise that post the details of assets of the candidates. Post the elections, they display the asset details of the winners. As per the election commission guidelines, the candidates offering themselves to contest the polls have to file an affidavit listing out the details of their assets and of that of their dependents. They, in addition, have to file details of the criminal cases or convictions that are against them. The latter no doubt is something important and gives insights to the voters about the criminal antecedents of their candidates or prospective elected representatives. The former is perhaps to ensure that they reveal their assets in public given they are aspiring to be their representatives. Question marks can be raised against this but the standard practice is followed in many parts. However, the analysis of the asset details are something to be discussed or pondered over.   These organiz