Rational Fools

Nobel Prize winning economist Amartya Sen, coined the term “Rational Fools” nearly 35 years ago. In his famous paper, Sen criticized the first principle of economics: “Every agent is actuated by only self-interest”. On top of this axiom of rational self-interest lie rational action and rational expectations, leading all the way up to the efficiency of the markets. As mentioned in my earlier post on Galileo, this is basically how science is done: models are devised using abstractions and idealizations. However, if the model turns out to be totally meaningless in explaining the world, then those who stick with such a model are indeed fools, rational fools.

Here is a song that I wrote and animated on such ‘Rational Fools’:

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Dilip Kumar: The Chekhovian Amateur who redefined acting

Anton Chekhov revolutionized modern playwriting and short stories. And he is one my favorite writers. Thus, I remember being confused when I first read that Hemingway had said the following about him: “Chekhov wrote about 6 good stories. But he was an amateur writer”. I have never quite been able to understand why Hemingway called Chekhov an amateur. Whatever the truth of it, I now realize that its at least not an illogical statement, lest one feels that an ‘amateur’ couldn’t possibly redefine plays and short stories. There is another ‘amateur’ who also redefined his field and its a pity that he is largely unknown outside the South Asian sub-continent. That person is Dilip Kumar, Continue reading Dilip Kumar: The Chekhovian Amateur who redefined acting