Is man an economist or a rationalist??

The basic assumption in all economic teachings is that ' Humans are rational.' No wonder it seems that economists are preaching utopian theories at times. Man is more social and emotional than rational...hey..I am not hinting that 'emotional rationality' is an oxymoron, but Heart and Mind aren't universally congruous all the time. These days, irrationality is prevalent to such an extent that its ignorance by economists might not go well with pragmatists...!!

Having said that, I can't think of any other option than assuming 'Man is rational and always makes decisions based on his self-interest', in explaining those beautiful economic theories..!!

In case you are wondering what the hell has happened to me - I am into the core terms and Managerial Economics is the first course!! We got a wonderful set of professors teaching us equally delightful courses in the first term....one professor from Kellogg (Financial Accounting), one from Wharton (Statistics Modelling for Decision Making), one from Columbia (Marketing Mgmt), and one from ISB (Managerial Economics)..

One significant difference between ISB academics and prior Engineering academics is the mode and timing of your preparation. During graduation we mostly study only during exams and even crack those...however, at ISB, you will have to do certain amount of pre-reading before you step into the class; because, professors delve into crucial insights underlying complex practical scenarios, assuming that you read basics before attending the class. Unless, you pre-read you'll have no clue of whatz going on in the class..!! I experienced it...& of course, trauma transforms!!

tata...Satish.

P.S; I like to write..& I hope to write regularly. However, given the schedule, I am tempering my goal - now, it is to write at least once in a week....!!