Jun 6, 2013

Bounded Rationality on Humanity

source: Inspirational Daily

I love economics. It’s a profoundly powerful tool for facilitating rational decision-making in life and society as a whole. I dare say, as far as we exist as human being, we hope to be as rational as possible.

Yet, it’s limited. Particularly, when it comes to humanity, our rationality appears to be hopelessly bounded. In such cases, cost-benefit analysis on overall eudaimonic welfare is, if ever, rarely correct because we fail to identify major benefits of being humane.

So, it’s no wonder that many people ask religions for guidance. I too, despite an atheist, follow some wisdom. This is another ‘rational’ second-best choice in life. It may not be strictly the best, yet will likely bring about better outcome than any other painstakingly conceived strategies.
The good you do today may be forgotten tomorrow. Do good anyway.
—Mother Teresa