The economic turmoil has led to all kinds of finger pointing at Institutions/ bodies, CEOs/Leaders & even bashing of nations opening up the Poor/Rich divide. Greed, deviant economic behavior, regulatory blindsight are some of the common lexicons that came to be associated with this phenomena. But none less fascinating was a recent explanation which traces it to biological origins of human behavior. It says “It boils down to something called heuristics in decision making or the cognitive short cuts that human brains takes in a given scenarios.Social proof heuristics explains this;in an uncertain situation it is hard wired into our brains to look around to see what others are doing & blindly follow what they do”. Another one says "Our brains don't make decisions by defining objectives,assessing options and coming up with the best solution.Instead we're wired to look for patterns that link the immediate solution to past experience. Further the brain attaches emotional tags to thoughts & experiences which can subvert objective decision making & lead us astray".
Sigh.
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