Venkat Ram Reddy on Behaviour, Motivation, and Decision-Making
Episode #004
Introduction
On the latest episode of "The Inductive Economy", we embark on an enlightening journey into the intricate world of human behavior and its profound impact on economic structures. I am thrilled to host Dr. Venkat Ram Reddy, a renowned scholar whose expertise bridges the realms of psychology and economics.
Venkat is an Assistant Professor of Human Capital and Organizational Dynamics at the School of Management and Entrepreneurship, IIT Jodhpur. He earned his MS and PhD at the Department of Management Studies, IIT Madras.
My discussion with Venkat delves deep into the nuances of decision-making, exploring how our choices are influenced by a complex blend of rationality and emotion. Venkat’s insights illuminate the subtle yet powerful ways in which motivation, cognition, and affect intertwine, profoundly shaping both personal lives and the broader economic landscape.
We also venture into the unique dynamics of labor addas in India, shedding light on the social and economic forces that shape these vital labor markets.
This episode promises to be a captivating exploration of the psychological underpinnings that drive economic interactions and the societal structures they create.
Join us for a thought-provoking conversation that traverses the fascinating intersection of human psychology, economic theory, and social structures.
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Selected Links
School of Management and Entrepreneurship (SME), IIT Jodhpur
MBA in FinTech, SME at IIT Jodhpur
Thinking, Fast and Slow
by Daniel Kahneman
Judgement Under Uncertainty: Heuristics and Biases
by Amos Tversky and Daniel Kahneman
The End of Average
by Todd Rose
National Education Policy (2020)
Time Stamps
00:00 - 00:38 - Cold Open
00:39 - 00:52 - Theme
00:53 - 02:55 - Introduction
02:56 - 06:11 - What’s Different about IIT Jodhpur?
06:11 - 10:57 - Rethinking the MBA Program at SME, IIT Jodhpur
10:58 - 15:20 - Venkat’s Journey as a Self-Taught Economist and Psychologist
15:21 - 24:49 - Venkat’s Influences on his Self-Learning Path - Herbert Simon, Daniel Kahneman, Amos Tversky
24:50 - 28:14 - Economics: Pre and Post the Influence of Psychology
28:15 - 34:36 - What’s the Relationship between Intelligence and Rationality?
34:37 - 44:53 - Effect vs. Affect and the Mis-measurement of Intelligence
44:54 - 55:35 - Inverting the Parent-Teacher Meeting: A Thought Experiment
55:36 - 59:39 - On The National Education Policy (2020)
59:40 - 01:04:26 - How to measure the outcomes of a Policy for analysis and improvement?
01:04:27 - 01:17:26 - Venkat’s Research on Labour ‘Addas’
01:17:27 - 01:22:50 - Rapid Fire
01:22:51 - 01:24:14 - Closing
Interesting Ideas
If you go back to the early 1900s, the Henry Fords of the world, wanted [sic. their teams] to build a certain kind of skillset within the organization to go about managing people on the shop floor- that is, perhaps, the origins of management education.
A lot of emerging roles in Management today are not just about managing people within the organization, but also about managing customers, investors, stakeholders, as well as technologies that power the firm.
Treat your intellectual interests as research problems. Frame the problem, understand what the literature says about it. This hones your intuition and your understanding of the problem.
There’s an ideal in science: always be independent of the object of study. However, Venkat has observed that some of the most remarkable research are from people who are far more involved in the object of study than otherwise.
“My belief is that it is always me-search that ends up bringing up an insight that the world also gains from.”
Decision-Making is about the future. The future is uncertain. To combat uncertainty you use information. Information helps us visualize (or simulate) an outcome over a timespan.
In an ideal people, people would like complete information before making a decision. In the real world, they don’t get complete information, which means that they have to make a decision with a certain degree of uncertainty. This implies that we can only be bounded-ly rational.
The results of an IQ Tests need to be viewed only through the lens of information retrieval and speed of output. The tests don’t measure, nor are they designed to measure affect, motivation, and interest.
Be more courageous with your thoughts.