Inequality is pertinent to every economy, be it a developed or developing economy. As Warren Buffet once said, “There is class warfare, all right, but it is my class, the rich class, that is making war, and we are winning”. Inequality is undoubtedly multi-dimensional; they are structured around class, gender, race and ultimately are a genesis of social diversion and conflict (Economic Survey, 2021). (Source-Shuttercock.com) Health inequality magnifies socioeconomic inequality. The global pandemic made us realise that we lack proper healthcare infrastructure to cope with a major health crisis and have failed to provide health care services to economically backward communities. They get infected and cannot afford the proper prescribed treatment in hospitals (Dutta & Sardar, 2021). Poor healthcare infrastructure leads to shedding light on the fact that an individual’s health status is subject to the socioeconomic position they hold in society. Graph 1 Several s...
What exactly is heuristics? It is defined as cognitive shortcuts that simplify decision making, it essentially seen in action under the conditions of uncertainty. (Source- verywell-Cindy Chung) These heuristics advancements lead to cognitive biases. There are various heuristics like affect, availability, representative, scarcity heuristics etc. Some of the heuristics explained: Scarcity Heuristic- It is largely used by marketers to motivate customers to immediately buy things. The marketer might say that the product will be available only for a limited time and the consumers will believe that they will miss a good deal if they don’t purchase the product immediately. (Source- Takingcareofmyownbusiness.com) Example- Myntra keeps midnight sales which only last for a few hours of the night and customers immediately pick up offers since they believe that the offer won’t last for long and they won’t get a better deal than the existing on...