ESSAYINDIVIDUAL RATIONALITY AND COLLECTIVE OUTCOMES
When Every Part Is Sensible and the Whole Still Fails
Rahul Menon's column, published on 23 October 2026, revisits the debate between individual-based and structural explanations of the economy after the 2026 economics Nobel went to Robert E. Hall and Michael Woodford for the microeconomic foundations of macroeconomic stabilisation. The debate links to a recurring UPSC essay theme: what is best for an individual is not necessarily best for society.
UPSC Relevance8/10
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