By Christopher W. Morris
Amartya Sen was once offered the Nobel Memorial Prize in Economics in 1998 "for his contributions in welfare economics." even supposing his basic educational appointments were usually in economics, Sen is additionally an immense and influential social theorist and thinker. His paintings on social selection idea is seminal, and his writings on poverty, famine, and improvement, besides his contributions to ethical and political philosophy, are very important and influential. Sen's perspectives concerning the nature and primacy of liberty additionally make him an enormous modern liberal philosopher. This quantity of essays on facets of Sen's paintings is aimed toward a large viewers of readers drawn to social conception, political philosophy, ethics, public coverage, welfare economics, the idea of rational selection, poverty, and improvement. Written through a staff of recognized specialists, every one bankruptcy offers an outline of Sen's paintings in a selected region and a severe overview of his contributions to the sector.
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Additional info for Amartya Sen (Contemporary Philosophy in Focus)
The woman prefers this lottery to the perfect certainty of spending time by herself in her hotel. However, when the man gives her the option of having cocaine with him, she revises her subjective probabilities to q for the man being nice and 1 − q to the man being nasty. Accordingly, the act of going for tea with the man is now a lottery L that assigns probability q (q < p) to having tea with a nice man and 1 − q to having tea with a nasty man. Going to smoke cocaine with the man can be considered to 6 Note that Nash’s “independence of irrelevant alternatives” is very different from Arrow’s condition with the same name.
The two fundamental theorems of welfare economics, which show that, under suitable assumptions, every competitive equilibrium allocation must be Pareto optimal, and, conversely, every Pareto optimal allocation can be sustained by some competitive equilibrium, constitute a classic example of the use of these three assumptions. In the framework of these theorems, every individual chooses a consumption bundle to further his or her own goal, that goal being to maximize his or her own welfare. Every individual’s welfare, in turn, depends only on his or her own consumption bundle.
For example, although the two fundamental theorems make the assumption of selforiented welfare, in the theory of general equilibrium itself, we also have a much more general analytical framework that allows a consumer’s welfare to be affected by the consumption bundles of other consumers as well as the production plans of producers (for an incisive discussion of externalities, see Arrow ). To some extent, it is also possible to accommodate antipathy and sympathy for others in this framework.