I am not persuaded that Hayek got the substantive connections entirely right. He was too captivated by the enabling effects of the market system on h… - Amartya Sen
" "I am not persuaded that Hayek got the substantive connections entirely right. He was too captivated by the enabling effects of the market system on human freedoms and tended to downplay - though he never fully ignored - the lack of freedom for some that may result from a complete reliance on the market system, with its exclusions and imperfections, and the social effects of big disparities in the ownership of assets. But it would be hard to deny Hayek's immense contribution to our understanding of the importance of judging institutions by the criterion of freedom.
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About Amartya Sen
Amartya Kumar Sen (born 3 November 1933) is an Indian economist and the winner of the 1998 Nobel Prize for economics.
Also Known As
Native Name:
অমর্ত্য সেন
Alternative Names:
Amartya Kumar Sen
•
Professor Amartya Kumar Sen
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Additional quotes by Amartya Sen
The methodological strategy of using the concept of rationality as an 'intermediary' is particularly inappropriate in arriving at the proposition that actual behaviour must be self-interest maximizing. Indeed, it may not be quite as absurd to argue that people always actually do maximize their self-interest, as it is to argue that rationality must invariably demand maximization of self-interest. Universal selfishness as actuality may well be false, but universal selfishness as a requirement of rationality is patently absurd.
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