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.
About Amartya Sen
Amartya Kumar Sen (born 3 November 1933) is an Indian economist and the winner of the 1998 Nobel Prize for economics.
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Additional quotes by Amartya Sen
Our debt to Hayek is very substantial. He helped to establish a freedom-based approach of evaluation through which economic systems can be judged (no matter what substantive judgments we arrive at). He pointed to the importance of identifying those services that the state can perform well and has a social duty to undertake. Finally, he showed why administrative psychology and propensities to corruptibility have to be considered in determining how states can, or cannot, work and how the world can, or cannot, be run.
For Sen is an example of the Indian who becomes famous in the Great World and who wants to make sure that he can never be accused of what in India is called “communalism,” but which really means all those Hindus who are aware of their being Hindus, and aware too of what Islam did to India’s civilization of Hinduism, a way of life and thought rather than a religion as we understand it in the West.