The position of welfare economics in modern economic theory… - Amartya Sen

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The position of welfare economics in modern economic theory has been a rather precarious one. In classical political economy there were no sharp boundaries drawn between welfare economic analysis and other types of economic investigation. But as the suspicion of the use of ethics in economics has grown, welfare economics has appeared to be increasingly dubious, It has been put into an arbitrarily narrow box, separated from the rest of economics.

Amartya Sen

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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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Friedrich Hayek F.A. Hayek Kenneth Arrow Raymond Geuss John Rawls

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To what extent reasoning can provide a reliable basis for a theory of justice is, of course, itself an issue that has been subject to controversy.

"Where is the railway station?" he asks me. "There," I say, pointing at the post office, "and would you please post this letter for me on the way?" "Yes," he says, determined to open the envelope and check whether it contains something valuable.

Smith had no illusion that this would be easy to do, nor did he suffer from the delusion that such an exercise would, in any sense, be perfect. But he did have the conviction that the exercise could still be very useful, and the best should not be made into an enemy of the good.

The position of welfare economics in modern economic theory has been a rather precarious one. In classical political economy there were no sharp boun… - Amartya Sen

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