By Christopher W. Morris
Amartya Sen used to be offered the Nobel Memorial Prize in Economics in 1998 "for his contributions in welfare economics." even supposing his basic educational appointments were generally in economics, Sen can be an incredible and influential social theorist and thinker. His paintings on social selection idea is seminal, and his writings on poverty, famine, and improvement, in addition his contributions to ethical and political philosophy, are vital and influential. Sen's perspectives concerning the nature and primacy of liberty additionally make him a huge modern liberal philosopher. This quantity of essays on elements of Sen's paintings is aimed toward a extensive viewers of readers drawn to social conception, political philosophy, ethics, public coverage, welfare economics, the idea of rational selection, poverty, and improvement. Written by means of a workforce of famous specialists, every one bankruptcy presents an outline of Sen's paintings in a specific sector and a severe review of his contributions to the sector.
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Extra info for Amartya Sen (Contemporary Philosophy in Focus)
Some Notation and Basic Concepts Let the set of all outcomes or alternatives that the agent may conceivably face be denoted by X. We call this set the universal set. In the economic 2 For some alternative approaches to the theory of choice under nonstrategic uncertainty, see, among others, Savage (1954), Fishburn (1970), Arrow and Hurwicz (1972), Kannai and Peleg (1984), and Kreps (1988). Preference, Choice, and Rationality 15 theory of consumers’ behavior, the universal set is often assumed to be the set of all possible consumption bundles.
We shall call this type of theory the preferencebased theory of rational choice under certainty. The main features of the theory are as follows. (i) The theory starts by specifying a universal set of alternatives, X. The interpretation of the universal set depends on the speciﬁc context. (ii) It is then assumed that the agent has a binary weak preference relation R over X. Further, it is assumed that the agent’s choices are generated by R in the sense that the agent will choose a feasible alternative that is at least as good as every feasible alternative in terms of the ordering R.
He has repeatedly asked probing questions about the intuitive signiﬁcance and realism of various elements in the mainstream economic theory of rational choice and drawn attention to many limitations of the theory. The purpose of this chapter is to review Sen’s contributions to the theory of rational choice by individuals, especially his contributions as a critic of the conventional economic theory of rational choice. The plan of the chapter is as follows. In section 2, we brieﬂy recapitulate some features of the theory of rational choice as it has developed in mainstream economics.