In this elegant critique, Amartya Sen argues that a closer contact
between welfare economics and modern ethical studies can
substantively enrich and benefit both disciplines. He argues
further that even predictive and descriptive economics can be
helped by making more room for welfare economic considerations in
the explanation of behavior, especially in production relations,
which inevitably involve problems of cooperation as well as
conflict. The concept of rationality of behaviour is thoroughly
proved in this context, with particular attention paid to social
interdependence and internal tensions within consequentialist
reasoning. In developing his general theme, Sen also investigates
some related matters; the misinterpretation of Adam Smith's views
on the role of self-seeking; the plausibility of an objectivist
approach that attaches importance to subjective evaluations; and
the admissibility of incompleteness and of 'inconsistencies' in the
form of overcompleteness in rational evaluation. Sen also explores
the role and importance of freedom in assessing well-being as well
as choice. Sen's contributions to economics and ethics have greatly
strengthened the theoretical bases of both disciplines; this
appraisal of the connections between the two subjects and their
possible development will be welcomed for the clarity and depth it
contributes to the debate. These essays are based on the Royer
Lectures delivered at the University of California, Berkeley.
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