Agency as Base for “Bounded Rationality”, Core of “Human Capital”, and Key to “Human Capabilities”

Mine Sato (), Nobuo Sayanagi () and Toru Yanagihara ()
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Mine Sato: Yokohama National University
Nobuo Sayanagi: Yamanashi Eiwa College
Toru Yanagihara: Takushoku University

Chapter Chapter 4 in Empowerment Through Agency Enhancement, 2022, pp 37-62 from Springer

Abstract: Abstract “Agency,” understood as a latent factor behind purposeful human action, is related to three key concepts in economics: (1) rationality, (2) human capital, and (3) human capability. In (1), contributions of the “bounded rationality” school and Behavioral Economics are reviewed, including psychosocial factors. In (2), agency is identified as an element of human capital, thus enabling an important conceptual distinction between “activation” and “development” of agency. Agency is viewed as generic disposition and capacity to be activated and utilized in specific actions and activities when and as so motivated. Development of agency is understood as a process of capital formation and discussed in relation to facilitating and limiting factors. In (3), Amartya Sen’s discussions on agency are reviewed and their strengths and weaknesses are identified.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-1227-6_4

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DOI: 10.1007/978-981-19-1227-6_4

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