Reconciling Ethics and Economics: Amartya Sen's Concept of Wellbeing

Nadeera Rajapakse ()
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Nadeera Rajapakse: PHARE - Philosophie, Histoire et Analyse des Représentations Économiques - UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: The recent economic crisis, which has questioned the efficiency and the equity of free market policies, has led to criticism of the non-ethical character of modern economics, restating the need to restore links between ethics and economics. In the late 70s, Amartya Sen questioned the utilitarian assumptions underlying neo-classical economic theory and developed the capability approach, calling for a re-engagement with ethics. Utilitarian theory requires generalisations and simplifications, whereby humans are represented as "rational maximisers" and markets are considered the efficient answer to satisfy people's needs. The concept of well-being is synonymous with utility and supports free market theories. Sen makes the case for a broader connotation, promoting plurality and multiple dimensions of the concept of well-being. This chapter deals with the methodological and theoretical factors underlining Sen's criticism of the utilitarian concept of wellbeing. The first section presents Sen's contentions with neo-classical utilitarian theory in order to highlight how the focus on the market undermines the human factor. It is argued, in the second section, that Sen's approach essentially replaces the concept of utility with that of capability, implying a more active role for agents. Thus an ethically-oriented view of wellbeing entails a shift from a technical, market-oriented perspective to a human-centred viewpoint.

Date: 2017
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Published in Catherine Coron, Louise Dalingwater. Wellbeing. Challenging the Anglo-Saxon Hegemony, Presses Sorbonne Nouvelle, 2017, Regards économiques, 978-2-87854-711-5

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