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Economic Growth and the High Wage Economy by Morris Altman

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7 Sen's capabilities approach and economic welfare

Introduction

The capabilities approach to economic analysis is further developed in this chapter to incorporate, in some detail, its implications for the material well- being of individuals as well as for a more complete understanding of productivity growth and economic development. To this end, key components of the capabilities toolbox are discussed and defined.

Nobel Laureate Amartya Sen (1987, 1999, 2002) pioneered the capabilities approach to socio- economic well- being, which is very much focused on the individual. It is argued that well- being encompasses much more than economic welfare, the focus of conventional economics (Sen 1983, 1998, 1999). Philosopher, Martha Nussbaum (1999, 2000 ...

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