Commodities and Capabilities

Commodities and Capabilities presents a set of inter-related theses concerning the foundations of welfare economics, and in particular about the assessment of personal well-being and advantage. The argument presented focuses on the capability to function, i.e. what a person can do or can be, questioning in the process the more standard emphasis on opulence or on utility. In fact, a person's motivation behind choice is treated here as a parametric variable which may or may not coincide with the pursuit of self-interest. Given the large number of practical problems arising from the roles and limitations of different concepts of interest and the judgement of advantage and well-being, this scholarly investigation is both of theoretical interest and practical import. This monograph explores the foundations of welfare economics - in particular the assessment of personal well-being and advantage. Arguments are presented against the usual concentration on "utility" (as in traditional welfare economics) and on "opulence" (as in "real income" estimations and other normative measurements). An alternative framework is developed for the analysis of personal well-being based on assessing "functionings" and the "capability to function" - i.e. what a person can do or can be. The functionings considered vary from such basic biological performances as "being well-nourished" to such social achievements as "being able to take part in the life of the community". This exercise of comparing achievements and capabilities provides a structure for inter-personal comparisons of well-being. The book's critical appraisal of traditional methods combined with a newly developed framework throws new light on comparisons of well-being, and aids assessment of some international contrasts "This short monograph presents a set of interrelated theses concerning the foundations of welfare economics, in particular the assessment of personal well-being and advantage. The argument presented focuses on the capability to function, i.e. what a person can do or can be, questioning in the process the more standard emphasis on opulence as in 'real income' estimates or on utility as in traditional 'welfare economic' formulations. Insofar as opulence and utility have roles, these can be seen in terms of their indirect connections with well-being and advantage. In fact, a person's motivations in making choices is treated here as a parametric variable which may or may not coincide with the pursuit of self-interest."--BOOK JACKET. "Given the large number of practical problems arising from the roles and limitations of different concepts of interest and the judgement of advantage and well-being, this scholarly investigation is not only of theoretical interest, but also of real practical import. Two appendices, the first dealing with some international comparisons and the second, examining the sex bias in the Indian economy in terms of well-being and advantage of women vis-a-vis men, amply illustrate the approach adopted in this study."--Jacket This text presents a set of inter-related theses concerning the foundations of welfare economics, and in particular about the assessment of personal well-being and advantage. The argument focuses on the capability to function, questioning in the process the standard emphasis on opulence or utility.