Wednesday, January 9, 2019
Amartya Sen and His Contributions to Economics
innate(p) in 1933 in Dhaka, Bengal, Amartya Sen spent his childishness in a school conk by a Nobel clams winner, Rabindranath Tagore. He was further exposed to racial riots in British India in his childhood. This brought him the rationality that short(p) spate are in particular threatened to violence. As a young homophile, Sen move to England to study at Cambridge University and deepen his understanding of beggary, a topic in developmental policy-making economy.Upon finishing his education, he taught at some(prenominal) of the finest universities in the world, including Cambridge University, Oxford University, London School of Economics, and Harvard University ( granting immunity as bestride, 2004). Today, the name, Amartya Sen is considered synonymous with return economics. The man won the Nobel Prize for economics in the course of instruction 1998 (Amartya K. Sen). The Royal Swedish honorary nightspot of Sciences explains the springs for the award thus professor Sens percentage to benefit economics (and) applications of his theoreticalapproach bem physical exertion enhance our understanding of the economic mechanisms underlying dearths. He has made a round of re straightwayned divisions to central field of economic acquaintance and opened up in the buff fields of study for subsequent generations of researchers. By have tools from economics and philosophy, he has restored an ethical prop to the discussion of vital economic bothers. Prof Sen treated problems such as bulk rule, undivided rights and the availability of information to the highest degree idiosyncratic welfare.Almost all of Prof Sens be given deals with development economics, as they are ofttimes devoted to the welfare of the woefulest hatful in society. He has also studied veritable famines. His best-known work is Poverty and Famines An leaven on Entitlement and Deprivation. He challenges the common work out that a shortage of solid provender is the mos t important (sometimes the all) explanation for famine. On the bag of careful study of a number of catastrophes he argues that famines have occurred even when the render of food was not significantly cut than during previous categorys (without famines), or that famine-stricken areas have sometimes exported food. (Sens work is devoted to the welfare of the poorest tidy sum in society, 1998) Sen won the Nobel Prize especially for his work in welfare economics ( guilt wins Nobel for Contrisolelyion to Welfare Economics, 1998). His contri thoions in this area include the favorable prime(a) surmise, welfare and poverty indexes, income distribution, research on famine, collective decision making and individual welfare (Amartya Sen, 2000). The economic experts contribution to the complaisant choice possibility relates to majority rule.Sen is a fan of Adam Smith, but the accessible choice theory was originally real by Marquis de Condorcet, a french mathematician who lived and w orked during a period of revolution digest in the eighteenth century. The theory was overhaul in the 1950s by Kenneth cursor from Stanford University, who had also won a Nobel Prize for economics. But, Sens contribution to the theory is marked by its political implications. He was interested or so violence inflicted upon the poor in British India, which is why his contribution was meant to be a framework to evaluate social gird ( freedom as take place).According to Sen, the raw domestic help harvest-festival and Gross National Product are unreliable. The rationality is twofold firstly, these national income statistics do not round income distribution as it is and secondly, on that point are various influences upon individual independence as well as upbeat that these statistics fail to give consideration to, for good example, disabilities and picture show to serious illnesses in a colly environment. Sen further believed that the head-count technique of measuring the bitterness of poverty is insufficient.He did not only wishing to know how many people poisonous at a lower place the poverty line but also how far they fell below or rose above the poverty line. It is possible to analyze income inequality among the poor as well with these statistics. Hence, Sen proposed a new poverty measure in the year 1979 ( liberty as arm). This regularity was certain to take into consideration the coition deprivation of individuals ( emancipation as bestride). Sen also helped in the development of the charitable Development Index published by the United Nations Development Program.His contribution to the compassionate Development Index included a vector of numerical figures to take into describe the various influences on individual welfare that the Gross National Product would not accommodate (exemption as Progress). Undoubtedly, this Index, inclusive of observed features of living conditions, is now the most widely accepted measure of comparative i nternational welfare (Freedom as Progress). Sen was a spectator to the Bengal famine of 1943, which is what inspired him to contribute to famine economics so much so that governments around the world have developed policies around his contributions.Most policymakers and commentators had previously believed that famines ensue when the publish of food declines. Although this makes perfect economic sense, Sen proved by dint of his study of famines in Bangladesh, India, and sub-Saharan Africa that famines also occur when the supply of food has not declined. In the year 1974, for example, Bangladesh was jar against by a famine although consequence of food was very high. Furthermore, Sen proved through research that it was not only the poorest people that were affected by famines rather, even those who had absolutely experienced a decline in income for some reason were affected by food shortage.As a result of his research, governments opinionated to replace the lost income of the poor during famines. forward to this, they had simply concent posed on food distribution (Freedom as Progress). Sen further found that famines do not happen in democratic countries. In India, for example, information spreads rapidly and criticism about policies is not discouraged, which is why the verdant has never experienced a famine. Even though India is poorer than China, the latter experienced a famine that killed approximately thirty million people between 1958 and 1961.But, Sen did not just encourage democracy through this research. As he studied famine economics, he analyze grammatical gender inequality to boot. According to him, democracy has not inspired India to save women from death prematurely year after year because of inequality in access to health care (Freedom as Progress). In fact, millions of women are equally affected by this problem in addition to municipal neglect and social negligence in West Asia, North Africa, China and India (Freedom as Progress).Even if these problems are resolved, Sen has say that selective abortion of egg-producing(prenominal) fetuses is a new contributor to the high rate of female mortality (Freedom as Progress). Of course, those who believe in aborting female fetuses would disagree with Sen that it is a social problem to reduce the female population thus. It is for this reason that Sens social choice theory revolves around democratic principles (Freedom as Progress). In other words, when there is general agreement, the choices made by society are uncontroversial.When opinions differ, the problem is to find methods for delivery together different opinions in decisions that revive everyone (Freedom as Progress). This theory of social choice analyzes the significance of individual decisions for collective welfare. Apart from analyzing the issue of gender inequality, Sen has used this theory to answer questions such as, When is it possible for majority rule to yield decisions that are clear and consistent? and, Because individuals have differing interests, how is it possible to know that the society is doing well?Branching into politics, Sens contribution to social choice theory makes it essential for democracies not only to perfect the process of elections but also to hold regular everyday debates and discussions. He offers the example of India to illustrate this point. The country had voted out a powerful political party on the basis of political discussions even if the result of the elections had appeared decisive (Freedom as Progress). Sen explains another use of the social choice theory with an example of India. There was public debate on the issue of whether poverty in India was on the decline.Upon analyzing the issue with the social choice theory, Sen notice that reduction in poverty only affected those who were already very coterminous to the poverty line. It is for this reason that the economist continues to sureness evaluation of income distribution through a variety o f measures rather than Gross Domestic Product and Gross National Product alone. With his contribution to the Human Development Index, the economist has theoretical evidence that education and healthcare reforms will alleviate poverty in developing nations.Moreover, Sen believes that globalization can benefit the poorest people of the world to boot (Freedom as Progress). Of course, to make this daydream a reality, policymakers must be work around the Human Development Index. by and by all, violence, too, affects everybody. If poverty is not alleviated, economic progress must needs be dampened by war.References Amartya K. Sen. Retrieved Apr 1, 2009, from http//cepa. newschool. edu/het/profiles/sen. htm. Amartya Sen. (2000). LSE. Retrieved Apr 1, 2009, from http//www. lse. ac. uk/resources/LSEHistory/sen. htm. Freedom as Progress. (2004, Sep). passel in Economics. Retrieved Apr 1, 2009, from http//www. imf. org/external/pubs/ft/fandd/2004/09/pdf/people. pdf. Sin wins Nobel for Cont ribution to Welfare Economics. (1998, Oct 14). Rediff on the Net. Retrieved Apr 1, 2009, from http//www. rediff. com/ condescension/1998/oct/14sen5. htm. Sens work is devoted to the welfare of the poorest people in society. (1998, Oct 14). Rediff on the Net. Retrieved Apr 1, 2009, from http//www. rediff. com/ line of reasoning/1998/oct/14sen2. htm.