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Symposium on Amartya Sen's philosophy: 2 Unstrapping the straitjacket of ‘preference’: a comment on Amartya Sen's contributions to philosophy and economics

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  • Anderson, Elizabeth

Abstract

The concept of preference dominates economic theory today. It performs a triple duty for economists, grounding their theories of individual behavior, welfare, and rationality. Microeconomic theory assumes that individuals act so as to maximize their utility – that is, to maximize the degree to which their preferences are satisfied. Welfare economics defines individual welfare in terms of preference satisfaction or utility, and social welfare as a function of individual preferences. Finally, economists assume that the rational act is the act that maximally satisfies an individual's preferences. The habit of framing problems in terms of the concept of preference is now so entrenched that economists rarely entertain alternatives.

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  • Anderson, Elizabeth, 2001. "Symposium on Amartya Sen's philosophy: 2 Unstrapping the straitjacket of ‘preference’: a comment on Amartya Sen's contributions to philosophy and economics," Economics and Philosophy, Cambridge University Press, vol. 17(1), pages 21-38, April.
    • Handle: RePEc:cup:ecnphi:v:17:y:2001:i:01:p:21-38_00
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    Cited by:

    1. Gordon Menzies & Donald Hay & Thomas Simpson & David Vines, 2019. "Restoring Trust in Finance: From Principal–Agent to Principled Agent," The Economic Record, The Economic Society of Australia, vol. 95(311), pages 497-509, December.
    2. Ulrike Reisach, 2016. "The creation of meaning and critical ethical reflection in operational research," EURO Journal on Decision Processes, Springer;EURO - The Association of European Operational Research Societies, vol. 4(1), pages 5-32, June.
    3. Luca Zarri, 2007. "Happiness, Morality and Game Theory," Chapters, in: Luigino Bruni & Pier Luigi Porta (ed.), Handbook on the Economics of Happiness, chapter 16, Edward Elgar Publishing.
    4. Bernd Lahno, 2007. "Rational Choice and Rule-Following Behavior," Rationality and Society, , vol. 19(4), pages 425-450, November.
    5. Herlinde Pauer-Studer, 2006. "Identity, commitment and morality," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(3), pages 349-369.
    6. John B. Davis, 2004. "Identity and Commitment: Sen's Conception of the Individual," Tinbergen Institute Discussion Papers 04-055/2, Tinbergen Institute.
    7. Asimina Christoforou, 2005. "On the Determinants of Social Capital in Greece Compared to Countries of the European Union," Working Papers 2005.68, Fondazione Eni Enrico Mattei.

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