AmartyaSen #1 on Capabilities
This is Sen at his most philosophical, and I think he is basically correct on this point, namely that there is more to the standard of living concept than at first meets the eye.
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I really can´t grasp Sen´s concept of "capabilities" and hoy this may be useful as an objective measurement of economic outcome. In my basic understanding it is only other way to say the old cliche "wealth doesnn´t make happiness", which is obvious. But real people in the real world look for money and material goods as a mean of satisfaction or as a goal, so an exact measurement of material wealth surely doesn´t measure happiness, but reflect the real objective that many people actually pursue.