Thursday, March 12, 2009
An elegant and incisive attempt to put the current financial crisis in perspective is provided by Amartya Sen. How should 'capitalism' evolve and what are the implications for economics? A related piece by Sen concentrating on the misinterpretation of Adam Smith's views is here. No-one who has read Theory of Moral Sentiments by Smith could ever believe was a simple-minded supporter of laissez-faire. Human beings are too complicated for that.