.The Royal Swedish Academy of Sciences has awarded the 1998 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel to Amartya Sen for his contribution to Welfare Economics.

Nationality: ‎Indian Field Economics Institutions: Nalanda University.S. India Residence: U.BIOGRAPHY       Born: November 3. 1933 ) (age 74) Santiniketan. India (May 2007) Harvard University (since 2004) Cambridge University (1998-2004) Harvard University (1988-1998) Oxford University (1977-88) London School of Economics (1971-77) Delhi School of Economics (1963-71) Cambridge University (1957-63) Jadavpur University (1956-58) .

) Visva-Bharati University. Known for: Welfare Economics Human development theory Notable prizes: Nobel Prize in Economics (1998) Bharat Ratna (1999) .D.BIOGRAPHY         Education: Trinity College. Kolkata (B.A.)(B. India St Gregory's School. Cambridge (Ph. Dhaka. Bangladesh.A.) Presidency College.

AMARTYA SEN’S RESEARCH WORK AREAS         Social choice theory Welfare economics Development economics Gender studies The economics of peace and war Philosophy Decision theory Theory of measurement .

His contributions range from axiomatic theory of social choice. . over definitions of welfare and poverty indexes. Sen has made extensive contributions to the field of Social Choice theory.CONTRIBUTION    Amartya Sen has made several key contributions to the research on fundamental problems in welfare economics. to empirical studies of famine.

Sen also merges his concepts of welfare economics with his ideas on social choice to make assertions about development economics Sen has also worked for the human development of the Third World.CONTRIBUTION     In his Poverty and Famines book Sen argued that famine cannot occur only due to shortage of the food supply. . Sen formulated a policy of maximizing rate of growth of national income which would eventually reflect rate of growth of consumption per capita.

in a way that is both fair and theoretically sound? Is the majority principle a workable decision rule? How should income inequality be measured? When and how can we compare the distribution of welfare in different societies? How should we best determine whether poverty is on the decline? What are the factors that trigger famines? .QUESTIONS ANSWERED BY SEN:       Can the values which individual members of society attach to different alternatives be aggregated into values for society as a whole.

One of his major contributions was the use of Kenneth Arrow’s Impossibility Theory to prove that the majority and two-thirds voting requirements contradict the principles of democracy    Majority Rule Individual Right Information about the welfare of individuals .THEORY OF SOCIAL CHOICE Sen has made extensive contributions to the field of Social Choice theory.

H = population below the set poverty line I = Distribution of income between 0 to 1 G = Gini Coefficient.INDEXES OF WELFARE AND POVERTY   Poverty indexes : P = H [I + (1-I) . (1-G) Where. measures the degree of income inequality Welfare indicators: Welfare indicator = y. Y= income per capita G= Gini coefficient . G] Where.

WELFARE ECONOMICS    Poverty and Famine Amartya Sen's on the role of basic education Gender inequality .

Welfare and Measurement (1982). On Ethics and Economics (1987).BOOKS        Economic Inequality (1973. Resources. Values and Development (1984). 1997). Poverty and Famines (1981). . The Standard of Living (1987). Choice. Identity and Violence: The Illusion of Destiny (2006).

2006 The Argumentative Indian. 2005 Rationality and Freedom. W. 2000 Reason Before Identity. 1999 . W. Norton. 2004 Development as Freedom. 1999 Freedom.Recent works        Identity and Violence: The Illusion of Destiny (Issues of Our Time). Rationality. 2004 Inequality Reexamined. and Social Choice: The Arrow Lectures and Other essays.

Other works:      Choice of Techniques. Commodities and Capabilities. On Economic Inequality. 1999 Sen. Amartya. 1970 . 1973. Collective Choice and Social Welfare. Collective Choice and Social Welfare. Holden-Day. San Francisco. 1960. 1970.

Marshall Award. the Eisenhower Medal. the Senator Giovanni Agnelli International Prize in Ethics.K. the Alan Shawn Feinstein World Hunger Award. The George C. and The Nobel Prize in Economics. . the Edinburgh Medal. the Brazilian Ordem do Merito Cientifico (Grã-Cruz).AWARDS           “Bharat Ratna” (the highest honour awarded by the President of India).). Honorary Companion of Honour (U. the Presidency of the Italian Republic Medal.

CRITICISM    Prof accused on his writing &views Economist Peter Bowrick criticized for misrepresenting historical data & theory Some historian disagree on argument of occurring of famine in Bengal .

UNDERSTANDING    Prof Sen has done extensive work on poverty & its measurement for developing effective program He challenged the assumption of ocurring of famine & suggested his views Extensive work done on poverty indexes by developing his factors in measuring poverty index .

over definitions of welfare & poverty indexes.CONCLUSION The Norwegian Noble Committee noted “his felicitation was for several key contribution to research on fundamental problems in welfare economics ranging from axiomatic theory of social choice. to empirical studies of famine”  Being inspired by thinking of Prof Amartya sen Ratan Tata launched nano for lower income class  .

THANK YOU! ByManasi Babhale (8) Ketki Karde (27) Ankush Sharma (41) Nandita Satpute (54) Yogita Warad (67) .

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