Tagged: economic development

Amartya Sen

Amartya Sen

Amartya Sen was born in Bengal, India in 1933. When he was only ten, he witnessed the Great Bengal Famine, which had an everlasting effect on his works, and was a reason as to why he pursued Welfare Economics and Economic Development.

Property Rights

Property Rights: a Key Player in Economics

Without property rights, no other rights are possible. Since man has to sustain his life by his own effort, the man who has no right to the product of his effort has no means to sustain his life. The man who produces while others dispose of his product is a slave. The Virtue of Selfishness / Ayn Rand     It sure does not need a keen eye to observe and grasp the importance of property rights in  economic development. Property Property itself, as defined by The Law Dictionary, is “The ownership of a thing is the right of one...