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A deep and compassionate book by a wise man
am 28. April 2000
When learning economics at university I had "Economics" by Samuelson as a handbook. I learned a lot from it and I still consider it as perhaps the best available introduction into classical economics. On its own ground, this book can hardly be surpassed. But, as many others, I have come to the conclusion that the classical paradigm of economics, which this book reflects, has serious shortcomings. Samuelson fleetingly points out some of them, but he does not pay much attention to this aspect.
Of course, there exists an abundant literature by less orthodox economists in which these questions are discussed at length. Unfortunately, much of this literature is rather unbalanced.
Recently I discovered "Development as Freedom" by Amartya Sen. Finally I found a book that offers a balanced philosophical reflexion on the premises of classical economics and its relevance for the development problem.
Mr. Sen asks questions rarely asked by economist. What purpose does the acquisition of wealth serve? Mr. Sen argues that dire poverty makes people unfree. Wealth is a means to freedom. From that perspective he draws very interesting conclusions concerning development policy.
Classical economics can be a useful tool in understanding society. Samuelson's book is an excellent introduction into this discipline. But in order to put the classical paradigm in perspective, you should also read "Development as Freedom" by Mr. Sen. It is a deep and compassionate book by a wise man.