Introduction: Purpose and Summary

Abstract

Modern economics could provide a perspective that would guide philosophy in the theory of value focusing on the concept of utility. The capability approach presents a novel idea and analytical tools to measure the value of freedom and evaluate its distribution among individuals or groups. In order to appreciate the individual capability we need to respect individual evaluations that cannot be reduced to market prices or monistic utility. Individuals are defined by multiple objective positions and by multi-layered and incompletely integrated preference evaluations. His new approach also makes it possible to introduce ethical perspectives into economics again. The challenge of this book is to look at the distribution of individual “capabilities,” which make it possible to critically evaluate existing economic systems, institutions, or policies, and design desirable alternatives.