Nobel economic laureate Amartya Sen's social-choice theory could be a good option for countries like Bangladesh, noted scholars maintained on Wednesday.
Terming the Bengali economist a versatile scholar, they urged students to learn more about him through reading Mr Sen directly, not listening from others.
The scholars made the call during a webinar styled 'Amartya Sen's Thoughts and His Contributions to Economics and Philosophy'.
Bureau of Economic Research, Dhaka University, and Centre for Development and Employment Research co-hosted the event chaired by former special adviser of employment sector of international labour office Dr Rizwanul Islam.
As a keynoter, economics professor Dr SR Osmani at Ulster University said social theory is the possible choice or alternative and it reaches a solution through public reasoning and democratic practices.
"What would be the criterion of equality in terms of evaluating better and suitable distribution system? Will it be based on efficiency, need or contribution?"
"People will give different choices. Then what will be the solution? In that context, Amartya Sen's social-choice theory focuses on public reasoning in a democratic atmosphere," cites the economist.
In the theory, he argues, people may not be able to reach a solution but they reach a consensus on a methodology through which the solution can be made.
On the market in the context of Mr Sen's thoughts, Dr Osmani says the market is crucial for efficient transaction but there is no guarantee that it will produce socially-desirable outcomes on all aspects.
According to DU economics professor Dr MM Akash, Mr Sen followed Adam Smith's open-market economy.
He [Mr Sen] was also influenced by Karl Marx's intervention approach by the government, which is very good for countries like Bangladesh.
Another economics professor at DU, Dr Sayema Haque Bidisha, says women cannot be empowered through allowing their rights on the wealth only.
She suggests giving them enough freedom to take their choices in the male-dominated society.
Bangladesh Institute of Development Studies former director general Dr Quazi Shahabuddin, CDER executive chairperson Dr Rushidan Islam Raihan and DU economics professor Dr Selim Raihan, among others, also spoke.
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