Objectivity and Subjectivity

Abstract

In literature on subjective measures of economic vulnerability, there is usually little thought on the ‘nature’ of subjectivity or objectivity. The intellectual wrestling with the disjunction of objective and subjective measures has provided the basis for cross-fertilization between psychology and economics. Painting with a big brush, this chapter is about the theoretical paradigms that are potent for advancing our discussion on the measure of economic vulnerability and the integration of the three measurement angles. While each of them falls short of being able to tell the whole story, allowing them to ‘talk with one another’ promises to take us closer to a measurement approach of ‘economic vulnerability’ that is able to identify those with low ‘capabilities’ of living a good life.