What is the capability approach?: Its core, rationale, partners and dangers

The paper specifies the core elements of Amartya Sen's capability approach to socio-economic valuation. It analyzes recent formulations by some of Sen's close associates, in addition to his own work, and identifies important variants, obscurities and tensions, as well as the key rationale and value-added of the approach. The approach is placed within a system of partner discourses, notably the broader ‘human development’ approach. The paper then shows issues faced in operationalization, and dangers that overly vague specification of the approach's rationale and commitments could lead to questionable choices in practical use.