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In 2001, Joseph Stiglitz was awarded the Nobel Prize for economics. In 2002, he published an article in the Review (Vol. 141, No. 1–2) entitled “Employment, social justice and societal well-being” in which he proposes that the purpose of economic activity is to improve the well-being of individuals, and that employment is essential to this well-being. In this regard, his description of the negative effects of unemployment echoes that given in the abovementioned article by Amartya Sen … [more]