This volume explores several aspects of Amartya Sen and Martha Nussbaum framework for thinking about individual well-being. Called the functioning and capability approach (FCA), this framework radically departs from the conventional approach to the concept of individual well-being in welfare economics insofar as it identifies an individual well-being as the value attached to the individual achievements along certain dimensions of life and her freedom to choose a vector of such achievements rather than as the individual happiness or desire fulfillment.  The volume consists of two main parts. Part I outlines and studies the basic conceptual and analytical framework and its major features in detail. Part II of the book is devoted to application of the analytical structure of the FCA to practical problems of measuring well-being, deprivation, and inequality in a society. The book concludes with a discussion of the main conclusions of earlier chapters and the role of social scientists and philosophers in the FCA. This volume will be of interest to students, researchers, and practitioners studying multidimensional well-being, deprivation and inequality.