Philosophy of Economics

According to relational egalitarianism, justice requires equal relations. In this paper, I ask the question: can equal relations be unjust according to relational egalitarianism? I argue that while on some conceptions of relational egalitarianism, equal relations cannot be unjust, there are conceptions in which equal relations can be unjust. Surprisingly, whether equal relations can be unjust cuts across the distinction between responsibility-sensitive and non-responsibility-sensitive conceptions of relational egalitarianism. I then show what follows if one accepts a conception in which equal (...) relations can be unjust, including why it provides a reason to grant some people less political power than others. (shrink)

Real human agents, even when they are rational by everyday standards, sometimes assign different credences to objectively equivalent statements, such as “George Orwell is a writer” and “Eric Arthur Blair is a writer”, or credences less than 1 to necessarily true statements, such as not-yet-proven theorems of arithmetic. Anna Mahtani calls this the phenomenon of “opacity” (a form of hyperintensionality). Opaque credences seem probabilistically incoherent, which goes against a key modelling assumption of probability theory. I sketch a modelling strategy for (...) capturing opaque credence assignments without abandoning probabilistic coherence. I draw on ideas from judgment-aggregation theory, where we face similar challenges of defining the “objects of judgment”. (shrink)

Non-Archimedean population axiologies – also known as lexical views – claim (i) that a sufficient number of lives at a very high positive welfare level would be better than any number of lives at a very low positive welfare level and/or (ii) that a sufficient number of lives at a very low negative welfare level would be worse than any number of lives at a very high negative welfare level. Such axiologies are popular because they can avoid the (Negative) Repugnant (...) Conclusion and satisfy the adequacy conditions given in the central impossibility result in population axiology due to Gustaf Arrhenius. I provide a novel argument against them which appeals to the way that good and bad lives can intuitively outweigh one other. (shrink)

This dissertation looks at a set of interconnected questions concerning the foundations of probability, and gives a series of interconnected answers. At its core is a piece of old-fashioned philosophical analysis, working out what probability is. Or equivalently, investigating the semantic question of what is the meaning of ‘probability’? Like Keynes and Carnap, I say that probability is degree of reasonable belief. This immediately raises an epistemological question, which degrees count as reasonable? To solve that in its full generality would (...) mean the end of human inquiry, so that won’t be attempted here. Rather I will follow tradition and merely investigate which sets of partial beliefs are coherent. -/- The standard answer to this question, what is commonly called the Bayesian answer, says that degrees of belief are coherent iff they form a probability function. I disagree with the way this is usually justified, but subject to an important qualification I accept the answer. The important qualification is that degrees of belief may be imprecise, or vague. Part one of the dissertation, chapters 1 to 6, looks largely at the consequences of this qualification for the semantic and epistemological questions already mentioned. It turns out that when we allow degrees of belief to be imprecise, we can discharge potentially fatal objections to some philosophically attractive theses. Two of these, that probability is degree of reasonable belief and that the probability calculus provides coherence constraints on partial beliefs, have been mentioned. Others include the claim, defended in chapter 4, that chance is probability given total history. -/- As well as these semantic and epistemological questions, studies of the foundations of probability usually include a detailed discussion of decision theory. For reasons set out in chapter 2, I deny we can gain epistemological insights from decision theory. Nevertheless, it is an interesting field to study on its own, and it might be expected that there would be decision theoretic consequences of allowing imprecise degrees of belief. As I show in part two, this expectation seems to be mistaken. Chapter 9 shows that there aren’t interesting consequences of this theory for decision theory proper, and chapters 10 and 11 show that Keynes’s attempt to use imprecision in degrees of belief to derive a distinctive theory of interest rates is unsound. -/- Chapters 7 and 8 provide a link between these two parts. In chapter 7 I look at some previous philosophical investigations into the effects of imprecision. In chapter 8 I develop what I take to be the best competitor to the theory defended here – a constructivist theory of probability. On this view degrees of belief are precise, but the relevant coherence constraint is a constructivist probability calculus. This view is, I think, mistaken, but the calculus has some intrinsic interest, and there are at least enough arguments for it to warrant a chapter-length examination. (shrink)

We present an abstract model of rationality that focuses on structural properties of attitudes. Rationality requires coherence between your attitudes, such as your beliefs, values, and intentions. We define three 'logical' conditions on attitudes: consistency, completeness, and closedness. They parallel the familiar logical conditions on beliefs, but contrast with standard rationality conditions like preference transitivity. We establish a formal correspondence between our logical conditions and standard rationality conditions. Addressing John Broome's programme 'rationality through reasoning', we formally characterize how you can (...) (not) become more logical by reasoning. Our analysis connects rationality with logic, and enables logical talk about multi-attitude psychology. (shrink)

In this paper we explore the absentminded driver problem using two different scenarios. In the first scenario we assume that the driver is capable of reasoning about his degree of absentmindedness before he hits the highway. This leads to a Savage-style model where the states are mutually exclusive and the act-state independence is in place. In the second we employ centred possibilities, by modelling the states (i.e. the events about which the driver is uncertain) as the possible final destinations indexed (...) by a time period. The optimal probability we find for continuing at an exit is different from almost all papers in the literature. In this scenario, act-state independence is still violated, but states are mutually exclusive and the driver arrives at his optimal choice probability via Bayesian updating. We show that our solution is the only one guaranteeing immunity from sure loss via a Dutch strategy, and that – despite initial appearances – it is time consistent. This raises important implications for the rationality of commitment in such scenarios. (shrink)

Philosophy &Public Affairs, Volume 52, Issue 1, Page 5-41, Winter 2024.

تقديم منذ القدم اعتنت الحضارات بالتربية، وأنشأت لذلك مؤسسات تفي بغرض تعليم المهارات والكفايات، وإعادة إنتاج المجتمع. وقد كان ذلك تحت ضغط حاجة الاجتماع، وإقامة المدن والدول، وتجويد الصناعات والمهن. لقد كانت المجتمعات البسيطة، المبنية على العيش وفق ما تهبه الطبيعة مباشرة، بغير حاجة إلى مؤسسات تعلم كيفية اصطياد حيوان أو جني فاكهة أو حفر جذور نبات، حيث كان القدماء والراشدون يمررون المهارات بالقدوة والتقليد، والصغار يتعلمون بالمحاولة والخطأ. وما أن بنيت القرى الأولى وبدأ الإنسان يدجن النبات والحيوان، حتى بدأ (...) التفكير في تجمعات كبرى تسهل حفظ المؤون والدفاع عن النفس والتجارة. مع المدينة والتجارة كان لابد من اختراع الكتابة للتوثيق وحفظ الحقوق. ومع كل ذلك لابد من دولة ترعى هذه الحقوق وتضمن تنفيذها بالقضاء والشرطة، وتنظيمها بالإدارة. فكان لابد أن تظهر المدارس لتخريج الموظفين الإداريين والكتبة كما هو الأمر في الصين القديمة. المدرسة الأولى إذا ارتبطت بالإدارة والسلطة، وبذلك يروي المؤرخون صرامتها الأصلية واقترابها من الجندية، خاصة في مباريات الموظفين الكبار والمتوسطي Le mandarins في الصين القديمة. مع الحضارة اليونانية لا يمكن إلا أن نقف عند تجربتين فريدتين وهما مؤسستا الأكاديميا لأفلاطون، والتي كانت مؤسسة فيها قاعات للدراسة وملعبا رياضيا ومواقع دينية ومكتبة، وتقام فيها دروس وألعاب ومحاضرات. وكما اشترط أفلاطون الهندسة على من أراد أن يتابع الدروس، فقد كانت الرياضيات مادة أساسية في الجامعة. ومن الكتب التي وصلتنا من أفلاطون نفهم الطابع التجريدي القوي للتعلمات، وكذلك الاتجاه السياسي المحافظ. أما ليسي أرسطو، والذي كان يسمى أيضا بالمدرسة المشائية، فقد كان مؤسسة تكاد تكون مثل الجامعات العصرية، بقاعات وممرات للمشي والحوار. وفي المؤسسة متحف ومكتبة. وقد توزعت الدروس بين الفلسفة والبلاغة والشعر والرياضيات والطب والجدل وعلم الفلك والحياة والنبات والأخلاق والسياسة. ولم يكن الليسي يشمل التدريس فحسب، بل وكذلك البحث والتصنيف خاصة. وحتى نفهم المدرسة الأرسطية لابد من ربطها بعلاقتها بالأمبراطورية الأسكندرية إرادة وتمويلا، ومن ثمة كونها كانت رغبة استمرار السلطة لدولة فيليب وللأرستقراطية الأثينية. أما في القرون الوسطى سيتكفل الدين بالتربية وتلقين المعارف: سواء على مستوى الاعتقاد والقيم والأخلاق، أم على مستوى التشريع، أو العلوم. فيتخرج من الجامعات الإسلامية، أو من الكنائس، أو البيع، مفسرون للكتب المقدسة، ومؤرخو حياة الأنبياء والصحابة والأحبار والكهنة. ونبغ علماء لغة ونحو وبيان وأدب، وكان ذلك غالبا لفهم النصوص المرجعية، وبعض المتعة للطلبة والمتأدبين. وانفجر من ذلك كله الفقه لربط الأعمال اليومية بالسنن الدينية، ولتنظيم الحياة الاجتماعية والاقتصادية وشؤون الملك والسلطان. فانتشرت المدنية واتسعت الحضارة واطلع الخريجون على علوم الأمم الأخرى بالترجمة، فظهرت الإلهيات والفلسفة والمنطق. وتطور حسن معاش الناس فظهر الطب والرياضيات والصيدلة والكيمياء والفيزياء. وكان كل ذلك تحت رقابة الفقهاء والقساوسة والكهنة حتى لا تزيغ المعرفة عن الدين في جانبه الأيديولوجي خاصة. د. بن محمد قسطاني أستاذ باحث في علم الاجتماع والأنثروبولوجيا . (shrink)

لا يمكن الحديث عن مدرسة النجاح في المستقبل٬ ما لم يتم استحضار التطور الحاصل في أدوار ووظائف وآليات اشتغال المدرسة٬ من خلال التعرف على سيرورات التحولات التي عرفتها وظائف وأدوار هذه المؤسسة في الماضي والحاضر. ففي الوقت الراهن تحولت هذه الوظائف من التلقين والحشو بالمعارف٬ إلى وظائف أكثر حيوية وتنوعا ودينامية٬ تتجه صوب إيجاد حلول لتحديات اكساب التلميذ مناهج وتقنيات تحصيل المعرفة والبحث٬ وتعزيز قدراته ومهاراته الحياتية٬ وتوسيع خبراته٬ إضافة إلى سعيها لتطوير جاهزيته للشغل وتحقيق الذات والعيش المشترك مع الأفراد (...) داخل المجتمع. لقد بدأ الرهان منذ بداية الإصلاح الأخير على العنصر البشري الذي يعتبر المشعل الذي ينير درب التنمية في المستقبل، فمتعلم اليوم هو مواطن الغد، وبذلك ركزت المدرسة المغربية كل أنشطتها واهتماماتها على هذا المتعلم وجعلته في قلب الاهتمام والتفكير والفعل، وجعلت كل الهياكل والبرامج والمشاريع في خدمته. و في خطوة أخرى جريئة أعد المجلس الأعلى للتربية والتكوين والبحث العلمي رؤية استراتيجية لإصلاح منظومة التربية والتكوين (2015-2030)، التي عملت على إرساء المجلس وانخراطه في سلسلة من الأعمال الرامية إلى تقييم حصيلة تطبيق الميثاق الوطني للتربية والتكوين، واستشراف أفاق تأهيل وتطوير المنظومة الوطنية للتربية والتكوين والبحث العلمي. كما عملت وزارة التربية الوطنية والتكوين المهني على إقرار التدابير ذات الأولوية المتمثلة في الإجراءات الإصلاحية، من خلال إصدار المذكرة الإطار 15/099 بتاريخ 12 أكتوبر 2015 من أجل التنزيل الأولي للرؤية الاستراتيجية 2030-2015. وقد عملنا من خلال هذا العدد، التجربة الثانية ل ″مجلة كراسات تربوية″ المحكمة، على اقتراح قضايا تربوية جوهرية نراها الأجدر بالدراسة والتحليل، والتي ستكون سبيلا لفتح أفاق جديدة على مستوى التكوين والتكوين المستمر بالنسبة للأطر التربوية والطلبة المقبلين على ولوج مهنة التدريس وكذا المهتمين. ذ. الصديق الصادقي العماري المدرير ورئيس التحرير . (shrink)

Immanuel Kant’s moral philosophy is organized around an exclusive disjunction of dignity or price, equality or equivalence. In his 1797 Doctrine of Right, however, Kant places enslaved black people on the wrong side of this disjunction when he speculates that their status as currency may offer insight into the origins of money. Recent work in black studies has begun to speculate on the link between blackness and money in modernity, and this paper draws attention to Kant’s role as an unlikely (...) and unwitting precursor for monetary theories of blackness. Precisely in his attempt to secure the priceless and unconditional character of freedom and dignity, it argues, Kant ends up demonstrating the positional value of both. (shrink)

This article presents a fairness principle for evaluating decision-making based on predictions: a decision rule is unfair when the individuals directly impacted by the decisions who are equal with respect to the features that justify inequalities in outcomes do not have the same statistical prospects of being benefited or harmed by them, irrespective of their socially salient morally arbitrary traits. The principle can be used to evaluate prediction-based decision-making from the point of view of a wide range of antecedently specified (...) substantive views about justice in outcome distributions. (shrink)

Francis Ysidro Edgeworth’s unduly neglected monograph New and Old Methods of Ethics (1877) advances a highly sophisticated and mathematized account of social well-being in the utilitarian tradition of his 19th-century contemporaries. This article illustrates how his usage of the ‘calculus of variations’ was combined with findings from empirical psychology and economic theory to construct a consequentialist axiological framework. A conclusion is drawn that Edgeworth is a methodological predecessor to several important methods, ideas, and issues that continue to be discussed in (...) contemporary social well-being studies. (shrink)

Carl Knight argues that lexical sufficientarianism, which holds that sufficientarian concerns should have lexical priority over other distributive goals, is ‘excessive’ in many distinct ways and that sufficientarians should either defend weighted sufficientarianism or become prioritarians. In this article, I distinguish three types of weighted sufficientarianism and propose a weighted sufficientarian view that meets the excessiveness objection and is preferable to both Knight’s proposal and prioritarianism. More specifically, I defend a multi-threshold view which gives weighted priority to benefits directly above (...) and below its thresholds, but gives benefits below the lowest threshold lexical priority over benefits above the highest threshold. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a distinction between nominal assets and real assets, (...) that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (shrink)

In this article, the notion of entropology introduced by Claude Lévi-Strauss is applied and developed in the context of Georges Bataille’s anthropological philosophy: Bataille’s project is defined as entropological. Four philosophical vectors are chosen for this: the theory of general economy, the concept of decay, the idea of extinction and the notion of inhumanism. The theory of general economy allows us to understand the immanent terrestrial nature of humanity and the negative – entropic – side of the capitalist economy. The (...) concept of decay gives access to the thought of bodily disintegration and decomposition, which is temporality and mortality that split the subject. The idea of extinction speculates on the consequences of humanity’s destructiveness, libidinally charged inertia, and the extreme perspective of entropy’s impact on the planet. The notion of inhumanism suggests a radical rethinking of the human relationship with alienation and exteriority: Bataille’s philosophy is reinterpreted as inhumanist. I conclude that the Lévi-Strauss’s neologism – entropology – can be productively articulated and actualised within the framework of Bataille’s philosophy. (shrink)

[Book Review] Joseph Heath sometimes plays the role of a gadfly in climate and environmental ethics. He often defends conventional, economics-focused claims which rub many philosophers the wrong way—claims that are at the heart of issues raised in these pages, claims such as that discounting is justifiable, growth is good, or cost-benefit analysis is appropriate in liberal democracies. I think we can all agree that sophisticated defences of conventional positions play an important part in the ecosystem. For philosophers, a gadfly (...) can challenge entrenched conceptions. If we agree that these goals are worthwhile, then this book serves as a useful summary and synthesis of the ways Heath has ably defended conventional claims about climate policy. (shrink)

This paper draws some bold conclusions from modest premises. My topic is an old one, the Neohumean view of practical rationality. First, I show that this view consists of two independent claims, instrumentalism and subjectivism. Most critics run these together. Instrumentalism is entailed by many theories beyond Neohumeanism, viz. by any theory that says rational actions maximize something. Second, I give a new argument against instrumentalism, using simple counterexamples. This argument systematically undermines consequentialism and rational choice theory, I show, using (...) detailed examples of their many social science applications. There is no obvious fix. (shrink)

Public policymakers and institutional decision-makers routinely face questions about whether interventions “work”: does universal basic income improve people’s welfare and stimulate entrepreneurial activity? Do gated alleyways reduce burglaries or merely shift the crime burden to neighbouring communities? What is the most cost-effective way to improve students’ reading abilities? These are empirical questions that seem best answered by looking at the world, rather than trusting speculations about what will be effective. Evidence-based policy (EBP) is a movement that concretizes this intuition. It (...) maintains that policy should be based on evidence of “what works.” Not any evidence will do, however. Following on the heels of its intellectual progenitor, evidence-based medicine (EBM), EBP insists on the use of high-quality evidence produced in accordance with rigorous methodological standards. Though intuitively compelling, EBP has attracted significant criticism from methodologists, political scientists, and philosophers. This chapter provides a critical overview of EBP through a philosophical lens, reviewing and discussing some of the most pressing challenges that EBP faces and outlining some proposals for improving it. I first provide a brief overview of EBP and distinguish a broader and narrower understanding of it. I then review existing lines of criticism of EBP, two of which are considered in detail. The first elaborates how EBP struggles with extrapolation, that is, the use of evidence from study populations to make inferences about the effects of policies on novel target populations. The second maintains that EBP’s methodological tenets are deeply entwined with moral and political values, which can threaten EBP’s promise to promote objectivity in policymaking. Finally, I make some proposals for how EBP could be improved going forward. (shrink)

There have recently been novel applications of medical systematic review guidelines to economic policy interventions which contain controversial methodological assumptions that require further scrutiny. A landmark 2017 Cochrane review of unconditional cash transfer (UCT) studies, based on the Grading of Recommendations Assessment, Development and Evaluation (GRADE), exemplifies both the possibilities and limitations of applying medical systematic review guidelines to UCT and universal basic income (UBI) studies. Recognizing the need to upgrade GRADE to incorporate the differences between medical and policy interventions, (...) the GRADE Public Health Project Group (PHPG) was convened to enumerate and address these methodological challenges. However, in light of our analysis of additional methodological challenges that arise for UCT and UBI studies, we argue that the adaptation of medical systematic review guidelines to economic methodology is far from straightforward and is in fact more challenging than claimed by the PHPG. (shrink)

The good of those who are worse off matters more to the overall good than the good of those who are better off does. But being worse off than one’s fellows is not itself bad; nor is inequality itself bad; nor do differences in well-being matter more when well-being is lower in an absolute sense. Instead, the good of the relatively worse-off weighs more heavily in the overall good than the good of the relatively better-off does, in virtue of the (...) fact that the former are relatively worse off. This paper articulates and defends the view just described. (shrink)

Why should ‘better than’ be transitive? The leading answer in ethics is that values do not change with context. But this cannot be the entire source of transitivity, I argue, since transitivity can fail even if values never change, so long as they are complex, with multiple dimensions combined non-additively. I conclude by exploring a new hypothesis: that all alleged cases of nontransitive betterness, such as Parfit’s Repugnant Conclusion, can and should be modelled as the result of complexity, not context-relativity.

In "A Mathematical Theory of Saving", Ramsey writes, “it is assumed that we do not discount later enjoyments in comparison with earlier ones, a practice which is ethically indefensible and arises merely from the weakness of imagination” (Ramsey 543). Ramsey doesn’t tell us how discounting the enjoyment of future lives is ethically indefensible. Discounting is, however, very prevalent in the common economist’s work. Thus, Ramsey’s claim might be surprising. In this paper, then, I do two things. Firstly, I explain why (...) not discounting the enjoyment of future lives is a much-needed premise for Ramsey’s theory of saving to have normative weight and practical import. Secondly, I argue that accepting the premise of not discounting the enjoyment of future lives leads us to have decision paralysis in certain situations. This shows us, at the very least, that discounting can aid us in making the correct choice and thus not “ethically indefensible.” -/- Written in 2023. (shrink)

Soda taxes are controversial. While proponents point to their potential health benefits and the public projects that could be funded with their revenue, critics argue that they are paternalistic and regressive. In this paper, we explore the prospects for designing a just soda tax, one that appropriately balances the often-competing ethical considerations of promoting social welfare, respecting people’s autonomy, and ensuring distributive fairness. We argue that policymakers have several paths forward for designing a just soda tax, but that the considerations (...) relevant to ethical policy design are more complicated than is sometimes acknowledged. (shrink)

Templates travel because they offer a tractable format that can be used for model-building in a variety of domains. It is often because of this quality that a particular template is chosen. But one cannot assume that there are always templates ready to model a new phenomenon, and moreover, templates have also been designed at some point. A critical aspect of this designing process is the choice of the mathematical objects with which one hopes to capture this phenomenon. This means (...) that one has to assess which of the properties of different kinds of mathematical objects and which combinations of them are most appropriate. The selection of these objects is based on whether their properties enable the model to perform its function. This selection of mathematical objects is similar to the selection of materials in mechanical design. (shrink)

The founding fathers of neoliberalism are usually imagined as very rational neoclassical economists uninterested in cultural and religious issues. The aim of this paper is to paint a different picture by discussing the ideas of (neo)liberal economists regarding spiritual heritage, with an emphasis on eastern religions. Starting from the existing historiographical debate on the role of Daoist notions in the birth of political economy in 18th-century Europe, as an example of cultural transfer par excellence, argumentation develops into a comparative analysis (...) of philosophical underpinnings of modern laissez-faire liberalism and neoliberalism. The main thesis of the paper is that important epistemological differences between analysed doctrines imply the differences in the attitude of modern economic liberalism towards religion, which is demonstrated via examples of appropriations and translations of eastern heritage. This is a preliminary analysis but with the potential to shed new light on the political theology of contemporary culture and neoliberalism itself. (shrink)

(2023) Employees are commodities to the employer. The employer purchases commodities to maximize profitability. This brief reflection essay looks at a single passage from the “Economic and Philosophical Manuscripts” by Marx, Engels and Werke in discussion of what labor is and what it produces. This paper will interpret the passage and defend that interpretation as the case. Then it will look at a possible implication and suggest that it too is the case. This paper will come to argue that employees (...) can never be happy with their work for an employer because commodities are not purchased with happiness of the commodity in mind or as a primary mission for the employer. (shrink)

Contemporary societies are regulated by a complex system, which tends to be exhaustive, supported by growing social and technical interdependence. This system is composed of subsystems: global economic production, liberal political institutions and a social organization based on labour. As a whole, these three dimensions – political, economical, social – tend to compress contemporary life forms into a single way of life, primarily structured by systemic functionality. Although it admits variations of degree (or even, to some extent, qualitative differences), the (...) functional codes (of systems) guide actions daily and impose severe limitations on lifestyles, which are particularly noticeable when the struggle for survival, both economically and socially, mobilizes all of one’s time and energy. The means obliterate the ends, functioning obliterates meaning, survival obliterates the proper human “life”. At the political level, liberal thought masks the “malaise of modern civilization” resulting from these limitations by evacuating the question on forms of life to the private sphere, concurrently with the insistence on an abstract political ethic of the “just”, ultimately determining the form and functioning of the institutions, which overrides any and all ethics of “good”. (shrink)

The brute force concern suggests that self-employment is favorable because being wage-employed entails following directives from an outside source. Gonzalez-Ricoy suggests that there are other instances where following an outside source is favorable, and thus, the brute force concern is no concern at all. In this article, I suggest there to be a difference between those outside directives that are favorable, and wage-employment directives from an employer.

Behavioural techniques or ‘nudges’ can be used for various purposes. In this paper, we shift the focus from government nudges to nudges used by for-profit market agents. We argue that potential worries about nudges circumventing the deliberative capacities or diminishing the control of targeted agents are greater when it comes to market nudges, given that these (1) are not constrained by the principles that regulate government nudges (mildness, sensitivity to people’s interests and public justifiability) and (2) are often ‘stacked’ – (...) they come in great numbers that overwhelm agents. In addition, we respond to possible objections and derive several policy suggestions. (shrink)

Newcomb’s Problem, Arif Ahmed (editor). Cambridge University Press, 2018, 233 pages.

Even where willingness-to-pay as a measure of welfare impact is adjusted for diminishing marginal utility, welfare economics is shown to favour policies that add to the life expectancy or that enhance the quality of life of persons who are already better-off. I propose an alternative, Equal Respect methodology, under an axiomatic claim that at the point of decision the prospective life years of all individuals are of equal intrinsic social value. This justifies equal valuation of risk mitigation across all persons; (...) similarly, all appraised impacts should be scaled to accord equal respect to difficult but no-less-valuable lives. (shrink)

While ordinary decision theory focuses on empirical uncertainty, real decision-makers also face normative uncertainty: uncertainty about value itself. From a purely formal perspective, normative uncertainty is comparable to (Harsanyian or Rawlsian) identity uncertainty in the 'original position', where one's future values are unknown. A comprehensive decision theory must address twofold uncertainty -- normative and empirical. We present a simple model of twofold uncertainty, and show that the most popular decision principle -- maximising expected value (`Expectationalism') -- has different formulations, namely (...) Ex-Ante Expectationalism, Ex-Post Expectationalism, and hybrid theories. These alternative theories recommend different decisions, reasoning modes, and attitudes to risk. But they converge under an interesting (necessary and sufficient) condition. (shrink)

Lexical views in population axiology can avoid the Repugnant Conclusion without violating Transitivity or Separability. However, they imply a dilemma: either some good life is better than any number of slightly worse lives, or else the ‘at least as good as’ relation on populations is radically incomplete. In this paper, I argue that Archimedean views face an analogous dilemma. I thus conclude that the lexical dilemma gives us little reason to prefer Archimedean views. Even if we give up on lexicality, (...) problems of the same kind remain. (shrink)

In recent years, much public attention has been devoted to the existence of pay discrepancies between men and women at the upper end of the income scale. For example, there has been considerable discussion of the ‘Hollywood gender pay gap’. We can refer to such discrepancies as cases of millionaire inequality. These cases generate conflicting intuitions. On the one hand, the unequal remuneration involved looks like a troubling case of gender injustice. On the other, it’s natural to feel uneasy when (...) confronted with the suggestion that multi-millionaires are somehow being paid inadequately. In this paper, we consider two arguments for rectifying millionaire inequality, clarifying their appeal but also identifying the obstacles that each will have to surmount in order to succeed. (shrink)

Institutions can be strong or weak. But what does this mean? Equilibrium theories equate institutions with behavioural regularities. In contrast, rule theories explicate them in terms of a standard that people are supposed to meet. I propose that, when an institution is weak, a discrepancy exists between the regularity and the standard or rule. To capture this discrepancy, I present a hybrid theory, the Rules-and-Equilibria Theory. According to this theory, institutions are rule-governed behavioural regularities. The Rules-and-Equilibria Theory provides the basis (...) for two measures of institutional strength. First, institutions that pertain to coordination games solve problems of information. Their strength is primarily a matter of the expected degree of compliance. Second, institutions that concern mixed-motive games solve problems of motivation. Their strength can be measured in terms of the weight people attribute to its rule. (shrink)

This article comprises an up-to-date critical review of the field known as Economic Methodology or Philosophy of Economics (EM/PE). Two edited volumes (Kincaid and Ross 2021; Heilmann and Reiss 2021), a special issue of the Journal of Economic Methodology (2021), and a recent bibliometric analysis of the field (Claveau et al. 2021) constitute the basis of the review. Drawing on these sources, we identify a number of problematic trends in current EM/PE research. We claim that these trends could be interpreted (...) as two kinds of biases, namely a micro-level bias and a mainstream bias. We discuss the respective details of these biases and their normative implications for the discipline. (shrink)

El presente artículo tiene por objetivo plantear la pregunta por la técnica económica en el sentido heideggeriano del preguntar. Con “sentido heideggeriano” nos referimos al modo en el que Heidegger plantea la pregunta por la técnica a partir de la perturbación que provoca la técnica moderna. En otras palabras, nos preguntamos por “la” técnica económica inspirados por las consecuencias – pasadas, actuales y potenciales – de la técnica económica moderna: la economía de mercado. El trabajo procederá de la siguiente manera. (...) En primer lugar, planteamos la pregunta por la técnica económica explicando los motivos que nos llevan a ella y la inspiración heideggeriana de esta pregunta. En particular, apuntamos al fenómeno de la crisis económica en su sentido contemporáneo. En segundo lugar, buscaremos mostrar que, tal como hizo Heidegger con la técnica, no es posible hablar de “la” economía, sino que será necesario distinguir entre una economía antigua y una economía moderna. En tercer lugar, recurriremos al estudio histórico-antropológico de Karl Polanyi para describir la distinción entre ambos modos de concebir lo económico. En cuarto lugar, a partir de la descripción anterior mostraremos que la economía de mercado no es un mero instrumento para la producción de condiciones materiales, pues está caracterizada por una esencia provocante. Finalmente, concluiremos en torno a las consecuencias y posibilidades de esta descripción filosófica de la economía de mercado. Palabras clave: Economía de mercado, Martin Heidegger, Karl Polanyi, Filosofía de la economía. (shrink)

En economía, la investigación se divide en dos grandes metodologías: los modelos teórico-matemáticos y los estudios empíricos. Estudiando modelos teóricos y métodos empíricos ) se da cuenta de las limitaciones de ambos métodos. Se concluye que ninguno de estos puede generar explicaciones de cómo en realidad suceden las cosas, sino que solo de cómo posiblemente suceden. La razón es que ambos necesitan un enlace interpretativo que permita extrapolar desde su propio sistema hacia un sistema objetivo. Los modelos tienen dominio general (...) y pueden dar cuenta de mecanismos. Los RCTs, al contrario, son válidos internamente y están conectados al mundo real, pero su dominio es muy específico. Aunque ninguno logre responder preguntas amplias de un fenómeno de interés, pueden complementarse para generar extrapolaciones más confiables sobre un sistema objetivo. Sin embargo, esto solo podrá hacerse si se conocen bien los mecanismos y el contexto en que ocurre una evidencia. Palabras clave: Causalidad, Mecanismos, Capacidades, Epistemología de la Economía, Generalización de Evidencia. (shrink)

This paper begins with Adam Smith’s advice to specialize and draws attention to an advantage from a misleading appearance of fixed specialization, identified in Flora Nwapa’s novel Efuru.

This article aims to defend a novel account of pluralism in economics. First, it argues that what justifies pluralism is its epistemological benefits. Second, it acknowledges that pluralism has limits, and defends reasonable pluralism, or the view that we should only accept those theories and methods that can be justified by their communities with reasons that other communities can accept. Clearly, reasonable pluralism is an ideal, which requires economists of different persuasions to respect certain norms of communication while evaluating each (...) other’s theories. The article ends with a discussion of the conditions under which reasonable communication becomes possible. (shrink)

Suppose that a decision-maker's aim, under certainty, is to maximise some continuous value, such as lifetime income or continuous social welfare. Can such a decision-maker rationally satisfy what has been called "continuity for easy cases" while at the same time satisfying what seems to be a widespread intuition against the full-blown continuity axiom of expected utility theory? In this note I argue that the answer is "no": given transitivity and a weak trade-off principle, continuity for easy cases violates the anti-continuity (...) intuition. I end the note by exploring an even weaker continuity condition that is consistent with the aforementioned intuition. (shrink)

The standard version of sufficientarianism maintains that providing people with enough, or as close to enough as is possible, is lexically prior to other distributive goals. This article argues that this is excessive – more than distributive justice allows – in four distinct ways. These concern the magnitude of advantage, the number of beneficiaries, responsibility and desert, and above-threshold distribution. Sufficientarians can respond by accepting that providing enough unconditionally is more than distributive justice allows, instead balancing sufficiency against other considerations.

According to Burri, a major reason why suicide is often irrational lies in the option value of life. Remaining alive is valuable because this allows for a larger menu of options, and the possibility of committing suicide in the future adds further value to the act of remaining alive now. In this note, I represent life as a trust game played by two selves – the young self and the old self – and I argue that the possibility to commit (...) suicide in the future can encourage committing suicide now, against what the theory of the option value of life predicts. (shrink)

Critical realism, championed by its proponents as the most promising post-positivist social science paradigm, has gained significant influence in the last few decades. This paper provides a critical evaluation of the critical realism movement in the hope of facilitating more fruitful dialogues between its proponents and rivalling schools of sociologists. Two concerns are raised about contemporary critical realism. First, critical realism is not the only philosophical school against positivism and not necessarily the best. Second, critical realists exaggerate the importance of (...) critical realism to social science and conflate philosophy of science with sociological theories. (shrink)

In the bitcoin whitepaper, Satoshi Nakamoto (2008: 2) defines an electronic coin as a chain of digital signatures. Many have since defined a bitcoin as a chain of digital signatures. This latter definition continues to appear in reports from central banks, advocacy centers, and governments, as well as in academic papers across the disciplines of law, economics, computer science, cryptography, management, and philosophy. Some have even used it to argue that what we now call bitcoin is not the real bitcoin. (...) The definition fails, however. This is important because the Chain Definition obscures Satoshi’s solution to a dilemma in the design of electronic cash, as well as the truth about bitcoin’s privacy and fungibility. In this article, I explain why the Chain Definition fails and what Satoshi likely endorsed instead. Along the way, I untangle some issues around bitcoin fungibility and clarify some others around the ontology of digital assets. (shrink)

Many proponents of the Harm Principle seem to implicitly assume that the principle is compatible with permitting the free exchange of goods and services, even if such exchanges generate so-called market harms. I argue that, as a result, proponents of the Harm Principle face a dilemma: either the Harm Principle’s domain cannot include a large number of non-market harm cases or market harms must be treated on par with non-market harms. I then go on to discuss three alternative arguments defending (...) the status of market harms as exceptions to the Harm Principle and discuss why these arguments also fail. (shrink)

Amartya Sen’s remarkable endeavour to realize the normative capability of welfare economics goes beyond the impecunious resultants of the neoclassical welfare economy. The neoclassical welfare economy decoratively bracketed values to speculate about factual observations. This was due to the influence of logical positivists and their convictions about experimental scientific statements (primarily mathematical) and their vicinity to empirical truths and analytic statements. Sen adequately inquires “whether morality can be expressed in the form of choice between preference patterns rather than between actions” (...) (Sen, 1997a, 78). “A new phase classical theory” in economics from the hands of Sen and some others put forth two pivotal issues in a unified manner: a. Mathematical models of an economy. b. Ethical reflection on the subject of welfare economy–a value-laden enterprise in Sen’s literature. -/- In general, welfarists and utilitarians affirm that moral values are anchored in individual agency and involve mental metric utilities (pleasure, happiness, pain etc.). This focus, first of all, results in a disadvantage, as it undermines freedom in terms of achievement. Secondly, it pays no heed to achievement reasonably giving more importance to those who are incapable of reflecting on any one of those mental metrics. Besides, Sen argues that equality of opportunity does not accord with the equality of freedom, and its reason is rooted in the scope of the incongruity of human beings and the diversified meanings of efficiency. Developing a general methodological approach to revisit the notion of inequality concerned by exploring a particular substantive stand that Sen aims to underscore involves examining how social arrangements work to define freedom, capabilities, and welfare to ensure comparisons and assessments of quality of life. (shrink)