Quantitative analysts or “Quants” are a source of competitive advantage for financial institutions. They occupy the relatively powerful but often misunderstood role of modeling, structuring, and pricing complex financial instruments in the capital markets. But Quants often function in a discipline free from ethical burdens. Models used to price complex instruments are usually beyond the mathematical understanding of financial sector participants who rely heavily on the integrity of the Quant who built them. Although there has been some attempt to cover (...) the ethics of mathematics applied to the capital markets, designing a set of rules to guide the ethical behavior of Quants cannot be made explicit and remains inexpressible. Because Quants generally experience a sense of detachment from moral obligation, there is a growing need to convert moral detachment into engagement. Our framework is indebted to key elements of Wittgenstein’s practical ethics philosophy and Rawls’ justice principle. The burden of balancing justice as fairness as defined by Rawls with the inability to explicitly articulate ethical rules as defined by Wittgenstein must fall to the Quant. We propose that the threshold delineating the barrier between ethical detachment and engagement can only be defined by the Quants themselves. It is their moral duty to disclose their level of ethical engagement when their models are put into practice. (shrink)

Philosophical arguments often assume that the folk tends towards moral objectivism. Although recent psychological studies have indicated that lay persons’ attitudes to morality are best characterized in terms of non-objectivism-leaning pluralism, it has been maintained that the folk may be committed to moral objectivism implicitly. Since the studies conducted so far almost exclusively assessed subjects’ metaethical attitudes via explicit cognitions, the strength of this rebuttal remains unclear. The current study attempts to test the folk’s implicit metaethical commitments. We present results (...) of a newly developed Implicit Association Test for metaethical attitudes which indicate that the folk generally tend towards moral non-objectivism on the implicit level as well. We discuss implications of this finding for the philosophical debate. (shrink)

There is a long tradition comparing moral knowledge to mathematical knowledge. In this paper, I discuss apparent similarities and differences between knowledge in the two areas, realistically conceived. I argue that many of these are only apparent, while others are less philosophically significant than might be thought. The picture that emerges is surprising. There are definitely differences between epistemological arguments in the two areas. However, these differences, if anything, increase the plausibility of moral realism as compared to mathematical realism. It (...) is hard to see how one might argue, on epistemological grounds, for moral antirealism while maintaining commitment to mathematical realism. But it may be possible to do the opposite. (shrink)

The death of a person is a tragedy while the explosion of a lifeless galaxy is a mere firework. The moral difference is grounded in the nature of humans: humans have intrinsic worth, a worth that makes their fate really matter. This is the worth proposed as the foundation of ethics. Ethics in the usual sense of right and wrong actions, rights and virtues, and how to live a good life, is founded on something more basic that is not itself (...) about actions, namely the worth of persons. Human moral worth arises from certain properties that distinguish humans from the rest of creation (though some animals share a lesser degree of those properties): rationality, consciousness, the ability to act for reasons, emotional structure and love, individuality. This complex package makes humans the "piece of work" of which Hamlet says, “How noble in reason, how infinite in faculty." The Worth of Persons establishes a foundation for ethics in the equal worth of persons, which makes ethics absolutely objective and immune to relativist attacks because it is based on the metaphysical truth about humans. Endless debate about ethical dilemmas, rules, and principles fails to connect with what is really important ethically, that is, what makes humans matter. (shrink)

Language suggestive of natural law ethics, similar to the Catholic understanding of ethical foundations, is prevalent in a number of disciplines. But it does not always issue in a full-blooded commitment to objective ethics, being undermined by relativist ethical currents. In law and politics, there is a robust conception of "human rights", but it has become somewhat detached from both the worth of persons in themselves and from duties. In education, talk of "values" imports ethical considerations but hints at a (...) subjectivist view of them. In the psychology and sociology of drug use, ethically thin concepts of "harm minimisation" and "selfimage" dominate discussion and distract attention from the virtue of temperance and the training of character. A more forceful assertion of an ethics based on the worth of persons in these cases would be most desirable. Arguments against objectivity in the fundamentals may be replied to by examining the parallel between ethics and the discipline whose objectivity has been least challenged by relativist arguments, mathematics. (shrink)

The teaching of the Aquinas Academy in its first thirty years was based on the scholastic philosophy of Thomas Aquinas, then regarded as the official philosophy of the Catholic Church. That philosophy has not been so much heard of in the last thirty years, but it has a strong presence below the surface. Its natural law theory of ethics, especially, still informs Vatican pronouncements on moral topics such as contraception and euthanasia. It has also been important in Australia in the (...) High Court’s deliberations on the Mabo case. It is argued that some officially-sanctioned deductions on particular cases have not been correct, but that any attempt to do without a natural law foundation of ethics would throw out the baby with the bathwater. The sense of the basic objective worth of persons that is the centre of natural law ethics is essential to any ethics better than a simple “might is right” approach. (shrink)

Mathematics has always been a core part of western education, from the medieval quadrivium to the large amount of arithmetic and algebra still compulsory in high schools. It is an essential part. Its commitment to exactitude and to rigid demonstration balances humanist subjects devoted to appreciation and rhetoric as well as giving the lie to postmodernist insinuations that all “truths” are subject to political negotiation. In recent decades, the character of mathematics has changed – or rather broadened: it has become (...) the enabling science behind the complexity of contemporary knowledge, from gene interpretation to bank risk. Mathematical understanding is all the more necessary for future jobs, as well as remaining, as ever, a prophylactic against the more corrosive philosophical views emanating from the humanities. (shrink)