That human beings have the potential for rationality and the ability to cultivate it is a fact of human nature. But to value rationality and its subsidiary character dispositions - impartiality, intellectual discrimination, foresight, deliberation, prudence, self-reflection, self-control - is another matter entirely. -/- I am going to take it as a given that if a person's freedom to act on her impulses and gratify her desires is constrained by the existence of others' equal, or more powerful, conflicting impulses and (...) desires, then she will need the character dispositions of rationality to survive. The more circumscribed one's freedom and power, the more essential to survival and flourishing the character dispositions of rationality and the spirit may become. (shrink)

In 1911 Gerald F. Shove, later to become a leading Cambridge economist, submitted to King's College a fellowship dissertation on the application of G.E. Moore's ethical philosophy to political theory. In the article the dissertation, hitherto unpublished, is discussed with reference to both the acceptance and elaboration of Moore's Principia Ethica by the members of the Apostles and Bloomsbury groups and Shove's intellectual and personal biography. The thesis tackles some major concepts in political theory like the nature of human societies, (...) self-government, justice and freedom. (shrink)

Adrian Piper argues that the Humean conception can be made to work only if it is placed in the context of a wider and genuinely universal conception of the self, whose origins are to be found in Kant’s Critique of Pure Reason. This conception comprises the basic canons of classical logic, which provide both a model of motivation and a model of rationality. These supply necessary conditions both for the coherence and integrity of the self and also for unified agency. (...) The Kantian conception solves certain intractable problems in decision theory by integrating it into classical predicate logic, and provides answers to longstanding controversies in metaethics concerning moral motivation, rational final ends, and moral justification that the Humean conception engenders. In addition, it sheds light on certain kinds of moral behavior – for example, the whistleblower – that the Humean conception is at a loss to explain. (shrink)

The Humean conception of the self consists in the belief-desire model of motivation and the utility-maximizing model of rationality. This conception has dominated Western thought in philosophy and the social sciences ever since Hobbes’ initial formulation in Leviathan and Hume’s elaboration in the Treatise of Human Nature. Bentham, Freud, Ramsey, Skinner, Allais, von Neumann and Morgenstern and others have added further refinements that have brought it to a high degree of formal sophistication. Late twentieth century moral philosophers such as Rawls, (...) Brandt, Frankfurt, Nagel and Williams have taken it for granted, and have made use of it to supply metaethical foundations for a wide variety of normative moral theories. But the Humean conception of the self also leads to seemingly insoluble problems about moral motivation, rational final ends, and moral justification. Can it be made to work? (shrink)

An examination of the currently fashionable thesis that scientists, and especially biologists in the wake of the Darwinian Revolution, can now solve the problems that traditional philosophers have only talked about. Past philosophers, for example during the Enlightenment, have themselves made use of contemporary, scientific techniques and theories. The present claim may only be another such move, to be welcomed by philosophers who would distinguish themselves from rhetoricians. Others may prefer to stake out the merely human or subjective world as (...) their field, identifying 'truth' with 'what it's better to believe'. Both moderns and postmoderns must abandon the rational realism that actually sustained Enlightenment endeavours, and Darwinian explanation, on its own, must erode traditional ethical values and the meta-ethical assumptions that sustain them. Universal humanism is only one possible project among many - and Darwinian reasonings suggest that it is hypocritical. In this crisis there may after all be a rôle for traditional, Platonizing philosophers, believing that there is a truth, and that we can find it out. Such a theory is actually better able to explain our scientific successes, and our evolutionary past. (shrink)

This paper deals with Keynes’s distinction between entrepreneurship and speculation, regarding business people in general and especially investors’ behaviour. Based on Keynes’s thoughts about financial markets, it analyses how different motivations influence the decision-making process of investors and its consequences for stock markets and the real economy and clarifies that Keynes’s considerations are still useful for understanding contemporary developments and risks in the financial system. Furthermore, it points out that Keynes’s theories and policy recommendations should be understood in the context (...) of his moral considerations, especially relating to individual responsibility of investors. Finally, Keynes’s moral thoughts can be taken as a foundation for a contemporary approach to investors’ responsibility. (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)

Marshall's asset equilibrium model provides a way of explaining the identity of entrepreneurs. Keynes adopted this model but transformed it when he emphasized the short-period and volatile character of long-term expectations. This entails a view of entrepreneur identity in which radical uncertainty plays a central role. This in turn deepens the post Keynesian view of uncertainty as ontological in that entrepreneurs' survival plays into their behavior. This paper explores this role-based view of individual identity and uses the analysis to comment (...) on Keynes’s ideas for the socialization of investment and euthanasia of the rentier in the last chapter of The general theory. (shrink)

The book under review is critiqued with regard to its adherence, modification, and departure from John Maynard Keynes’s position. This review is weighted to emphasizing the role of "expectation" in Keynes’s work and its role in the book under review. The review seeks to develop an interpretation of the "psychology of society" or "structural rationality" in Keynes’s work and contrasts this with the positions of the authors in the book under review. Following this Keynes’s work is advocated as being highly (...) malleable and a corpus that can illuminate further research and policy prescription. (shrink)