In ‘Rationality and Revolution’ Nancy Holmstrom addresses an issue that has gained considerable currency among social and political theorists. She asks what insight, if any, Marxists might glean from rational choice accounts of radical working class collective action. The purpose of this comment is to argue that Holmstrom’s unfavorable estimation of rational choice accounts is ill-conceived.Holmstrom raises two basic objections to rational choice explanations of working class collective action. First, she contends that such accounts are limited, inadequate or incomplete and (...) indicates several manifestations of this purported deficiency. Second, Holmstrom alleges that rational choice accounts are ideologically suspect and, as such, fundamentally at odds with Marxist explanations of revolutionary action. Holmstrom appears to believe that this second line of criticism ‘follows’ in some sense upon the first. H so, it would be sufficient to establish the error of her initial line of argument. Because neither of her criticisms can withstand scrutiny, however, independent reasons will be advanced for rejecting each. (shrink)

If one is an egalitarian, what should one want to equalize? Opportunities or outcomes? Resources or welfare? These positions are usually conceived to be very different. I argue in this paper that the distinction is misconceived: the only coherent conception of resource equality implies welfare equality, in an appropriately abstract description of the problem. In this section, I motivate the program which the rest of the paper carries out.

This article claims that private law theorists ought to bear in mind the distinction between wholesale questions about the best interpretation or justification of legal institutions, and retail que...

James Coleman attempted to reconcile rational choice theory with the classical sociological concerns: the relationship between the individual and society, and the historical and normative status of rationality. He identifies limits to the rational choice model, and suggests some promising but ultimately unconvincing ways around them. His project does, however, offer an important critique of Weber's theory of bureaucracy, which is of value in analyzing relationships between corporate actors and particular persons.

This paper returns to a perennial controversy I examined in a previous paper in the Journal of Business Ethics (Vol. 2, 1983). Is economic theory an ethically neutral discipline or do its statements presuppose a commitment to moral values? Once again this issue is addressed via a case study of the neo-classical theory of rational choice. In the present paper I focus on behaviourist forms of operationalist attempts to short-circuit any argument that would seek to infer moral presuppositions from the (...) use of evaluative discourse. In particular, I examine strategies that have sought to excise from economic theory the mentalistic vocabulary required to describe valuations per se. And I argue that such tactics are deficient since they i) impoverish the explanatory power of economic theory, (ii) fail to recover the normative usefulness of the theory of choice, and (iii) camouflage the continued presupposition of moral commitments within neo-classical theory. (shrink)

This paper argues that economics, over the past 200 years, has become steadily more anti-philosophical and that there are three stages in the development of economic thought. Adam Smith intended economics to be a descriptive social science, rooted in an understanding of the moral and psychological processes of an individual’s decision-making and its connection to society in general. Yet, immediately after Smith’s death, economists made a clean cut and invented a totally new discipline: they switched towards a physicalist understanding of (...) human nature. Humans, like atoms, follow a natural law: they are driven by an emotion (defined as a non-emotion, rationality), namely selfishness. Thus economics became a ‘natural’ science. In the 20th century, the second reinterpretation removed all traces of humanity from the study of economics and declared economics to be a formal science like mathematics and logics. The actor in Phase 3 economics is homo economicus syntheticus, a postulate whose only connection to real humanity is the word homo. The paper asks what the results of this dramatic relocation are and why Phase 3 economics still claims descent from Smithian economics, despite the massive differences. (shrink)

Theories of rational choice are arguably the most prominent approaches to human behaviour in the social and behavioral sciences. At the same time, they have faced persistent criticism. In this paper, I revisit some of the core criticisms that have for a long time been levelled against them and discuss to what extent those criticisms are still effective, not only in light of recent advancements in the literature but also of the fact that there are different variants of rational choice (...) theories that have not been considered explicitly when criticizing them. (shrink)

According to the argument from self-sacrifice, standard, unrestricted desire-based theories of welfare fail because they have the absurd implication that self-sacrifice is conceptually impossible. I attempt to show that, in fact, the simplest imaginable, completely unrestricted desire-based theory of well-being is perfectly compatible with the phenomenon of self-sacrifice – so long as the theory takes the right form. I go on to consider a new argument from self-sacrifice against this simple theory, which, I argue, also fails. I conclude that, contrary (...) to popular opinion, considerations of self-sacrifice do not pose a problem for preferentist theories of welfare. (shrink)

This paper evaluates how Amartya Sen’s critique of revealed preference theory stands against the latter’s contemporary, ‘neo-Samuelsonian’ version. Neo- Samuelsonians have argued that Sen’s arguments against RPT are innocuous, in particular once it is acknowledged that RPT does not assume away the existence of motivations or other latent psychological or cognitive processes. Sen’s claims that preferences and choices need to be distinguished and that external factors need to be taken into account to analyze the act of choice then appear to (...) be irrelevant. However, while it is true that contemporary revealed preference theory partially evades Sen’s critique, I show that the latter is still relevant outside the restricted areas of consumer choice and market dynamics. In particular, Sen’s views regarding the importance of incomplete preferences and the multiplicity of levels of agency can hardly be integrated into the framework of CRPT. This is a significant limit, given the imperialistic claims of some of the proponents of the latter. (shrink)

ABSTRACT:This paper examines the norms that should guide policies aimed at promoting happiness or, more broadly, well-being. In particular, we take up the question of which conception of well-being should govern well-being policy, assuming some such policies to be legitimate. In answer, we lay out a case for ‘pragmatic subjectivism’: given widely accepted principles of respect for persons, well-being policy may not assume any view of well-being, subjectivist or objectivist. Rather, it should promote what its intended beneficiaries see as good (...) for them: pleasure for hedonists, excellence for Aristotelians, etc. Specifically, well-being policy should promote citizens’ ‘personal welfare values’: those values—and not mere preferences—that individuals see as bearing on their well-being. Finally, we briefly consider how pragmatic subjectivism works in practice. While our discussion takes for granted the legitimacy of well-being policy, we suggest that pragmatic subjectivism strengthens the case for such policy. (shrink)

The tenuous claims of cost-benefit analysis to guide policy so as to promote welfare turn on measuring welfare by preference satisfaction and taking willingness-to-pay to indicate preferences. Yet it is obvious that people's preferences are not always self-interested and that false beliefs may lead people to prefer what is worse for them even when people are self-interested. So welfare is not preference satisfaction, and hence it appears that cost-benefit analysis and welfare economics in general rely on a mistaken theory of (...) well-being. This essay explores the difficulties, criticizes standard defences of welfare economics, and then offers a new partial defence that maintains that welfare economics is independent of any philosophical theory of well-being. Welfare economics requires nothing more than anevidentialconnection between preference and welfare: in circumstances in which people are concerned with their own interests and reasonably good judges of what will serve their interests, their preferences will be reliable indicators of what is good for them. (shrink)

Contingent valuation surveys have tended to yield results that seem to go contrary to what is standardly seen as 'rational choice'. We argue that some of the inconsistencies arise because bids for public environmental goods in contingent valuation surveys are often motivated by moral considerations and ethical beliefs. We analyse the expected results of CV surveys given the existence of such ethical motivations, including the valuation of actions as well as states. It is found that we cannot expect bids made (...) on this basis to reveal preferences which obey the rules commonly assumed in the theory of consumer choice. The two standard reactions to these anomalies have been to attack the validity of the method, or to urge greater rigour in survey design and application. By contrast, we conclude that the usefulness of the method for evaluating options concerning environmental public goods depends critically on the problem definition. The method should be used for the direct evaluation of realistic policy packages, rather than to try to extract abstract values for invaluable goods. The conclusion accords with current trends, including the move towards the use of deliberative methodologies. (shrink)

Trust is critical to the development and maintenance of collaborative and cohesive relationships in societies, broadly, and in organizations, specifically. At the same time, trust is highly dependent on the social context in which it occurs. Unfortunately, existing research involving trust remains somewhat limited to a particular set of developed economies, providing a window to explore a culture's stage of economic development as a key contextual determinant of trust within organizations. In this article, we review the state of the scholarship (...) on trust and identify those qualities of trust that are common in organizations at similar stages of economic development, referred to as its etic aspects. We then also distinguish those elements of trust that are, to the contrary, culturally specific or emic in nature. We structure our discussion around the “life cycle of trust” (i.e., the creation, maintenance, and postfracture repair of trust) and consider unique factors in its application to developing economies. In doing so, we ground our examination in expository examples through field experience in Haiti. We conclude with the proposal of a framework for future research oriented toward the resolution of remaining theoretical and empirical queries as they relate to trust in developing economies. (shrink)

This article introduces and discusses from a philosophical point of view the nascent field of neuroeconomics, which is the study of neural mechanisms involved in decision-making and their economic significance. Following a survey of the ways in which decision-making is usually construed in philosophy, economics and psychology, I review many important findings in neuroeconomics to show that they suggest a revised picture of decision-making and ourselves as choosing agents. Finally, I outline a neuroeconomic account of irrationality.

Since its inception in the late 1970s, behavioural economics has gone from being an outlier to a widely recognized yet still contested subset of the economic sciences. One of the basic arguments in behavioural economics is that a more realistic psychology ought to inform economic theories. While the history of behavioural economics is often portrayed and articulated as spanning no more than a few decades, the practice of utilizing ideas from psychology to rethink theories of economics is over a century (...) old. In the first three decades of the 20th century, several mostly American economists made efforts to refine fundamental economic assumptions by introducing ideas from psychology into economic thinking. In an echo of contemporary discussions in behavioural economics, the ambition of these psychology-keen economists was to strengthen the empirical accuracy of the fundamental assumptions of economic theory. In this article, we trace, examine, and discuss arguments for and against complementing economic theorizing with insights from psychology, as found in economic literature published between 1900 and 1930. The historical analysis sheds light on issues and challenges associated with the endeavour to improve one discipline’s theories by introducing ideas from another, and we argue that these are issues and challenges that behavioural economists continue to face today. (shrink)

Expected-utility theory has been a popular and influential theory in philosophy, law, and the social sciences. While its original developers, von Neumann and Morgenstern, presented it as a purely predictive theory useful to the practitioners of economic science, many subsequent theorists, particularly those outside of economics, have come to endorse EU theory as providing us with a representation of reason. But precisely in what sense does EU theory portray reason? And does it do so successfully? There are two strikingly different (...) answers to these questions in the literature. On the one hand, there is the view of people such as David Gauthier that EU theory is an implementation of the idea that reason's only role is instrumental. On the other hand, there is the view suggested by Leonard Savage that the theory is a “formal” and noninstrumental characterization of our reasoning process. (shrink)

Recent debates on the nature of preferences in economics have typically assumed that they are to be interpreted either as behavioural regularities or as mental states. In this paper I challenge this dichotomy and argue that neither interpretation is consistent with scientific practice in choice theory and behavioural economics. Preferences are belief-dependent dispositions with a multiply realizable causal basis, which explains why economists are reluctant to make a commitment about their interpretation.

The answer in a nutshell is: Yes, five years ago, but nobody has noticed. Nobody noticed because the majority of social scientists subscribe to one of the following views: (1) the ‘anomalous’ behaviour observed in standard prisoner’s dilemma or ultimatum game experiments has refuted standard game theory a long time ago; (2) game theory is flexible enough to accommodate any observed choices by ‘refining’ players’ preferences; or (3) it is just a piece of pure mathematics (a tautology). None of these (...) views is correct. This paper defends the view that GT as commonly understood is not a tautology, that it suffers from important (albeit very recently discovered) empirical anomalies, and that it is not flexible enough to accommodate all the anomalies in its theoretical framework. It also discusses the experiments that finally refuted game theory, and concludes trying to explain why it took so long for experimental game theorists to design experiments that could adequately test the theory. (shrink)

Neuroeconomics is a science pledged to tracing the neurobiological correlates involved in decision-making, especially in the case of economic decisions. Despite representing a recent research field that is still identifying its research objects, tools and methods, its epistemological scope and scientific relevance have already been openly questioned by several authors. Among these critics, the most influential names in the debate have been those of Faruk Gul and Wolfgang Pesendorfer, who claim that the data on neural activity cannot find place in (...) economic models, which should on the contrary be solely based on the data produced by choices. This paper aims at countering the gloomy and unsubstantiated claims of these two authors and those who believe that neuroscience cannot provide new and useful insights to the established knowledge of standard economics. The main point stressed here is that this perception is the product of a general misunderstanding of the advances made by neuroscience, which are incidentally of crucial importance. (shrink)

Standard economic theory usually analyzes the decisions made by individuals as a rational process in which each individual has sound and consistent preferences and makes decisions according to the principle of subjective expected utility maximization. Starting from the pioneering work of Herbert Simon and the research of cognitive psychologists Kahneman and Tversky, the contributions provided by cognitive-behavioral theory have repeatedly shown that real agents make choices in a way that differs systematically from standard theory, hence highlighting its limits. Rather than (...) considering standard normative theory as false or unable to explain the data obtained by behavioral economists, several economists decided to develop new formal models that could include the results of different experiments and empirical observations that captured all dimensions of the choice made by an individual. In this sense, they proposed new models that were not intended to challenge standard theory but rather designed to provide a kind of psychological expansion to it. This article has the aim of describing and analyzing the advantages and limitations of these new models, which unfortunately are not always suited to describe the individual behavior, the individuals’ actions, or the equilibria due to the combination of the actions of several players. To overcome the limits of these models, we decided to take into consideration the unfortunately unfinished work of Michael Bacharach, who strived to understand the individual and collective forms of rationality without applying only analytical devices or a theoretical vision of the world but bringing rationality back to the perception level of the agents. (shrink)

“Das Adam Smith Problem” is the name given by eighteenth-century German scholars to the question of how to reconcile the role of self-interest in the Wealth of Nations with Smith’s advocacy of sympathy in Theory of Moral Sentiments. As the discipline of economics developed, it focused on the interaction of selfish agents, pursuing their private interests. However, behavioral economists have rediscovered the existence and importance of multiple motivations, and a new Das Adam Smith Problem has arisen, of how to accommodate (...) self-regarding and pro-social motivations in a single system. This question is particularly important because of evidence of motivation crowding, where paying people can backfire, with payments achieving the opposite effects of those intended. Psychologists have proposed a mechanism for the crowding out of “intrinsic motivations” for doing a task, when payment is used to incentivize effort. However, they argue that pro-social motivations are different from these intrinsic motivations, implying that crowding out of pro-social motivations requires a different mechanism. In this essay I present an answer to the new Das Adam Smith problem, proposing a mechanism that can underpin the crowding out of both pro-social and intrinsic motivations, whereby motivations are prompted by frames and motivation crowding is underpinned by the crowding out of frames. I explore some of the implications of this mechanism for research and policy. (shrink)

This article aims at showing the need for a sound ethical and anthropological foundation of economics and business, and argues the importance of a correct understanding of human values and human nature for the sake of economics and of businesses themselves. It is suggested that the ethical-anthropological side of economics and business can be grasped by taking Aristotle’s virtue ethics and Amartya Sen’s capability approach (CA) as major reference points. We hold that an “Aristotelian economics of virtues”, connected with the (...) CA’s notion of human richness, can promote the shift to the concept of personhood, and can lead to a more “humanized” business, by fostering human flourishing, the enhancement of human capabilities, and the pursuit of a more humane development for each and every person. (shrink)

Although since the 1960s human capital theory has played a major role in guiding educational policy, philosophical issues that stem from this development have rarely been discussed. In this article, I critically examine how the idea that human capital should serve as a guide to educational policy making stands in relation to the role assigned to education in promoting social cooperation. I begin by exploring the conception of human conduct that underlies human capital theory. I then move to examine the (...) conception of social cooperation that tacitly guides human capital theory and maintain that it could not be effectively defended. I, therefore, turn to examine alternative ways to combine between human capital theory and the promotion of social cooperation. My main argument is that under existing conditions there is a deep theoretical incompatibility between the philosophical foundations of human capital theory and the ways in which education seeks to promote social cooperation. (shrink)

Over the last few decades, the idea that education should function to promote economic progress has played a major role in shaping educational policy. So far, however, philosophers of education have shown relatively little interest in analysing this notion and its implications. The present article critically examines, from a philosophical perspective, the link between education and the currently prevailing understanding of economic progress, which is grounded in human capital theory. A number of familiar philosophical objections to the idea that economic (...) progress is a worthy educational aim are raised, but it is held that many of these objections stem from a partial understanding of economic theory. The article then moves on to investigate the foundations of human capital theory's conception of economic progress. It is argued that there are inherent tensions between the philosophical foundations of the economist's conception of progress and the very essence of education. The article concludes by suggesting that in order to resolve these tensions we should consider grounding the economic theory that guides educational policy-making in an intersubjective or objective conception of welfare. (shrink)

This conceptual article has three parts: In the first, I discuss the shortcomings of treating the environment as a stakeholder and conclude that doing so is theoretically vague and lacks prescriptive force. In the second part, I recommend moving from broad notions of preserving nature and appeals to beauty to a more concrete analytic framework provided by the idea of human sustainability. Using sustainability as the focus of concern is significant as it provides us with a more tenable and quantifiable (...) standard for action, as in the case of carbon offsets and development of measures such as the United Nations Sustainability Indicators. In the final section, I draw on notions of stewardship to suggest that stakeholder management has a positive responsibility to promote sustainability. (shrink)

This article proposes a 7E model of the human mind, which was developed within the cognitive paradigm in religious studies and its primary expression, the Cognitive Science of Religion. This study draws on the philosophically most sophisticated currents in the cognitive sciences, which have come to define the human mind through a 4E model as embodied, embedded, enactive, and extended. Introducing Catherine Malabou’s concept of “plasticity,” the study not only confirms the insight of the 4E model of the self as (...) a decentered system, but it also recommends two further traits of the self that have been overlooked in the cognitive sciences, namely the negativity of plasticity and the tension between giving and receiving form. Finally, the article matures these philosophical insights to develop a concrete model of the religious mind, equipping it with three further Es, namely emotional, evolved, and exoconscious. (shrink)

There is an extensive body of work that has previously examined the teaching of ethics in business schools whereby it is hoped that the values and behaviours of students might be provoked to show positive and enduring change. Rather than dealing with the content issues of particular business ethics courses per se, this article explores the philosophical foundations and the structural conditions for developing ethical training programs in business schools. It is informed by historical analysis, specifically, an examination of Platonic (...) and Aristotelian philosophies that inspires virtue ethics, and together provides four conditions for consideration: respect for law, dialectics, imitation and deliberation. We outline the necessary structural conditions for implementing these requirements as well as suggesting the necessary pedagogical protocol applicable to all courses. It is argued that reference to our two ancient Greek philosophers provide many valuable and insightful lessons for the implementation of ethical training today including choice of theoretical content and the approach towards learning. Further, the enactment of a pedagogical protocol requires a policy of recruiting and managing business school teachers-instructors that takes into account, and consciously encourages, intellectual, relational and spiritual pedagogical qualities. (shrink)

In modern economics, the use of sympathy and empathy shows significant ambiguity. Sympathy has been used in two different senses. First, it refers to cases where the concern for others directly affects an individual's own welfare. Second, the term has served the purposes of welfare economics, where it is associated with interpersonal comparisons of the extended sympathy type, that is, comparisons between one's own situation in a social state and someone else's in a different social state. On the other hand, (...) empathy has been used interchangeably with sympathy either to render the idea of interdependent utility functions, or to convey the imaginative process of imagining oneself in someone else's place. (shrink)

Recently several authors have proposed proxies of welfare that equate some (as opposed to all) choices with welfare. In this paper, I first distinguish between two prominent proxies: one based oncontext-independent choicesand the other based onreason-based choices. I then propose an original proxy based on choices that individuals state they would want themselves to repeat at the time of the welfare/policy evaluation (confirmed choices). I articulate three complementary arguments that, I claim, support confirmed choices as a more reliable proxy of (...) welfare than context-independent and reason-based choices. Finally, I discuss the implications of these arguments fornudgesandboosts. (shrink)

If one is an egalitarian, what should one want to equalize? Opportunities or outcomes? Resources or welfare? These positions are usually conceived to be very different. I argue in this paper that the distinction is misconceived: the only coherent conception of resource equality implies welfare equality, in an appropriately abstract description of the problem. In this section, I motivate the program which the rest of the paper carries out.

Although it may seem from its formalism that game theory must have sprung from the mind of John von Neumann as a corollary of his work on computers or theoretical physics, it should come as no real surprise to philosophers that game theory is the articulation of a historically developing philosophical conception of rationality in thought and action. The history of ideas about rationality is deeply contradictory at many turns. While there are theories of rationality that claim it is fundamentally (...) social and aims at understanding and molding all facets of human psychological life, game theory takes rationality to be essentially located in individuals and to concern only the means to achieve predetermined ends. Thus, there are some thinkers who have made important contributions to this history who do not appear in the story of game theory at all, among them, Plato, Kant, and Hegel. There is, however, a clear trail to follow linking theories of instrumental rationality from Aristotle to the nineteenth-century marginalist economists and ultimately to von Neumann and Morgenstern and contemporary game theorists, that historically grounds game theory as a model of rational interaction. (shrink)

Social scientists could learn some useful things from philosophy. Here I shall discuss what I take to be one such thing: a better understanding of the concept of utility. There are several reasons why a better understanding may be useful. First, this concept is commonly found in the writings of social scientists, especially economists. Second, utility is the main ingredient in utilitarianism, a perspective on morality that, traditionally, has been very influential among social scientists. Third, and most important, with a (...) better understanding of utility comes, as I shall try to show here, a better understanding of “personal welfare”. or, in other words, of what may be said to be in people's best interests. Such an understanding is useful to social scientists and philosophers alike, whether for utilitarian purposes or not. (shrink)

European Journal of Philosophy, EarlyView.

This paper presents a unifying diagnosis of a number of important problems facing existing models of rational choice under moral uncertainty and proposes a remedy. I argue that the problems of (i) severely limited scope, (ii) intertheoretic comparisons, and (iii) 'swamping’ all stem from the way in which values are assigned to options in decision rules such as Maximisation of Expected Choiceworthiness. By assigning values to options under a given moral theory by asking something like ‘how much do I desire (...) this option, supposing this theory is true?’ rather than ‘how much value does this theory assign to this option?’ these problems can be avoided, while the appealing features of these accounts can be preserved. This amendment provides a role for the preferences, desires, or goals of rational agents that is curiously absent from the existing discussion of what individuals rationally ought to do when they are uncertain about what they morally ought to do. (shrink)

This article takes up the question of whether legal rules are reasons for action. They are commonly regarded in this way, yet are legal rules reasons for action themselves (the reflexivity thesis) or are they instead merely statements of other reasons that we may already have (the paraphrastic thesis)? I argue for a version of the paraphrastic thesis. In doing so, considerable attention is given to the neglected but important puzzle of the opaqueness of rules, which arises out of what (...) some regard as the gap between the evaluative grounds of legal rules and what makes them into reasons for action. After examining an important articulation of the puzzle in the work of Joseph Raz, I argue that the reflexivity thesis is (i) undermined by certain features of rule making and (ii) defeated by the principle of presumptive sufficiency. The result is that it is possible for legal rules to be paraphrastic statements of reasons but, conversely, impossible for them to be reasons in themselves. (shrink)

Theories of rational decision making often abstract away from computational and other resource limitations faced by real agents. An alternative approach known as resource rationality puts such matters front and center, grounding choice and decision in the rational use of finite resources. Anticipated by earlier work in economics and in computer science, this approach has recently seen rapid development and application in the cognitive sciences. Here, the theory of rationality plays a dual role, both as a framework for normative assessment (...) and as a source of scientific hypotheses about how mental processes in fact work. The latter project, often called rational analysis, depends for its success on a fine-grained characterization of the computational problem facing a decision maker, which may in turn depend on realistic assumptions about what the relevant agent is like. As a consequence, resource rationality involves a delicate, but often fruitful interplay between the normative and the descriptive. (shrink)

In “The Irrelevance of the Diachronic Money-Pump Argument for Acyclicity,” The Journal of Philosophy CX, 8 (August 2013), 460-464, Johan E. Gustafsson contends that if Davidson, McKinsey and Suppes’ diachronic money-pump argument in their "Outlines of a Formal Theory of Value, I," Philosophy of Science 22 (1955), 140-160 is valid, so is the synchronic argument Gustafsson himself offers. He concludes that the latter renders irrelevant diachronic choice considerations in general, and the two best-known diachronic solutions to the money pump problem (...) in particular. I argue here that this reasoning is incorrect, and that Gustafsson’s synchronic argument is faulty on independent grounds. Specifically, it is based on a false analogy between the derivation of a synchronic ordinal ranking from a transitive series of pairwise comparisons, and the putative derivation of such a ranking from an intransitive series. The latter is not possible under the assumption of revealed preference theory, and is highly improbable even if that assumption is rejected. Moreover, Gustafsson’s argument raises issues of fidelity to the historical texts that must be addressed. I conclude that the money pump, and cyclical choice more generally, are necessarily diachronic; and therefore that the two best-known diachronic solutions to the money pump problem remain relevant. (shrink)

This article presents the most important strands of the philosophical debate about markets. It offers some distinctions between the concept of markets and related concepts, as well as a brief outline of historical positions vis-à-vis markets. The main focus is on presenting the most common arguments for and against markets, and on analyzing the ways in which markets are related to other social institutions. In the concluding section questions about markets are connected to two related themes, methodological questions in economics (...) and the topics of business ethics and corporate social responsibility. (shrink)

This paper examines recent feminist work on Spinoza and identifies the elements of Spinoza’s philosophy that have been seen as promising for feminist naturalism. I argue that the elements of Spinoza’s work that feminist theorists have found so promising are precisely those concepts he derives from Hobbes. I argue that the misunderstanding of Hobbes as architect of the egoist model of human nature has effaced his contribution to Spinoza’s more praised conception of the human individual. Despite misconceptions, I argue that (...) the model of human nature, the view on human emotions and the conception of individual power that Hobbes created and Spinoza developed is an uncommonly useful one for feminist political theory. Through reexamining Hobbes’ model of human nature and the emotions I will argue that Hobbes’ theory of the internal weighing of emotions provides an important mechanism for understanding how the individuals’ affects can be reformed. I will show how we can use this naturalistic model of the human individual to answer contemporary theoretical and practical questions of how to empower women and how to effectively identify, challenge and change social categories, norms and institutions which are disempowering. In particular, I will argue that feminist projects of empowerment need a way to measure empowerment and a way to understand how to understand the power of harmful norms and customs. Understanding the way certain norms and practices disempower women while forming their affects and self‐conceptions provides the first step to reform of these practices. Spinoza and Hobbes provide us with a further tool to reform, and that is their understanding of the role of emotions in human action and power, and the need to reform and reorganize the emotions of individuals in order to escape harmful patterns of behavior. (shrink)

This is a comprehensive anthology of works concerning the nature of economics as a science, including classic texts and essays exploring specific branches and schools of economics. Apart from the classics, most of the selections in the third edition are new, as are the introduction and bibliography. No other anthology spans the whole field and offers a comprehensive introduction to questions about economic methodology.