There are some things money literally cannot buy. Invariably transformable goods are such things because when they are exchanged for money, they become something else. These goods are destroyed rather than transferred in monetary exchanges. They mark out an impassable limit beyond which money and the market cannot reach. They cannot be for sale, in the strongest and most literal sense. Variably transformable goods are similar. They can be destroyed when offered or exchanged for money, but they differ in their (...) ability to sometimes emerge from financial transactions intact. -/- Analyzing transformable goods reveals informative and surprising results. Like other goods and commodities, they are agent relative, defined by the way particular agents value them. Inside the same transaction, a good could be transformable for one agent and not another, depending on how and what these agents value in the transaction. Applying this conceptual framework can reveal otherwise obscure facets of existing and future debates about the ethics and limits of markets. To demonstrate this, the framework is here applied to Richard Titmuss’s arguments about markets in blood, clarifying and illuminating some of his most confusing claims. Applying this framework to other debates may reveal even more striking results. (shrink)

Scholars seeking to understand why some students and schools perform better than others have suggested that social capital might be part of the explanation. Social capital in today's terms is argued to be an intangible resource that emerges—or fails to emerge—from social relations and social structure. Use of the term in this sense has been traced to John Dewey's writings in 1900 in The Elementary School Record. The idea that outcomes in education are conditioned by social interactions has intuitive appeal. (...) Schools are more than learning factories where inputs are used to generate outputs; they are fundamentally social environments. Empirical evidence links social capital to higher student and school performance .. (shrink)

This paper shows how John R. Commons’ analysis of a firm’s goodwill value gives analytical support to Professor Amartya Sen’s contention (BEQ, 1993) that business ethics makes economic sense. A firm’s market value consists of the value of both tangible and intangible capital, including the goodwill value of ongoing customer relations. If a firm is to defend its goodwill value, it needs to have the protection of the courts and to pursue ethical practices. The courts defend fair competition by giving (...) protection from unethical competitors while the firm defends its reputation with honest dealings.By implication, firms which depend on ongoing customer relations will tend to engage in more ethical business practices than firms which do not. Even a firm which makes a mistake that compromises its product’s safety may reduce the loss of goodwill value over time by admitting the mistake early rather than hiding it.Also by implication, the transition from a command socialist economy to a market economy cannot be made instantaneously since trust, reputation, and these ongoing customer relations-key institutions of market economics-cannot be generated instantaneously. (shrink)

This article explores, comparatively and critically, Sidgwick’s and Rawls’s reasons for rejecting desert as a principle of distributive justice. Their ethical methods, though not identical, each re...

This bibliography covers the Hume literature for 2010, and follows upon the annual update begun by Rolland Hall for the years 1977 through 1985 and continued by William Edward Morris for 1986 through 2003. This installment, like previous ones, excludes items published in Hume Studies, which are indexed annually in each November issue. Readers of Hume Studies may contact me at [email protected] with additions or corrections to any previous year, which can be noted in future installments. I am grateful to (...) all who have provided input on an earlier draft of this bibliography that was posted on the Internet. Aside from the yearly bibliographies published in Hume Studies, readers may find the following bibliographical .. (shrink)

This paper traces the intellectual trajectories of the first stand-alone theories of action, understood as both axiologically neutral and quasi-scientific from a methodological point of view. I argue that the rise of action theory of this kind corresponds to a particular moment of dissatisfaction within Western thought, and as such, it tells us far more about the history of philosophy than the subject itself. I conclude by explaining why subsequent failures to provide an acceptable theory of action are not accidental. (...) On the contrary, such failures owe themselves probably to the fact that formulating a theory of action is neither propitious nor useful. Thus, the most valuable lesson we can learn from philosophical desires for a theory of action is that we should take co-action as the starting point in our normative investigations, rather than positing action simpliciter as a problem to solve. That is, we should move away from propounding a theory of action, and instead focus on a paradigm shift, whereby we move away from a representational, towards a co-actional, model of action. (shrink)

In this paper the use of mathematics in economics will be discussed, by comparing two approaches to mathematics, a Cartesian approach, and a Newtonian approach. I will argue that while mainstream economics is underpinned by a Cartesian approach which led to a divorce between mathematics and reality, the contributions of key authors of the Cambridge tradition, like Marshall, Keynes and Sraffa, are characterised by a Newtonian approach to mathematics, where mathematics is aimed at a study of reality. Marshall was influenced (...) by the Newtonian approach that still characterised many aspects of the Cambridge Mathematical Tripos, where the emphasis was on geometrical and mechanical examples rather than on symbolic (Cartesian) mathematics. Keynes, who criticised (Cartesian) symbolic mathematics, was indeed an admirer of Newton and of his method. Sraffa's mathematical constructions are also in line with the Newtonian approach where arithmetic and geometry were strictly separated, since Sraffa's mathematical constructions typically use arithmetic without engaging in the mixture between geometry and arithmetic that occurs in the Cartesian approach. View the Open Peer Discussion of this paper ». (shrink)

One of the overriding interests of the literature on health care economics is to discover where personal choice in market economies end and corrective government intervention should begin. Our study addresses this question in the context of John Stuart Mill’s utilitarian principle of harm. Our primary objective is to determine whether public policy interventions concerning more than 35,000 online pharmacies worldwide are necessary and efficient compared to traditional market-oriented approaches. Secondly, we seek to determine whether government interference could enhance personal (...) utility maximization, despite its direct and indirect costs on medical e-commerce. This study finds that containing the negative externalities of medical e-commerce provides the most compelling raison d’etre of government interference. It asserts that autonomy and paternalism need not be mutually exclusive, despite their direct and indirect consequences on individual choice and decision-making processes. Valuable insights derived from Mill’s principle should enrich theory-building in health care economics and policy. (shrink)