While it is well known that Carl Menger and Stanley Jevons adopted very different views on the role of mathematics in economics1, it is usually admitted that their respective views on the theory of value were relatively close. Indeed, both strongly objected to the classical theory of value which is based on objective costs of production, whether these be labour or capital costs. Moreover, each elaborated, roughly at the same time, an alternative economic theory based on a comparison between the (...) various degrees to which needs are fulfilled thanks to goods whose effect tends progressively to diminish with the fulfilment of these needs. Furthermore, each managed to ground a theory of economic exchange on the fact that people are rational enough to choose which of two goods will provide them with the greatest benefit. In the face of such similarities, it is tempting to conclude that, while using very different terminologies, these two economists developed quite similar analyses whose key element is a subjective theory of value which was opposed to the objective theory of the classical economists. It is true that specialists of Austrian economics have often underscored the originality of Menger's position and its differences with those of the two other fathers of the so-called marginalist revolution, but while they have seriously questioned the.. (shrink)

Adam Smith's metaphor of the "invisible hand" and its analogue in classical physics are investigated in detail. Smith's analogue was the mechanics of the solar system. What makes the analogy fail are not the idealisations in the caricature-like model of the rational economic man . The main problem rather is that the metaphor does not employ the correct analogue, which belongs to thermodynamics and statistics. In the simplest macro-economic model, the business cycle has the same formal structure as the heat (...) flow between two heat reservoirs and a business cycle of growing efficiency works like a refrigerator: it pumps money from the poor to the rich. More complicated models do not give a friendlier image. Due to technological push, an economic system behaves like a thermodynamic system far from the equilibrium, showing chaotic behaviour and developing into unpredictable states. (shrink)

The answer to the question 'what is money?' has changed throughout history. During the Gold Standard era, money was seen as gold or silver (the theory known as bullionism). In the early 20th century, the alternative theory known as chartalism proposed that money was a token chosen by the state for payment of taxes. Today, many economists take an agnostic line, and argue that money is best defined in terms of its function, e.g. as a neutral medium of exchange. This (...) paper argues that none of these approaches adequately describes the nature of money, and proposes a new theory, inspired by non-Newtonian physics, which takes into account the dualistic real/virtual properties and complex nature of money. The theory is applied to the example of the emergence of cybercurrencies. (shrink)

Aristotle warned against a 'missing middle' in logic (Gk Mesos – middle; intermediate). This paper submits that one of the reasons why there has been no major breakthrough in macroeconomics since the financial crisis of 2007-08 has been a missing middle in mainstream micro-macro syntheses, constrained by partial and general equilibrium premises. It maintains that transcending this needs recognition that large and dominant multinational corporations between small micro firms and macro outcomes – while also influencing both – merit the conceptual (...) paradigm of mesoeconomics. Drawing on a range of uses of the concept, it relates this to reasons for 'too big to fail' and suggests implications for policies to gain accountability of big business, including how a meso dimension to input-output could yield transparency on risk-prone financial transactions by banks, and of corporations contributing to climate change. It also critiques misrepresentation of Walras and Pareto, as well as suggesting areas for research which could address, and potentially redress, 'missing middles' in mainstream micro-macro syntheses. (shrink)

Gender greatly impacts access to opportunities, potential, and success in corporate leadership roles. We begin with a general presentation of why such discussion is necessary for basic considerations of justice and fairness in gender equality and how the issues we raise must impact any ethical perspective on gender in the corporate workplace. We continue with a breakdown of the central categories affecting the success of women in corporate leadership roles. The first of these includes gender-influenced behavioral factors, such as the (...) requirements and expectations of gendered verbal and nonverbal communication styles as well as appearance. We move on to address the impact of family on corporate leadership opportunities and success, discussing the asymmetrical evaluation of an individual’s potential, authority, and competence based on gender stereotypes of familial obligations and expectations. Finally, we address how gender impacts access to networking and sponsorship opportunities and the long-term effects of systematic limitations on women’s inclusion in the upper echelons of corporate leadership. We conclude with a summary of the questions and issues raised by our discussion and direct individuals to consider how different ethical systems and moral requirements might influence their interpretations of gender and leadership in the corporate workplace. (shrink)

The aim of this paper is to address the problem of unemployment. Economists generally agree that a zero rate of unemployment is not only unattainable but also undesirable within capitalism. This is problematic because, as it will be shown, unemployment has adverse effects on both individuals and societies. Assuming that the primary aim of economics is to improve people’s lives, it behooves us to find a solution to the problem of unemployment. Two solutions will be offered. The first works within (...) the confines of the capitalist system –it requires instituting welfare policies that alleviate the adverse effects of unemployment. The second involves a paradigm change –it requires replacing capitalism with an alternative economic system that is consistent with a zero rate of unemployment. (shrink)

The paper reconstructs the life and activity of the author of a famous novel for boys as well as of a textbook of arithmetic and of essays on educational issues, who was also the sister of a famous economist. The bulk of the paper is dedicated to Alfred Dudley, a novel for boys about wealth, status, speculation, poverty, manual work, emigration and the role of virtue in making a decent society possible. Also the author’s educational views are discussed, highlighting her (...) opposition to Benthamite programs and her proposal for an inter-denominational religious education, and arguing that her contributions to plans for a general education system were meant to respond to what had been Smith’s, Malthus’s, and perhaps also her brother’s question, namely, how may wealth and virtue go together? (shrink)

In this thesis I argue that Adam Smith is committed to moral egalitarianism, which extends to his theory of political economy. While Smith’s work is often used to justify economic inequality in society, I show that his political theory is best understood as a kind of relational egalitarianism. Using Elizabeth Anderson’s Democratic Equality as a model, I examine Smith’s commitment to equality in the space of social relationships. In particular, I argue that Smith’s focus on eliminating inequalities that cause oppression (...) in society in conjunction with his efforts to design a political and economic system that will yield social conditions of freedom for individuals make him a relational egalitarian. (shrink)

Rational choice theory analyzes how an agent can rationally act, given his or her preferences, but says little about where those preferences come from. Preferences are usually assumed to be fixed and exogenously given. Building on related work on reasons and rational choice, we describe a framework for conceptualizing preference formation and preference change. In our model, an agent's preferences are based on certain "motivationally salient" properties of the alternatives over which the preferences are held. Preferences may change as new (...) properties of the alternatives become salient or previously salient properties cease to be salient. Our approach captures endogenous preferences in various contexts and helps to illuminate the distinction between formal and substantive concepts of rationality, as well as the role of perception in rational choice. (shrink)

Jensen and Meckling’s 1976 definition of the firm as a legal fiction which serves as a nexus for contracts between individuals sits well with the Coasean narrative on the firm while at the same time being at odds with it. Available interviews with Jensen shed little light on the origins and meaning of this unusual definition. The paper shows how the definition captured, and was a response to, the American socio-political context of the early and mid-1970s, and traces how Jensen (...) and Meckling employed it once they themselves got immersed in the public debate about corporate responsibility and regulation in the late 1970s and early 1980s. It also considers Jensen and Meckling’s place in the literature on the economics of corporate law developed mostly in the 1980s. (shrink)

Preface to a special section on "Cooperation in nature, science, and society".

A decade after the financial crisis, there is a growing consensus that the neoclassical approach to economics has failed, and that new approaches are needed. This paper argues that economics has been trying to solve the wrong problem. Economics sees itself as the science of scarcity, but instead it should be the science of money. Just as physicists' ideas about quantum matter were formed by studying the exchange of particles at the subatomic level, so economics should begin by analysing the (...) properties of money-based transactions, which like quantum entities have a fundamentally dualistic nature. By building on ideas from quantum money, quantum finance and quantum social science, this paper shows that the economy is an archetypal example of a quantum social system, complete with its own versions of measurement uncertainty, entanglement, and so on. This leads to a proposal for a quantum economics, which is to neoclassical economics what quantum physics is to classical physics. (shrink)

Adam Smith’s ‘natural price’ has long been interpreted as a ‘normal price’ or ‘centre of gravitation price’ based on the famous gravitation metaphor of the Wealth of Nations I.vii, natural in the sense that it is the price that would … More ›.

One can work for another person, probably for all the others in an ethical way, and not for money. This is the main idea pursued in this article. When it comes to labour, we are inclined to deal with Marx. But even Marx apparently did not notice this ethical side of labour, because his focus was mainly on the creation of value, which was common among thinkers at that time, such as Locke and Smith. In contrast, Hegel consistently tackled the (...) same issue from another angle: ethics. In terms of this, he went so far as to say the dignity of humans should be located in labour. We shed light on this very aspect of Hegel’s philosophy by reference to Alexandre Kojève’s famous commentary, Introduction à la lecture de Hegel. (shrink)

La Ilustración suele ser definida como la época del optimismo racional, es decir, de la confianza en la razón como motor del progreso humano. Sin embargo, dicho diagnóstico se ha convertido en estigma y ha llevado algunos autores a afirmar que la idea de progreso es un exceso metafísico y que la confianza en la razón es una ingenuidad. En contra de esta interpretación usual presento con Kant la idea de progreso como un postulado de la razón práctica con una (...) función terapéutica, es decir, la filosofía de la historia es una narración causal-diagnóstica con fines antidepresivos en contra de la desmoralización del hombre. (shrink)

We intend to analyze the plausibility of the two kind of ethical justifications that are most commonly used in order to defend the concept of an “intellectual property” of copyrights. Firstly, we will examine justifications of property based on natural law, like the one originally provided by John Locke. We will argue, with the help of authors like Lysander Spooner, that the same arguments that Locke uses for property in general are entirely applicable to intellectual property, although this is certainly (...) a peculiar kind of property. Secondly, we will examine whether or not we can apply to intellectual property the same two arguments that Utilitarian authors use for justifying property in general: the “tragedy of the commons” argument and the scarcity argument. We will claim that the first one is fully pertinent here, and that the second one is not: but this is a problem of that kind of justification of property in general, and not a problem of intellectual property as such. (shrink)

The paper describes how a simple idea, that of a new foundation of moral philosophy taking Galilean new natural philosophy as a mode , lead to unforeseen developments once the competition between a Cartesian and a Newtonian paradigm emerged. Those developments are reconstructed in Hume, Smith, Ferguson.

Guided to the notion of the eternal return by the philosophical intuitions of the Greek antiquity, Nietzsche turned to the physical sciences of his day in order to further his inquiry. This extensive intellectual engagement represented a genuine attempt to investigate the possible continuity of meaning between the mythical tradition, on the one hand, and the rational-empirical (i.e. scientific), on the other. In particular, Nietzsche was intrigued by the manner in which the relationship between myth and science played out in (...) the wide-ranging debates on the eternal recurrence and entropy. Obscuring the view, however, lay the debris of metaphysical imports into the discourse of secular modern science. In the course of his ambitious undertaking to disentangle physics from metaphysics, Nietzsche discerned a possibility for synthesising the scientific explanation for his ‘fundamental conception’ (EH: Z, §1) with the mythical wisdom of the ages. His inferences proved nothing short of explosive. The doctrine of the eternal return of the same, instead of the docile cosmic torpor, urged the radical revaluation of all values. The measure of the eternal return’s power was to dissolve its impersonation – the Übermensch – into a form of well-being. Nietzsche was convinced that his ‘mightiest idea’ (NF-1881:11[148]) illuminated the path we must follow lest we wish to incur the full force of the ‘frightening wisdom of Silenus’ (BT: §4). (shrink)

This dissertation addresses a debate about the proper relationship between democratic theory and institutions. The debate has been waged between two rival approaches: on the one side is an aggregative and economic theory of democracy, known as constitutional economics, and on the other side is deliberative democracy. The two sides endorse starkly different positions on the issue of what makes a democracy legitimate and stable within an institutional setting. Constitutional economists model political agents in the same way that neoclassical economists (...) model economic agents, that is, as self-regarding, rational maximizers; so that evaluations of democratic legitimacy and stability depend on the extent to which the design of institutional rules and practices maximize individual utility by promoting efficient schemes of collective choice. Deliberative democrats, on the other hand, understand political agents as communicative reason-giving subjects who justify their preferences and positions on issues that jointly affect them in a process of consensus-directed discourse, or deliberation; so that evaluations of democratic legitimacy and order depend on the degree to which institutional norms and practices promote deliberation and draw upon deliberated public judgment. I argue that despite the numerous incompatibilities between constitutional economics and deliberative democracy—which amount to a 'deep divide'—an opportunity to produce a genuine synthesis of the two approaches arises inasmuch as it is possible to overcome several points of opposition in their separate research programmes. The central thesis of the dissertation is that it is possible to construct a bridge spanning the divide between constitutional economists and deliberative democrats, and that Dewey and Bentley's transactional view can facilitate this bridge-building project. Pursuant to this end, the points of opposition between the v research programmes are mediated by way of five concepts which, on balance, favor deliberative democracy and its feasible institutionalization. (shrink)

Since the beginning of 2020, lockdowns have been introduced in numerous countries across the world in response to the emergence of coronavirus SARS-CoV-2 that causes the COVID-19 disease. Although the topic of lockdowns has been considered from numerous perspectives, it has not yet been analyzed in the context of Adam Smith’s economic philosophy and liberalism. This paper aims to list – at least to some extent, as the topic is very broad – the most prominent arguments that have arisen in (...) the worldwide discussion on the effectiveness and side effects of lockdowns. In addition, the work provides some elements of Smith’s economic philosophy and liberalism. Finally, the arguments that have arisen in the academic discussion since the introduction of lockdowns are analyzed, and the legitimacy of lockdowns is assessed in the context of Smith’s principles. The methods used for the analysis are text exegesis and rational reconstruction. As far as the conclusions are concerned, an explicit assessment of the legitimacy of lockdowns in the discussed context is considered impossible, although for many elements of Smith’s liberalism, lockdowns are not legitimate at all. (shrink)

This paper clarifies the usage of Albert Hirschman’s categories of market behaviour as of exit and voice in debates about workplace democracy by taking seriously his critique of the neoclassical analysis of competition. Pro-market liberals are generally hostile to the idea of workplace democracy and tend to favour top-down hierarchies as a way of organising labour. This hostility is generally inspired by the neoclassical analysis of exploitation and efficiency, which leads them to defend distributions achieved through exit-based competitive equilibria. Following (...) Hirschman, I propose to consider a hypothetical alternative: a democratic equilibrium, reached through the use of voice. I show that it would present the same appealing characteristics than its competitive counterpart while also accounting for the non-ideal conditions in which markets operate. Support for free markets should entail support for workplace democracy minimally understood as a strengthening of voice. (shrink)

Despite the prominence of thresholds and limits in theories of distributive justice, there is no general account of their role within such theories. This has allowed an ongoing lack of clarity and misunderstanding around threshold views in distributive justice. In this thesis, I develop an account of the conceptual structure of such views. Such an account helps understand and characterize threshold views, can subsume what may seem to be different debates about such views under one conceptual header, and can be (...) used to further examine and develop patterns of justice that draw on thresholds. In light of this account, I propose a novel characterization of sufficientarianism which sheds new light on the distinctiveness of sufficientarianism as a distributive principle and on the common objections to sufficientarianism. Moreover, I examine and defend limitarianism, which is the view that people should not have more than a certain amount of wealth. In particular, I argue in favour of limitarianism as a midlevel principle for guiding institutional design and individual actions and, furthermore, as a specification of what a just allocation of wealth requires under epistemic constraints. (shrink)

According to ‘global institutionalism,’ individuals who do not share a state have duties of justice to one another, and this is explained, in part, by the institutional connections that obtain between them. In this chapter, I defend this view against two challenges. First, I consider challenges raised by ‘non-institutionalists,’ who deny that facts about global institutional interaction bear on the nature of duties of justice that arise between particular individuals. Second, I address challenges posed by ‘domestic institutionalists,’ who accept the (...) claim that facts about institutional interaction bear upon the scope of justice but deny that the right sort of interaction necessary to ground duties of justice is found in the global domain. (shrink)

In book II of Plato’s Republic, Socrates discusses the cities of necessity and luxury (372d-373a). Discussions of these cities have often focused on citizens desiring more than they need, which creates a demand for luxury. Yet the second part of the equation, which is not usually recognized, is that there must be sufficient supply to meet this demand. The focus of this article is on the importance of supply in the discussion of the first two cities in book II of (...) the Republic. This article argues that the way Plato models the cities makes it the case that a surplus above levels of necessity will be generated from time to time. That the unwanted surplus cannot be spontaneously disposed of entails that the first two cities are institutionally incomplete. A government is needed in order to coordinate the disposal of the surplus supply the city will produce. (shrink)

Extant research suggests that individuals employ traditional moral heuristics to support their observed altruistic behavior; yet findings have largely been limited to inductive extrapolation and rely on relatively few traditional frames in so doing, namely, deontology in organizational behavior and virtue theory in law and economics. Given that these and competing moral frames such as utilitarianism can manifest as identical behavior, we develop a moral framing instrument—the Philosophical Moral-Framing Measure (PMFM)—to expand and distinguish traditional frames associated and disassociated with observed (...) altruistic behavior. The validation of our instrument based on 1015 subjects in 3 separate real stakes scenarios indicates that heuristic forms of deontology, virtue-theory, and utilitarianism are strongly related to such behavior, and that egoism is an inhibitor. It also suggests that deontic and virtue-theoretical frames may be commonly perceived as intertwined and opens the door for new research on self-abnegation, namely, a perceived moral obligation toward suffering and self-denial. These findings hold the potential to inform ongoing conversations regarding organizational citizenship and moral crowding out, namely, how financial incentives can undermine altruistic behavior. (shrink)

The paper contends that neoclassical ideology stems, to a great extent, from mathematical analysis. It is suggested that mainstream economic thought can be comprehensively revisited if both histories of mathematical and economic thought are to be taken collaboratively into account. Ideology is understood as a 'social construction of reality' that prevents us from evaluating our own standpoint, and impedes us from realising our value judgments as well as our theories of society and nature. However, the mid-19th century's intellectual controversies about (...) the validity of mathematical thought, truth and knowledge can procure new interesting insights concerning the ideological stance of the first marginalists. In this respect, the methodological categories of analysis and synthesis serve as the basis for the crucial distinction between old geometry and mathematical analysis, indicating that the discipline of mathematics has its own history of fundamentally unresolved disputes. Lastly, this may also shed some light on Alfred Marshall's peculiarly reluctant attitude towards the use of mathematical analysis in his work. (shrink)

The rich have two defining capabilities: independence from and command over others. These make being wealthy very pleasant indeed, but they are also toxic to democracy. First, I analyse the mechanisms by which the presence of very wealthy individuals undermines the two pillars of liberal democracy, equality of citizenship and legitimate social choice. Second, I make a radical proposal. If we value the preservation of democracy we must limit the amount of wealth any individual can have and still be a (...) citizen of our polity. (shrink)

The paper aims at finding a way out of deadlocks in Malthus scholarship concerning his relationship to utilitarianism. The main claim is that Malthus viewed his own population theory and political economy as Hifsdisziplinen to moral and political philosophy, that is, empirical enquiries required in order to be able to pronounce justified value judgments on such matters as the Poor Laws. On the other hand, Malthus’s population theory and political economy were no value-free science and his policy advice – far (...) from being “utilitarian” – resulted from his overall system of ideas and was explicitly based on a set of traditional moral assumptions. These in turn were justified by a peculiar meta-ethical theory, which has been named in a somewhat improper way “theological utilitarianism” and which I propose to name instead “consequentialist voluntarism”. The issue of poverty and its remedies is the one where Malthus’s peculiar approach, once applied to a real-world issue, displays it potentialities, yielding a kind of policy-advice that is softer and more flexible than the one that may be drawn from Benthamite utilitarianism. The reconstruction shows how, through subsequent approximations and under pressure of critics, Malthus yields finally a kind of Institutional approach to policies concerning poverty, making room for generalized basic education, free markets for labour and for corn, colonies, and private beneficence. Such a mix of policies should bring about for the lower classes of society “the means of being respectable, virtuous and happy”. -/- . (shrink)

Adam Smith rejected Mandeville's invisible-hand doctrine of 'private vices, publick benefits'. In The Theory of Moral Sentiments his model of the 'impartial spectator' is driven not by sympathy for other people, but by their approbation. The innate capacity for sympathy makes approbation credible. Approbation needs to be authenticated, and in Smith's model authentication relies on innate virtue, which is not realistic. An alternative model of 'regard' makes use of signalling and is more pragmatic. Modern versions of the invisible hand in (...) rational choice theory and neo- liberalism are shown to be radical departures from the ethical legacy of Enlightenment and utilitarian economics, and are not consistent with Adam Smith's own position. (shrink)

The difficult dialogue between human rights and business shows that neither the adoption of codes of conduct nor the enforcement of legal norms would overcome the supposed incompatibility of ethics and economics. Such a general supposition is the effect of a narrow understanding of economic activities, which in turn is the result of both neoliberal ideology and the traditional externalising approach of economics. I stress the necessity of the integration of ethics and economics, which would require not only the broadening (...) of the economic horizon, but also the redefinition of the status of economic theories. I propose to conceive of this redefinition as a shift of the theoretical allegiance of economic conceptualisations, from the supposedly descriptive natural and social sciences to the discourse of politics. (shrink)

This paper traces missing links in the history of economic thought. In outlining Hume's concept of 'the reflexive mind' it shows that this opened frontiers between philosophy and psychology which Bertrand Russell denied and which logical positivism in philosophy and positive economics displaced. It relates this to Hume's influence not only on Smith, but also on Schopenhauer and the later Wittgenstein, with parallels in Gestalt psychology and recent findings from neural research and cognitive psychology. It critiques Kant's reaction to Hume's (...) claim that one may assume but cannot prove cause and effect and how Samuelson's Foundations of Economic Analysis has been Kantian but wrong in claims for axioms that are universal truths. It illustrates how Samuelson's presumption that language and mathematics are 'identical' was as mistaken as the logical atomism of Russell and the early Wittgenstein, relates this to Kleinian splitting, denial and projective identification and suggests that recovery of greater realism in economics needs to regain links with such philosophy and psychology. (shrink)

Drawing on empirical evidence in medicine, economics, law, and anthropology, I argue that a market is uniquely capable of meeting the demand for transplantable kidneys, and that it may be arranged so as to operate safely. The welfare gains, expected to accrue to both vendors and recipients, are sufficient to justify sales. Having spelled out the considerations recommending a kidney market, I address the most forceful objections facing the proposal. Despite its currency, the claim that incentives will crowd out altruistic (...) donors and result in a decrease in supply is empirically unsupported and predicated on an implausible view of donorsâ motives. A host of objections claim vendorsâ will not give informed consent. Many such objections identify easily remediable problems, or impose unreasonable standards â standards that would rule out morally permissible kidney donation. And all presuppose a model of morally transformative consent that, I argue, is deficient. Two further challenges point to harms inflicted on those who do not participate in the market. Some claim that those in poverty will be subject to harmful social and legal pressure to vend. This objection fails to distinguish between being pressured to perform a specific act, and being under general economic pressure and having the option to perform an act. It, moreover, presupposes vending more common than is possible. Others worry that the market will give rise to unfair pecuniary externalities. This objection also presupposes that kidney sales will occur more often than is possible. But more importantly, the normative consideration that is supposed to make such externalities especially objectionable, in fact, recommends allowing sales. I also make a political case for kidney sales. I offer an account of the stateâs proper role in the market. I begin with a conception of democratic equality according to which the state is responsible to secure for its citizens the preconditions for democratic participation. I then show that this end would be promoted were the state to end the current prohibition on sales. (shrink)

To know is to cognize, to cognize is to be a culturally bounded, rationality-bounded and environmentally located agent. Knowledge and cognition are thus dual aspects of human sociality. If social epistemology has the formation, acquisition, mediation, transmission and dissemination of knowledge in complex communities of knowers as its subject matter, then its third party character is essentially stigmergic. In its most generic formulation, stigmergy is the phenomenon of indirect communication mediated by modifications of the environment. Extending this notion one might (...) conceive of social stigmergy as the extra-cranial analog of an artifcial neural network providing epistemic structure. This paper recommends a stigmergic framework for social epistemology to account for the supposed tension between individual action, wants and beliefs and the social corpora. We also propose that the so-called "extended mind" thesis offers the requisite stigmergic cognitive analog to stigmergic knowledge. Stigmergy as a theory of interaction within complex systems theory is illustrated through an example that runs on a particle swarm optimization algorithm. (shrink)

The article provides an overview of the basic concepts and principles of the theory of institutions as well as of the mechanisms of emergence and evolution of social institutions. It introduces a distinction between formal and informal institutions based on the the criterion of the enforcement agency of institutions. Finally it discusses the problem of path dependence.

The research investigates the impacts of the 2008 GFC on the securities market supervision by identifying how securities regulators have responded to the GFC, adapted to the post-crisis market conditions, and developed a more responsive supervisory structure. Implications for emerging markets are drawn based on research finding analysis. Quantitative survey research and qualitative techniques with focus group interviews and documentary research are employed in a mixed-methodology under the paradigm of critical realism to generalize the crisis impacts on SMS. Findings of (...) the research include: the GFC has generated impacts on all areas of SMS framework. Discussion is focused on a paradigm shift in SMS philosophy, re-construction of SMS architecture, emerging of risk-based approach, involvement of securities regulators in macro-prudential supervision, disputable roles of self-regulatory organizations in market conduct oversight, and re-regulation of securities products, market intermediaries, market gatekeepers and SROs; post-crisis SMS responsiveness improvement was a result of post-crisis policy reform; and developed markets and emerging markets followed the same trend of post-crisis SMS reform but their ways diverged in some areas. Post-crisis SMS paradigm shift, prevalence of integration model, choices of developed and emerging markets between twin-peaks and integration, post-crisis diminishing roles of SROs, emergence of central banks, divergence of developed markets and emerging markets in policies are explained. Critical implications were developed for emerging markets, including: comprehending the post-crisis SMS paradigm shift and developing a new SMS philosophy; dealing with the dilemma of SMS restructuring post-crisis; identifying the tasks and challenges of applying risk-based approach; and, establishing a culture of responsive SMS. Contribution of this research is significant in terms of theory, body of knowledge, methodology and literature: the research is the first that describes a comprehensive theoretical framework of SMS, defines the concept of SMS responsiveness and develops a complete SMS framework. A new SMS philosophy is recommended through analysis of research findings; the research helps to reveal the actual impacts of the 2008 GFC on SMS, develops regulatory implications and recommends components of a responsive SMS framework.; the research outcomes justifies employment of mixed methodologies; and the research also provides qualitative and quantitative data that supplements the literature of the GFC and securities supervision. Empirical evidence of the research is theoretically justified, meaningful, realistic, and discrete and is capable of verification in any further research contexts. (shrink)

By giving sympathy a central role, Adam Smith’s Theory of Moral Sentiments (1759) can be regarded as one of the ‘enlightened’ moral theories of the Enlightenment, insofar as it widened the scope of moral consideration beyond the traditionally restricted boundary of human beings. This, although the author himself does not seem to have been aware of this fact. In this paper, I want to focus on two aspects which I think lead to this conclusion. First, by making sentience the requisite (...) to be taken into moral consideration, nonhuman animals in Smith’s moral theory can count as moral patients towards whom we should exercise the virtue of beneficence (if not justice). Secondly, Smith’s idea of morality as working in concentric circles –generating more stringent duties towards those closer to us– could explain and perhaps also justify our caring for some nonhuman animals, especially pets. (shrink)

This chapter provides a brief historical overview of western philosophical views about human well-being from the eighth century BCE to the middle of the twentieth century. Different understandings of the concept of well-being are explained, including our preferred understanding of well-being as the subjective states and objective conditions that make our lives go well for us. While this review is necessarily incomplete, we aim to discuss some of the most salient and influential contributions to our subject. To that end, we (...) discuss some key views from ancient Greece, including the aristocratic values that were considered central to leading a good life, notions of personal and more expansive harmony as they key to well-being, and the idea that the experience of pleasure is all we should really care about. We also explain some of the major religious conceptions of the good life, and their progression through the middle ages and beyond. More recent secular conceptions of wellbeing, including several views on the importance of personal and public happiness. Finally, we discuss views to the effect that happiness is not enough for the good life and that we should strive for loftier goals. (shrink)

Even among those who work in the field of early Chinese philosophy,the name Shen Dao (慎到, ca. 360–285 BCe) rarely calls to mind much of interest, and what it does call up are often simply depictions of him in several of the more famous texts of the time: in the Han Feizi as an advocate of positional power; in the Xunzi as being blinded by a focus on laws; or in the Zhuangzi as one who wished to discard knowledge. Few (...) through the centuries have attempted to examine his philosophical thought in detail, in part because no complete edition of his work has existed since at least the tenth century. Fragments of the work attributed to Shen Dao do, however, still exist, and by examining them we can begin to piece together an understanding of his political philosophy. In doing so, we come to the realization that Shen Dao's ideas are important not only historically but also merit attention from those engaged in constructive political philosophy. In his historical context, Shen Dao was one of the first political thinkers openly to question the tight connection between ethics and politics that was assumed by a range of thinkers in the Confucian and Mohist traditions. In particular, he provides a range of arguments against the state relying on the moral cultivation of even some of its members, focusing not on changing or developing the innate tendencies of human beings but rather on working with the natures humans initially have. (shrink)

Any ethical argument involving the problems of access to assisted reproductive technologies should entail the discussion of the decision protocol and consider the individual deliberating on the appropriateness of these remedies from the point of view of self and community. Yet, arguments based on patients' own moral calculations are rare in the bioethics literature. The moral voice behind most discourses concerning ARTs is that of an outwardly independent spectator, who nonetheless proceeds to justify a personally significant worldview in the utilization (...) of these resources. Investigators grounded in social and legal sciences have offered relevant arguments in this regard, but because their discourses are derived from research protocols specific to their respective disciplines, they fail to provide a general rationale applicable to moral deliberation. (shrink)

Purpose The role of entrepreneurship as a major engine for innovation, economic growth and job creation has made policymakers argue for infusing entrepreneurship into all levels of education. It is argued that citizens must develop their entrepreneurial skills in order to cope with our increasingly globalized, fast-paced and uncertain world. Making the leap of faith from entrepreneurship into education is however rife with challenges and failures. Most attempts have resulted in isolated initiatives impacting only a small number of interested students (...) on higher levels of education. Common challenges to wider adoption are lack of definitional clarity around what exactly signifies “entrepreneurial” education, impeding organizational structures, lack of resources, assessment difficulties and fear of capitalism. To address these challenges, the purpose of this thesis is to articulate and qualify a tentatively new educational philosophy grounded in entrepreneurship, allowing teachers to use value creation as a stepping stone between entrepreneurship and education when attempting to infuse entrepreneurship into education. Result An educational philosophy grounded in entrepreneurship has been defined in this thesis as letting students learn through creating value for others, giving teachers prescriptive advice on what, how and why issues in education. This is inherently entrepreneurial in its reliance on a widespread view of entrepreneurship as being about new value creation for others and constituted by a set of teachable entrepreneurial methods. The resulting process is rich with interaction between people and triggers a multitude of emotional learning events, allowing for more engaged students and deeper learning of entrepreneurial as well as subject specific knowledge, skills and attitudes. Method The tentatively new educational philosophy proposed here was developed through an abductive five-year action research process of constant iterations between theory and practice. A total of nine empirical studies on all levels of education were drawn from, involving a few hundred primary, secondary, tertiary and continuing education teachers, around 2000 students and around 100 different educational institutions in three European countries. Two main action research cycles were conducted, each spanning 3-4 years in time. Theory from entrepreneurship and education guided the research, as well as theory from fields such as psychology, philosophy, anthropology, economics and methodology. A number of methodological developments were made in the research process, such as a new “proxy” theory of assessing entrepreneurial education, a mobile app based experience sampling informed interview technique and analytical frameworks for key emotional events and entrepreneurial competencies. Novelty This is the first attempt that has been made to propose an educational philosophy grounded in entrepreneurship. Questions explored in order to qualify it included why educational philosophy is important when infusing entrepreneurship into education and what is new with an educational philosophy grounded in entrepreneurship. Compared to existing educational philosophies such as traditional, progressive and experiential education, it can contribute with a purposeful movement between often unconnected and opposing philosophical positions rather than being yet another flag on the philosophical playing field of education. Whether this makes it an entirely new educational philosophy or merely a novel combination of established ones remains to be determined. Limitations Some important challenges and limitations with the proposed educational philosophy have emerged. It could be viewed as too excluding to view entrepreneurial education as being solely about education that includes value creation attempts. Asking students to focus on knowledge that can be useful for others could also be viewed as an overly utilitarian emphasis. The interdisciplinary challenge of bridging the two very different scholarly fields of education and entrepreneurship was also shown to be significant. It remains to be seen whether value creation as a stepping stone will allow scholars and practitioners to keep their feet dry when attempting to infuse entrepreneurship into education. (shrink)

The wantok system in the Solomon Islands and the Melanesian countries more broadly, strongly links to the practices of group identity and belonging, reciprocity, and caring for one’s relatives. It is a term used to express patterns of relationships that link people in families, tribes, islands, provinces, nationality and even more superficially at greater Melanesian sub-regional aggregates. Various aspects of the wantok system are called different names by distinct language groups in Papua New Guinea, Solomon Islands and Vanuatu. Nevertheless, the (...) word wantok originates from the English words ‘one talk’, which literally means in Melanesian pidgin, speakers of the same language. (shrink)