We study how changes in unemployment risk affect firms’ productivity and whether firm-initiated policies can mitigate the moral hazard problem created by increases in unemployment insurance benefits that might decrease workers’ incentives to work hard. We focus on state-specific changes in UIB levels as a quasi-natural experiment. While a large body of research has examined UIBs, including their effect on unemployed workers, few studies investigate whether UIBs have any impact on a firm’s overall productivity. Using data on firm-level total factor (...) productivity and state-level UIBs, we find a negative association between productivity and UIBs. We also find that the negative association is weaker for firms with higher employee-welfare indices than for firms with lower indices, suggesting that the adverse effect of higher UIBs on productivity is mitigated by policies that benefit workers’ welfare. More specifically, we find that among policies that are under the umbrella of corporate social responsibility, a subset of employee-welfare policies are more effective in managing moral hazard problems than other policies. (shrink)

How can an agent's desire or will give him reasons for acting? Not long ago, this might have seemed a silly question, since it was widely believed that all reasons for acting are based in the agent's desires. The interesting question, it seemed, was not how what an agent wants could give him reasons, but how anything else could. In recent years, however, this earlier orthodoxy has increasingly appeared wrongheaded as a growing number of philosophers have come to stress the (...) action-guiding role of reasons in deliberation from the agent's point of view. What a deliberating agent has in view is rarely his own will or desires as such, even if taking something as a reason is intimately tied to desire. Someone who wants to escape a burning building does not evaluate her options by considering which is likeliest to realize what she wants or wills. She is focused, rather, on her desire's object: getting out alive. The fact that a successful route would realize something she wants is apt to strike her as beside the point or, at best, as a trivial bonus. (shrink)

The purpose of this essay is to formulate a sociological critique of the concept of scarcity in mainstream economics by synthesising necessary conceptions in the construction of a theoretical structure with greater explanatory power than the current mainstream articulation. Mainstream economics asserts the universality of scarcity. A critical scrutiny of this assertion is conducted by discussing the empirical phenomenon of global hunger in relation to a theoretical elaboration of the concepts of scarcity and abundance. The historical origins of the scarcity (...) postulate is traced to the work of Carl Menger. The concern of global hunger shows that there is abundance of food goods, but still frustration of human needs occurs. An alternative approach is developed through a theoretical synthesis of Menger, Amartya Sen and critical realism, which asserts an ontologically stratified, differentiated and geo-historically conditioned understanding of scarcity and abundance. It is proposed that this approach is more fruitful than the scarcity postulate in explaining the process and conditions of frustration and satisfaction of human needs. Merely postulating scarcity tends to veil the underlying causes of poverty in general and hunger in particular. Central implications of the new model for socioeconomic analysis are considered. (shrink)

Trends in the history of social science dedicated to the study of crime and punishment are presented as a case study supporting F.A. Hayek's theory of social change. Designing effective social institutions and public policies first requires an accurate vision of how society operates. An accurate model of society further requires scientific methods uniquely suited for the study of human beings as purposeful agents and the study of human institutions as complex social phenomena. If guided by faulty methods, theories are (...) inaccurate and policy outcomes veer from their intentions. Hayek termed such outcomes "abuses of reason". Aiming to replicate the objectivity of physical sciences via formal modeling and statistical measurement, economists throughout the 20th century imposed an excessively technical vision of human decision-making. Policy failures and social problems resulted. This paper argues that the historical trends of applied social science dedicated to crime and punishment can be understood similarly. Formal modeling and statistical measurement continuously displaced methods more attuned to human intentionality and social complexity. In result, amidst a long-run history of intellectual and political change, US law enforcement and criminal punishment policies became technocratic, and outcomes became disjointed from their stated intentions to promote social order and welfare. (shrink)

El propósito de este trabajo es analizar la crítica foucaultianade la gubernamentalidad liberal como marco de racionalidad de la biopolítica. Particularmente, colocaremos el foco de la lectura en la problematización que Foucault despliega respecto de la formación de la economía política en tanto saber estratégico de la racionalidad liberal. Por ello, en el primer apartado, nos detendremos en la grilla de la gubernamentalidad como herramienta que la permite a Foucault elaborar una arqueo-genealogía de las formas de objetivación. Luego, dirigiremos la (...) lectura hacia la arqueo-genealogía de las formas de objetivación inmanentes a la constitución del discurso de la economía política en tanto saber estratégico de la gubernamentalidad liberal. (shrink)

Kuhn’s “essential tension” between conservative and innovative imperatives in enquiry has an empirical analogue—between the potential benefits of collectivization of enquiry and the social dynamic impediments to effective sharing of information and insights in collective settings. A range of empirical materials from social psychology and organization theory are considered which bear on the issue of balancing these opposing forces and an institution is described in which they are balanced in a way which is appropriate for collective knowledge production.

The aim of this paper is to contribute to the development of a theory of economic freedom. In this endeavor, we build our framework on the Hayekian notion of freedom because it explicitly embodies the obvious link between freedom and the state: freedom is an absence of state coercion except for that which enforces abstract, general rules known beforehand. We derive two propositions from this Hayekian thesis and elaborate on them, leading to a categorization of government actions from the viewpoint (...) of economic freedom in which the criterion against which coercive governmental actions must be evaluated is the rule of law, meaning a government’s reliance on general, abstract rules. As an implication, our framework allows us to argue for the imperative differentiation between “efficiency” and “economic freedom” as two separate criteria against which government actions can and must be evaluated. We also show that our framework may help explain the process through which economic freedom enhances growth. (shrink)

The most apparent obstacles to a just, enlightened and peaceful social world are also, according to Kant, nature’s way of compelling us to realize those and other morally good ends. Echoing Adam Smith’s idea of the ‘invisible hand’, Kant thinks that selfishness, rivalry, quarrelsomeness, vanity, jealousy and self-conceit, along with the oppressive social inequalities they tend to produce, drive us to perfect our talents, develop culture, approach enlightenment and, through the strife and instability caused by our unsocial sociability, push us (...) towards justice, political equality and the highest good. What are we to make of these arguments, which seem to rely on questionable empirical assumptions, invoke dubious claims about natural teleology and sit uncomfortably with fundamental aspects of Kant’s ethical framework? I suggest that the arguments reveal one of Kant’s deep and important insights about the moral life by partially describing what a good and virtuous person reasonably hopes for. (shrink)

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)

Male superiority in mathematical ability (along with female superiority in verbal fluency) may reflect the operation of an X-Y homologous gene (the right-shift-factor) influencing the relative rates of development of the cerebral hemispheres. Alleles at the locus on the Y chromosome will be selected at a later mean age than alleles on the X, and only by females.

I argue that (i) even though Adam Smith’s four stages theory has been criticized with good reasons as both vitiated by undue generalization from modern Europe to the first stage and made bottom-heavy by assumptions of modern episteme, yet, in his writings an alternative view emerges where the savage is not just crushed under the weight of want and isolation but is endowed with imagination and sympathy; (ii) his picture of the fourth stage is, far from a triumphal apology of (...) Capitalism, a tragic diagnosis of an inner tension between ambition and greed and their unintended beneficial effects; (iii) the tensions in the picture are not just a report of tensions out there, but also depend on Smith’s pre-comprehension of the phenomena he tries to account for; (iv) and yet, the tragic character of this picture is to be credited to his integrity; I summarize peculiarities of Smith’s peculiar outlook, post-empiricism, as well as its potentialities (sect 2). I then reconstruct his view of development of language and science, suggesting that his theory of association of ideas and imagination provides a consistent account of both science and lore, yielding a comparatively less ethnocentric evaluation of the savage mind (sect. 3). I reconstruct his virtually twofold reconstruction of subsistence in the rude and early state, arguing that he tends to ascribe inability to evolve to want and isolation and describes his own view of evolution as a necessary path but also that in several passages imagination and sympathy do play a role also for the savage (sect. 4). I compare Smith’s view of the first stage with his diagnosis of commercial society arguing that his reconstruction is burdened by eighteenth-century ideology as well as by modern episteme and I conclude with an ambivalent appraisal of Smith’s comparison between the polished man and the savage. -/- . (shrink)

Adam Smith said that ‘the propensity to truck, barter and exchange one thing for another is common to all men, and to be found in no other race of animals.’ Smith addressed the mark of the man economical, and there is no denying that this is the peculiar way he acts: clearly, to truck, barter and exchange is to act in a certain way. Austrian economics adopts this way of looking at the realm of economics. It prides itself as a (...) theory of human action. This claim seems ill-founded as long as so important a contribution as Ludwig von Mises’s praxeology remains insufficiently understood. In this paper, I address Barry Smith’s charge that in praxeology ‘other core notions, in addition to the concept of action, have been smuggled into and the theory is therefore not purely analytic’. I offer logical proofs of two cornerstone theorems of praxeology, the uneasiness theorem and the scarcity theorem, and thus provide vindication. Also, the findings support Mises’s controversial claim that economics is a priori founded in action theory. Thus, Carl Menger’s dream to lay foundations to economics and the other social sciences may have come true in the guise of praxeology. (shrink)

I argue that there are liberal reasons to reject what I call “Global Individualism”, which is the conjunction of two views strongly associated with liberalism: moral individualism and social individualism. According to the first view, all moral properties are reducible to individual moral properties. The second holds that the social world is composed only of individual agents. My argument has the following structure: after suggesting that Global Individualism does not misrepresent liberalism, I draw on some recent insights in social ontology (...) to show that it is inconsistent with the satisfaction of an important liberal principle related to the protection of individual rights over time. As I hold, to solve this problem we need to accept group agents acting as moral agents, which in turn commits us to the weaker notion of normative individualism (a view that is consistent with the existence of some group moral properties). I conclude with the suggestion that even this solution is costly for liberalism, for the conjunction of group moral agency and normative individualism makes the latter unstable and compels liberals to a much less individualistic stance than expected. (shrink)

Although a number of commentators have remarked upon the simi larities between aspects of George Herbert Mead's social psychology and Adam Smith's Theory of Moral Sentiments, there has been no sys tematic attempt to document the connection. This article attempts to do precisely that. First, the legitimacy of the connection is established by showing the likelihood that Mead knew this particular work by Smith, and by bringing together the various treatments of the matter made by commentators. Since Mead himself does (...) not reference Smith's theory, however, the continuity can be demonstrated only on the level of ideas. Second, then, the movement of Mead's thought is recon structed through the terms 'individual' and 'social epistemology'. An account based upon the former posits self-consciousness as the pre condition for knowledge about others, while the latter makes the development of self dependent on a concept of community. Mead's div ision of the self into the 'I' and the 'me' is central in forcing the shift from the one to the other. Smith's account of moral action, it is then argued, rests upon the same logic. His ideas of 'changing roles in the fancy', the 'impartial spectator', and division of the self, parallel Mead's 'taking the role of the other' and discussion of the self. The 'ideal' spec tator corresponds to Mead's 'generalized other'. The article concludes by drawing a parallel between Mead and Smith on the universal facts of human nature and the moral community. (shrink)

This paper discusses the work of Noam Chomsky in the context of democracy, the media, and education. Through the analysis of selected works, a critical perspective emerges. This view demands that educators at all levels understand and confront the often deleterious effects the media can have on students' social and political views and further how the media can undermine democratic action in schools and society.

This article recovers mid-century proposals for sciences of concord and contextualizes them as part of a broader politics of commercial knowledge in eighteenth-century Britain. It begins by showing how merchants gained authority as formulators of commercial policy during the Commerce Treaty debates of 1713–1714. This authority held fast during the Walpolean oligarchy, but collapsed by the 1740s, when lobbying and patronage were increasingly maligned as corrupt by a ferment of popular republicanism. The article then explores how the Anglican cleric Josiah (...) Tucker and country pamphleteer Joseph Massie made use of this vacuum in authority to formulate a novel basis for the production of commercial knowledge. In pamphlets written between 1749 and 1760, they argued that the competing interests comprising the nation’s increasingly complex commercial system could only be reconciled and geared to the national interest through the establishment of a science which harnessed an impartial and systematizing epistemology, developing highly idealized accounts of the abstract market as a realm of concord which operated according to regular, rationally deducible principles. The conclusion suggests that their arguments introduced the foundational conceptual bases for later sciences of political economy and legitimated a new form of expertise in statecraft. (shrink)

The institutionalization of systems of informed consent in market economies has exaggerated rather than minimized the meritocractic effect of such economies. In developing economies, it may help reduce both inherent economic gaps and effects of inherited wealth. In both cases, the highest paid people are those whose performances evidence the highest hierarchical complexity, and lowest paid people have the lowest stages of performance. Society is stratified according to stage of performance. Postformal thought is more likely to develop in graduate level (...) education. Higher education has the effect of further stratifying individuals by stage of performance, rather than equalizing opportunity. (shrink)

Philosophy & Social Criticism, Volume 48, Issue 3, Page 386-415, March 2022. In light of a growing body of scholarship that has cast doubt on the analytic import of spontaneous order, the purpose of my article is to rethink the intellectual relationship between Edmund Burke and Friedrich Hayek by suggesting that reading spontaneous order into Burke’s thought introduces greater tensions between the two thinkers than prior scholars have suggested. One crucial tension, I suggest, is that Hayek believed that contractual arrangements, (...) competitive markets and the rule of law could sustain the growth of social order, while Burke maintained that particular social institutions and practices should remain protected from the full power of voluntary contracts and exchange relations. I conclude by suggesting that the tensions between Hayek and Burke could serve as complementary instruments, rather than as foes, in strengthening the liberal project in modernity. (shrink)

In light of a growing body of scholarship that has cast doubt on the analytic import of spontaneous order, the purpose of my article is to rethink the intellectual relationship between Edmund Burke and Friedrich Hayek by suggesting that reading spontaneous order into Burke’s thought introduces greater tensions between the two thinkers than prior scholars have suggested. One crucial tension, I suggest, is that Hayek believed that contractual arrangements, competitive markets and the rule of law could sustain the growth of (...) social order, while Burke maintained that particular social institutions and practices should remain protected from the full power of voluntary contracts and exchange relations. I conclude by suggesting that the tensions between Hayek and Burke could serve as complementary instruments, rather than as foes, in strengthening the liberal project in modernity. (shrink)

Consider the following argument for school choice, based on an appeal to the virtues of the market: allowing parents some measure of choice over their particular children's education ultimately serves the interests of all children, because creating a market mechanism in state education will produce improvements through the same pressures that lead to greater efficiency and quality when markets are deployed in more familiar contexts. The argument fails, because it is committed to a principle of equal concern, which implies that (...) a market in education is acceptable only if it is right to hold children disadvantaged by their parents' poor market choices substantively responsible for the fact. Since that claim is untenable, the market‐based argument for school choice not only fails, but also turns out to rely on principles which in fact condemn the very policy it was supposed to support. (shrink)

Philosophers often talk as though each ability is held by exactly one agent. This paper begins by arguing that abilities can be held by groups of agents, where the group is not an agent. I provide a new argument for—and a new analysis of—non-agentive groups’ abilities. I then provide a new argument that, surprisingly, obligations are different: non-agentive groups cannot bear obligations, at least not if those groups are large-scale such as ‘humanity’ or ‘carbon emitters.’ This pair of conclusions is (...) important, since philosophers who endorse large-scale non-agentive groups’ abilities almost universally endorse their obligations. More importantly, the twin arguments (one for abilities, one against obligations) make the following novel contribution: abilities imply agency-involving explanations, while obligations imply action-guidance. This general conclusion should be of interest beyond social ontology. (shrink)

Philosophers often talk as though each ability is held by exactly one agent. This paper begins by arguing that abilities can be held by groups of agents, where the group is not an agent. I provide a new argument for—and a new analysis of—non-agentive groups’ abilities. I then provide a new argument that, surprisingly, obligations are different: non-agentive groups cannot bear obligations, at least not if those groups are large-scale such as ‘humanity’ or ‘carbon emitters.’ This pair of conclusions is (...) important, since philosophers who endorse large-scale non-agentive groups’ abilities almost universally endorse their obligations. More importantly, the twin arguments (one for abilities, one against obligations) make the following novel contribution: abilities imply agency-involving explanations, while obligations imply action-guidance. This general conclusion should be of interest beyond social ontology. (shrink)

Market incentives in capitalist economies and public health requirements are contradictory. In the COVID-19 pandemic, market-rewarded self-interested behavior has been exposed as a source of mortality and morbidity. Profit-motivated behaviors can keep people from accessing necessities for health thereby harming individuals and possibly damaging population health. The profit motive can also undermine healthcare system capacity by maldistributing goods that are inputs to healthcare. Furthermore, because profit-seeking is economically rational in capitalism, capitalist imperatives may be incompatible with public health. The ways (...) markets misallocate resources provide a rationale for state responsibility for health, which is a public good. (shrink)

L’accès à la nourriture est le premier besoin de l’humanité et l’arme alimentaire correspond à l’ensemble des moyens mis en œuvre pour affamer volontairement une population. Quand un pays dispose du monopole d’exportation d’une denrée agricole essentielle ou d’une position dominante sur le marché d’une telle denrée, il peut utiliser ses moyens de gestion et de stockage pour exercer des pressions politiques sur les pays importateurs de cette denrée. L’arme alimentaire est donc un pouvoir mortel qu’un ou plusieurs exportateurs de (...) céréales (notamment) peuvent détenir en condamnant à la famine un pays importateur dépendant. L’usage de l’arme alimentaire a été maintes fois observé au cours de l’histoire. Notre analyse retrace les formes variées de l’arme alimentaire, les conditions économiques de sa mise en œuvre, ses conséquences ainsi que les moyens de s’en protéger quand les pays sont menacés par cette arme. Nous étudions les textes économiques entre le xvii e et le xix e siècle, période au cours de laquelle la question des vivres devient une question centrale pour les économistes. Codes JEL : B11, B12. (shrink)

Corporations wield power in today’s economies, and political theories of the corporation argue about the legitimacy conditions of corporate power. This paper argues in favour of a double-fiduciary theory for corporations. Based on a concession theory of markets, it sees all markets as authorized by states (in the name of society), for the purpose of creating economic value, or wealth. Hence corporations, as much as non-incorporated firms, have a fiduciary duty to the state/society to create wealth, in the competitive structure (...) of the market. However, their pursuit of wealth often creates unbalanced relations of power between corporations and their stakeholders, which can at some point be classified as instances of domination. Therefore, corporations need to be subjected to a second fiduciary duty, i.e. not to dominate others in the economy. This duty is also, in the final instance, owed to the state/society. In an era when everyone can incorporate their business, states/societies can be interpreted as having, through corporate law, mandated shareholders as ‘proximate beneficiaries’, to incentivize corporations to create wealth. Now states/societies need to think about how to prevent corporations from dominating others. New mechanisms of accountability towards stakeholders and/or citizens as proximate beneficiaries are needed. Only in this way can corporations be effectively held to account for both of the fiduciary duties which characterize their normative status. (shrink)

Business corporations are important, often powerful actors within the economy. They are able to exercise power over other actors, such as employees, consumers and nation-states. This contribution discusses how corporate power is constituted (ontological question), for what purpose it should be exercised, (normative question) and how it should be controlled (governance question). It focuses on the competing anwers to these questions that have been proposed by three political theories of the corporation. Concession theories emphasize the state's role in chartering corporations, (...) and hence require corporations to act in the public interest. Contractualist theories present corporations as tools for contract partners (most often shareholders), with corporate purpose focused on the benefits to these partners. Real entity theories focus on the corporation as an autonomous, separate entity with a purpose to be determined by the group seeking incorporation. (shrink)

The ArgumentUsing a pernicious Foucaultian reading of Weber's rationalization theories, I endeavor in this essay to illuminate academic acts as kept in the Brandenburg-Prussian state archive in Berlin, with some comparison to others, chiefly those in the Bavarian state archive in Munich. The essay concerns the microtechniques of marking, collecting and keeping records, and the form and content of archives of academic acts – interesting for the reason that paperwork circumscribes the state ministry's ability to recollect academic acts and hence (...) its power and knowledge over academics. I consider mostly acts relating to the early modern “Arts and Philosophy Faculty,” which corresponds more or less to the present-day “Division of Arts, Letters and Sciences.” The transformation, traced from the Baroque to the Romantic era, is understood as a process of “ministerial-market rationalization” of German academia: I try to show how central German ministries, as reflected in archival acts, altered the academic persona to suit themselves and the market, and how professorial appointments were rationalized accordingly. (shrink)

In this paper we take issue with two central claims that John Tomasi makes in Free Market Fairness. The first claim is that Rawls’s difference principle can better be realized by free market institutions than it can be by state interventionist regimes such as property-owning democracy or liberal socialism. We argue that Tomasi’s narrow interpretation of the difference principle, which focuses largely on wealth and income, leaves other goods worryingly unsatisfied. The second claim is that a wide set of economic (...) liberties ought to be protected because they realize responsible ‘self-authorship.’ We argue that this claim also fails because, crucially, whether economic liberties serve individuals in pursuing their ambitions will depend on the nature of those ambitions and how the use of those liberties by others would affect their pursuit of them. If an expansion of liberty is good for us in some ways, but bad in others, we need to assess whether, all things considered, we would be better off with or without such expanded economic rights. We argue that the expansion Tomasi proposes is likely to fail this test. (shrink)

Economists reason causally. Like many other scientists, they aim at formulating justified causal claims about their object of study. This thesis contributes to our understanding of how causal reasoning proceeds in economics. By using the research on the causes of unemployment as a case study, three questions are adressed. What are the meanings of causal claims? How can a causal claim be adequately supported by evidence? How are causal beliefs affected by incoming facts? In the process of answering these semantic, (...) epistemic and dynamical questions, the richness of causal reasoning in economics is brought to the foreground. In the part on semantics, it is argued that the meaning of causal generalizations in policy-oriented economics is best captured by using the concept of ‘inferential relation’ rather than the one of ‘referential relation’. This part contributes to develop an inferentialist semantics by distinguishing among types of inferential relations. In the part on epistemology, it is argued that justification in sciences like economics often relies, and ought to rely, on evidential variety―i.e. the combination of evidence from multiple sources. An interpretation of independence among evidential sources is offered: two evidential sources are fully independent if and only if the reasons why they would be unreliable do not overlap. It is then shown that the variety-of-evidence thesis does not hold under extreme circumstances. The part on dynamics focuses on deviant-case study. A storyline is provided for what deviant-case study aims at and how it proceeds in what is characterized as an ‘eclectic science’. (shrink)

This article explores the influence of Stoicism and religion on Adam Smith. While other commentators have argued either that the main influence on Smith was Stoicism or that it was religion, the two influences have not been explicitly linked. In this article I attempt to make such a link, arguing that Smith can be seen as belonging to the strand of Christian Stoicism chiefly associated with his teacher, Francis Hutcheson. Finally, some comments are made about the implications of this interpretation (...) for current understanding of the work of Adam Smith. (shrink)

This paper aims to do two things. First, it describes the place that Adam Smith actually occupies in current research occurring at the boundaries of new interdisciplinary social-science fields such as evolutionary anthropology, evolutionary psychology, neuro-economics and behavioral economics. Second, it suggests a way in which Smith's place in the debates with which these subjects are concerned may be more properly defined and conceptualized. Specifically, the paper focuses on the controversial new theory of strong reciprocity, and on the reputation effects (...) that its critics think that theory neglects. (shrink)

Abstract The classical case for market society appeals to the complementary goods of economic liberty and maximum wealth. A market society overgrown with economic firms, however, partly sacrifices liberty for the sake of wealth. This point was accepted by prewar, theorists of the economic firm, such as Frank Knight and Ronald Coase, and the attempt to moderate, or compensate for, the constriction of economic liberty was a central struggle of the Progressive Era. Since World War II, however, neoclassical economists have (...) tried to assimilate the firm to the theory of market exchange. Because they have failed, issues of authority and control have recently reassumed their place at the center of the theory of the firm. (shrink)

This article addresses our failing ability to hold business corporations to the public interest, or even to bare legality. It defends, in brief compass, the reasonableness of the expectation that corporations provide public benefits as consideration for their public privileges. But as succeeding sections recount, the traditional instrument for holding corporations to the public interest has gradually been undermined; and our standard, punitive tools for holding them even to bare legality, suffer from inherent limitations and fail adequately to deter corporate (...) misconduct. A more adequate approach would be to supplement the current punitive regime with reform of corporate governance in directions that would decrease the temptation of managers to engage in misconduct in the first place. Several possibilities are considered, with the most promise found in allowing corporations to be owned by Danish-style “industrial foundations.” Among its advantages, the reform is realizable and would reduce incentives to corporate misconduct without compromising on performance. Industrial foundations also customarily direct a portion of corporate profits to charity, in effect reinstating the norm that for-profit corporations provide public benefits. (shrink)

This paper examines the role of management's earnings preannouncements on judgments about its trustworthiness by nonprofessional investors. We predict that management's preannouncement decision and the resulting direction of the earnings surprise influence investors' ethical judgments about management's trustworthiness; these judgments, in turn, are associated with investors' other investment related judgments. We test our predictions in an experiment in which MBA students make investment-related judgments under four different preannouncement strategies. Consistent with our predictions, the results of our study show that managers' (...) preannouncement decisions are significantly associated with investors' evaluations of management's trustworthiness. Specifically, holding the size of the earnings surprise constant, we find that judgments of management's trustworthiness are damaged more following a negative as opposed to a positive earnings surprise, and the release of a preannouncement compared to when management does not issue a preannouncement. Also consistent with our predictions, we find that evaluations of management's trustworthiness are significantly and positively associated with judgments of the attractiveness of the firm's equity as an investment. Based on our findings, we encourage further research to explore whether managers understand the trust implications associated with their preannouncement decisions and the extent to which this understanding influences their disclosure decisions. (shrink)

This paper adopts the view promoted by early modern philosopher Adam Smith that exercises of the sympathetic imagination play an important role in supporting human sociability and ethical behaviour. It argues that such exercises have potential to significantly change the way in which privileged racial identities relate to marginalised and devalued racial identities. First, the paper draws on Sally Haslanger’s reflections upon her lived experience of transracial parenting to illustrate how sympathetic identification with the experiences of a differently racialized individual (...) can transform the way in which we relate to entire racial groups. Haslanger’s account demonstrates the potential for exercises of the sympathetic imagination to disrupt the way in which we experience our own embodiment, and to generate a form of knowledge that implicates our sense of self and will to act. Second, the paper discusses some limitations of appealing to sympathy as a social resource in less intimate contexts. This discussio... (shrink)

This paper critiques Jesse Prinz’s rejection of Adam Smith’s model of impartial spectatorship as a viable corrective to empathic bias. I argue that Prinz’s case is unconvincing, insofar as it rests on an underdeveloped account of Smith’s view of critical self-regulation. By presenting a more detailed and attentive reading of Smithean impartial spectatorship, and exploring Smith’s compelling account of structural supports for sympathetic engagement, this paper demonstrates how Smith’s work is able to constructively engage with contemporary concerns regarding empathy’s role (...) in guiding moral behaviour. (shrink)

The Wage Setting Process In this paper I will defend a conception of fairness in labor markets. I will argue that we should take a procedural approach to the evaluation of fairness in markets. The procedural approach defended here goes beyond the traditional procedural view that requires only the absence of force and fraud. But it avoids the pitfalls of the other classical conception of fairness in the market: the idea of a just wage or just price. Fairness in markets (...) is analogous to fairness in the democratic process. I will start with a discussion and critique of Joseph Heath’s stimulating discussion of fairness in labor markets. Though I agree in part with his assessment of the just wage tradition, I will argue that there is room for thinking about fairness in markets. I will then lay out a conception of fairness that is based on the analogy with democracy. The procedural idea of equal power can be given an interpretation both in perfectly competitive markets and in imperfectly competitive markets. I will show how this approach has implications for conceiving of how firms ought to be organized and for defining a fair process of wage setting in the essentially highly imperfect conditions of the labor market. (shrink)

The purpose of this article is to discuss and provide an alternative, less materialist–individualist approach to interpret the four assumptions of generally accepted accounting principles: economic entity, unit measure, periodic reporting, and going concern. The article draws from and builds on arguments first developed by Weber and Aristotle to demonstrate how a materialist–individualist moral point of view influences the conventional interpretation of the four basic assumptions for generally accepted accounting principles. We then propose an ideal-type conceptual framework upon which to (...) critique mainstream accounting theory and to develop alternative accounting theory that balances multiple forms of well-being (including financial, but also social, physical, spiritual, and ecological well-being) for multiple stakeholders (including owners, employees, customers, suppliers, competitors, neighbors, future generations, and so forth). (shrink)

Geary is highly selective in his use of the literature on gender differences. His assumption of consistent female inferiority in mathematics is not necessarily supported by the facts.

In this paper, we identify the way in which various forms of legal personhood can be differentiated from one another by comparing these entities with a—not too farfetched—hypothetical situation in which intelligence spontaneously evolves within the internet: spontaneous intelligence. In these terms, we consider the challenges that may arise where SI as an entity: has no owner, no designer, and no controller; has evolved into existence as a non-human created intelligence; is autonomous; has no physical form; and, although it exists (...) around the world, exists in no particular jurisdiction. Based on this refined notion of SI, we consider issues related to the recognition of such an entity’s legal personhood. By briefly exploring the attribution of legal personality to various entities—including, humans, corporations, artificial intelligence and higher forms of animal life—we differentiate SI from these other forms of intelligence whilst illustrating it shares most characteristics with human intelligence and not, as may intuitively be thought, with various forms of AI. After critically evaluating the classification of these various forms of intelligence, we briefly suggest some ramifications of these differences and suggest that the approach adopted may assist in drawing more effective boundaries between the entities that are already recognised as legal persons, as well as between sub-categories of entities, such as various forms of AI. (shrink)

The idea of the "original position" is one of the most famous concepts in contemporary political philosophy. Since the first publication of A Theory of Justice in 1971, the device of the original position has become a popular theoretical method in many political theorists' writings. Unfortunately, the true meaning of the original position is far from clear both in Rawls's and Rawlsians' accounts. This has caused a lot of misunderstanding and misuse of this concept in contemporary literature. This study attempts (...) to explore the more profound connotation of the original position by sorting out its relationship with Kant's categorical imperative procedure and argues that it is more appropriate to claim that Rawls's original position device is a development of Kant's categorical imperative procedure rather than the standard version of rational choice theory or social contract tradition. I demonstrate three essential similarities between Rawls's original position and Kant's categorical imperative procedure, which embodies Kantian constructivism: justificatory individualism, the reasonable presupposes and subordinates the rational, and the combination of moral and realistic considerations. (shrink)

This article examines the relevance and value of Confucian Ethics to contemporary Business Ethics by comparing their respective perspectives and approaches towards business activities within the modern capitalist framework, the principle of reciprocity and the concept of human virtues. Confucian Ethics provides interesting parallels with contemporary Western-oriented Business Ethics. At the same, it diverges from contemporary Business Ethics in some significant ways. Upon an examination of philosophical texts as well as empirical studies, it is argued that Confucian Ethics is able (...) to provide some unique philosophical and intellectual perspectives in order to forge a richer understanding and analysis of the field of contemporary Business Ethics. (shrink)

This article examines the relevance and value of Confucian Ethics to contemporary Business Ethics by comparing their respective perspectives and approaches towards business activities within the modern capitalist framework, the principle of reciprocity and the concept of human virtues. Confucian Ethics provides interesting parallels with contemporary Western-oriented Business Ethics. At the same, it diverges from contemporary Business Ethics in some significant ways. Upon an examination of philosophical texts as well as empirical studies, it is argued that Confucian Ethics is able (...) to provide some unique philosophical and intellectual perspectives in order to forge a richer understanding and analysis of the field of contemporary Business Ethics. (shrink)

An argument has been made for identifying Mill as an individualistic thinker. Certainly, A System of Logic develops views, such as methodological individualism and a conception of the ‘art of life’, which portray persons as having unique essences that, when supported by autonomous choices with respect to life experiments, reveal their individuality. These views are at least loosely applied in later works. Principles of Political Economy treats economic aspects of social life frequently in terms consistent with those of classical economists (...) for whom the self-interested actions of individuals achieve economic growth. On Liberty, the flagship volume in this view, and, less centrally, The Subjection of Women provide impressive testimony for an individualistic way of life in terms of its contributions to social progress. Considerations on Representative Government examines means for institutionalizing an individualistic way of life. And Utilitarianism provides a basis for justifying an individualistic view of this social programme: more satisfaction of individual desires. But such an account, Mill's own assessment notwithstanding, would be unsatisfactory. (shrink)

The settler-colonial and republican principles of early U.S. politics tend to be studied as paradoxical ambitions of American nation-building. This article argues that early republican thought in the United States developed through what I call ‘ideological code-switching’, a vernacular practice that allowed popular actors to strategically vacillate between anti-colonial and neo-colonial discourses as complementary principles of revolutionary change. I illustrate these claims by tracing a genealogy of anti- and neo-colonial thought from the founding of the United States to its transnational (...) emergence in the U.S.-Mexico borderlands. I demonstrate that ideological code-switching first appeared as a rhetorical strategy among the Federalist debates, where Publius argued for the feasibility of expansionist republics via a hemispheric account of American exceptionalism. These appeals to hemispheric unity remained salient into the nineteenth century among groups like the ‘Republicans of ‘Nacogdoches’, a militia comprised of Indigenous, Mestizo, and White actors that mobilized an attack on Spain and founded the Republic of Texas in April of 1813. Drawing on archival research, I turn to the U.S.-Mexico borderlands as an example of the way marginalized groups instrumentalized links between anti- and neo-colonial politics to envision their position in the rapidly evolving landscapes of transnational revolution. (shrink)