This paper argues that the subsistence of the fundamental theorem of contemporary financial mathematics is the ethical concept ‘reciprocity’. The argument is based on identifying an equivalence between the contemporary, and ostensibly ‘value neutral’, Fundamental Theory of Asset Pricing with theories of mathematical probability that emerged in the seventeenth century in the context of the ethical assessment of commercial contracts in a framework of Aristotelian ethics. This observation, the main claim of the paper, is justified on the basis of results (...) from the Ultimatum Game and is analysed within a framework of Pragmatic philosophy. The analysis leads to the explanatory hypothesis that markets are centres of communicative action with reciprocity as a rule of discourse. The purpose of the paper is to reorientate financial economics to emphasise the objectives of cooperation and social cohesion and to this end, we offer specific policy advice. (shrink)

Cultural diversity and globalization bring about a tension between universal ethics and local values and norms. Simultaneously, the current globalization and the existence of an increasingly interconnected world seem to require a common ground to promote dialog, peace, and a more humane world. This article is the introduction to a special issue of the Journal of Business Ethics regarding these problems. We highlight five topics, which intertwine the eight papers of this issue. The first is whether moral diversity in different (...) cultures is a plausible argument for moral relativism. The second focuses on the possibility of finding shared values and virtues worldwide. The third topic deals with convectional universalistic ethical theories in a global world and the problems they present. Fourth, we consider the traditional natural moral law approach in the context of a global world. The last topic is about human rights, as a practical proposal for introducing universal standards in business. (shrink)

We first survey the Catholic social justice tradition, the foundation on which Caritas in Veritate builds. Then we discuss Benedict’s addition of love to the philosophical virtues (as applied to economics), and how radical a change that makes to an ethical perspective on economics. We emphasise the reality of the interpersonal aspects of present-day economic exchanges, using insights from two disciplines that have recognized that reality, human resources and marketing. Personal encounter really is a major factor in economic exchanges in (...) professional services, such as law and medicine. Finally, we examine the prospects for an economics of gratuitousness at a level higher than the individual, that is, for businesses devoted to social ends more than profit. -/- . (shrink)

One of the most common ancient moral teachings of considering oneself as equal with others is called the Golden Rule, which has long been the focus of different schools in time and world. This rule, as an important moral value and norm, by "adopting another perspective" (perspective_taking) causes the mutual understanding of individuals and is the cornerstone of other moral standards. . The implementation of this rule requires accurate knowledge of the needs, good and evil of others with one's own (...) conscience. In fact, to implement this rule, one must imagine oneself in another position, which causes a kind of epistemological-motivational empathy. The golden rule means "treat others as you would like to be treated" and the golden rule "do not like what others do not like for themselves" is explicitly or with different interpretations in Nahj al-Balaghah. This research uses a descriptive and analytical method and through the collection of library information to try to explain the different interpretations of the golden and silver rules in Nahj al-Balagheh. According to the results of this study, fairness, justice, compassion, identification of self-interests with others, forgiveness, meeting with different sections of society and self-discipline are among the conceptual forms of the golden rule in the words of Amir. (shrink)

Why should moral philosophers, moral psychologists, and machine ethicists care about computational complexity? Debates on whether artificial intelligence (AI) can or should be used to solve problems in ethical domains have mainly been driven by what AI can or cannot do in terms of human capacities. In this paper, we tackle the problem from the other end by exploring what kind of moral machines are possible based on what computational systems can or cannot do. To do so, we analyze normative (...) ethics through the lens of computational complexity. First, we introduce computational complexity for the uninitiated reader and discuss how the complexity of ethical problems can be framed within Marr’s three levels of analysis. We then study a range of ethical problems based on consequentialism, deontology, and virtue ethics, with the aim of elucidating the complexity associated with the problems themselves (e.g., due to combinatorics, uncertainty, strategic dynamics), the computational methods employed (e.g., probability, logic, learning), and the available resources (e.g., time, knowledge, learning). The results indicate that most problems the normative frameworks pose lead to tractability issues in every category analyzed. Our investigation also provides several insights about the computational nature of normative ethics, including the differences between rule- and outcome-based moral strategies, and the implementation-variance with regard to moral resources. We then discuss the consequences complexity results have for the prospect of moral machines in virtue of the trade-off between optimality and efficiency. Finally, we elucidate how computational complexity can be used to inform both philosophical and cognitive-psychological research on human morality by advancing the moral tractability thesis. (shrink)

This essay explores the correlation between shu 恕 and ren 仁 in Confucius’ teachings and its broader implications concerning the role of the golden rule. It first shows that whereas the golden rule is premised on equality between agent and recipient, Confucius’ correlation of shu with ren aims mainly at establishing a more solid foundation for the hierarchy-specific duty of the ruler to care for the ruled. It thus reveals that this conflict arises from the golden rule’s incompatibility with asymmetrical (...) relationships, a long-standing issue concerning its validity as a moral axiom. It then addresses this conflict by demonstrating that the golden rule can effectively function in conformity with humanity even in asymmetrical relationships by way of inducing an agent’s viewpoint to shift from existing sociopolitical asymmetry to one-to-one human equality. On this basis, lastly, it examines the concurrence of the ideas of shu, human nature, and ren in ancient China. (shrink)

A number of philosophers from Hobbes to Mill to Parfit have held some combination of the following views about the Golden Rule: (a) It is the cornerstone of morality across many if not all cultures. (b) It affirms the value of moral impartiality, and potentially the core idea of utilitarianism. (c) It is immune from evolutionary debunking, that is, there is no good naturalistic explanation for widespread acceptance of the Golden Rule, ergo the best explanation for its appearance in different (...) traditions is that people have perceived the same non-natural moral truth. De Lazari-Radek and Singer employ all three of these claims in an argument meant to vindicate Sidgwick's ‘principle of universal benevolence’. I argue that the Golden Rule is the cornerstone of morality only in Christianity, it does not advocate moral impartiality, and there is a naturalistic explanation for why versions of the Golden Rule appear in different traditions. (shrink)

Moral relativism is an important topic in metaethics. It is also widely discussed outside philosophy (for example, by political and religious leaders), and it is controversial among philosophers and nonphilosophers alike. This is perhaps not surprising in view of recent evidence that people's intuitions about moral relativism vary widely. Though many philosophers are quite critical of moral relativism, there are several contemporary philosophers who defend forms of it. These include such prominent figures as Gilbert Harman, Jesse J. Prinz, J. David (...) Velleman and David B. Wong. The term ‘moral relativism’ is understood in a variety of ways. Most often it is associated with an empirical thesis that there are deep and widespread moral disagreements and a metaethical thesis that the truth or justification of moral judgments is not absolute, but relative to the moral standard of some person or group of persons. Sometimes ‘moral relativism’ is connected with a normative position about how we ought to think about or act towards those with whom we morally disagree, most commonly that we should tolerate them. (shrink)

It is possible and thereby feasible to develop and implement a pragmatic methodology for a preemptive evidentiary system of ‘Paraphysical Jurisprudence’ for mediating the occurrence of massacres. A required comprehensive completion and formalizing of the tools of epistemology (theory of knowledge) already exists and has been tested both ecumenically and scientifically. The evolution of epistemology has followed the historical progression from myth and superstition to logic and reason to empiricism and now finally to the utility of ‘transcendence’ as a tool (...) in knowledge acquisition. An inspiring example from popular culture is illustrated in the 2002 Hollywood film noir “Minority Report” designed by its director to present a ‘plausible future world’ for the year 2054 wherein an elaborate ‘Precrime Unit’ is tested to prevent murder by utilizing a trio of ‘precogs’ bathed in a ‘photonic milk’ able to presciently predetermine impending occurrences of homicide for which the Precrime Police Unit then intervenes to prevent. Disdain for a putative so-called scientific metaphysics by natural philosophers is deeply rooted in modern pragmatic societies; perhaps rightly so as consistency, credibility and lack of a comprehensive theory has been heretofore emphatically lacking. In addition to the major problem of repeatability is the perceived distinction between domains of the physical and so-called ‘spiritual’ as mutually exclusive. In this work a strong case is made for the rigorous viability and near term putative implementation of a system of paraphysical jurisprudence drawing on the utility of a panoply of concepts. The remaining question is when does feasible become practical in the face of a steady increase in the heinous massacre of innocents? (shrink)

The phenomenon of globalization of markets has been accompanied by calls for a globalization of ethical norms. One principle often referred to in such calls is the so-called Golden Rule. The rule, often stated as Do unto others as you would have others do unto you, has long been used and referenced in the business literature. But those who use it often do so without full realization of the rule itself and what it stands for. This paper examines the history, (...) meaning, and problems of the rule and attempts to show, through a case analysis, how these problems surface when using the rule in a business context. In so doing it attempts to clarify exactly what the rule means and how it can fit into a universal code of morality. (shrink)

The purpose of this paper is to discuss the role of financial practice in the development of mathematics as applied in human judgement. The basis of the paper is in historical research from the 1990s that argues that the monetisation of western commerce, which abstracted value into quantified price, was synthesised with scholastic analysis resulting in a “mathematical mechanistic world picture” that led to the widespread use of mathematics in science from the seventeenth century. An aspect of this process was (...) the quantification of chance that led to the development of mathematical probability, the branch of mathematics most relevant to judgement and the focus of this paper. Ideas from this historical research are related to the fundamental theorem of asset pricing, the foundational theory of contemporary financial mathematics. The paper observes that vestiges of medieval scholastic attitudes to financial ethics can be discerned in the FTAP, offering a novel interpretation of the mathematical theorem. The paper then considers the Dutch book argument, the most popular justification for subjective probability. The paper’s main contribution is in describing the significance of financial practice in validating the DBA and the paper explains how the FTAP addresses some criticisms of how the DBA represents beliefs. The conclusions emphasise the distinction between pure and practical reasoning and that this should be mirrored in a distinction between the mathematics of physica and practica. This point is important as mathematics is becoming more widespread in modelling, and directing, social systems. (shrink)

Examples from Archimedes, Galileo, Newton, Einstein, and others suggest that fundamental laws of physics were—or, at least, could have been—discovered by experiments performed not in the physical world but only in the mind. Although problematic for a strict empiricist, the evolutionary emergence in humans of deeply internalized implicit knowledge of abstract principles of transformation and symmetry may have been crucial for humankind's step to rationality—including the discovery of universal principles of mathematics, physics, ethics, and an account of free will that (...) is compatible with determinism. (shrink)

I aim to show how Confucian philosophy can contribute to the contemporary resurgence of virtue ethics education by arguing that it has the resource to address a lacuna in Aristotelian ethics. Aristotelian ethics, which is arguably the main resource of contemporary virtue ethics, lacks a virtue that corresponds to the notion of loving each person as one’s self or the Golden Rule. To be more precise, Aristotelian ethics has no virtue about loving all people as one’s self, although philia comes (...) close but is precisely limited because it lacks universality. However, I believe that Dai Zhen’s interpretation of the Confucian virtues of shu and zhong does have this universal scope which philia lacks. For Dai, the ground for loving another is not any characteristic that a particular group of people have in common, such as, in the case of philia, being virtuous. Rather, the ground is universal human nature itself. (shrink)

Pricing policies and fair-trade practices are critical for sustaining commercial relationships between firms and customers. Nevertheless, in current business practices, fairness has been mistakenly reduced to a minimalistic ethic wherein justice only demands legal and explicit norms to which commercial parties voluntarily agree. Aimed at giving a different explanation of commercial agreements, this paper will introduce a Virtue Ethics (VE) explanation of the relationship between pricing and the common good by taking up classical concepts related to justice in commerce. In (...) particular, we will explore three principles associated with the notion of fairness in commerce as defined in Neo-Aristotelian ethics towards a relationship between a common good and justice in pricing, i.e., proportionality, benevolence and well-being. To exemplify how these criteria of justice apply to decision-making in commercial practices, we will discuss several cases of fair and unfair commercial relationships. (shrink)

Humanistic management emphasises the importance of respecting humanity in and through meaningful work within organisations. In this paper we introduce a Levinasian approach to organising. Levinas argues that the Other appeals to us and allows us to take responsibility towards the Other – i.c. an employee, a customer, a supplier, etcetera. In this article our focus is on employees. By taking the Other as a starting point of his reflections, Levinas helps to transform the organisation and management of work and (...) humans in business organisations. Based on the concept of alterity and becoming susceptible to the appeal that comes to us through what Levinas refers to as the ‘face of the Other’, we argue that the philosopher calls for ‘an agapeic turn’ to management and organisation. This turn means that the focus on the well-being of the employee – and the needs, interests, ideas, and expectations as perceived by him or her – should be at the core of organising. As a result, this paper calls for an increased focus on self-determination and self-organisation to allow the Other both voice and control over her or his behaviour, actions and contributions to the outputs and outcomes of one’s organisational unit. Through our focus on a Levinas approach, we concretize and deepen the traditional understanding of agape, making it more relevant to our functioning in a business setting. As a result, agape is introduced as an analytical concept that guides the structuring and the effectuation of human interaction in and through organisations. (shrink)

Based on an analysis of a landmark case Lim Mey Lee Susan v Singapore Medical Council in Singapore where a doctor was professionally disciplined for over-charging a wealthy patient, a judgement upheld by the Singapore High Court, this paper will discuss the notion of an ‘ethical price’ (EP) and its determination with respect to the provision of healthcare services. It will first examine the limitations of a legal approach for setting an ethical limit to pricing. From there, it will argue (...) that Confucian philosophy provides a useful ethical framework to explore EP, with focus on the context of Singapore. The following question is addressed: What is an ethical pricing standard for medical practice from a Confucian perspective? The strengths and limitations of a Confucian value base as regards the determination of an objective EP will be analysed through an examination of the shortcomings of the doctor’s behaviour in the Susan Lim case as well as other case scenarios. The paper will conclude with some practical suggestions on how Confucian-based ideas can be applied to decision-making on pricing and the importance of this for medical professionalism and ethics teaching. (shrink)

Japanese rank among the least likely to intervene to help a stranger in a non-emergency situation while Americans rank among the most likely. Across four studies, we demonstrate that Japanese are less likely to offer help to strangers because their decisions rely more heavily on the assessment of the needs of others. Accordingly, when there is uncertainty about the need for help, Japanese are less likely to intervene than Americans because without an understanding of the needs of recipient, the impact (...) of intervention may also be harmful. When the situation is unambiguous, Japanese and Americans are equally likely to help. This divergence in readiness to help strangers elaborates the understanding of why people in Japanese contexts are more likely than those in United States contexts to attend to the situation and to avoid uncertain situations. It also illuminates cultural differences in models of agency—implicit understandings of when and why a person should act to aid another. (shrink)

The Golden Rule is endorsed in oneform or another by most cultures and majorreligions and is still espoused byphilosophers, business ethicists, and popularbusiness authors. Because it also resonateswith undergraduate business majors, it can bean effective teaching tool. This paperdescribes a way of teaching the Golden Rulethrough a series of business-oriented examplesintended to bring out its strengths andweaknesses. The method described alsointroduces students to some basic moralreasoning skills and acquaints them with a widerange of moral issues that arise in business. Kant's (...) Formula of Humanity is discussed in thefinal section as a principle that overcomes atleast some of the Golden Rule's defects. (shrink)