The argument of the "Invisible Hand" is that the system of free enterprise benefits society in general even though it is not the aim of any particular economic agent to do that. This article proposes an analysis of why this is so. The key is that the morality of the market forbids only force and fraud; it does not require people to do good to others. Nevertheless, when all transactions are voluntary to both parties, that is exactly what we can (...) expect to happen. This is both because the sum of the benefits of innumerable transactions, which are beneficial to both parties, is very great, but also and especially because of Positive Externalities. People use the particular products and services they get in market exchanges in ways that benefit others in ways not at all foreseen by the agents to those transactions at the time. These externalities range from the benefits of invention and ingenuity to the exercise of charity and philanthropy, all of which flourish in developed capitalist societies. (shrink)

Thomas Nagel addresses the conflict between the claims of the group and those of the individual. Nagel attempts to clarify the nature of the conflict – one of the most fundamental problems in moral and political theory – and argues that its reconciliation is the essential task of any legitimate political system.

v. 1. Editorial introduction -- v. 2. The English and Latin texts (i) -- v. 3. The English and Latin texts (ii).

Winner of the 1975 National Book Award, this brilliant and widely acclaimed book is a powerful philosophical challenge to the most widely held political and social positions of our age--liberal, socialist, and conservative.

Though the Revised Edition of A Theory of Justice, published in 1999, is the definitive statement of Rawlsıs view, so much of the extensive literature on ...

Is morality rational? In this book Gauthier argues that moral principles are principles of rational choice. He proposes a principle whereby choice is made on an agreed basis of cooperation, rather than according to what would give an individual the greatest expectation of value. He shows that such a principle not only ensures mutual benefit and fairness, thus satisfying the standards of morality, but also that each person may actually expect greater utility by adhering to morality, even though the choice (...) did not have that end primarily in view. In resolving what may appear to be a paradox, the author establishes morals on the firm foundation of reason. Gauthier's argument includes an account of value, linking it to preference and utility; a discussion of the curcumstances in which morality is unnecessary; and an application of morals by agreement to relations between peoples at different levels of development and different generations. Finally, he reflects on the assumptions about individuality and community made by his account of rationality and morality. (shrink)

Thomas Hobbes took a new look at the ways in which society should function, and he ended up formulating the concept of political science. His crowning achievement, Leviathan, remains among the greatest works in the history of ideas. Written during a moment in English history when the political and social structures as well as methods of science were in flux and open to interpretation, Leviathan played an essential role in the development of the modern world. This edition of Hobbes' landmark (...) work is based on the original text. It incorporates the author's own corrections and retains the period spelling and punctuation, offering both flavorful authenticity and the utmost clarity of expression. (shrink)

The conception of social relationships as contractual lies at the core of our ideology. Indeed, that core is constituted by the intersection of this conception with the correlative conceptions of human activity as appropriate and of rationality as utility-maximizing. My concern is to clarify this thesis and to enhance its descriptive plausibility as a characterization of our ideology, but to undermine its normative plausibility as ideologically effective.

This was the first cross-over book into the history of science written by an historian of economics. It shows how 'history of technology' can be integrated with the history of economic ideas. The analysis combines Cold War history with the history of postwar economics in America and later elsewhere, revealing that the Pax Americana had much to do with abstruse and formal doctrines such as linear programming and game theory. It links the literature on 'cyborg' to economics, an element missing (...) in literature to date. The treatment further calls into question the idea that economics has been immune to postmodern currents, arguing that neoclassical economics has participated in the deconstruction of the integral 'self'. Finally, it argues for an alliance of computational and institutional themes, and challenges the widespread impression that there is nothing else besides American neoclassical economic theory left standing after the demise of Marxism. (shrink)

In this book G. A. Cohen examines the libertarian principle of self-ownership, which says that each person belongs to himself and therefore owes no service or product to anyone else. This principle is used to defend capitalist inequality, which is said to reflect each person's freedom to do as as he wishes with himself. The author argues that self-ownership cannot deliver the freedom it promises to secure, thereby undermining the idea that lovers of freedom should embrace capitalism and the inequality (...) that comes with it. He goes on to show that the standard Marxist condemnation of exploitation implies an endorsement of self-ownership, since, in the Marxist conception, the employer steals from the worker what should belong to her, because she produced it. Thereby a deeply inegalitarian notion has penetrated what is in aspiration an egalitarian theory. Purging that notion from socialist thought, he argues, enables construction of a more consistent egalitarianism. (shrink)

This seminal work by political philosopher C.B. Macpherson was first published by the Clarendon Press in 1962, and remains of key importance to the study of liberal-democratic theory half-a-century later. In it, Macpherson argues that the chief difficulty of the notion of individualism that underpins classical liberalism lies in what he calls its "possessive quality" - "its conception of the individual as essentially the proprietor of his own person or capacities, owing nothing to society for them." Under such a conception, (...) the essence of humanity becomes freedom from dependence on the wills of others; society is little more than a system of economic relations; and political society becomes a means of safeguarding private property and the system of economic relations rooted in property. As the New Statesman declared: "It is rare for a book to change the intellectual landscape. It is even more unusual for this to happen when the subject is one that has been thoroughly investigated by generations of historians.... Until the appearance of Professor Macpherson's book, it seemed unlikely that anything radically new could be said about so well-worn a topic. The unexpected has happened, and the shock waves are still being absorbed." A new introduction by Frank Cunningham puts the work in a twenty-first-century context. (shrink)