While lecturing on the philosophy of history at the University of Berlin, Hegel was asked by a student if the United States ought to be considered the country of the future. Obviously irritated, he answered: “As the country of the future, America does not concern me … Philosophy deals with the eternal, or with reason, and with that there is enough to do.” In his famous lecture on science as a vocation, addressed to students at the University of Munich at (...) the end of the First World War, Max Weber responded to insistent questions on his views as to the future of Germany: “The classroom is neither for demagogues nor for prophets.”. (shrink)

This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as (...) helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making. (shrink)

A bold new interpretation of Aristotelian thought is central to Bernard Yack's provocative new book. He shows that for Aristotle, community is a conflict-ridden fact of everyday life, as well as an ideal of social harmony and integration. From political justice and the rule of law to class struggle and moral conflict, Yack maintains that Aristotle intended to explain the conditions of everyday political life, not just, as most commentators assume, to represent the hypothetical achievements of an idealistic "best regime." (...) By showing how Aristotelian ideas can provide new insight into our own political life, Yack makes a valuable contribution to contemporary discourse and debate. His work will excite interest among a wide range of social, moral, and political theorists. (shrink)

In a recent discussion of Amartya Sen's concept of the capabilities of people for functioning in their society – and the idea of targeting people's functioning capabilities in evaluating the society – G. A. Cohen accuses Sen of espousing an inappropriate, ‘athletic’ image of the person (Cohen, 1993, pp. 24–5). The idea is that if Sen's formulations are to be taken at face value, then life is valuable only so far as people actively choose most facets of their existence: if (...) they fare well in the material stakes, for example, they must fare well as a result of active choice and effort, not because anyone else looks after them. ‘That’, says Cohen, ‘overestimates the place of freedom and activity in well-being’ (p. 25). (shrink)