The social discount rate – the rate at which future benefit flows from government investment are discounted to present value – has been a frequent subject of technical debate among professional economists. From a broader perspective, however, the selection of an appropriate rate enjoins consideration of questions that define the very contours of our public philosophy. It carries implicit assumptions about the nature of citizenship, the relation between public and private spheres, and, most singularly, the status of a political society (...) as it is located in time. A key determinant of intertemporal economic allocation, the social discount rate provides a unique registry of a polity's historical consciousness and perceptions of its intergenerational obligations. Yet the highly technical nature of the debate over the discount rate has proven inhospitable to scholars otherwise inclined to investigate its ethical dimensions. Some, notably A. K. Sen, have begun to address these philosophical issues, though much territory remains to be explored. (shrink)

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 ...

Though the revised edition of A Theory of Justice, published in 1999, is the definitive statement of Rawls's view, so much of the extensive literature on Rawls's theory refers to the first edition.

Do appeals to rights and/or interests of the members of future generations provide an adequate basis for an environmental ethic? Assuming that rights and interests are, semantically, individualistic concepts, I present an argument following Derek Parfit which shows that a policy of depletion may harm no existing individuals, present or future. Although this argument has, initially, an air of paradox, I showthat the argument has two intuitive analogues-the problem ofgenerating a morally justified and environmentally sound population policy and the problem (...) of temporal distance. These problems are shown both to resist solutions in individualistic terms and to embody difficulties similar to those raised by Parfit. Since utilitarianism and modem deontology are individualistic in nature, they cannot provide the basis for an adequate environmental ethic and they do not rule out policies such as that of depletion, which is clearly unacceptable environmentally. I dose with an exploratory but generally pessimistic assessment of the possibility that rights and interests can be reconstrued as nonindividualistic. (shrink)

This classic and controversial book examines the roots of the idea of virtue, diagnoses the reasons for its absence in modern life, and proposes a path for its recovery.

The sort of ethical theory derived from Aristotle, variously described as virtue ethics, virtue-based ethics, or neo-Aristotelianism, is becoming better known, and is now quite widely recognized as at least a possible rival to deontological and utilitarian theories. With recognition has come criticism, of varying quality. In this article I shall discuss nine separate criticisms that I have frequently encountered, most of which seem to me to betray an inadequate grasp either of the structure of virtue theory or of what (...) would be involved in thinking about a real moral issue in its terms. In the first half I aim particularly to secure an understanding that will reveal that many of these criticisms are simply misplaced, and to articulate what I take to be the major criticism of virtue theory. I reject this criticism, but do not claim that it is necessarily misplaced. In the second half I aim to deepen that understanding and highlight the issues raised by the criticisms by illustrating what the theory looks like when it is applied to a particular issue, in this case, abortion. (shrink)

Cost effectiveness. Economics. This is an introduction, accessible to non-economists as well as to economists, to the practice of cost benifit analysis. It begins from a discussion of financial appraisal. The distinguishing features of cost benifit analysis are then introduced progressively. Practical examples are used whenever possible to aid the exposition. Economic theory is introduced only where it is immediately relevant to practice. Nonetheless the approach is firmly grounded in economic principles and considerable space is devoted to those ideas that (...) are central to practical cost benefit analysis - shadow prices, consumers' surplus, and valuation of unmarked goods. The additional needs of economically trained readers are catered for by a number of appendices which relate the ideas expounded in the book to mainstream economic theory. (shrink)

Combining the methods of the modern philosopher with those of the historian of ideas, Knud Haakonssen presents an interpretation of the philosophy of law which Adam Smith developed out of - and partly in response to - David Hume's theory of justice. While acknowledging that the influences on Smith were many and various, Dr Haakonssen suggests that the decisive philosophical one was Hume's analysis of justice in A Treatise of Human Nature and the second Enquiry. He therefore begins with a (...) thorough investigation of Hume, from which he goes on to show the philosophical originality of Smith's new form of natural jurisprudence. At the same time, he provides an over all reading of Smith's social and political thought, demonstrating clearly the exact links between the moral theory of The Theory of Moral Sentiments, the Lectures on Jurisprudence, and the sociohistorical theory of The Wealth of Nations. This is the first full analysis of Adam Smith's jurisprudence; it emphasizes its normative and critical function, and relates this to the psychological, sociological, and histroical aspects which hitherto have attracted most attention. Dr Haakonssen is critical of both purely descriptivist and utilitarian interpretations of Smith's moral and political philosophy, and demonstrates the implausibility of regarding Smith's view of history as pseudo-economic or 'materialist'. (shrink)

The sort of ethical theory derived from Aristotle, variously described as virtue ethics, virtue-based ethics, or neo-Aristotelianism, is becoming better known, and is now quite widely recognized as at least a possible rival to deontological and utilitarian theories. With recognition has come criticism, of varying quality. In this article I shall discuss nine separate criticisms that I have frequently encountered, most of which seem to me to betray an inadequate grasp either of the structure of virtue theory or of what (...) would be involved in thinking about a real moral issue in its terms. In the first half I aim particularly to secure an understanding that will reveal that many of these criticisms are simply misplaced, and to articulate what I take to be the major criticism of virtue theory. I reject this criticism, but do not claim that it is necessarily misplaced. In the second half I aim to deepen that understanding and highlight the issues raised by the criticisms by illustrating what the theory looks like when it is applied to a particular issue, in this case, abortion. (shrink)

The essays collected in this volume reflect the many facets of the debate between communitarianism and individualism and examine its implications for the political arena. They cover a wide spectrum of thought and opinion and include work by Ronald Dworkin, Marilyn Friedman, David Gauthier, Amy Gutmann, Will Kymlicka, Alasdair MacIntyre, David Miller, Robert Nozick, John Rawls, Michael Sandel, Charles Taylor, and Michael Walzer.