We address the most fundamental yet routinely ignored issue in economics today: that of distributive impact of the monetary system on the real economy. By re-examining the logical implications of token re-presentation of value and Irving Fisher’s theory of exchange, we argue that producers of value incur incidental expropriation of wealth associated with the deflationary effect that new value supply has on the purchasing power of money. In order to remedy the alleged inequity we propose a value-added negative tax (...) (VANT) based on net individual contribution to the economic output, which is structured as a negative tax function geared to profits derived from eligible productive activities in consideration of their estimated deflationary impact. We show that an adequately optimised VANT can be non-inflationary and have zero net cost to the public. Furthermore, economic output stands to improve due to direct incentivisation of value creation, making the proposed scheme not only politically feasible but economically desirable. The proposal advances the principle of ‘fair money’, where all forms of economic value are attributed to their rightful owners prior to any positive taxation. (shrink)

Effective altruists recommend that we give large sums to charity, but by far their more central message is that we give effectively, i.e., to whatever charities would do the most good per dollar donated. In this paper, I’ll assume that it’s not wrong not to give bigger, but will explore to what extent it may well nonetheless be wrong not to give better. The main claim I’ll argue for here is that in many cases it would be wrong of you (...) to give a sum of money to charities that do less good than others you could have given to instead, even if it would not have been wrong of you not to give the money to any charity at all. I assume that all the charities under discussion here do positive good overall, do not cause harm, do not infringe rights, etc. What makes my main claim here particularly interesting is that it is inconsistent with what appears to be a fairly common assumption in the ethics of giving, according to which if it is not wrong of you to keep some sum of money for yourself, then it is likewise not wrong of you to donate it to any particular charity you choose. Roughly: if it’s up to you whether to donate the money, it’s also up to you where to donate the money. I challenge this common assumption. (shrink)

A long-standing puzzle for moral philosophers and psychologists alike is the concept of psychopathy, a personality disorder marked by tendencies to defy moral norms despite cognitive knowledge about right and wrong. Previously, discussions of the moral deficits of psychopathy have focused on willingness to harm and cheat others as well as reasoning about rule-based transgressions. Yet recent research in moral psychology has begun to more clearly define the domains of morality, en- compassing issues of harm, fairness, loyalty, authority, and spiritual (...) purity. Clinical descriptions and theories of psychopathy suggest that deficits may exist primarily in the areas of harm and fairness, although quantitative evidence is scarce. Within a broad sample of participants, we found that scores on a measure of psychopathy predicted sharply lower scores on the harm and fairness subscales of a measure of moral concern, but showed no relationship with authority, and very small relationships with ingroup and purity. On a measure of willingness to violate moral standards for money, psychopathy scores predicted greater willingness to violate moral concerns of any type. Results are further explored via potential mediators and analyses of the two factors of psychopathy. (shrink)

Duties to reduce global poverty are often portrayed as collective duties to assist. At first glance this seems to make sense: since global poverty is a problem that can only be solved by a joint effort, the duty to do so should be considered a collective duty. But what exactly is meant by a ‚joint‘ or ‚collective‘ duty? This paper introduces a distinction between genuinely cooperative and cumulative collective actions. Genuinely cooperative actions require mutually responsive, carefully adjusted contributory actions by (...) cooperating agents, while contributions to cumulative actions are largely independent. The global affluent’s obligation to combat global poverty is not an obligation to perform a genuinely cooperative action. Instead, for most of us the morally best response is to contribute to existing cumulative endeavours. Our obligation to donate money to suitable organisations is a duty to contribute to cumulative action. Collective actions can produce fixed-sum or incremental goods. A collective obligation to produce a fixed-sum good is not distributive, that is, it is an obligation of the plurality of agents as such. This applies to obligations requiring both genuinely cooperative and cumulative actions. I call these kinds of obligations strongly collective obligations. However, for incremental goods the implications are less clear. There, the parameters for moral compliance are not dictated by problem for remedy as such. Rather, the magnitude of the required good is the sum of individually adequate contributions. What is collectively required depends on what is individually required. I propose to call these kinds of obligations weakly collective obligations. It turns out that we – the affluent – have a collective obligation to combat global poverty only in the weak sense. The obligation is collective in the sense that there is joint necessity and that we must contribute to a collective endeavour. Our donations are intended as contributions to a shared goal. But our duty to combat poverty is not a collective duty in the non-distributive, strong sense. This means that we need not necessarily take up the slack left by others or else stop contributing when others do more than their fair share. (shrink)

The paper presents the findings of ethnographic research and a survey of a Local Exchange Trading Scheme in North-East London and asks the question of whether the scheme delivers on the aims and objectives of its members. The research found that whilst its members express a strong politically motivated desire for an alternative to the prevailing economic system, the LETS scheme falls short of delivering on those ambitions. The findings raise the question of whether there is anything intrinsic to this (...) form of local community currency that leads it to be more inclusive, egalitarian and fair. (shrink)

This chapter discusses major theories of domestic justice in the context of South African Constitutional, statutory and case law. It begins by considering when it is permissible for legislators to restrict civil liberty. South Africa's Parliament has criminalised prostitution, liquor sales on Sundays and marijuana use, actions that few liberals would say should be illegal. However, South African law permits abortion, gambling and homosexual relationships, which many conservatives would criminalise. Is there any deep inconsistency here? Should South Africa become more (...) liberal or less? Then, this essay takes up the issue of the way the law ought to govern the distribution of personal property such as houses, TVs and money. Is it permissible for the state to force those who have acquired wealth without using force or fraud to give some of it to those with less? Libertarians say that it is not permissible, while redistributivists say that it is. If the latter are correct, are wealthy South Africans giving their fair share, and is the South African state redistributing it in the right way? Next, the discussion considers whether the law should protect private property, something that capitalists affirm and socialists deny. Despite its socialist disposition before the end of apartheid, the ANC has decisively promoted private ownership of the means of production. Has this been appropriate? Is there a 'third way' between the communism of the East and the capitalism of the West that South Africa should pursue? The chapter concludes by providing a brief summary of the use of legal coercion in the new South Africa along with readings for further consideration. (shrink)

Must privacy and freedom of expression conflict? To witness recent debates in Britain, you might think so. Anything other than self-regulation by the press is met by howls of anguish from journalists across the political spectrum, to the effect that efforts to protect people’s privacy will threaten press freedom, promote self-censorship and prevent the press from fulfilling its vital function of informing the public and keeping a watchful eye on the activities and antics of the powerful.[Brown, 2009, 13 January]1 Effective (...) protections for privacy, from such a perspective, inevitably pose a threat to democratic government via the constraints that they place on the press. Such concerns with privacy must be taken seriously by anyone who cares about democratic government, and the freedom, equality and wellbeing of individuals. But if it is one thing to say that privacy and freedom of expression cannot always be fully protected, it is another to suppose that protections for the one must always come at the expense of the other. After all, the economics of contemporary politics and journalism would seem to be partly responsible for our difficulties in protecting personal privacy while sustaining robust and informative forms of public discourse. [Moore, 2010, 10 -141]2 Most newspapers are loss-making businesses and the need to reduce those losses and, if possible, to turn a profit, make investigative journalism an increasingly expensive proposition as compared to both “comment” and more or less elevated forms of gossip. At the same time, politics has increasingly become the prerogative of a narrow group of people with access to the large sums of money necessary successfully to compete for high office. In those circumstances, the need for critical scrutiny is as important as it is difficult. Revising our ideas about privacy and its protection cannot alone reduce the tensions between freedom of expression and personal privacy typical of our societies, necessary though such revision may be. Moreover, this paper can only touch on some aspects of the ways in which we need to rethink our interests in privacy, in order adequately to reflect people’s diverse interests in freedom of expression, and the important role of a free press to democratic government. Nonetheless, I hope to suggest ways of thinking about people’s claims to privacy which can be generalised fairly readily, and can help us to think constructively about the nature, causes and solutions to some important social and political problems, even if, in its nature, philosophical analysis rarely tells us what to do. More specifically, this paper argues that people are entitled to keep some true facts about themselves to themselves, should they so wish, as a sign of respect for their moral and political status, and in order to protect themselves from being used as a public example in order to educate or to entertain other people. The “outing” - or non-consensual public disclosure - of people’s health records or status, or their sexual behaviour or orientation is usually unjustified, even when its consequences seem to be beneficial. Indeed, the paper claims, the reasons to reject outing, as inconsistent with democratic commitments to freedom and equality, are reasons to insist on the importance of privacy to freedom of expression. While a free press is of the utmost importance to democratic government, it is not identical with the free expression of individuals and, on occasion, the former may have to be constrained in order to protect the latter. [Barendt, 2007, 231]. Hence, the paper concludes, we should distinguish the claims of individuals to publish reports about their lives – even if this necessarily involves revealing the private lives of others – from journalistic claims to publish information about the sex lives of consenting adults. I will start by briefly situating my argument within a democratic approach to privacy, before using the “outing” of Oliver Sipple to examine people’s claims to privacy and their implications for freedom of expression and of the press. I will be assuming that some forms of privacy are legitimate, in order to focus more closely on the question of what information, if any, people may keep to themselves. (shrink)

During the current financial crisis, the need for an alternative to a laissez-faire ethics of capitalism (the Milton Friedman view) becomes clear. I argue that we need an order ethics which employs economics as a key theoretical resource and which focuses on institutions for implementing moral norms. -/- I will point to some aspects of order ethics which highlight the importance of rules, e.g. global rules for the financial markets. In this regard, order ethics (“Ordnungsethik”) is the complement of the (...) German conception of “Ordnungspolitik” which also stresses the importance of a regulatory framework. This framework is needed not to tame the market, but to make it more profitable in the long run. -/- The conception of order ethics relies heavily on contractarianism, especially on James Buchanan’s work. Unlike many other conceptions of ethics, it does not start with an aim to achieve, but rather with an account of what the social world – in which ethical norms have to be implemented – is like. Our social world is different from the pre-modern one. Pre-modern societies played zero-sum games in which people could only gain significantly at the expense of others. And the types of ethics that we are still used to today have been developed within these pre-modern societies. -/- Modern societies, by contrast, can be characterised – by economists and other social theorists alike – as societies with continuous growth. This growth has only been made possible by the modern competitive market economy which enables everyone to pursue his own interests within a carefully devised institutional system. In this system, positive sum games are played, which makes it in principle possible to improve the position of every individual at the same time. Most kinds of ethics, however, resulting from the conditions of pre-modern societies, ignore the possibility of win-win-situations and instead require us to be moderate, to share, to sacrifice, as this would have been functional in zero-sum games. These conceptions distinguish – in more or less strict ways – between self-interest and altruistic motivation. Self-interest, more often than not, is ultimately seen as something evil. -/- Such an ethics cannot be functional in modern societies. Ethical concepts lag behind. Within zero-sum games, it was necessary to call for temperance, for moderate profits, or for a condemnation of lending money at interest. Within positive-sum games, however, the morally desired result of a social process cannot be brought about by changes in motivation, by switching from ‘egoistic’ to ‘altruistic’ motivation. The second theoretical element introduced by order ethics is the distinction between actions and rules, which was already mentioned. Traditional ethics concerns actions: It calls directly for changes in behaviour. This is a consequence of pre-modern conditions as reconstructed before: People in the pre-modern world were only able to control their actions, not so much however the conditions of their actions. In particular, rules like laws, constitutions, social structures, the market order, and also ethical norms have remained stable for centuries. In modern societies, this situation has changed entirely. The rules governing our actions have increasingly come under our control. -/- In this situation, ethics has to focus on rules. Morality must be incorporated in incentive-compatible rules. Direct calls for changes in behaviour without changes in the rules lead only to an erosion of compliance with moral norms. Individuals that continue to behave ‘morally’ will be singled out, because the incentives have not been changed. Moral norms which are to be justified cannot require people to abstain from pursuing their own advantage. People abstain from taking ‘immoral’ advantages only if adherence to ethical norms yields greater benefits over the planned sequence of actions than defection in the single case. Thus ‘abstaining’ is not abstaining in the long run, it is rather an investment in expectations of long-term benefits. By adhering to ethical norms, I become a reliable partner for interactions. The norms do indeed constrain my actions, but they simultaneously expand my options in interactions. And people consent to rules only if these rules hold greater advantages for them, at least in the long run. -/- In general, ethics cannot require people to abandon their individual calculation of advantages. However, it may suggest improving one’s calculation, by calculating in the long run rather than in the short run, and by taking into account the interests of our fellows, as we depend on their acceptance for reaching an optimal level of well-being, especially in a globalized world full of interdependence. -/- The problem of implementation can now be placed at the beginning of a conception of order ethics, justified with reference to the conditions of modern societies I have sketched. Under the conditions of pre-modern societies, an ethics of temperance had evolved that posed simultaneously the problems of implementation and justification. The implementation of well-justified norms or standards could then be regarded as unproblematic, because the social structures allowed for a direct face-to-face enforcement of norms. Pre-modern societies not only favored an ethics of temperance, they also had the instrument of face-to-face-sanctions within their smaller and non-anonymous communities. This instrument is no longer functional in modern anonymous societies, and so we have to face up to the problem of implementation right at the start of our ethical conception. Simultaneously, an order ethics relies on the implementation of sanctions for enforcing incentive-compatible rules. In modern societies, rules and institutions, to a large extent, must fulfil the tasks that were, in pre-modern times, fulfilled by moral norms, which in turn were sanctioned by face-to-face sanctions. Norm implementation in modern societies thus works by setting adequate incentives in order to prevent the erosion of moral norms, which would happen if ‘moral’ actors were systematically threatened with exploitation by other, less ‘moral’ actors. -/- This conception of order ethics is then elaborated further in the area of business ethics. -/- . (shrink)

Palawan is a land of promise, and of paradox. On maps, it appears on the edge of the Philippines, isolated. Indeed, it is a kind of last frontier. Its population remained tiny for centuries, the government offering homestead land in the 1950s practically for free to attract migrants from outside. The Palawan State University was established by law in 1965, but did not become operational until 1972. A commercial airport did not exist until the 1980s, and for many years, flights (...) were limited. Yet Palawan is one of the oldest sites of human habitation in the Philippines with the famous Tabon Cave human fossils. The oldest bone fragment here has been dated to be about 47,000 years. We know, too, that trade with China goes back several centuries. Today, Palawan seems to be making up for lost time with new commercial investments pouring in at breakneck speed. In particular, outsiders have rediscovered its potentials around logging, mining, fisheries, and tourism. This has caused concern among individuals and civil society organizations who want sustainable development, and see the commercial developments mainly as extractive, not just of natural resources but of the human. There’s very cheap labor available. And when potential investors marvel about cheap land, they’re actually talking about displacing earlier settlers, including indigenous people, from their lands. A subtle but still insidious aspect of the exploitation of human resources is a transformation of the very concept of human development. Using the rhetoric of modernity, residents in Palawan are reorienting the way they view themselves as well as their families and friends. The value of a human being now hinges on how they look, and the desired appearance is defined from the outside, as we see in this anthology of research reports coming from the Chemical Youth project of the University of Amsterdam and the University of the Philippines Diliman. We read about the importance of fair skin as a projection of cleanliness, of high social status (meaning someone not engaged in manual labor and therefore not exposed to the sun). We read of how “femininity” is defined around body contours, and cosmetics, and how hormones are used by male-to-female transgenders. We go beyond the visual, reading about the importance of controlling or enhancing body odors among tour guides, who interestingly are especially concerned about the bad odor management of their foreign customers, using car perfumes to keep their work manageable and we learn how difficult it is for security guards to stay alert during their long shifts. Energy drinks and cigarettes help them perform their duties. All these transformations through what the French philosopher and historian Michel Foucault has called “technologies of the self” are as paradoxical as Palawan. On the surface, the products—which are technologies—seem to be mainly in the realm of the self but are, in reality, pushed, through marketing, from the outside, in contexts of inequality and exploitative labour relations. Personal aspirations are not personal but are for predefined standards of modernity, related to work-related demands and expectations. The self must be made presentable to the tourist, to the customers in malls, and to those who may threaten the properties that young people protect. It is not surprising that these transformations become problematic for the “self.” The skin whiteners, the hormones, the body deodorants, and the energy drinks are expensive and can distort budgetary priorities. The money for tonic drinks, for example, could well go into more nutritious food. The tragedy, too, many of the products used are of doubtful safety and efficacy. Even the energy drinks have much too high levels of caffeine that can cause cardiac palpitations. Cosmetics and the skin whiteners imported from China and unregistered with the Food and Drug Administration may contain toxic chemicals like mercury. But even registered skin whiteners can be problematic, their so-called “skin-whitening effect” coming about because they take away the upper layers of the skin, leaving behind a red glow (seen as “whitening”) which is actually inflammation. The whitened skin fails to protect against the sun, leading to adverse effects such as black spots. Ultimately though, the problems come with the very definition of the self. As the reports show, young people use the chemicals with some ambivalence, knowing how expensive they are and experiencing some of the undesirable side effects. There is, too, doubt about whether what they’re doing is indeed “good,” captured by how IP women will put on cosmetics only when they’re away from home and about to go to work. The cosmetics have to be removed before they return home because they are not socially acceptable. The research reports are not for Palawan alone. It must make us more critical and discerning as we revisit concepts of development and exploitation, modernity and tradition, self and community. The chemicals, in many ways, are like the products used in precolonial barter trade. For the Chinese, the beeswax and the sea cucumbers, for the inhabitants of Palawan the ceramics, represented faraway lands. To have those products gave prestige. Today, the skin whiteners and tonic drinks and other chemicals described in this anthology represent modernity with promises of not just of a more attractive self, but of better jobs, a better life. We are proud to have worked with the Palawan State University, and the people of Palawan, to gather powerful narratives that will now challenge the outside, the purveyors of modernity, to be more critical and discerning, the chemicals now to be seen not just as stuff applied to the biological body, but as powerful shapers of social bodies. (shrink)

Science fiction has served the film industry like a dreamy stepchild. It gets only scant accolades from its master but must do heavy lifting: that is, make money. While science-fiction films often emphasize spectacle and action, they also inspire philosophical contemplation. Why? Science fiction, dating back to Shelley and Verne, came into existence speculating about humanity's social and physical worlds. Many books and articles over the past several years discuss the philosophical issues that films raise. One fairly new school (...) of thought, "posthumanism," explicitly deriving from postmodernism, with touches of critical theory, has seized on science-fiction movies as support for its theorizing. This volume and its 42 authors from film theory, science and technology studies, literary criticism, media studies, and philosophy, offer an array of posthumanist scholarship. (shrink)

Three recent research reports by Topping and Trickey, by Fair and colleagues, and by Gorard, Siddiqui and Huat See have produced data that support the conclusion that a Philosophy for Children program of one-hour-per-week structured discussions has a marked positive impact on students. This article presents data from a follow up study done three years after the completion of the study reported in Fair et al.. The data show that the positive gains in scores on the Cognitive Abilities (...) Test were still present and had not faded after three years. Given the strength of these confirmations of the positive durable impact of the P4C program of structured discussions and given the relatively low cost of implementing the P4C program, it is recommended that it become a standard part of the school curriculum. (shrink)

In this article I explore two accounts of the Fallacy of Many Questions made famous by the question "Have you stopped beating your wife?" The accounts are from the works of Lennart Aqvist and Noel Belnap, and the two authors differ in their accounts of the fallacy. Then I give my own account based on understanding a facet of erotetic logic, i. e., the logic of questions.

The joy and significance of serendipity in retail: A report from Faire.

Typically, fair machine learning research focuses on a single decision maker and assumes that the underlying population is stationary. However, many of the critical domains motivating this work are characterized by competitive marketplaces with many decision makers. Realistically, we might expect only a subset of them to adopt any non-compulsory fairness-conscious policy, a situation that political philosophers call partial compliance. This possibility raises important questions: how does partial compliance and the consequent strategic behavior of decision subjects affect the allocation (...) outcomes? If k% of employers were to voluntarily adopt a fairness-promoting intervention, should we expect k% progress (in aggregate) towards the benefits of universal adoption, or will the dynamics of partial compliance wash out the hoped-for benefits? How might adopting a global (versus local) perspective impact the conclusions of an auditor? In this paper, we propose a simple model of an employment market, leveraging simulation as a tool to explore the impact of both interaction effects and incentive effects on outcomes and auditing metrics. Our key findings are that at equilibrium: (1) partial compliance by k% of employers can result in far less than proportional (k%) progress towards the full compliance outcomes; (2) the gap is more severe when fair employers match global (vs local) statistics; (3) choices of local vs global statistics can paint dramatically different pictures of the performance vis-a-vis fairness desiderata of compliant versus non-compliant employers; (4) partial compliance based on local parity measures can induce extreme segregation. Finally, we discuss implications for auditors and insights concerning the design of regulatory frameworks. (shrink)

Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, (...) you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. The Element also defends money-pump arguments from the standard objections to this kind of approach. This title is also available as Open Access on Cambridge Core. (shrink)

Money represents a future commodity ownership. However, the only way of keeping this ownership rightful, hence decentralized, is to price commodities in metarepresented money. Any otherwise priced future ownership will not remain rightfully decentralized. This article explains why, by deriving the concepts, first of generic money, then of privately concrete money, and finally of metarepresented money from direct commodity exchange.

In this article, we describe what cryptocurrency is, how it works, and how it relates to familiar conceptions of and questions about money. We then show how normative questions about monetary policy find new expression in Bitcoin and other cryptocurrencies. These questions can play a role in addressing not just what money is, but what it should be. A guiding theme in our discussion is that progress here requires a mixed approach that integrates philosophical tools with the purely (...) technical results of disciplines like computer science and economics. Note: this article is the first entry within a two-part sequence on the Philosophy, Politics, and Economics of Cryptocurrency. (shrink)

This paper assesses the proposal to transform the monetary system into an Ecology of money, that is, into a system made of a large diversity of complementary currencies. Its central aim is to examine whether this proposal could provide a systemic solution to both the ecological and financial crises, as several authors, most notably Lietaer and Douthwaite, have argued. To this end, it analyses the two main arguments in favour of this proposal. First, it focuses on the claim that (...) an Ecology of money would be more resilient and less prone to crisis than the present monetary system. It shows that this argument suffers from several conceptual flaws and argues that it fails to provide sufficient normative reasons to favour an Ecology of money. Second, this paper analyses the claim that an Ecology of money could help defeat the monetary growth imperative that supposedly plagues our economies. The paper raises serious doubts about the existence of such an imperative and questions the claim that an Ecology of money could contribute to weaken it in a significant way. (shrink)

Distribution of responsibility is one of the main focus areas in discussions about climate change ethics. Most of these discussions deal with the distribution of responsibility for climate change mitigation at the international level. The aim of this paper is to investigate if and how these principles can be used to inform the search for a fair distribution of responsibility for climate change adaptation on the local level. We found that the most influential distribution principles on the international level (...) were in turn built on one or more of seven basic principles: (P1) equal shares, (P2) desert, (P3) beneficiary pays, (P4) ability, (P5) self-help, (P6) limited responsibility for the worst off, and (P7) status quo preservation. It was found that all the basic principles, but P1, P3, and P7, are to some extent translatable to local climate adaptation. Two major problems hamper their usefulness on the local level: (1) several categories of agents need to take on responsibility; and (2) emissions do not work as a base for all principles. P4, P5, and P6 are applicable to local adaptation without changes. P4 is of particular importance as it seems to solve the first problem. P2 is applicable only if the second problem is solved, which can be achieved by using risk of harm instead of emissions as the basis for desert. (shrink)

Modern money theory is a conjecture concerning fiscal spending and the nature of money. I show that modern money theory provides two interesting insights into distributive justice that have not been addressed in the recent Anglo-American distributive justice literature: (i) that the nature of a sovereign fiat currency allows for some distributive conflicts to be avoided; and (ii) that recent Anglo- American distributive justice theories assume that the economy is at capacity. Based on this, I consider if (...) the policy results of modern money theory can help foster a sense of justice. (shrink)

It can be hard to see where money fits in the world. Money seems both real and imaginary, since it has obvious causal powers, but is also, just as obviously, something humans have just made up. Recent philosophical accounts of money have declared it to be real, but for very different reasons. John Searle and Francesco Guala disagree over whether money is just whatever acts like money, or just whatever people believe to be money. (...) In developing their accounts of institutions as a part of social reality, each uses money as a paradigm institution, but they disagree on how institutions exist. Searle argues that the institution of money belongs to an ontological level separate from the physical world, held up by the collective intentions of a group, while Guala claims that money is a part of the ordinary physical world and is just whatever performs a “money-like function” in a group, regardless of what that group believes about it. Here, we argue that any purely functional account like Guala’s will be unable to capture the distinctive phenomenon of money, since monetary transactions are defined by the attitudes transactors hold toward them. Money will be obscured or misidentified if defined functionally. As we go on to show by examining recent work by Smit et al., belief in money does not require taking on all of Searle’s ontological commitments, but money and mental contents will stand or fall together. (shrink)

A review of Michael's Sandel's book, "What Money Can't Buy" (Allen Lane 2012).

So-called money pump arguments aim to show that intransitive preferences are irrational because they will lead someone to accept a series of deals that leaves his/her financially worse off and better off in no respect. A common response to these arguments is the foresight response, which counters that the agent in question may see the exploitation coming, and refuse to trade at all. To obviate this response, I offer a “deluxe money pump argument” that applies dominance reasoning to (...) a modified money pump case. (shrink)

In “The Irrelevance of the Diachronic Money-Pump Argument for Acyclicity,” The Journal of Philosophy CX, 8 (August 2013), 460-464, Johan E. Gustafsson contends that if Davidson, McKinsey and Suppes’ diachronic money-pump argument in their "Outlines of a Formal Theory of Value, I," Philosophy of Science 22 (1955), 140-160 is valid, so is the synchronic argument Gustafsson himself offers. He concludes that the latter renders irrelevant diachronic choice considerations in general, and the two best-known diachronic solutions to the (...) class='Hi'>money pump problem in particular. I argue here that this reasoning is incorrect, and that Gustafsson’s synchronic argument is faulty on independent grounds. Specifically, it is based on a false analogy between the derivation of a synchronic ordinal ranking from a transitive series of pairwise comparisons, and the putative derivation of such a ranking from an intransitive series. The latter is not possible under the assumption of revealed preference theory, and is highly improbable even if that assumption is rejected. Moreover, Gustafsson’s argument raises issues of fidelity to the historical texts that must be addressed. I conclude that the money pump, and cyclical choice more generally, are necessarily diachronic; and therefore that the two best-known diachronic solutions to the money pump problem remain relevant. (shrink)

As the current COVID-19 pandemic lingers on with its fallout agonizing several economies on the globe, a number of policy instruments have been summoned by governments to cope with the looming recession. Among those instruments is the contentious “helicopter money”, which has received the endorsement of multiple economists while many others consider it a too risky tactic to follow. This paper is going to discuss the suitability of implementing “helicopter money” in the context of Vietnam during economic crises, (...) particularly with a focus on the ongoing novel coronavirus-induced economic downturn. The author also makes an attempt to clarify certain challenges that Vietnamese legislators should better study carefully if “helicopter money” is ever to be deployed, as well as the circumstances and extent of such deployment. (shrink)

This article provides a property analysis of electronic money, showing that the issuance of electronic money cannot involve a trust. The analysis is also applicable to other digital assets that may be said to involve a trust, and as such provides a timely contribution to current discussions on the legal nature and categorisation of digital assets both in the UK and internationally.

If dangerous climate change is to be avoided, it is vital that carbon sinks such as tropical rainforests are protected. But protecting them has costs. These include opportunity costs: the potential economic benefits which those who currently control rainforests have to give up when they are protected. But who should bear those costs? Should countries which happen to have rainforests within their territories sacrifice their own economic development, because of our broader global interests in protecting key carbon sinks? This essay (...) develops an argument from the “principle of fairness,” which seeks to establish that outsiders should pay states with rainforests so as to share the costs of protection. If they do not, they can be condemned for free-riding on forest states. The argument is, I suggest, compelling and also capable of enjoying support from adherents of a wide variety of positions on global justice. (shrink)

To address the rising concern that algorithmic decision-making may reinforce discriminatory biases, researchers have proposed many notions of fairness and corresponding mathematical formalizations. Each of these notions is often presented as a one-size-fits-all, absolute condition; however, in reality, the practical and ethical trade-offs are unavoidable and more complex. We introduce a new approach that considers fairness—not as a binary, absolute mathematical condition—but rather, as a relational notion in comparison to alternative decisionmaking processes. Using US mortgage lending as an example use (...) case, we discuss the ethical foundations of each definition of fairness and demonstrate that our proposed methodology more closely captures the ethical trade-offs of the decision-maker, as well as forcing a more explicit representation of which values and objectives are prioritised. (shrink)

Holm (2022) argues that a class of algorithmic fairness measures, that he refers to as the ‘performance parity criteria’, can be understood as applications of John Broome’s Fairness Principle. We argue that the performance parity criteria cannot be read this way. This is because in the relevant context, the Fairness Principle requires the equalization of actual individuals’ individual-level chances of obtaining some good (such as an accurate prediction from a predictive system), but the performance parity criteria do not guarantee any (...) such thing: the measures merely ensure that certain population-level ratios hold. (shrink)

This article presents a fairness principle for evaluating decision-making based on predictions: a decision rule is unfair when the individuals directly impacted by the decisions who are equal with respect to the features that justify inequalities in outcomes do not have the same statistical prospects of being benefited or harmed by them, irrespective of their socially salient morally arbitrary traits. The principle can be used to evaluate prediction-based decision-making from the point of view of a wide range of antecedently specified (...) substantive views about justice in outcome distributions. (shrink)

Inspired by recent breakthroughs in predictive modeling, practitioners in both industry and government have turned to machine learning with hopes of operationalizing predictions to drive automated decisions. Unfortunately, many social desiderata concerning consequential decisions, such as justice or fairness, have no natural formulation within a purely predictive framework. In efforts to mitigate these problems, researchers have proposed a variety of metrics for quantifying deviations from various statistical parities that we might expect to observe in a fair world and offered (...) a variety of algorithms in attempts to satisfy subsets of these parities or to trade o the degree to which they are satised against utility. In this paper, we connect this approach to fair machine learning to the literature on ideal and non-ideal methodological approaches in political philosophy. The ideal approach requires positing the principles according to which a just world would operate. In the most straightforward application of ideal theory, one supports a proposed policy by arguing that it closes a discrepancy between the real and the perfectly just world. However, by failing to account for the mechanisms by which our non-ideal world arose, the responsibilities of various decision-makers, and the impacts of proposed policies, naive applications of ideal thinking can lead to misguided interventions. In this paper, we demonstrate a connection between the fair machine learning literature and the ideal approach in political philosophy, and argue that the increasingly apparent shortcomings of proposed fair machine learning algorithms reflect broader troubles faced by the ideal approach. We conclude with a critical discussion of the harms of misguided solutions, a reinterpretation of impossibility results, and directions for future research. (shrink)

General perception that money can buy happiness has been refuted in this article.

In his paper “Fairness, Political Obligation, and the Justificatory Gap” (published in the Journal of Moral Philosophy), Jiafeng Zhu argues that the principle of fair play cannot require submission to the rules of a cooperative scheme, and that when such submission is required, the requirement is grounded in consent. I propose a better argument for the claim that fair play requires submission to the rules than the one Zhu considers. I also argue that Zhu’s attribution of consent to (...) people commonly thought to be bound to follow the rules by a duty of fair play is implausible. (shrink)

In response to cases that involve tiny probabilities of huge payoffs, some argue that we ought to discount small probabilities down to zero. However, this paper shows that doing so violates Independence and Continuity, and as a result of these violations, those who discount small probabilities can be exploited by money pumps. Various possible ways of avoiding exploitation will be discussed. This paper concludes that the money pump for Independence undermines the plausibility of discounting small probabilities. Much of (...) the discussion on Independence generalizes to other views that also violate Independence. (shrink)

John Broome has proposed a theory of fairness according to which fairness requires that agents’ claims to goods be satisfied in proportion to the relative strength of those claims. In the case of competing claims for a single indivisible good, Broome argues that what fairness requires is the use of a weighted lottery as a surrogate to satisfying the competing claims: the relative chance of each claimant's winning the lottery should be set to the relative strength of each claimant's claim. (...) In this journal, James Kirkpatrick and Nick Eastwood have objected that the use of weighted lotteries in the case of indivisible goods is unacceptable. In this article, I explain why Kirkpatrick and Eastwood's objection misses its mark. (shrink)

There are many explanations for the value of money, but they all seem to depend on things like "trust," "shared fiction," "agreement" or even potentially circular logic like that money's value is based on its usefulness as money. But there is a full process by which money, the desire we feel for it, and even how we end up trading it, can emerge naturally from the dynamics of natural selection and human interaction, with a basis in (...) real value, and happening repeatedly and reliably, even if a group of people all agree that money or precious metals are worthless. We discuss this fully in the paper "The Monetary Instinct," but here, for accessibility's sake, the entire concept is described in one-page. (shrink)

From the school yard to the workplace, there’s no charge more damning than “you’re being unfair!” Born out of democracy and raised in open markets, fairness has become our de facto modern creed. The very symbol of American ethics—Lady Justice—wears a blindfold as she weighs the law on her impartial scale. In our zealous pursuit of fairness, we have banished our urges to like one person more than another, one thing over another, hiding them away as dirty secrets of our (...) humanity. In Against Fairness, polymath philosopher Stephen T. Asma drags them triumphantly back into the light. Through playful, witty, but always serious arguments and examples, he vindicates our unspoken and undeniable instinct to favor, making the case that we would all be better off if we showed our unfair tendencies a little more kindness—indeed, if we favored favoritism. Conscious of the egalitarian feathers his argument is sure to ruffle, Asma makes his point by synthesizing a startling array of scientific findings, historical philosophies, cultural practices, analytic arguments, and a variety of personal and literary narratives to give a remarkably nuanced and thorough understanding of how fairness and favoritism fit within our moral architecture. Examining everything from the survival-enhancing biochemistry that makes our mothers love us to the motivating properties of our “affective community,” he not only shows how we favor but the reasons we should. Drawing on thinkers from Confucius to Tocqueville to Nietzsche, he reveals how we have confused fairness with more noble traits, like compassion and open-mindedness. He dismantles a number of seemingly egalitarian pursuits, from classwide Valentine’s Day cards to civil rights, to reveal the envy that lies at their hearts, going on to prove that we can still be kind to strangers, have no prejudice, and fight for equal opportunity at the same time we reserve the best of what we can offer for those dearest to us. Fed up with the blue-ribbons-for-all absurdity of "fairness" today, and wary of the psychological paralysis it creates, Asma resets our moral compass with favoritism as its lodestar, providing a strikingly new and remarkably positive way to think through all our actions, big and small. (shrink)

This research investigates 3- and 5-year-olds' relative fairness in distributing small collections of even or odd numbers of more or less desirable candies, either with an adult experimenter or between two dolls. The authors compare more than 200 children from around the world, growing up in seven highly contrasted cultural and economic contexts, from rich and poor urban areas, to small-scale traditional and rural communities. Across cultures, young children tend to optimize their own gain, not showing many signs of self-sacrifice (...) or generosity. Already by 3 years of age, self-optimizing in distributive justice is based on perspective taking and rudiments of mind reading. By 5 years, overall, children tend to show more fairness in sharing. What varies across cultures is the magnitude of young children's self-interest. More fairness (less self-interest) in distributive justice is evident by children growing up in small-scale urban and traditional societies thought to promote more collective values. (shrink)

Garrett Cullity contends that fairness is appropriate impartiality (See Cullity (2004) Chapters 8 and 10 and Cullity (2008)). Cullity deploys his account of fairness as a means of limiting the extreme moral demand to make sacrifices in order to aid others that was posed by Peter Singer in his seminal article ‘Famine, Affluence and Morality’. My paper is founded upon the combination of (1) the observation that the idea that fairness consists in appropriate impartiality is very vague and (2) the (...) fact that psychological studies show the self-serving bias is especially likely to infect one’s judgements when the ideas involved are vague. I argue that Cullity’s solution to extreme moral demandingness is threatened by these findings. I then comment on whether some other theories of fairness are vulnerable to the same objection. (shrink)

This report by the WHO Consultative Group on Equity and Universal Health Coverage addresses how countries can make fair progress towards the goal of universal coverage. It explains the relevant tradeoffs between different desirable ends and offers guidance on how to make these tradeoffs.

Although the principle of fair subject selection is a widely recognized requirement of ethical clinical research, it often yields conflicting imperatives, thus raising major ethical dilemmas regarding participant selection. In this paper, we diagnose the source of this problem, arguing that the principle of fair subject selection is best understood as a bundle of four distinct sub-principles, each with normative force and each yielding distinct imperatives: (1) fair inclusion; (2) fair burden sharing; (3) fair opportunity; (...) and (4) fair distribution of third-party risks. We first map out these distinct sub-principles, and then identify the ways in which they yield conflicting imperatives for the design of inclusion and exclusion criteria, and the recruitment of participants. We then offer guidance for how decision makers should navigate these conflicting imperatives to ensure that participants are selected fairly. (shrink)

There is a long-standing debate in philosophy about whether it is morally permissible to harm one person in order to prevent a greater harm to others and, if not, what is the moral principle underlying the prohibition. Hypothetical moral dilemmas are used in order to probe moral intuitions. Philosophers use them to achieve a reflective equilibrium between intuitions and principles, psychologists to investigate moral decision-making processes. In the dilemmas, the harms that are traded off are almost always deaths. However, the (...) moral principles and psychological processes are supposed to be broader than this, encompassing harms other than death. Further, if the standard pattern of intuitions is preserved in the domain of economic harm, then that would open up the possibility of studying behavior in trolley problems using the tools of experimental economics. We report the results of two studies designed to test whether the standard patterns of intuitions are preserved when the domain and severity of harm are varied. Our findings show that the difference in moral intuitions between bystander and footbridge scenarios is replicated across different domains and levels of physical and non-physical harm, including economic harms. (shrink)

The debate over whether ‘fair-play’ can serve as a justification for legal punishment has recently resumed with an exchange between Richard Dagger and Antony Duff. According to the fair-play theorist, criminals deserve punishment for breaking the law because in so doing the criminal upsets a fair distribution of benefits and burdens, and punishment rectifies this unfairness. Critics frequently level two charges against this idea. The first is that it often gives the wrong explanation of what makes crime (...) deserving of punishment, since the wrongfulness of murder is not primarily about unfairness. The second is that it implies that all crimes deserve the same degree of punishment, because all crimes create the same degree of unfairness. These objections are viewed as revealing fatal flaws in the theory. Although Dagger attempts to meet these objections by drawing on political theory, Duff responds that this still draws upon the wrong kind of resources for meeting these objections. This paper argues that these two objections rest on a crucial mistake that has been overlooked by both the defenders and critics of fair-play. This mistake results from failing to distinguish between what justifies punishment as a response to crime (which requires a common element to all crime) and what justifies attaching particular penalties to crimes (which requires making distinctions in the severity of crime). The arguments presented will give reasons to consider fair-play as a viable justification for legal punishment. (shrink)

There is an emerging consensus among political philosophers that state legitimacy involves something more than—or perhaps other than—political obligation. Yet the principle of fair play, which many take to be a promising basis for political obligation, has been largely absent from discussions of the revised conception of legitimacy. This paper shows how the principle of fair play can generate legitimate political authority by drawing on a neglected feature of the principle—its stipulation that members of a cooperative scheme must (...) reciprocate specifically by submitting to the scheme's rules. (shrink)

Among the most popular strategies for justifying political obligations are those that appeal to the principle of fairness. These theories face the challenge, canonically articulated by Robert Nozick, of explaining how it is that persons are obligated to schemes when they receive goods that they do not ask for but cannot reject. John Simmons offers one defense of the principle of fairness, arguing that people could be bound by obligations of fairness if they voluntarily accept goods produced by a cooperative (...) scheme. Simmons, however, thinks that such a theory will do little work in justifying political obligations, since virtually no one voluntarily accepts state goods. This paper attempts to advance just such a theory by arguing that states are in fact genuine cooperative schemes and that Simmons is overly pessimistic in his appraisal of whether the majority of citizens accept the goods provided by their states. (shrink)

Glucagon-like peptide-1 (GLP-1) receptor agonists, such as semaglutide, and dual GLP-1 and glucose-dependent insulinotropic polypeptide (GIP) receptor agonists, such as tirzepatide, have been found to be effective for treating obesity and diabetes, significantly reducing weight and the risk or predicted risk of adverse cardiovascular events. There is a global shortage of these medications that could last several years and raises questions about how limited supplies should be allocated. We propose a fair-allocation framework that enables evaluation of the ethics of (...) current practices and could guide governments, professional societies, and physicians in allocation decisions. (shrink)

What does being money consist in? We argue that something is money if, and only if, it is typically acquired in order to realise the reduction in transaction costs that accrues in virtue of agents coordinating on acquiring the same thing when deciding what thing to acquire in order to exchange. What kinds of things can be money? We argue against the common view that a variety of things (notes, coins, gold, cigarettes, etc.) can be money. (...) All monetary systems are best interpreted as implementing the same basic protocol. Money, i.e. the thing that we coordinate on acquiring in order to lower our transaction costs, is, in all cases, a set of positions on an abstract mathematical object, namely a relative ratio scale. The things that we ordinarily call ‘money’ are merely records of positions on such a scale. (shrink)

This essay explores a conception of responsibility at work in moral and criminal responsibility. Our conception draws on work in the compatibilist tradition that focuses on the choices of agents who are reasons-responsive and work in criminal jurisprudence that understands responsibility in terms of the choices of agents who have capacities for practical reason and whose situation affords them the fair opportunity to avoid wrongdoing. Our conception brings together the dimensions of normative competence and situational control, and we factor (...) normative competence into cognitive and volitional capacities, which we treat as equally important to normative competence and responsibility. Normative competence and situational control can and should be understood as expressing a common concern that blame and punishment presuppose that the agent had a fair opportunity to avoid wrongdoing. This fair opportunity is the umbrella concept in our understanding of responsibility, one that explains it distinctive architecture. (shrink)

Despite the many advantages that mobile money o ers to Small and Medium-sized Enterprises (SMEs) relative to traditional banking services, the majority of stakeholders of this platform have not yet maximised its use owing to several concerns not limited to trust, awareness, and even cost. To examine the factors justifying the adoption and usage of Mobile Money Services (MMS) among SMEs, the types of Mobile Money Services used by these SMEs, and the interdependences between these variables, this (...) study adopted an exploratory approach. The researchers elected to use a mixed-method approach, which necessitated the usage of a survey questionnaire and structured in-depth interviews. Representatives of 12 SMEs were interviewed during the qualitative phase to corroborate the 285 SMEs surveyed in the quantitative part of the study. Descriptive and inferential statistics were adopted to analyse the quantitative data using the Statistical Packages for Social Sciences version 26 (SPSS version 26). The researchers described the qualitative data according to themes, and the findings were combined after that. While no single factor was accountable, it emerged that accessibility, safety, and convenience were the main factors that entice SMEs in Douala, Cameroon to embrace mobile money services in the effort to receive money from clientele, pay suppliers, and purchase airtime for additional transactions (most preferred mobile money services). Furthermore, it was found that there was a statistically significant association between most of the motivating factors cited and the most preferred mobile money services used by SMEs in Douala. These findings validate the role that mobile money plays in promoting the inclusive finance agenda for SMEs, mainly in the context of emerging economies where the majority of people and businesses do not have access to banking services and therefore may be of interest to policymakers and different stakeholders. Furthermore, an identification of the types of mobile money services businesspersons mostly use in Douala, a business hub, may help to develop businesses by directing the stakeholders to agenda items of interest in the context of Cameroon. (shrink)

The study of Enrici et al. (2023) in Ecology and Society [1] is one of a few in-depth discussions of the significance of money on how people (including academics, politicians, and residents) understand the impact of humans on the environment. These insights are critical, especially given the urgency of understanding anthropogenic influences on the ecosystem in the face of the unpredictable dangers of climate catastrophe.