Is political equality viable given the unequal private property holdings characteristic of a capitalist economy? This book places the wealth-politics nexus at the centre of scholarly analysis. Traditional theories of democracy and property have often ignored the ways in which the rich attempt to convert their wealth into political power, operating on the implicit assumption that politics is isolated from economic forces. This book brings the moral and political links between wealth and power into clear focus. The (...) chapters are divided into three thematic sections. Part I analyses wealth and politics from the perspective of various political traditions, such as liberalism, republicanism, anarchism, and Marxism. Part II addresses the economic sphere, and looks at the political influence of corporations, philanthropists and commons-based organizations. Finally, Part III turns to the political sphere and looks at the role of political parties and constitutions, and phenomena such as corruption and lobbying. Wealth and Power: Philosophical Perspectives will be of interest to scholars and advanced students working in political philosophy, political science, economics, and law. (shrink)

Dozens of countries have established Sovereign Wealth Funds (SWFs) in the last decade or so, in the majority of cases employing those funds to manage the large revenues gained from selling resources such as oil and gas on a tide of rapidly rising commodity prices. These funds have raised a series of ethical questions, including just how the money contained in such funds should eventually be spent. This article engages with that question, and specifically seeks to connect debates on (...) SWFs with debates onglobaljustice. Just how good are national claims to the great wealth contained in SWFs in the first place? Using the example of Norway's very large SWF – derived from selling North-Sea petroleum – I show that national claims are at least sometimes very weak, with the implication that the wealth in many such funds is ripe for redistribution in the interests of global justice. I conclude by offering some guidance for how the money contained in such funds could best be spent, with the goal of advancing global justice. (shrink)

This article examines the principle of wealth maximization, as developed by Richard Posner, seeking to dispel misunderstandings, address criticisms, and contextualize its role in legal and political philosophy. The paper first delineates the distinction between the concepts of experienced utility and decision utility, elucidating how the latter is fundamental to the principle of wealth maximization. Next, the authors engage with criticisms of wealth maximization, including issues relating to basic needs, individual rights, and distributive justice. The paper contends (...) that these aspects of ‘justice’ can be understood as emergent properties of efficiency. The article then presents affirmative arguments for wealth maximization by connecting it to social contract theory and demonstrating its consistency with the tenets of liberal democracy. By analyzing the concept from both Hobbesian and Rawlsian perspectives, the paper illustrates the merits of the wealth maximization principle in relation to social contract theory. In conclusion, the article argues that wealth maximization serves as a robust and justifiable framework for legal and philosophical analysis, ultimately offering a better fit with the principles of liberal democracy than competing normative theories. (shrink)

I offer a reading of the two conceptions of the good found in Plato’s Protagoras: the popular conception—‘the many’s’ conception—and Socrates’ conception. I pay particular attention to the three kinds of goods Socrates introduces: (a) bodily pleasures like food, drink, and sex; (b) instrumental goods like wealth, health, or power; and (c) virtuous actions like courageously going to war. My reading revises existing views about these goods in two ways. First, I argue that the many are only ‘hedonists’ in (...) a very attenuated sense. They do not value goods of kind (b) simply as means to pleasures of kind (a); rather, they have fundamentally different attitudes to (a) and (b). Second, the hedonism that Socrates’ defends includes a distinction between kinds of pleasures: (a) bodily pleasures and (c) the pleasures of virtuous actions. This distinction between kinds of pleasures—some that do and some that do not exert the ‘power of appearance’—allows Socrates to address one of the central beliefs in the popular conception of akrasia, namely that it involves a special kind of unruly desire: non-rational appetites for pleasures like food, drink, or sex. Socrates replaces the motivational push of non-rational appetites with the epistemic pull of the appearance of immediate pleasures like food, drink, and sex. (shrink)

This introductory chapter provides a general framework for thinking about the relationship between wealth and power. It begins by situating the topic in the history of political thought, modern social science, and recent political philosophy, before putting forward an analytical framework. This has three elements: first, the idea of liberalism's public/private divide: a division between a power-wielding state from which wealth should be absent, and a market economy from which power should be absent; second, the two ways the (...) division can be transgressed by the power of the wealthy: by the wealthy subverting the power of the state and by directly exercising power within the economy; and third, the four different approaches to responding to the transgression, either aiming to reassert the public/private divide or to move beyond it. (shrink)

I argue that taxation for redistributive purposes is a property rights violation, responding to arguments (due to Nagel, Murphy, Sunstein, and Holmes) claiming that individuals lack ownership of their pretax incomes.

Aristotle argued that you need some wealth to live well. The Stoics argued that you could live well with or without wealth. But the Cynics argued that wealth is a hinderance. For the Cynics, a good life consists in self-sufficiency, or being able to rule and help yourself. You accomplish this by living simply and naturally, and by subjecting yourself to rigorous philosophical exercises. Cynics confronted people to get them to abandon extraneous possessions and positions of power (...) to live better. And while the Cynics were experts in living in this way, their ascetic lifestyles made their message curious to some audiences. This paper reflects on Cynic ascetic practices and the ways others perceived them. (shrink)

This study aimed to analyze the mediating effect of tolerance of uncertainty and trait anxiety on future self-continuity and intention to use Internet wealth management systems. A questionnaire survey was distributed online and a total of 388 participants completed questionnaire, The questionnaire included the following scales: Chinese version of the FSC, Intention to Use the Internet Wealth Management, TU, and TA. Pearson correlation was used to investigate the correlation coefficient between variables while the sequential regression method was used (...) to analyze relationship between variables. To analyze the collected data, the SPSS 26.0 was used. A two-step procedure was applied to analyze the mediation effect. Confirmatory factor analysis was conducted to test the measurement model. Afterward, the Maximum Likelihood method was used for path analysis, and the Bias-corrected Bootstrap method was used to investigate determine the estimated value and confidence interval of the mediating effect. To analyze the mediation effect, the Mplus 7.0 was used. The results showed that FSC positively predicted individuals’ Internet wealth management systems. Furthermore, TU and TA played complete serial multiple mediating roles between FSC and IUIWM. The role of TA and TU have negative impact on intention to use. This study provides a theoretical basis in personality psychology that Internet financial product suppliers can use to improve the attractiveness of their products. Product managers can subdivide users according to these personality traits to provide customized products. (shrink)

The growing concentration of wealth has acquired a new urgency in recent years. One particular view in this context is developed by Ingrid Robeyns in her ground-breaking work on limitarianism. According to this view, no one should have more than a certain amount of valuable goods, such as income and wealth. The contributors to this symposium, Brian Berkey, David Axelsen and Lasse Nielsen, Jessica Flanigan and Christopher Freiman, and Lena Halldenius, critically examine various aspects of limitarianism. In particular, (...) they examine how limitarianism should be interpreted and developed as a principle of justice, on what reasons speak in favour and against limitarianism, and on how limitarianism relates to other principles of distributive justice. Our hope is that this symposium will contribute to the ongoing debate in political philosophy about the concentration of wealth and economic justice. (shrink)

This paper reconstructs the ways in which metaphors are used in the text of “The Wealth of Nations”. Its claims are: a) metaphor statements are basically similar to those in the “Theory of the Moral Sentiments”; b) the metaphors’ ‘primary subjects’ refer to mechanics, hydraulics, blood circulation, agriculture, medicine; c) metaphors may be lumped together into a couple of families, the family of mechanical analogies, and that of iatro-political analogies. Further claims are: a basic physico-moral analogy is the framework (...) for Smith’s psychological theory as well as for his overall social theory and for his theory of market mechanisms; a iatro-mechanical analogy is as pervasive as the physico-moral analogy and provides the framework for his overall evolutionary theory of society; the invisible-hand simile relies on the physico-moral analogy, and elaborates on the role of vis attractiva and vis a tergo in mechanics. (shrink)

The Epicureans advocate a moderately ascetic lifestyle on instrumental grounds, as the most effective means to securing tranquility. The virtuous person will reduce his desires to what is natural and necessary in order to avoid the trouble and anxiety caused by excessive desire. So much is clear from Epicurus' general ethics. But the later Epicurean Philodemus fills in far more detail about the attitude a wise Epicurean will take toward wealth in his treatise On Property Management. This paper explores (...) some of Philodemus' distinctive doctrines and argues that Philodemus' position on crafts is an improvement on the Socratic and Aristotelian positions that he is reacting against. Philodemus rejects both constraints on what counts as a genuine craft proposed by Socrates in the Gorgias: that a craft aims at a genuine good, and that it is based on a grasp of the nature of its subject. Philodemus also rejects the attempts of Xenophon and Theophrastus to preserve an important place for the craft of property management, conceived of as aiming at maximizing your wealth, within the Socratic and Aristotelian ethical tradition that puts virtue and virtuous activity at the center of the happy life. According to Philodemus, cultivating and exercising the traditional technê of property management is actually incompatible with being a virtuous person and obtaining happiness. (shrink)

This article is a theoretical treatment of the ways in which local worldviews on wealth acquisition give rise to contemporary manifestations of spirituality in cyberspace. It unpacks spiritual (occult) economies and wealth generation through a historical perspective. The article ‘devil advocates’ the ‘sainthood’ of claimed law-abiding citizens, by highlighting that the line dividing them and the Nigerian cybercriminals (Yahoo-Boys) is blurred with regards to the use of magical means for material ends. By doing so, the article also illustrates (...) that the intersectionality of the spirit world and the acquisition of wealth (crime or otherwise) is connected with local epistemologies and worldviews, and its contemporaneity has social security benefits. Therefore, the view that the contemporary manifestations of spirituality in cyberspace signify a ‘new-danger’ and an ever-increasing outrage in the Nigerian society is misplaced. I conclude that if people believe all aspects of life are reflective of the spiritual world and determined by it, the spiritual realm, by implication, is the base of society, upon which sits the superstructure comprised of all aspects of life, especially wealth. Inferentially, this conceptual position that the spirit world is the base of society is an inversion of Orthodox Marxist’s theory of economic determinism. (shrink)

Michelle’s thesis explores the extent to which a researcher could contribute to change by engaging leaders in conversations that might intensify commitment to or the direction of their actions around socio-environmental decline in Bermuda as a country historically organised in the tradition of an entrepreneurial for-profit enterprise. The framing of a space to reflect on highlighted the significance of time that led to the bricolage design of a heuristic device called a moon gate. Time, the keystone of the moon gate, (...) created a prism lighting up the twists and turns of kaleidoscopic images of the chaos of the markets and the creative diversity of human and nonhuman participants. She undertook a philosophical approach with her study of the contested space of time around sensitivity to maintaining a fulcrum point based on the wellbeing of people and planet. (shrink)

There are two primary roles of universities – a place of learning and where new ideas and technologies are created. Universities profit from teaching and learning, research, and technology positions. It is the responsibility of institutions of higher learning to produce capable and self-directed learners who are confident and capable of contributing to society through leadership or civic engagement. Universities also prepare students for high-level employment. These institutions are also there to generate new knowledge, shift paradigms, assist society in fulfilling (...) its evolving needs and tackle new problems. Universities have further been tasked with developing highly competent staff and research output to attain their stated objectives. (shrink)

Abstract: -/- This paper introduces a resonance-driven economic model that fundamentally redefines market behavior by replacing traditional equilibrium-based frameworks with dynamic phase-locking principles derived from CODES (Chirality of Dynamic Emergent Systems). While neoclassical, Keynesian, and game-theoretic models treat economic activity as a function of supply and demand equilibria—subject to inefficiencies, speculation, and boom-bust cycles—this paper proposes that markets are structured by resonance fields rather than stochastic fluctuations. -/- By applying prime-phase economic dynamics, we demonstrate that capital flows, debt cycles, and (...) labor efficiency emerge from structured synchronization patterns. These patterns act as entropy minimization mechanisms, governing wealth distribution and innovation cycles in ways that probability-based models fail to capture. Instead of treating economic crises as unpredictable shocks or treating productivity as a linear function of inputs, this framework suggests that economic turbulence and stratification arise from resonance misalignment—a failure to maintain phase coherence across financial, labor, and technological domains. -/- Key implications include: • Redefining capital allocation as a function of coherence optimization, not speculative probability. • Rethinking inflation and deflation as resonance distortions rather than money supply imbalances. • Modeling economic growth as a function of phase-locking efficiency rather than GDP expansion. • Predicting market crashes through coherence instability rather than external shocks. -/- If economics is structured as a resonance system rather than a probabilistic market, then the role of economic policy shifts. Instead of direct interventions such as fiscal stimulus or interest rate adjustments, coherence optimization strategies—aligning labor, innovation, and capital flow structures to minimize systemic entropy—could create self-stabilizing, long-term economic prosperity. This paper explores empirical methods for testing resonance-based market stability, challenges current economic dogma, and provides a pathway for a fundamentally new economic paradigm based on structured emergence rather than equilibrium mechanics. (shrink)

The Illusion of Success: How Glamorizing Extreme Wealth Distorts Reality -/- Introduction -/- In today’s world, extreme wealth accumulation is often portrayed as the ultimate symbol of success. Social media, Hollywood, and business magazines frequently celebrate billionaires, luxury lifestyles, and financial empires, creating an illusion that success is solely defined by material wealth. However, this obsession with extreme riches distorts the true meaning of achievement and fulfillment. While financial stability is important, an overemphasis on wealth as (...) the pinnacle of success ignores ethical concerns, promotes unrealistic standards, and contributes to social inequality. This essay explores why glamorizing extreme wealth creates an illusion of success, provides real-world examples, and suggests solutions to redefine success in a more balanced and meaningful way. -/- The Problems with Glamorizing Extreme Wealth -/- 1. Shallow Definition of Success -/- Success is often equated with material wealth, leading people to believe that financial riches alone define a fulfilling life. This perspective overlooks other essential aspects such as personal growth, happiness, strong relationships, and contributions to society. -/- Example: Many billionaires, despite their immense wealth, express dissatisfaction or regret later in life. Steve Jobs, the co-founder of Apple, famously reflected on his deathbed that despite his financial achievements, what mattered most was family and love, not wealth. -/- Solution: Society should broaden its definition of success to include well-being, emotional intelligence, social impact, and personal growth. Schools and media should highlight stories of people who achieve success through creativity, innovation, or service rather than just financial gain. -/- 2. Overlooks Ethical Concerns -/- Many individuals accumulate extreme wealth through exploitative means, monopolization, or environmental harm. When wealth is glorified without considering its origins, society sends the wrong message that “winning at any cost” is acceptable. -/- Example: The fast-fashion industry, led by billion-dollar companies like Shein and Zara, thrives on cheap labor and poor working conditions in developing countries. Yet, these brands are celebrated for their financial success while their ethical violations are ignored. -/- Solution: Consumers should be educated about ethical consumption, and governments should enforce fair labor laws and environmental regulations to ensure wealth accumulation does not come at the cost of exploitation. -/- 3. Creates Unattainable Standards -/- The media often showcases the extravagant lifestyles of billionaires—private jets, mega-mansions, and designer brands—as if they are attainable for the average person. This can lead to feelings of inadequacy and unrealistic aspirations, causing individuals to chase unattainable financial goals instead of meaningful personal development. -/- Example: Social media influencers often portray luxury lifestyles, leading young people to believe that financial success is the only path to happiness. This illusion pressures individuals into unhealthy financial habits, such as overspending or taking on debt to maintain a lavish lifestyle. -/- Solution: Media platforms should promote financial literacy and realistic wealth-building strategies, emphasizing the importance of saving, investing wisely, and achieving a balanced lifestyle rather than promoting excessive consumerism. -/- 4. Ignores Wealth Inequality -/- By excessively focusing on the ultra-rich, society often ignores the struggles of the majority. Many people face financial hardship, lack access to quality education, and struggle with healthcare costs, yet their stories are overshadowed by the glorification of extreme wealth. -/- Example: In the United States, the wealth gap has widened significantly, with the richest 1% owning more wealth than the bottom 90% combined. Despite this, media coverage often focuses on billionaires like Elon Musk or Jeff Bezos rather than addressing systemic issues like wage stagnation or the rising cost of living. -/- Solution: Governments should implement progressive taxation, better wages, and social programs that ensure economic growth benefits all, not just the wealthy elite. Policies that support entrepreneurship and small businesses can also help create a more balanced economy. -/- 5. False Promise of Happiness -/- Many assume that accumulating vast amounts of money guarantees happiness. However, psychological research shows that after a certain financial threshold (around $75,000 per year, according to studies), more money does not significantly increase happiness. Instead, purpose, meaningful relationships, and well-being play a much larger role in long-term satisfaction. -/- Example: Celebrities like Jim Carrey and MacKenzie Scott (ex-wife of Jeff Bezos) have spoken about how money does not guarantee happiness. MacKenzie Scott has donated billions to charity, stating that fulfillment comes from giving, not accumulating. -/- Solution: People should be encouraged to seek purpose beyond wealth—through meaningful careers, personal development, and contributing to their communities. Schools should teach emotional intelligence and the value of non-material success. -/- 6. Distorts Economic Priorities -/- When extreme wealth is idolized, economic policies often favor the rich over the majority. This leads to tax breaks for corporations, reduced funding for social services, and policies that widen the wealth gap rather than support fair economic growth. -/- Example: In some countries, tax laws favor large corporations while small businesses struggle to survive. Meanwhile, billionaires use loopholes to pay little or no taxes, despite their enormous wealth. -/- Solution: Governments should enforce fair taxation policies and reinvest wealth into public services like education, healthcare, and infrastructure. This ensures economic benefits are distributed more equitably. -/- 7. Encourages Short-Term Thinking -/- The obsession with wealth accumulation often promotes risky financial behavior, gambling mindsets, and a disregard for long-term sustainability. When people chase quick financial success, they may ignore ethical business practices or long-term financial planning. -/- Example: The rise of speculative investments like cryptocurrency and meme stocks has led many individuals to risk their life savings in hopes of instant wealth, often resulting in financial ruin. -/- Solution: Financial education should focus on responsible investment strategies and long-term financial security rather than chasing get-rich-quick schemes. Governments should regulate speculative markets to prevent economic instability. -/- Conclusion: Redefining Success for a Better Society -/- Glamorizing extreme wealth accumulation distorts the true meaning of success, leading to unrealistic expectations, ethical compromises, and social inequality. While financial stability is essential, true success should be measured by a holistic balance—well-being, personal fulfillment, contribution to society, and ethical integrity. -/- To counteract the illusion of success tied solely to wealth, society must shift its focus to values that promote sustainable prosperity. This includes: -/- Redefining success to include social impact, happiness, and personal growth. -/- Promoting ethical business practices that prioritize fair wages and environmental responsibility. -/- Implementing fair economic policies that support small businesses and the working class. -/- Teaching financial literacy to help individuals make informed financial decisions. -/- Encouraging a culture of giving and sustainability rather than excessive consumption. -/- By fostering a more balanced view of success, we can create a society where wealth is not just about accumulation but about shared prosperity, ethical responsibility, and long-term well-being. -/- . (shrink)

I remark on the explanation that innate differences account for why some countries are wealthy and others poor. I draw a distinction between two versions of this explanation.

The paper reconstructs the life and activity of the author of a famous novel for boys as well as of a textbook of arithmetic and of essays on educational issues, who was also the sister of a famous economist. The bulk of the paper is dedicated to Alfred Dudley, a novel for boys about wealth, status, speculation, poverty, manual work, emigration and the role of virtue in making a decent society possible. Also the author’s educational views are discussed, highlighting (...) her opposition to Benthamite programs and her proposal for an inter-denominational religious education, and arguing that her contributions to plans for a general education system were meant to respond to what had been Smith’s, Malthus’s, and perhaps also her brother’s question, namely, how may wealth and virtue go together? (shrink)

The Evolutionary Roots of Capitalism and Wealth Accumulation -/- Introduction -/- Capitalism and the concept of wealth accumulation did not emerge in a vacuum; they are deeply rooted in the biological and evolutionary instincts of humans. While biological evolution itself did not invent capitalism, it provided the foundation for behaviors such as competition, resource accumulation, social hierarchy, and cooperation—traits that later shaped economic systems. This essay explores how evolutionary survival strategies led to the development of capitalism and the (...) pursuit of wealth. -/- The Biological Instinct for Resource Accumulation -/- In nature, survival depends on the ability to secure and store resources. Animals instinctively hoard food (such as squirrels storing nuts) or compete for territory and mates. Humans, as evolved primates, inherited similar survival instincts. Early hunter-gatherers collected surplus food, tools, and materials to prepare for scarcity, laying the groundwork for wealth accumulation. Those who could accumulate and manage resources effectively had a greater chance of survival and reproduction, reinforcing these behaviors over generations. -/- The transition to agriculture around 10,000 years ago intensified this instinct. Unlike hunter-gatherers who relied on immediate consumption, agricultural societies required the accumulation of land, crops, and livestock. This shift led to the first wealth disparities, as those who controlled fertile land could produce more food and exchange it for other goods or services. The concept of private property and inheritance further solidified wealth accumulation as a key societal structure. -/- Social Hierarchies and Competition -/- In many species, dominance hierarchies determine access to resources and reproductive success. Humans are no exception. Evolutionary psychology suggests that the drive for status and competition is deeply embedded in our nature. Higher social status often translates to better access to food, protection, and mates—benefits that improve survival and genetic fitness. -/- This biological tendency carried over into human economies. As civilizations developed, those with power and resources sought to expand their influence through trade, conquest, and investment. The competitive drive that once helped individuals outcompete rivals in the wild evolved into economic competition in structured markets. Capitalism, with its emphasis on free markets and competition, is a natural extension of this evolutionary principle. -/- The Evolution of Trade and Specialization -/- While competition drives wealth accumulation, human evolution also selected for cooperation and social bonding. Unlike most animals, humans have an advanced ability to engage in complex trade and reciprocal exchanges. Early humans bartered goods and services, which led to specialization of labor—some became hunters, others toolmakers, and others traders. -/- As societies expanded, money replaced barter, allowing for more efficient transactions. Banking and investment followed, enabling wealth accumulation beyond immediate survival needs. This economic evolution mirrors biological principles: just as an ecosystem thrives when species specialize and interact, economies grow when individuals and businesses specialize and trade. -/- Cognitive Advancements and the Abstract Concept of Wealth -/- A unique feature of human evolution is the ability to think abstractly. Unlike animals that accumulate only tangible resources, humans created symbolic value systems such as currency, property rights, and capital investment. The ability to store value in non-material forms—like gold, stocks, or cryptocurrencies—allowed wealth to be transferred across generations and expanded indefinitely. -/- This innovation made capitalism possible. Unlike primitive survival economies, modern economies operate on complex financial systems that multiply wealth through investment and innovation. While animals seek immediate survival, humans—through evolved cognition—build long-term economic structures that ensure prosperity beyond their own lifetimes. -/- Capitalism as an Extension of Evolutionary Survival Strategies -/- Capitalism, at its core, reflects biological survival strategies on a larger scale. It rewards competition (natural selection), incentivizes efficiency (adaptation), and promotes innovation (evolutionary progress). Just as nature selects the fittest organisms, capitalism selects the most efficient businesses and economic models. -/- However, while biological evolution is often harsh and ruthless, modern capitalism has introduced mechanisms to balance competition with social welfare. Government regulations, taxation, and social programs help mitigate extreme inequality, just as cooperative behaviors in nature ensure group survival. The balance between competition and cooperation is crucial—both in evolution and in economics. -/- Conclusion -/- The rise of capitalism and wealth accumulation is not an artificial construct but a product of evolutionary pressures. Human instincts for survival, competition, cooperation, and cognitive abstraction all contributed to the economic systems we see today. While capitalism amplifies these natural behaviors, it also presents ethical challenges that societies must address. Understanding capitalism through an evolutionary lens helps us recognize both its strengths and its limitations, offering insights into how we might shape future economies to be more balanced and sustainable. -/- Ultimately, biological evolution set the stage, and human civilization refined the rules—but the fundamental drive remains the same: to survive, compete, and thrive. -/- . (shrink)

A review of Katharina Pistor's *The Code of Capital: How the Law Creates Wealth and Inequality* (2019, Princeton University Press).

This paper argues that Adam Smith’s attempt to use the pin factory example to illustrate a general phenomenon – the value of the division of labour – seems to depend on an assumption. Put simply, the assumption is that the skills and knowledge involved in one task are not relevant to doing another task, or if they are relevant they would just be developed by specializing in the other task.

Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely (...) to meet their aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

A reconstruction on the evolution in the understanding of wealth in the political literature from the Renaissace to the eighteenth century.

In earlier work on limitarianism, I argued that setting an upper limit to the amount of wealth that people can permissibly have is justified when decision-makers are unaware of or disagree about the appropriate distributive criterion or if they are unaware of people’s relevant features (or both). Robert Huseby has raised several powerful objections to this presumptive argument for limitarianism. Some of these objections call for a revision of my defence of presumptive limitarianism while others call for clarification, both (...) of which I aim to do in this chapter. I will argue that unless decision-makers have substantive reasons to suggest otherwise, they must act as if there is an upper limit to the amount of wealth that people can permissibly have. (shrink)

Thomas Piketty’s evidence on wealth distribution trends in Capital in the Twenty- First Century shows that – contra his own interpretation – there has been little rise in wealth inequality in Europe and America since the 1970s. This article relates that finding to the other principal trends in Piketty’s analysis: the capital/national income ratio trend, the capital-labor split of total incomes and the income inequality trend. Given that wealth inequality is not rising markedly, what can we deduce (...) about the putative causes that might be operating upstream? Only the capital-labor split looks like a plausible explanation of the wealth inequality trend. (shrink)

Among scholars of ancient economic thought, it is widely recognized that Aristotle established an upper limit to money-making. This “natural limit” has been variously construed, with some claiming that it might be settled independently of Aristotle’s ethical theory. This paper defends the opposite thesis: Aristotle’s natural limit is inextricably tied to his account of human flourishing. It also argues that Aristotle precludes the wealth-seeking path as coincident with a flourishing life. Why? For Aristotle, money-making as an end in itself (...) is endemic to the life of pleasure, not the good life. Moreover, the unchecked pursuit of ever more money is likely to crowd out other intrinsically valuable goods, such as friendship, agency, and autonomy. Finally, from the standpoint of Aristotle’s virtue ethics, wealth acquisition beyond the natural limit is considered to be a vice, not a virtue. (shrink)

A work ehic is a value-based motivation for working. In the now developed world, three such values have been stressed over time: soial status, duty, and wealth or, simply, money. Craft pride has also been proffered but is increasingly a victim of automation. Each will be considered here. First, however, a few remarks about how socio-economic conditions influence a society's stance regarding one's obligation to work.

The rich have two defining capabilities: independence from and command over others. These make being wealthy very pleasant indeed, but they are also toxic to democracy. First, I analyse the mechanisms by which the presence of very wealthy individuals undermines the two pillars of liberal democracy, equality of citizenship and legitimate social choice. Second, I make a radical proposal. If we value the preservation of democracy we must limit the amount of wealth any individual can have and still be (...) a citizen of our polity. (shrink)

This paper shows that implicit assumptions about the numeraire good in the Kaldor-Hicks efficiency-equity analysis involve a "same-yardstick" fallacy (a fallacy pointed out by Paul Samuelson in another context). These results have negative implications for cost-benefit analysis, the wealth-maximization approach to law and economics, and other parts of applied welfare economics--as well as for the whole vision of economics based on the "production and distribution of social wealth.".

Knowledge is one of the most important factors determining the development of global economy and overcoming the present existing inequalities. Humankind needs a fair distribution of the potential of knowledge because its big social problems and difficulties today are due to the existence of deep‐going differences in its possession and use. This paper is an attempt to analyze and present certain philosophical arguments and conceptions justifying cooperative decision‐making in the searching for fair distribution of the benefits of knowledge in the (...) globalized world. Made individually or collectively, these decisions do not worsen the status of anyone ‐ rather they can lead to the use of benefits of knowledge in the interest of all people. A fair distribution of resources and achievements of a knowledge‐based economy is of key importance for the future of humankind. There exist three significant roads to justification of cooperative decisionmaking in a global aspect. The main problem here is that of how to ensure equal access of all members of the global society to benefits of knowledge.In this paper are considered communitarianism, J. Habermas` theory of communicative action and public choice theories. The right to participate in activities of the knowledge society and to share in its wealth is related to the use of social and economic benefits. A distributive justice, including such right, could be based on communitarian political and moral values and principles. Any violation of such principles means existence of social injustice, with lasting consequences, including loss of access to natural goods, such as food and water. (shrink)

A short (about 1,000 words) overview of adjudication, describing the standard view (judges should just apply the law, when possible) and two goal-oriented views: wealth maximization and the maximization of well-being – i.e., utilitarian adjudication.

Capitalism: The Birth of an Idea. Amongst the Enlightenment’s emancipatory slogans was a call for the liberation of economic energy, a call that was most fully expressed by Adam Smith in Inquiry into the Nature and Causes of the Wealth of Nations. Smith provided a final analysis of the mercantilist system that had been prevailing from the beginning of the sixteenth century. By justifying the superiority of the free market economy models, Smith created the intellectual foundations for the capitalist (...) order. He proposed a model for the production and distribution of goods that was based on two pillars: the right to private property and free market institutions. The vision of capitalism created by Smith was a system of power and freedom: a system of individual sovereignty over the world of objects and a system of the free circulation of goods. The combination of these two principles resulted in a coherent system which, when used in practice, has shown remarkable efficiency. Smith’s work proved to be a reliable way to achieve worldly success, one that has worked wherever it was tried out. Capitalism, and the accompanying moral philosophy, was the most commonly pursued idea of the eighteenth century. (shrink)

The rapidly increasing wealth of genomic data has driven the development of tools to assist in the task of representing and processing information about genes, their products and their functions. One of the most important of these tools is the Gene Ontology (GO), which is being developed in tandem with work on a variety of bioinformatics databases. An examination of the structure of GO, however, reveals a number of problems, which we believe can be resolved by taking account of (...) certain organizing principles drawn from philosophical ontology. We shall explore the results of applying such principles to GO with a view to improving GO’s consistency and coherence and thus its future applicability in the automated processing of biological data. (shrink)

There is a wealth of resources— ideas, insights, discoveries, inventions, traditions, cultures, languages, arts, religions, sciences, narratives, stories, poems, customs and norms, music and songs, games and personal experiences, and advertisements—that we produce, curate, consume, transmit, and inherit as humans. This wealth, which I define as semantic capital, gives meaning to, and makes sense of, our own existence and the world surrounding us. It defines who we are and enables humans to develop an individual and social life. This (...) paper discusses the shift from analog to digital semantic capital, and the extent to which this might affect the semanticisation of our identities, our lives and our realities. -/- . (shrink)

There is a wealth of evidence which indicates that arguments are not very efficient tools for changing minds. Against this scepticism, Dutilh Novaes (2023) presents evidence that, given the right social context, arguments sometimes play a significant role in belief revision. However, drawing on Levy (2021), I argue that the evidence Dutilh Novaes cites is compatible with the view that it is not arguments that change individual minds but instead belief outsourcing that occurs alongside the consideration of arguments.

Introduction. The book is a study in Adam Smith's system of ideas; its aim is to reconstruct the peculiar framework that Adam Smith’s work provided for the shaping of a semi-autonomous new discipline, political economy; the approach adopted lies somewhere in-between the history of ideas and the history of economic analysis. My two claims are: i) The Wealth of Nations has a twofold structure, including a `natural history' of opulence and an `imaginary machine' of wealth. The imaginary machine (...) is a kind of Newtonian theory, whose connecting links are principles; provided either by `partial' characteristics of human nature or by analoga of physical mechanisms transferred to the social world; ii) a domain of the economic, understood as a self-standing social sub-system, was discovered first by Adam Smith. His `discovery' of the new continent of the economic was an `unintended result' of a deviation in his voyage to the never-found archipelago of natural jurisprudence. -/- 1. Imaginary machines and invisible chains: natural philosophy and method. The first chapter reconstructs Smith's views on the method in natural philosophy, presented primarily in the History of Astronomy (HA). The peculiar kind of semi-sceptical Newtonianism which permeates the essay is highlighted. Its reconstruction of the history of one natural science is shown to be based on the assumptions of Hume’s epistemology, and to lead to a self-aware deadlock. Smith's dilemma is between an essentialist realism and sceptical instrumentalism; the Cartesian presuppositions he shares with Hume and with the 18th century as a whole make it impossible for him to overcome his dilemma. The following chapters will show how, on the one hand, Smith's skeptical methodology encourages him in the enterprise to `carve off' a new self-contained discipline and how, on the other hand, his epistemological dilemma is reflected in the inner tensions of his moral and political theory as well as in a number of basic oscillations concerning the status of the new discipline. -/- 2. Chessboards and clocks: moral philosophy and method. -/- The second chapter reconstructs Smith's views on the method in the parallel field of moral philosophy, including the theory of moral sentiments and natural jurisprudence. I argue that The Theory of Moral Sentiments, when considered together with with the Lectures on Jurisprudence, where Smith's peculiar version of a `weaker' form of natural law is presented, wins special interest, not only for the history of ethics but even more for the history of political theory and the social sciences. The two most striking features of Smith's work in this area are highlighted. First, his effort at reformulating the `practical science' is a methodologically self-aware attempt at applying the Newtonian method to moral subjects. Secondly, this attempt ends in a stalemate as two distinguished kinds of normative order are introduced: one ultimate order of Reason, ultimately justifiable but inaccessible, and one weaker order of our `natural sentiments', to which we have empirical access, but which is so variable as to lack any ultimate value as a basis for grounding our normative claims. These two parallel conundrums may arguably account for the author's inability to publish during his lifetime both The History of Astronomy and the projected history and theory of law and government. -/- 3. Wheels, dams, and gravitation: the structure of scientific argument in The Wealth of Nations. -/- The third chapter provides the core of the book, dealing with the structure of the argument in WN. I argue that the main presupposition that makes the shift possible from a `natural history' to a `system' approach is the Newtonian contrast of `mathematical' with `physical' explanation; that is, Smith drops any discussion of the "original qualities" of human nature that could account for economic behaviour, while introducing, as `principles' for the system, a set of `hypothetical' statements of `observed' regularities in human behaviour and of `observed' super-individual self-regulating mechanisms. In bringing this presupposition to light, the coexistence of a teleological with a mechanistic approach is clarified; fresh light is shed on the notion of the invisible hand by a comparison of its occurrence in Smith with the occurrence of the same expression (until now overlooked) in the correspondence between Newton and Cotes. Finally, the peculiar semi-prescriptive and semi-descriptive character of political economy are highlighted, and the consistency of Smith's `impure' semi-prescriptive social science, when understood in his own terms, is defended against familiar charges with inconsistency and against even more familiar strained modernizations. -/- 4. Apples, deer, and frivolous trinkets: the construction of the economic. -/- The fourth chapter draws consequences from the third, examining how Smith's achievement in political economy, marking its transition to scientific status, carried a re-description of the phenomena, creating the comparatively independent and unified field of the economic. Smith's achievement is interpreted not as the `discovery' of an autonomous character already possessed by the economy out there, so much as a Gestalt-switch by which our perception of social phenomena is modified making us `see' the partial order of the economy as an isolated system. To sum up, the autonomy of the economic in social reality and the autonomy of the economic in social consciousness are shown to be two sides of one process. -/- 5. Concluding considerations: Political economy and the Enlightenment halved. -/- A few suggestions on the status of economic theory two centuries after The Wealth of Nations in its relationship to ‘practical philosophy’ are illustrated. (shrink)

Monetary policy, and the response it elicits from financial markets, raises normative questions. This chapter, building on an introductory section on the objectives and instruments of monetary policy, analyzes two such questions. First, it assesses the impact of monetary policy on inequality and argues that the unconventional policies adopted in the wake of the financial crisis exacerbate inequalities in income and wealth. Depending on the theory of justice one holds, this impact is problematic. Should monetary policy be sensitive to (...) inequalities and, if so, how? Second, the chapter argues that the leverage that financial markets have today over the monetary policy agenda undermines democratic legitimacy. (shrink)

The life-cycle theory of saving behavior (Modigliani, 1988) suggests that humans strive towards an equal intertemporal distribution of wealth. However, behavioral life-cycle theory (Shefrin & Thaler, 1988) proposes that people use self-control heuristics to postpone wealth until later in life. According to this theory, people use a system of cognitive budgeting known as mental accounting. In the present study it was found that mental accounts were used differently depending on if the income change was positive or negative. This (...) was shown both in a representative nationwide sample of households and in a student sample. Respondents were more willing to cut down on their propensity to consume when faced with an income decrease than to raise it when the income increased. Furthermore, contrary to the predictions of behavioral life-cycle theory, it was found that the respondents adjusted their propensity to consume the most when the income increases or decreases took place immediately. Hence, it is suggested that theories of intertemporal choice (e.g., Loewenstein, 1988; Loewenstein & Prelec, 1992) provide a better account of the data than does the behavioral lifecycle theory. (shrink)

The globalization of and technological challenge to the world's workers generate profound ethical problems. Suitable solutions will require governments and civil societies to move beyond the modern tendencies to divinize property rights and base people's income eligibility almost exclusively on their work. Some attention is being paid to the issues involved therein so as to achieve better work/life balance. In some places, in fact, resource-based wealth has been distributed to all citizens, even to those not directly involved in generating (...) the wealth. To maintain and grow such arrangements will be difficult so long as traditional capitalist values like property rights and the work ethic remain dominant. Until this worldview is modified, only the independently wealthy will be able to live decent lives without engaging in wage work. But wageworkers' ability to find such work indefinitely is not assured. (shrink)

An outline of the wealth of philosophical material that hides behind the flat world of geographic maps, with special reference to (i) the centrality of the boundary concept, (ii) the problem of vagueness, and (iii) the metaphysical question (if such there be) of the identity and persistence conditions of geographic entities. Serves as an introduction to the special issue of "Topoi" (20:2, 2001) on the Philosophy of Geography.

Vietnam’s forests are at risk - carbon offset schemes could be the best chance of saving them, say Dr. Quan-Hoang Vuong and Minh-Hoang Nguyen. The value of forests is deeply ingrained in Vietnamese culture. Rừng vàng, biển bạc” [“forests of gold and seas of silver”] is both a metaphor for Vietnam, and a description of its natural wealth. The phrase is everywhere, from political speeches to daily conversation, as is Nhất phá sơn lâm, nhì đâm hà bá [“the worst (...) crime is to destroy the mountains and forests, the second worst is to kill the river”]. Deforestation is a Vietnamese taboo. (shrink)

Despite the ubiquity of knowledge attribution in human social cognition, its associated neural and cognitive mechanisms are poorly documented. A wealth of converging evidence in cognitive neuroscience has identified independent perspective-taking and inhibitory processes for belief attribution, but the extent to which these processes are shared by knowledge attribution isn't presently understood. Here, we present the findings of an EEG study designed to directly address this shortcoming. These findings suggest that belief attribution is not a component process in knowledge (...) attribution, contra a standard attitude taken by philosophers. Instead, observed differences in P3b amplitude indicate that knowledge attribution doesn't recruit the strong self-perspective inhibition characteristic of belief attribution. However, both belief and knowledge attribution were observed to display a late slow wave widely associated with mental state attribution, indicating that knowledge attribution also shares in more general processing of others' mental states. These results provide a new perspective both on how we think about knowledge attribution, as well as Theory of Mind processes generally. (shrink)