In this paper, I present some responses to an argument made by an economist in an online video: that when Britain leaves the European Union, it will be taking many high ranking universities with it, which will lead to an innovation deficit in the union. I present some responses by means of a pastiche of a widely read European fiction writer.

This review essay of Economics Rules situates Dani Rodrik’s contribution with respect to the 2007–2008 global economic crisis. This financial meltdown, which the eurozone did not fully recover from before the Covid-19 pandemic, led to soul- searching among economists as well as a call for heterodox economic approaches. Yet, over the past decade, instead the economics profession has maintained its orthodoxy. Rodrik’s Economics Rules offers a critique of the economics profession that is castigating but mild. It calls for economists to (...) use more and diverse models without becoming wedded to any single model or an overarching vision. Yet Rodrik ratifies many of the benchmark models standard to orthodox economics and provides little ground for a fundamental rethinking of the discipline. This essay analyses the conservatism underlying Rodrik’s approach, which upholds general equilibrium theory and rational expectations underlying the efficient market hypothesis. It argues that the economics discipline’s scope-creep to maintain its applicability to all human decision-making, and its acceptance of all-inclusive utility functions, crowds out moral sentiments and civic virtue. Thus. it argues that rather than urging economists simply to be more cautious in their application of models to address particular social concerns, instead economists must recognise their discipline’s inherent limitations. (shrink)

In this paper, we attempt to de-naturalize the prevailing economistic imaginary of work that Max Weber and later commentators described as ‘protestant work ethic,’ epitomized in the figure of homo economicus. We do so by contrasting it with the imaginary of skillful work that can be found in vignettes about artisans in the Zhuangzi. We argue that there are interesting contrasts between these views concerning 1) direct goal achievement vs. indirect goal achievement through the cultivation of skills; 2) the hierarchization (...) of mental versus physical dimensions of work; 3) the crafting of non-dominating relationships between the working subject, their object, and their instruments of work, which leads to questions about the sustainability of these relationships; and 4) the relationship between work and well-being, which the Daoist texts conceptualize in a much more holistic, but also more presentist way than Western economic rationality. We conclude by pointing out the relevance of these differences for several contemporary debates about work, by denaturalizing a dominant imaginary of work, by distinguishing different forms of work, by suggesting a different relation between work and nature, and by raising questions about the desirability of the automation of work. (shrink)

Despite the conclusions from the contemporary philosophy of science, many economists cherish the ideal of positive science. Therefore, value-free economics is still the central paradigm in economics. The first aim of the paper is to investigate economics' axiomatic assumptions from an epistemological perspective. The critical analysis of the literature shows that the positive-normative dichotomy is exaggerated. Moreover, value-free economics is based on normative foundations that have a negative impact on individuals and society. The paper's second aim is to show that (...) economics' normativity is not a problem because the discussion concerning values is possible and unavoidable. In this context, Weber and other methodologists are investigated. The conclusion of the paper is that science can thrive without strict methodological rules thanks to institutional mechanisms. Therefore, economists could learn from artists who accept the world without absolute rules. This perspective opens the possibility for methodological pluralism and normative approaches. (shrink)

Usually evolutionary economists equate evolutionary theory with modern Darwinism. However the rise of evolutionary developmental biology (Evo-Devo) puts into question the monopoly of Darwinism in evolutionary biology. The major divergences between the two paradigms in evolutionary biology are drawn in the analysis of three trade-offs: population vs. typological thinking, creative role of natural selection vs. internal (inherent) change, and microevolution vs. macroevolution. It is argued here that the Evo-Devo breakthrough helps to better understand the limits to Darwinism in the social (...) realm and design the contours of an alternative paradigm in evolutionary economics privileging structural macroevolution and what Schumpeter called “change from within”. (shrink)

The goal of the article is to substantiate that despite the criticism the paradigm in economics will not change because of the axiomatic assumptions of value-free economics. How these assumptions work is demonstrated on the example of Gary Becker’s economic approach which is analyzed from the perspective of scientific research programme. The author indicates hard core of economic approach and the protective belt which makes hard core immune from any criticism. This immunity leads economists to believe that they are objective (...) scientists and, consequently, it results in epistemological hubris. Due to its tautological nature, economic approach is considered to be a degenerative programme. This conclusion is extended on value-free economics. In spite of these problems, many economists still believe in positive economics and they dismiss normative approaches. It has a negative influence on people. The conclusion of the article is that thanks to axiomatic assumptions economists do not have objective and ironclad methodology and they should accept normative values in their research. (shrink)

In this paper I study how the theoretical categories of consumption theory were used by Milton Friedman in order to classify empirical data and obtain predictions. Friedman advocated a case by case definition of these categories that traded theoretical coherence for empirical content. I contend that this methodological strategy puts a clear incentive to contest any prediction contrary to our interest: it can always be argued that these predictions rest on a wrong classification of data. My conjecture is that this (...) methodological strategy can contribute to explain why Friedman’s predictions never generated the consensus he expected among his peers. (shrink)

Economistic Business Ethics Denial (BED) is the belief that contemporary business has features that make it systematically incompatible with ethics. Using over 1200 participants across seven separate samples we established the substantive validity of a BED Scale, confirmed its theorized structure, psychometric properties, convergent, and discriminant validity. The results suggest that the scale assesses four correlated factors of economistic BED. The scale can be used in future research on ethical decision making in business, and business ethics education.

Many economists and social theorists hypothesize that most societies could soon face a ‘post-work’ future, one in which employment and productive labor have a dramatically reduced place in human affairs. Given the centrality of employment to individual identity and its pivotal role as the primary provider of economic and other goods, transitioning to a ‘post-work’ future could prove traumatic and disorienting to many. Policymakers are thus likely to face the difficult choice of the extent to which they ought to satisfy (...) individual citizens’ desires to work in a socioeconomic environment in which work is in permanent decline. Here I argue that policymakers confronting a post-work economy should discount, or at least consider problematic, the desire to work because it is very likely that this desire is an adaptive preference. An adaptive preference is a preference for some state of affairs within a limited set of options formed under unjust conditions. The widespread desire for work has been formed under unjust labor conditions to which individuals are compelled to submit in order to meet material and ethical needs. Furthermore, the prevalence of the ‘work dogma’ in contemporary societies precludes nearly all individuals from seeing alternatives to work as live options. (shrink)

Many economists and philosophers assume that status quo bias is necessarily irrational. I argue that, in some cases, status quo bias is fully rational. I discuss the rationality of status quo bias on both subjective and objective theories of the rationality of preferences. I argue that subjective theories cannot plausibly condemn this bias as irrational. I then discuss one kind of objective theory, which holds that a conservative bias toward existing things of value is rational. This account can fruitfully explain (...) some compelling aspects of common sense morality, and it may justify status quo bias. (shrink)

Neoclassical economists use expected utility theory to explain, predict, and prescribe choices under risk, that is, choices where the decision-maker knows---or at least deems suitable to act as if she knew---the relevant probabilities. Expected utility theory has been subject to both empirical and conceptual criticism. This chapter reviews expected utility theory and the main criticism it has faced. It ends with a brief discussion of subjective expected utility theory, which is the theory neoclassical economists use to explain, predict, and prescribe (...) choices under uncertainty, that is, choices where the decision-maker cannot act on the basis of objective probabilities but must instead consult her own subjective probabilities. (shrink)

Economists customarily talk about the ‘realism’ of economic models and of their assumptions and make descriptive and prescriptive judgements about them: this model has more realism in it than that, the realism of assumptions does not matter, and so on. This is not the way philosophers mostly use the term ‘realism’ thus there is a major terminological discontinuity between the two disciplines. The following remarks organise and critically elaborate some of the philosophical usages of the term and show some of (...) the ways in which they relate to economists’ concerns. In the philosophy of science, scientific realism is the mainstream position – or rather a heterogeneous collection of positions - that includes ideas about the nature of scientific theories and how they are related to the real world and about the goals and achievements of scientific inquiry. However, most of what philosophers have contributed around these ideas is not designed to deal with the peculiarities of economics, thus some important adjustments are needed to make scientific realism an interesting position for economists. (shrink)

Abstract: Economists are accustomed to distinguishing between a positive and a normative component of their work, a distinction that is peculiar to their field, having no exact counterpart in the other social sciences. The distinction has substantially changed over time, and the different ways of understanding it today are reflective of its history. Our objective is to trace the origins and initial forms of the distinction, from the English classical political economy of the first half of the 19th century to (...) the emergence of welfare economics in the first half of the 20th century. This sequential account will also serve to identify the main representative positions along with the arguments used to support them, and it thus prepares the ground for a discussion that will be less historical and more strictly conceptual. -/- Résumé : Les économistes ont coutume de distinguer entre une composante positive et une composante normative de leurs travaux, ce qui est une singularité de leur discipline, car cette distinction n'a pas de répondant exact dans les autres sciences sociales. Elle a fortement évolué au cours du temps et les différentes manières de la concevoir aujourd'hui en reflètent l'histoire. On se propose ici d'en retracer les origines et les premières formes, de l'économie politique classique anglaise de la première moitié du XIXe siècle jusqu'à l'apparition de l'économie du bien-être dans la première moitié du XXe siècle. Ce parcours séquentiel vise aussi à identifier les positions les plus représentatives et les arguments invoqués pour les soutenir, en préparant ainsi une discussion qui serait moins historique et plus strictement conceptuelle. (shrink)

Economists associated with the Austrian School of Economics are known to deny the value of macroeconomics as descended from the work of John Maynard Keynes and, especially, his followers. Yet, Austrian economists regularly engage in a related scientific activity: theorizing about the causes and consequences of economic fluctuations, i.e., the business cycle. What explains the Austrians’ willingness to engage in theorizing about the business cycle while denying the scientific import of macroeconomics? The present paper argues that the methodological precepts of (...) the School, which have remained largely in place since Carl Menger first pronounced them at the start of the Methodenstreit, justify the kind of business-cycle theorizing that Austrians do and imply the limited scientific value of macroeconomics as descended from Keynes. (shrink)

Economists can value things for cost-benefit analysis using either a structured or an unstructured approach. The first imposes some theoretical structure on the valuation; the second does not. This paper explains the difference between the approaches and examines the relative merits of each. Cost-benefit analysis may be aimed at finding what would be the best action, or alternatively at finding which action should be done in a democracy. The paper explains the difference, and argues that the appropriate aim is the (...) first. Given that, it comes down in favour of the structured approach to valuation. As an example, it discusses different approaches to valuing life in economics. (shrink)

Some environmental ethicists and economists argue that attributing infinite value to the environment is a good way to represent an absolute obligation to protect it. Others argue against modelling the value of the environment in this way: the assignment of infinite value leads to immense technical and philosophical difficulties that undermine the environmentalist project. First, there is a problem of discrimination: saving a large region of habitat is better than saving a small region; yet if both outcomes have infinite value, (...) then decision theory prescribes indifference. Second, there is a problem of swamping probabilities: an act with a small but positive probability of saving an endangered species appears to be on par with an act that has a high probability of achieving this outcome, since both have infinite expected value. Our paper shows that a relative concept of infinite value can be meaningfully defined, and provides a good model for securing the priority of the natural environment while avoiding the failures noted by sceptics about infinite value. Our claim is not that the relative infinity utility model gets every detail correct, but rather that it provides a rigorous philosophical framework for thinking about decisions affecting the environment. (shrink)

Behavioral economists have proposed that people are subject to an IKEA effect, whereby they attach greater value to products they make for themselves, like IKEA furniture, than to otherwise indiscernible goods. Recently, cognitive psychologist Tom Stafford has suggested there may be an epistemic analog to this, a kind of epistemic IKEA effect. In this paper, I use Stafford’s suggestion to defend a certain thesis about epistemic value. Specifically, I argue that there is a distinctive epistemic value in being an active (...) producer of epistemic goods, like true belief, as opposed to just a passive recipient of such goods, and that because of this it can be rationally permissible to sacrifice truth in a certain way for the sake of this other value. In particular, it is rationally permissible for an epistemic agent to prefer a belief set that contains fewer overall truths but more truths obtained through the agent’s own intellectual labor, in something like the way that a practical agent might prefer furniture they have made through their own manual labor to inherently superior furniture made by someone else. In making my case, I draw on Ernest Sosa’s discussion of causation and praxical epistemic values, and Jennifer Lackey’s testimony-based criticism of the credit view of knowledge. After defending my thesis about epistemic value, I further clarify it by connecting it to the focus of Stafford’s discussion, conspiracy theorists. (shrink)

The economist David K. Levine claims that if a government of a country makes torture legal, the inevitable result will be torture that is out of control. I point out an inconsistency in his approach to torture. I then argue that we should be open to rare counterexamples to his claim and describe a kind of counterexample.

In recent decades, economists have played an active role in shaping public policy by publicly recommending the adoption of certain policies. These recommendations are often based on normative assumptions that are not the product of economic analysis; nor are they shared by the laypeople to whom these recommendations are made. Inducing people to adopt public policies for reasons that are neither the product of expertise, nor shared by the people, is a form of manipulation that violates the ideals of a (...) liberal democratic society. Thus, the economists’ recommendations constitute an abuse of their expertise. (shrink)

Many economists have argued convincingly that automated systems employing present-day artificial intelligence have already caused massive technological displacement, which has led to stagnant real wages, fewer middle- income jobs, and increased economic inequality in developed countries like Canada and the United States. To address this problem various individuals have proposed measures to increase workers’ living standards, including the adoption of a universal basic income, increased public investment in education, increased minimum wages, increased worker control of firms, and investment in a (...) Green New Deal that will provide substantial employment in transitioning to green energy, buildings, and agriculture. In this paper I argue that both left-wing and right-wing positions in political philosophy, such as John Rawls’s Justice as Fairness and Robert Nozick’s Entitlement Theory, are committed to the conclusion that we should take political action to counteract the effects of technological displacement by undertaking such measures to increase workers’ living standards. (shrink)

Some economists, notably Gary Becker, claim that economic analysis is applicable to any decision, ethical or otherwise. Ethical principles within Objectivist Ethics are based on long-range success— life being the measure of success. This paper examines these different approaches to decision-making. Decision theory and Rand's Benevolent Universe Premise form the basis for the analysis.

Economists use various models to explain why it is that firms are capable of pricing above marginal cost. In this paper, we will examine two of them: the Cournot and Bertrand duopoly models. Economists generally accept both models as good explanations of the phenomenon, but the two models contradict each other in various important ways. The puzzle is that two inconsistent explanations are both regarded as good explanations for the same phenomenon. This becomes especially worrisome when the two models are (...) offering divergent policy recommendations. This report presents that puzzle by laying out how the two models contradict each other in a myriad of ways and then offers five possible solutions to that puzzle from various economists, philosophers of science, and philosophers of economics. (shrink)

Ethical oaths for bankers, economists and managers are increasingly seen as successful instruments to ensure more responsible behaviour. In this article, we reflect on the nature of ethical oaths. Based on John Austin's speech act theory and the work of Emmanuel Levinas, we introduce a performative concept of ethical oaths that is characterised by (1) the existential self-performative of the one I want to be, which is (2) demanded by the public context. Because ethical oaths are (3) structurally threatened by (...) the possibility of infelicity or failure, we stress (4) the behavioural aspect of ethical oaths in economics and business. We conclude that a performative concept of ethical oaths can contribute to more ethical behaviour in economics and business, because the performative involves action and behaviour. At the same time, it becomes clear that a radical new perspective on the nature, function and limitation of oaths is needed. (shrink)

When modern economists use the notions of sympathy or empathy, they often claim that their ideas have their roots in Adam Smith's Theory of Moral Sentiments, while sometimes complaining that Smith fails to distinguish clearly enough between the two concepts. Recently, Philippe Fontaine has described various forms of sympathy and empathy, and has explored their respective roles in Smith's work. My objective in this paper is to argue that Smith's analysis of how people's sentiments impinge on one another involves a (...) concept of fellow-feeling that is distinct from both sympathy and empathy. Unlike sympathy and empathy, fellow-feeling does not fit into the ontological framework of rational choice theory – which may explain why it tends to be overlooked by modern readers of Smith. (shrink)

Development economist Hernando de Soto Polar has effectively advocated for property rights in the Third World, as his ideas have influenced the policies of the World Bank, International Monetary Fund and United Nations Development Programme. He envisions land titling as a means of lifting the poor out of poverty. I argue that his classical liberal interpretations of property and the good life are dangerously naive. One can see the dangers of de Soto’s imperialist and one-dimensional vision after considering the cultural (...) destruction that results from his brand of development in pastoral Kenya. Also, this article demands a reframing of standardized development approaches. It argues that the conventional view is prone to creating unstable, culturally hegemonic relationships between the government and entrepreneurs, and the people of the land. Asymmetrical lawfare is another nondemocratic feature of de Soto’s development. This article emphasizes that Kenyan pastoralists are not inherently vulnerable people but that they have been rendered vulnerable by society. Lastly, the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) is the basis for an alternative to de Soto’s development design. UNDRIP was a hard-fought legal protection for the world’s indigenous peoples that makes human dignity central to development. The Global North and Global South produce differing visions of development. This article points to Kenya as an example of how the Global North’s vision has fundamentally failed because it disenfranchises pastoralists—the very people policymakers and policy supporters claim it is intended to benefit. (shrink)

Many ecological economists have argued that some natural capital should be preserved for posterity. Yet, among environmental philosophers, the preservation paradox entails that preserving parts of nature, including those denoted by natural capital, is impossible. The paradox claims that nature is a realm of phenomena independent of intentional human agency, that preserving and restoring nature require intentional human agency, and, therefore, no one can preserve or restore nature (without making it artificial). While this article argues that the preservation paradox is (...) more difficult to resolve than ordinarily recognized, it also concludes by sketching a positive way to understand what it means to preserve natural capital during the Anthropocene. (shrink)

The beliefs of economists are not solely determined by empirical evidence in direct relation to the theories and models they hold. Economists hold 'ontological presuppositions', fundamental ideas about the nature of being which direct their thinking about economic behaviour. In this volume, leading philosophers and economists examine these hidden presuppositions, searching for a 'world view' of economics. What properties are attributed to human individuals in economic theories, and which are excluded? Does economic man exist? Do markets have an essence? Do (...) macroeconomic aggregates exist? Is the economy a mechanism, the functioning of which is governed by a limited set of distinct causes? What are the methodological implications of different ontological starting points? This collection, which establishes economic ontology as a coordinated field of study, will be of great value to economists and philosophers of social sciences. (shrink)

In recent work, economist Yew-Kwang Ng suggests strategies for improving animal welfare within the confines of institutions such as the meat industry. Although I argue that Ng is wrong not to advocate abolition, I do find his position concerning wild animals to be compelling. Anyone who takes the interests of animals seriously should also accept a cautious commitment to intervention in the wild.

The interview with economist William Baumol, published in 2003 in weekly Respekt, deals with alternative activities for talented individuals. If they can't pursue productive activities (technological innovations) they go for rent-seeking activities or activities with negligible social return (e.g. chess). I also present a thesis, that if there is no sophisticated alternative activities, the talent may be redirected into pathological ones: psychopathy, neurosis, paranoia, psychosis... The article was exhibited in Holland Park, W8 6LU, The Ice House between 18. Oct - (...) 3. Nov. 2013. (shrink)

In 1937, the Japanese economist Kaname Akamatsu discovered specific links between the rise and decline of the global peripheries. Akamatsu’s theory of development describes certain mechanisms whose working results in the narrowing of the gap between the level of development of the economy of developing and developed countries, and, thus, in the re-structuring of the relationships between the global core and the global periphery. Akamatsu developed his model on the basis of his analysis of the economic development of Japan before (...) World War II, with a special emphasis on the development of the Japanese textile industry. Akamatsu’s catch-up development includes three phases: import of goods, organization of the production of previously imported products, and export of those goods. This model proved to be productive for analyzing the development of many other developing countries, especially in East Asia, making the theory of flying geese popular among the economists of these countries, as well as the whole world. The “flying geese” model produces certain swings that may be denoted as Akamatsu waves. Akamatsu waves may be defined as cycles (with a period ranging from 20 to 60 years) that are connected with convergence and divergence of core and periphery of the World System in a way that explains cyclical upward and downward swings (at global and national levels) in the movements of the periphery countries as they catch up with the richer ones. (shrink)

Several noted economists and prominent international organizations have recently advocated for the implementation of guest worker programs in developed states. Their primary argument is that guest worker programs would serve as a powerful mechanism for reducing global poverty and inequality. For example, economist Dani Rodrik estimates that guest worker programs in wealthy states would generate $200 billion or more annually for poor countries. According to Rodrik, liberalizing the temporary movement of workers would “produce the largest possible gains for the world (...) economy and for poor countries in particular,” in comparison with other policies, such as trade liberalization. (shrink)

The Scottish economist Adam Smith recommends specialization, but Salvador Dali was not very specialized: he painted, wrote books, acted, sang, and made films. In this paper, I draw attention to a tactical advantage of not specializing for Dali, when faced with various challenges.

Philosophers, psychologists, economists and other social scientists continue to debate the nature of human well-being. We argue that this debate centers around five main conceptualizations of well-being: hedonic well-being, life satisfaction, desire fulfillment, eudaimonia, and non-eudaimonic objective-list well-being. Each type of well-being is conceptually different, but are they empirically distinguishable? To address this question, we first developed and validated a measure of desire fulfillment, as no measure existed, and then examined associations between this new measure and several other well-being measures. (...) In addition, we explored associations among all five types of well-being. We found high correlations among all measures of well-being, but generally correlations did not approach unity, even when correcting for unreliability. Furthermore, correlations between well-being and related constructs (e.g., demographics, personality) depended on the type of well-being measured. We conclude that empirical findings based on one type of well-being measure may not generalize to all types of well-being. (shrink)

It is widely agreed that one of the core functions of government is to supply public goods that markets either fail to provide or cannot provide efficiently. I will suggest that arguments for government provision of public goods require fundamental moral judgments in addition to the usual economic considerations about the relative efficacy of markets and governments in supplying them. While philosophers and policymakers owe a debt of gratitude to economists for developing the theory of public goods, the link between (...) public goods and public policy cannot be forged without moral reflection on the proper function and scope of government power. (shrink)

Unlike any other field, the science of morality has drawn attention from an extraordinarily diverse set of disciplines. An interdisciplinary research program has formed in which economists, biologists, neuroscientists, psychologists, and even philosophers have been eager to provide answers to puzzling questions raised by the existence of human morality. Models and simulations, for a variety of reasons, have played various important roles in this endeavor. Their use, however, has sometimes been deemed as useless, trivial and inadequate. The role of models (...) in the science of morality has been vastly underappreciated. This omission shall be remedied here, offering a much more positive picture on the contributions modelers made to our understanding of morality. (shrink)

This paper examines the preference-based approach to the identification of beliefs. It focuses on the main problem to which this approach is exposed, namely that of state-dependent utility. First, the problem is illustrated in full detail. Four types of state-dependent utility issues are distinguished. Second, a comprehensive strategy for identifying beliefs under state-dependent utility is presented and discussed. For the problem to be solved following this strategy, however, preferences need to extend beyond choices. We claim that this a necessary feature (...) of any complete solution to the problem of state-dependent utility. We also argue that this is the main conceptual lesson to draw from it. We show that this lesson is of interest to both economists and philosophers. (shrink)

The philosophical study of well-being concerns what makes lives good for their subjects. It is now standard among philosophers to distinguish between two kinds of well-being: - lifetime well-being, i.e., how good a person's life was for him or her considered as a whole, and - temporal well-being, i.e., how well off someone was, or how they fared, at a particular moment in time or over a period of time longer than a moment but shorter than a whole life, say, (...) a day, month, year, or chapter of a life. Many theories have been offered of each of these kinds of well-being. A common view is that lifetime well-being is in some way constructed out of temporal well-being. This book argues that much of this literature is premised on a mistake. Lifetime well-being cannot be constructed out of temporal well-being, because there is no such thing as temporal well-being. The only genuine kind of well-being is lifetime well-being. The Passing of Temporal Well-Being will prove essential reading for professional philosophers, especially in moral and political philosophy. It will also be of interest to welfare economists and policy-makers who appeal to well-being. (shrink)

Since the last ice age, when ice enveloped most of the northern continents, the earth has warmed by about five degrees. Within a century, it is likely to warm by another four or five. This revolution in our climate will have immense and mostly harmful effects on the lives of people not yet born. We are inflicting this harm on our descendants by dumping greenhouse gases into the atmosphere. We can mitigate the harm a little by taking measures to control (...) our emissions of these gases, and to adapt to the changes by, for instance, building sea walls around coastlines threatened by rising sea levels. But these measures will be very expensive, and the costs will be born by us, the present generation, whereas the benefits will come to future generations. How much should we sacrifice for the sake of the future? Economists and philosophers have independently worked on the question of our responsibility to future generations. This book brings their work together and applies it to global warming. It suggests a programme for future research on the economic and ethical issues. The book is intended for economists, and for philosophers and other social scientists who have a little knowledge of economic methods. (shrink)

Early discussions of ?climate justice? have been dominated by economists rather than political philosophers. More recently, analytical liberal political philosophers have joined the debate. However, the philosophical discussion of climate justice remains in its early stages. This paper considers one promising approach based on human rights, which has been advocated recently by several theorists, including Simon Caney, Henry Shue and Tim Hayward. A basic argument supporting the claim that anthropogenic climate change violates human rights is presented. Four objections to this (...) argument are examined: the ?future persons? objection; the ?risk? objection; the ?collective causation? objection; and the ?demandingness? objection. This critical examination leads to a more detailed specification and defence of the claim that anthropogenic climate change violates human rights. (shrink)

The Bayesian maxim for rational learning could be described as conservative change from one probabilistic belief or credence function to another in response to newinformation. Roughly: ‘Hold fixed any credences that are not directly affected by the learning experience.’ This is precisely articulated for the case when we learn that some proposition that we had previously entertained is indeed true (the rule of conditionalisation). But can this conservative-change maxim be extended to revising one’s credences in response to entertaining propositions or (...) concepts of which one was previously unaware? The economists Karni and Vierø (2013, 2015) make a proposal in this spirit. Philosophers have adopted effectively the same rule: revision in response to growing awareness should not affect the relative probabilities of propositions in one’s ‘old’ epistemic state. The rule is compelling, but only under the assumptions that its advocates introduce. It is not a general requirement of rationality, or so we argue. We provide informal counterexamples. And we show that, when awareness grows, the boundary between one’s ‘old’ and ‘new’ epistemic commitments is blurred. Accordingly, there is no general notion of conservative change in this setting. (shrink)

Altruism is a malleable notion that is understood differently in various disciplines. The common denominator of most definitions of altruism is the idea of unidirectional helping behaviour. However, a closer examination reveals that the term altruism sometimes refers to the outcomes of a helping behaviour for the agent and its neighbours – i.e. reproductive altruism – and sometimes to what motivates the agent to help others – i.e. psychological altruism. Since these perspectives on altruism are crucially different, it is important (...) to use a clear terminology to avoid confusion. In particular, we show that the notion of altruism used by biologists profoundly differs from the ones used by philosophers, psychologists and economists in cross-disciplinary debates about human altruism. (shrink)

The Nobel Prize-winning economist Robert Shiller published an article in the American Economic Review in 20171 and a book in 20192 , both carrying the term “narrative economics.”.

Like American politics, the academic debate over justice is polarized, with almost all theories of justice falling within one of two traditions: egalitarianism and libertarianism. This book provides an alternative to the partisan standoff by focusing not on equality or liberty, but on the idea that we should give people the things that they deserve. Mulligan argues that a just society is a meritocracy, in which equal opportunity prevails and social goods are distributed strictly on the basis of merit. That (...) gives citizens their just deserts. In addition to its novel conceptual approach, meritocracy is distinctive from existing work in two ways. First, it is grounded in research on how people actually think about justice. Empirical research reveals that people don't think that social goods should be distributed equally. Nor do they dismiss the idea of social justice. Across ideological and cultural lines, people want rewards to reflect merit. Second, the book discusses hot-button political issues and makes concrete policy recommendations. These issues include anti-meritocratic bias against women and racial minorities and the United States’ widening economic inequality. Justice and the Meritocratic State offers a new theory of justice and provides solutions to our most vexing social and economic problems. It will be of keen interest to philosophers, economists, and political theorists. (shrink)

Several areas of welfare economics seek to evaluate states of affairs as a function of interpersonally comparable individual utilities. The aim is to map each state of affairs onto a vector of individual utilities, and then to produce an ordering of these vectors that can be represented by a mathematical function assigning a real number to each. When this approach is used in intertemporal contexts, a central theoretical question concerns the evaluative weight to be applied to utility coming at different (...) times. This question concerns the rate of pure time preference, which is one key determinant of the social discount rate. This article argues that the standard philosophical account of pure time preference is mistaken, because it ascribes to economists a methodological commitment they need not, and often do not, accept. This in turn undercuts the most common philosophical objection to pure time preference, which traces at least to Rawls’s A Theory of Justice. The article then evaluates three further objections to pure time preference, concluding that it might still be defensible under certain circumstances. The article closes by articulating a final argument that is suggested by the “Social, Economic and Ethical Concepts and Methods” chapter of the most recent Intergovernmental Panel on Climate Change report. If this further argument is sound, it would constitute a decisive objection to pure time preference as it currently figures in much intertemporal welfare economics. (shrink)

From the outset, critical social theory has sought to diagnose people’s participation in their own oppression, by revealing the roots of irrational and self-undermining choices in the complex interplay between human nature, social structures, and cultural beliefs. As part of this project, Ideologiekritik has aimed to expose faulty conceptions of this interplay, so that the objectively pathological character of what people are “freely” choosing could come more clearly into view. The challenge, however, has always been to find a way of (...) doing this without arrogantly assuming special access to what is good for people. And this danger of paternalism is one to which social theorists have all too often fallen prey. In this brief essay, I focus on contemporary instances of clearly self-defeating behavior in contexts of complex choices. I begin by discussing a recent attempt to diagnose and solve these failures of choices, namely the public policy recommendations of behavioral economist Richard Thaler and reform-minded legal theorist Cass Sunstein. Their influential “libertarian paternalist” approach is particularly interesting, both in what it includes (attention to the socially constructed nature of choice situations and the roots of the problems in human nature) and in what it leaves out (an understanding of the social construction of human nature and an adequate appreciation of the value of autonomy). After discussing it, I consider a broadly perfectionist alternative, to the effect that the problem lies in a failure to adequately appreciate the importance of developing autonomy. I then turn to sketching the outlines of a new approach, based on the concept of “autonomy gaps,” which approaches overly demanding policies in relational and action-theoretical terms. In the final section, I show how this provides the basis for an analysis both in terms of a critique of ideology and of social pathology. (shrink)

Theorists of health have, to this point, focused exclusively on trying to define a state—health—that an organism might be in. I argue that they have overlooked the possibility of a comparativist theory of health, which would begin by defining a relation—healthier than—that holds between two organisms or two possible states of the same organism. I show that a comparativist approach to health has a number of attractive features, and has important implications for philosophers of medicine, bioethicists, health economists, and policy (...) makers. (shrink)

I argue that much current thinking on externalities—at least among “lay political economists” (but even, on occasion, among professional economists)—is saddled with two analytical errors. The first is what I call coextensivism: the conflation of public goods and externalities. The second error is what I call externality profligacy: the conflation of economic and “social” externalities. The principal dangers presented by these two “dogmas on externalities” are that, while in their grips, we are under-disposed to seek negotiated, market-based solutions (of a (...) broadly Coasean nature) to challenges posed by economic externalities, and over-disposed to seek coercive, state-based solutions (of a broadly Pigouvian nature) to challenges posed by social externalities. (shrink)

In this paper, we examine how a research institution’s social structure and academic opinion leaders’ presence shaped the early adoption of a scientific innovation. Our case considers the early engagement of mathematical economists at the Cowles Commission with John von Neumann and Oskar Morgenstern’s Theory of Games and Economic Behavior. We argue that scholars with administrative leadership functions who were not only scientifically but also organizationally central – in our case the director of research Jacob Marschak – played a crucial (...) role in promoting the adoption of the Theory of Games. We support our argument with a scientometric analysis of all acknowledgments made in 488 papers published from 1944 to 1955 in the two main paper series at Cowles. We apply blockmodeling techniques to the acknowledgments network to reconstruct the formal and informal social structure at Cowles at the time. Our findings suggest that studies of the early adoption of scientific theories benefit from complementary perspectives on the role of academic leaders and scientists. Our study reveals the importance of formal and informal social structures and the agenda of administrative leaders in these structures to explain their adoption. (shrink)

For several years, scholars have (for good reason) been largely preoccupied with worries about the use of artificial intelligence and machine learning (AI/ML) tools to make decisions about us. Only recently has significant attention turned to a potentially more alarming problem: the use of AI/ML to influence our decision-making. The contexts in which we make decisions—what behavioral economists call our choice architectures—are increasingly technologically-laden. Which is to say: algorithms increasingly determine, in a wide variety of contexts, both the sets of (...) options we choose from and the way those options are framed. Moreover, artificial intelligence and machine learning (AI/ML) makes it possible for those options and their framings—the choice architectures—to be tailored to the individual chooser. They are constructed based on information collected about our individual preferences, interests, aspirations, and vulnerabilities, with the goal of influencing our decisions. At the same time, because we are habituated to these technologies we pay them little notice. They are, as philosophers of technology put it, transparent to us—effectively invisible. I argue that this invisible layer of technological mediation, which structures and influences our decision-making, renders us deeply susceptible to manipulation. Absent a guarantee that these technologies are not being used to manipulate and exploit, individuals will have little reason to trust them. (shrink)