This short article represents the first attempt to define a new core cultural value that will enable engaging the business sector in humankind’s mission to heal nature. First, I start with defining the problem of the current business culture and the extant thinking on how to solve environmental problems, which I called “the eco-deficit culture.” Then, I present a solution to this problem by formulating the “semiconducting principle” of monetary and environmental values exchange, which I believe can generate (...) “an eco-surplus business culture.” This work adds one new element, the eleventh cultural value, to the ten core values of progressive cultures postulated by Harrison (2000). (shrink)

This short article represents the first attempt to define a new core cultural value that will enable the new strategy for engaging the business sector in humankind's mission to heal nature. The presentation is just a primitive concept, which will be calibrated further in the coming months.

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

Whenever debt is itself money, this money becomes a self-inflating debt principal by already being its own interest. Hence modern inflation, deflation, and eventual monetary crises. Yet why does money become debt? The concept of representational monetary identity answers to precisely this question.

Research on preference reversals has demonstrated a disproportionate influence of outcome probability on choices between monetary gambles. The aim was to investigate the hypothesis that this is a prominence effect originally demonstrated for riskless choice. Another aim was to test the structure compatibility hypothesis as an explanation of the effect. The hypothesis implies that probability should be the prominent attribute when compared with value attributes both in a choice and a preference rating procedure. In Experiment 1, two groups (...) of undergraduates were presented with medical treatments described by two value attributes (effectiveness and pain-relief). All participants performed both a matching task and made preference ratings. In the latter task, outcome probabilities were added to the descriptions of the medical treatments for one of the groups. In line with the hypothesis, this reduced the prominence effect on the preference ratings observed for effectiveness. In Experiment 2, a matching task was used to demonstrate that probability was considered more important by a group of participating undergraduates than the value attributes. Furthermore, in both choices and preference ratings the expected prominence effect was found for probability. (shrink)

Economic policy decisions require comparisons of the gains and losses from policy choices to different people. If those gains can be valued in monetary terms, than all that is needed is a comparison of the value of income to different persons, which can be weights in cost-benefit analysis. An objective comparison of the value of income to different people has been long sought but never found. I propose that when money to be allocated is controlled by a (...) group of people with equal control over that money, then a hypothetical auction for transfers of income between people can produce a collective judgment about the value of income that provides suitable weights, and is morally defensible in cases where the decision is made by the group collectively, e.g. when making government policy choices. I provide a method for calculating such weights from observed choices about distributing income, and discuss several desirable properties that they have. (shrink)

The notion of “worth” and “value” throughout human history was only partly dependent on economic reasons. Arrangements about what is considered an equivalent value/measure of wealth are the result of complex interdependencies of economic, social and cultural factors. For thousands of years people have used precious metals as universal equivalent and main measure of wealth; full-value metal money was, in fact, only reinforced by the authority of state (ruler) evidence of presence certain amount of precious metal. The (...) rejection of valuable coins and the provision of banknotes with precious metals (that is, the rejection of the gold and the silver standard) led to the fact that the circulating money signs in the society ceased to denote a concrete value, becoming an abstraction, putting the population in dependence on state’s monetary policy and financial stability of national economy. Bitcoin and its numerous alternatives arose as a response to the challenge of informatization, globalization and individualization of economic activity. This is an attempt to escape from control of state structures that are inclined to abuse their right to issue banknotes and to voluntaristic methods of managing the economy. To some extent, the cryptocurrencies reflect the nostalgia of market participants on the gold standard, which is surprisingly transformed into a complete denial of the materiality (including the metal substance) of money. This situation stimulates the search for new models for designation the equivalent value in the information society. (shrink)

Much public policy analysis requires us to place a monetary value on the bad- ness of a premature human death. Currently dominant approaches to determining this ‘value of a life’ focus exclusively on the ‘self-regarding’ value of life — that is, the value of a person’s life to the person whose death is in question — and altogether ignore effects on other people. This procedure would be justified if, as seems intuitively plausible, other-regarding effects were (...) negligible in comparison with self-regarding ones. I argue that in the light of the issue of overpopulation, that intuitively plausible condition is at best highly questionable. Unless the world is in fact underpopulated, the social disvalue of a premature death is likely to be significantly lower than the current estimates. (shrink)

The Australian Federal Government has announced a two-year trial scheme to compensate living organ donors. The compensation will be the equivalent of six weeks paid leave at the rate of the national minimum wage. In this article I analyse the ethics of compensating living organ donors taking the Australian scheme as a reference point. Considering the long waiting lists for organ transplantations and the related costs on the healthcare system of treating patients waiting for an organ, the 1.3 million AUD (...) the Australian Government has committed might represent a very worthwhile investment. I argue that a scheme like the Australian one is sufficiently well designed to avoid all the ethical problems traditionally associated with attaching a monetary value to the human body or to parts of it, namely commodification, inducement, exploitation, and equality issues. Therefore, I suggest that the Australian scheme, if cost-effective, should represent a model for other countries to follow. Nonetheless, although I endorse this scheme, I will also argue that this kind of scheme raises issues of justice in regard to the distribution of organs. Thus, I propose that other policies would be needed to supplement the scheme in order to guarantee not only a higher number of organs available, but also a fair distribution. (shrink)

This chapter focuses on the psychological mechanisms behind the construction of preference, especially the actual processes used by humans when they make decisions in their everyday lives or in business situations. The chapter uses cognitive psychological techniques to break down these processes and set them in their social context. When attributes are compatible with the response scale, they are assigned greater weight because they are most easily mapped onto the response. For instance, when subjects are asked to set a price (...) for a gamble this task is compatible with the information about the gamble payoff, which is also expressed in monetary values (e.g., dollars). Conversely, when the task requires a choice the payoff information is not easily mapped onto the response anymore and loses some of its salience. In fact, Slovic, Griffin, and Tversky (1990) could show that using non-monetary outcomes attenuates preference reversals when no compatibility between the pricing task and the outcome attribute was possible. An assumption of the compatibility effect is that response modes compatible with specific characteristics of the options (e.g., payoffs) draw attention to them. One of the main themes that has emerged from behavioral decision research during the past decades is the view that people's preferences are often constructed—not merely revealed—in the process of elicitation (see e.g. Slovic). This conception is derived in part from studies demonstrating that normatively equivalent methods of elicitation often give rise to systematically different responses. These "preference reversals" violate the principle of procedure invariance fundamental to theories of rational choice and raise difficult questions about the nature of human values. If different elicitation procedures produce different orderings of options, how can preferences be defined and in what sense do they exist? Describing and explaining such failures of invariance will require choice models of far greater complexity than the traditional models -/- . (shrink)

This paper uses Shachar’s conception of jus nexi to explore three interrelated ideas. I first contend that Shachar’s analysis of the monetary value of birthright citizenship may be applied to temporary workers, lawful permanent residents and naturalized citizens as an exposé of inherited privilege in diverse communities and as a means of identifying which forms of membership and belonging are worth owning. Second, I use the idea of jus nexi to question which additional work relationships and identity networks (...) that might qualify as genuine connections to a given state. Finally, I question whether an operationalized version of jus nexi, that is an alternative category of citizenship, would supplant or complement existing jus soli and jus sanguinis rules. Here, I seek to apply Shachar’s theoretical contributions to current political debates and warn that a genuine connection test is increasingly being misused to support a nativist agenda. (shrink)

The article presents an analysis of global trends in setting the inflation target and the acceptable corridor of inflation target fluctuations. Inflation targeting is an important attribute of the monetary regime of inflation targeting, its main quantitative parameter. The tendency of the inflation targeting regime in 70 countries all over the world are considered, of which 41 countries have official recognition by the International Monetary Fund (IMF) regarding the inflation targeting regime. It was found that most countries set (...) the inflation target at 5% or below, and the level of the corridor of fluctuations in relative terms hovers around 20-50% of the target value. The latest trends related to changes in the monetary policy of the European Central Bank have been studied, recommendations for determining the acceptable corridor of fluctuations of the inflation target in small and open economies on the example of Ukraine are provided. (shrink)

Competitive quiz shows, and Jeopardy! in particular, occupy a unique place among TV game shows. The most successful Jeopardy! contestants—Ken Jennings, Brad Rutter, Frank Sparenberg, and so on—have appeared on late night talk shows, been given book contracts, and been interviewed by major newspapers. This sort of treatment is substantially different than, say, the treatment that the winners of The Price is Right or Deal or No Deal are afforded. The distinctive status of quiz shows is evidenced in other ways (...) as well; for instance, consider the widespread public outrage that accompanied the discovery of fixed quiz shows in the 1950s of the fact that, when IBM wanted to find a task to test the latest developments of artificial intelligence, they chose the game of Jeopardy. In this essay, I’ll take a look at Jeopardy! as an exemplar of a certain sort of game, and will suggest that part of what gives Jeopardy! its distinctive status is that it is a qualitatively good game—that is, it is a game that that fulfills just those functions a game is supposed to fulfill. I’ll begin by showing how Jeopardy! meets Bernard Suits’ (1967, 1988, 2005) definition of games, according to which games are characterized as activities that have certain sorts of rules and in which participants are required to have the right attitude toward these rules. Among other things, I’ll talk about the role played by some of Jeopardy’s distinctive rules (“remember to phrase your answer in the form of a question”) and about the possible differences a monetary reward makes to game players’ attitudes. I’ll then go on to talk about what distinguishes Jeopardy! from other, superficially similar sorts of games. I’ll concentrate on three factors in particular: (1) the fact that the skills required by Jeopardy! have value outside of the game, (2) the fact that observers in Jeopardy! can “play along” with the contestants on TV, and (3) the fact that success in the game is determined, to a very great extent, by the skills of the participant and not by other facts (such as luck). To close, I’ll talk more generally about the distinction between good games and not-so-good games, and will discuss why it is that good games are worth taking seriously. In this section, I’ll discuss some recent work on the value of games and sports, and will make some suggestions about how these accounts might be tailored to account for the specific virtues of a game like Jeopardy. (shrink)

Good governance, first appeared in the nineties within the United Nations, the World Bank and International Monetary Fund refers to describe how public organizations best conduct public affairs and deliver public goods and services. Today, about three decades later good governance seems to be still popular since there are still many challenges ahead for many governments especially in less-developed and developing countries. Hence the notion of good governance was emerged as a normative commencement of the principles, values and ethics (...) to realise the acts of governance. Some thoughts on good governance and related topics advocated by three great ancient philosophers, who appear to be relevant at the present time are considered herein. One of the said philosophers is Kautilya (also known as Chanakya and Vishnugupta), who lived in India around 150AD. The others are the two great Greek philosophers Plato (427- 347BC) and Aristotle (384-322 BC), who stand with Socrates as the shapers of the whole intellectual tradition of the West. The thoughts are extracted from that detailed manual of state-craft and the science of living known as the Arthashastra written by one of classical India’s greatest minds Kautilya, Plato’s great work known as ‘The Republic’ and Aristotle’s treatise titled ‘The Politics”. The objective of this paper is to study the thoughts of ancient Greek philosophers who lived many centuries ago and their ideas are still relevant today. (shrink)

Immanuel Kant’s moral philosophy is organized around an exclusive disjunction of dignity or price, equality or equivalence. In his 1797 Doctrine of Right, however, Kant places enslaved black people on the wrong side of this disjunction when he speculates that their status as currency may offer insight into the origins of money. Recent work in black studies has begun to speculate on the link between blackness and money in modernity, and this paper draws attention to Kant’s role as an unlikely (...) and unwitting precursor for monetary theories of blackness. Precisely in his attempt to secure the priceless and unconditional character of freedom and dignity, it argues, Kant ends up demonstrating the positional value of both. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing vehicle. Whenever (...) a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses (...) the claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

Galiani discusses a subject much debated in the eighteenth century, namely, the nature of the currency. He also includes considerations of economic theory and political philosophy around the main motif. He supports the following theses of monetary theory: currency has the function of a sort of register of credits that every individual can have towards the warehouses of goods of which the society is supplied, and precisely in the measure of the contribution he has given to their supply; the (...) metallic currency has the merit, with respect to a hypothetical system of artificial accounting, to be safe from frauds and not to require a bureaucratic apparatus; the value of currency depends on the value of metals, not on legislative interventions. (shrink)

Relying on evidence from fifteen epigraphic collections and sixty-odd ancient sources as well as discussing a literature of over five hundred titles, the essay’s highly unorthodox conclusions are a case in point of the micrological ideal of achieving novelty on any given subject by way of transcribing and studying first-hand all relevant materials – edited and unedited alike. The paper’s ambition was to shed new light on one of the most intriguing analogies of the whole Aristotelian corpus, namely the comparison (...) between words and pebbles. A review of all material evidence and virtually all extant sources made short work of two related, albeit mutually exclusive, misconception about ancient reckoning boards and their workings: (1) the idea that – for all practical purposes – the abacus’ arrangement mirrored the decimal system, its columns and rows conveniently matching units, tens, hundreds, thousands, etc. (2) the idea that the inscriptions on several surviving counting boards were a nuisance to the extent that, being inconsistent to a fault with the decimal system itself, they made actual calculations harder than they already were (as opposed to making them easier, as one would expect). The paper demonstrated that the first assumption – the « decimal » bias – is simply mistaken and betrays little or no awareness of the epigraphic and archaeological evidence. The paper also demonstrated that the second assumption – the « abacus riddled with complications » bias – simply defeats the purpose of resorting to the abacus in the first place and betrays a poor understanding of its practical vocation which, most assuredly, was not to add to the very problem it was meant to solve. After bulldozing its way through both misunderstandings, the essay focused on the abacus most distinctive features, that is positionality (i.e. the abacus being a positional system through and through) and hybridity (i.e. the abacus’ place value system being monetary in nature and purpose, as opposed to it being abstract and homogeneous). The final result is an interpretation that moves away from the received views by showing that the prologue of the Sophistici elenchi offers no support to the notion that, when Aristotle referred to counters, he was leaning on a kinship of sorts – or any kinship, for that matter – between abstract calculation and speech. Once we turns the pebble’s simile on its head and set it back upon its feet (Aristotle’s pebble analogy is about pebbles, what else?), it becomes clear that it presupposed numeracy all right, but it was not about numeracy itself. Moreover its goal was not to explain why computational and linguistic symbolisms succeed, but to explain how they fail – failure being the whole point; in this particular instance, failure to detect and prevent abusive value shifts affecting words and counters alike. (shrink)

The main goal of this thesis is to provide a clear basis for the analysis of alternative currencies, such as Bitcoin, LETS, Local currencies, the WIR or Carbon currencies. It attempts to determine whether alternative currencies might constitute just and workable alternatives, either in the form of small-scale experiments or in the form of more radical reforms. The first chapter proposes a new way to classify currencies. The second examines the case in favour of monetary plurality. The third analyses (...) the claims in favour of restricting the use of money locally, within a community, or to certain goods. The fourth studies the link between money and the market. Finally, a post-scriptum focuses on Bitcoin and cryptocurrencies. This thesis highlights that these currencies are drivers of several potential conflicts. Their widespread use might conflict with the adequate management of monetary policy, with social justice, and with liberal values. These conflicts are potential, for they would come into existence only if alternative currencies increased in scope. However, there is no reason to disregard potential conflicts when the case in their favour relies mostly on their potential benefits. (shrink)

As we enter the 2020s, global poverty is still a grave and persistent problem. Alleviating and eradicating poverty within and across the world’s societies requires a thorough understanding of its nature and extent. Although economists still standardly measure absolute and relative poverty in monetary terms, a consensus is emerging that poverty is a socially relational problem involving deprivations in multiple dimensions, including health, standard of living, education and political participation. The anthology Dimensions of Poverty advances the interdisciplinary debate on (...) multidimensional poverty, and features contributions from leading international experts and early career researchers (including from the Global South). This introductory chapter gives an overview of formative debates, central concepts and key findings. While monetary poverty measures are still dominant in public and academic debate, their explanatory power has been drawn into question. We discuss relevant criticisms before outlining the normative concepts that can inform both multidimensional poverty and monetary measures, including basic capabilities, basic needs and social primary goods. Next, we introduce several influential multidimensional poverty indices, including the Human Development Index and the Multidimensional Poverty Index. The anthology shows in detail how such measures can be improved, from a variety of disciplinary perspectives. It shows that there are different methods of poverty research that require further investigation, including participatory studies, (value) surveys, public consensus building, the constitutional approach, and financial diaries. Finally, we show that there is an ongoing problem of epistemic asymmetries in global poverty research, and discuss responsibility for addressing poverty, including the responsibilities of academics. The remainder of the chapter is dedicated to a more detailed preview of the volume’s 20 contributions, which are assembled along the following five themes: (I) poverty as a social relation; (II) epistemic injustices in poverty research; (III) the social context of poverty; (IV) measuring multidimensional poverty; and (V) country cases. (shrink)

Thomas Hobbes wrote in his Leviathan that money exchanging hands, monetary policies, activities, and transactions are the blood of the “Leviathan” - the eponymous subject of the book. Hobbes writes that this Leviathan's “blood” includes the “collectors, receivers, and treasurers; of the second are the treasurers again, and the officers appointed for payment of several public or private ministers.” Hobbes, follows this with an analogy of a living man, stating that this “artificial man maintains his resemblance with the natural (...) [man]; whose veins, receiving the blood from the several parts of the body, carry it to the heart; where, being made vital, the heart by the arteries sends it out again, to enliven and enable for motion all the members of the same.” Hobbes maintains a parallel between the natural man and what he calls the “artificial man”, the state throughout his Leviathan. -/- Ultimately, the mechanisms of finance in the United States are the accumulation of historical precedents - both legal and non-legal (such as economic, but also social). These precedents have led to the current system, on a continuing and settled basis. The legal and economic systems merging for the best system of an international monetary order can represent a balance of legal realism and legal formalism. -/- “Money” is printed by the U.S. government, designated as an official note. Value is correlated with how many of those printed pieces of paper exist. This is the basic concept of inflation. This concept of value and inflation is said to be connected to a commodity - such as how much gold or silver existed in the Federal Reserve's physical locations or Fort Knox. Such systems have been in place since at least Mesopotamia, where clay tablets were used to represent credit, or comparable contracts that seem to resemble modern forms of fiat currency. (shrink)

The concept of social capital is a comprehensive social phenomenon consisting of social support, social integration, values, and norms. In social and economic transactions and economic and physical capital, non-monetary human, cultural, and social capital types have been accepted as neoclassical capital theories. The increase in information communication technologies, especially in economic relations, has now caused individuals to connect with weaker bonds compared with that in the past. Social capital parameters have gained importance to achieve this interaction. This article (...) reveals that the issue of providing corporate loyalty to emergency department employees with a good team spirit is considered as a strong social capital parameter. (shrink)

Interpreting others' actions is essential for understanding the intentions and goals in social interactions. Activity in the motor cortex is evoked when we see another person performing actions, which can also be influenced by the intentions and context of the observed action. No study has directly explored the influence of reward and punishment on motor cortex activity when observing others' actions, which is likely to have substantial relevance in different social contexts. In this experiment, EEG was recorded while participants watched (...) movie clips of a person performing actions that led to a monetary reward, loss or no change for the observer. Using the EEG mu rhythm as an index of motor resonance, our results demonstrate that observation of rewarding actions produce significantly greater motor cortex activity than punishing or neutral actions, with punishing actions producing greater activity than neutral ones. In addition, the dynamic change in the mu rhythm over sensorimotor cortex is modulated by reward and punishment, with punishing actions producing a prolonged suppression. These findings demonstrate that the associated reward value of an observed action may be crucial in determining the strength of the representation of the action in the observer's brain. Consequently, reward and punishment is likely to drive observational learning through changes in the action observation network, and may also influence how we interpret, understand, engage in and empathize with others' actions in social interaction. (shrink)

This article asks how the costs and benefits of operating a monetary union should be distributed amongst its more and less competitive members, taking as an example the operation of the European Monetary Union (EMU or Eurozone). Drawing on existing domestic and transnational justice debates, I resist both a purely procedural and a purely distributive view. The former assumes treaties against a fair background can make any distribution fair and disregards how individual citizens are likely to fare depending (...) on how a monetary union is organized. The latter requires justice amongst Eurozone co-citizens, neglecting the value of member states’ choices and attitudes towards risk. Instead, I defend a view of the EMU as an association of free self-determining states. I also argue that a variety of factors are relevant to this problem, including the need to protect less competitive states from ‘domination,’ or inappropriate forms of control by their co-members, and to protect citizens from various forms of deprivation even if their own governments are willing to expose them to the relevant risks. (shrink)

Given the higher advantages attributed to larger mitigation scenarios, expecting better natural conservation outcomes and economic returns from national- and global-scale impact mitigation mechanisms seems reasonable. However, such scenarios can hardly happen if the current eco-deficit cultures remain prevailing. If we can build eco-surplus mindsets among a majority of populations on Earth, especially private sectors, not only impact mitigation mechanisms at a global scale but also the semi-conducting principle of monetary and environmental values exchange will be successfully adopted and (...) implemented. (shrink)

The growing importance of sharing economy brought criticism with it. Can a new emerging economy be more socially engaged? Given the emergence of local forms of sharing, the current study attempts to collide the authentic socially engaged forms of sharing in the form of platforms, services, and communities from Turkey. Despite intense public attention, there have been very few studies about landscapes of sharing and caring in Turkey. This gap needs to be addressed, as Turkey has great potential. Rapid urbanisation, (...) accompanied by an increasingly young population, provides unique opportunities for scalable new services. In addition to this, there has been remarkable progress in Turkey’s entrepreneurial ecosystem in recent years. To that end, this study carried out a critical review and a thematic categorisation of sharing and caring platforms in Turkey. Based on a social model of sharing, the authors show the ecological, local, and regional values of such platforms. Key findings from the initial thematical mapping indicate regional and cultural potentials. The diversity in the monetary aspects of different platforms and how they relate to the cultural components also show the importance of a variety of assets for defining the value of sharing economy in diverse cultures. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a distinction between nominal assets and real (...) assets, that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (shrink)

Value capture occurs when an agent’s values are rich and subtle; they enter a social environment that presents simplified — typically quantified — versions of those values; and those simplified articulations come to dominate their practical reasoning. Examples include becoming motivated by FitBit’s step counts, Twitter Likes and Re-tweets, citation rates, ranked lists of best schools, and Grade Point Averages. We are vulnerable to value capture because of the competitive advantage that such crisp and clear expressions of (...) class='Hi'>value have in our private reasoning and our public justification. There is, however, a price. In value capture, we take a central component of our autonomy — our ongoing deliberation over the exact articulation of our values — and we outsource it. And the metrics to which we outsource usually engineered for the interests of some external force, like a large-scale institution’s interest in cross-contextual comprehensibility and quick aggregability. That outsourcing cuts off one of the key benefits to personal deliberation. In value capture, we no longer adjust our values and their articulations in light of own rich experience of the world. Our values should often be carefully tailored to our particular selves or our small-scale communities, but in value capture, we buy our values off the rack. In some cases – like decreasing CO2 emissions – the costs of non-tailored values are outweighed by the benefit of precise collective coordination. In other cases, like in our aesthetic lives, they are not. This suggests that we should want different values suited to different scales. We should want value federalism. Some values are perhaps best pursued at the largest-scale level, others at smaller scales. The problem occurs when we exhibit an excess preference for the largest-scale values – when we consistently let the universal metrics swamp our quieter interests. (shrink)

Norm-attitude accounts of value say that for something to be valuable is for there to be norms that support valuing that thing. For example, according to fitting-attitude accounts, something is of value if it is fitting to value, and according to buck-passing accounts, something is of value if the reasons support valuing it. Norm-attitude accounts face the partiality problem: in cases of partiality, what it is fitting to value, and what the reasons support valuing, may (...) not line up with what’s valuable. Buck-passers have a solution to this problem and may claim that this gives them an advantage over fitting-attitude accounts. In this paper, we show how fitting-attitudes accounts can offer a broadly analogous, and equally attractive, solution to the problem. (shrink)

This chapter proposed a novel design methodology called Value-Sensitive Design and its potential application to the field of artificial intelligence research and design. It discusses the imperatives in adopting a design philosophy that embeds values into the design of artificial agents at the early stages of AI development. Because of the high risk stakes in the unmitigated design of artificial agents, this chapter proposes that even though VSD may turn out to be a less-than-optimal design methodology, it currently provides (...) a framework that has the potential to embed stakeholder values and incorporate current design methods. The reader should begin to take away the importance of a proactive design approach to intelligent agents. (shrink)

Within siting literature there is strong agreement that compensation for environmental risks is a necessary condition for local acceptance of waste treatment facilities. In-kind compensation is commonly pushed forward as being more effective than financial benefits in reducing local opposition. By forcusing on the siting of a sanitary landfill in Santiago, Chile, this paper explores the performance of both types of compensation and relates the analysis to the notion of social norms of exchange. These are understood as being based on (...) three main types of social relations: care, justice and freedom. Whereas monetary compensation is associated with market relations based on freedom and the offer of in-kind compensation to egalitarian relations based on justice, the absence of compensation is linked to fraternal relations based on care. It is argued that in-kind compensation is more acceptable than monetary payments or not compensation because people tend to understand siting conflicts more as matters of justice rather than as matters of freedom or care. (shrink)

‘Relational value’ (RV) has intuitive credibility due to the shortcomings of existing axiological categories regarding recognizing the ethical relevance of people’s relations to nature. But RV is justified by arguments and analogies that do not hold up to closer scrutiny, which strengthens the assumption that RV is redundant. While RV may provide reasons for ethically considering some relations, much work remains to show that RV is a concept that does something existing axiological concepts cannot, beyond empirically describing relations people (...) have to environmental areas and places. (shrink)

The physical properties of money can better be formulated via the methodical tool of quantum monetary science or monetary quantum theory; this research abstract compiles the key findings.

It is tempting to think that all of normativity, such as our reasons for action, what we ought to do, and the attitudes that it is fitting for us to have, derives from what is valuable. But value-first approaches to normativity have fallen out of favour as the virtues of reasons- and fittingness-first approaches to normativity have become clear. On these views, value is not explanatorily prior to reasons and fit; rather the value of things is understood (...) in terms of the pro-attitudes it is fitting to have, or that we have reasons to have, towards these things. The value-first accounts of reasons and fit that have been proposed have been direct accounts of reasons and fit. On these views, the fittingness of an attitude is explained in terms of the value of having it or the value of the object of that attitude. This chapter details and surveys these problems, explaining which are yet to be overcome, and explaining which problems direct value-first accounts can overcome. This chapter then explores the prospects of an indirect value-first account of reasons and fit. It argues that it avoids the problems that direct value-first accounts face and may be as explanatorily powerful as fittingness- and reasons-first accounts of value and normativity more generally. (shrink)

The Ukrainian PFTS stock index volatility reaction as a whole and its constituent economic sectors (“Basic Materials”, “Financials”, “Industrials”, “Oil & Gas”, “Telecommunications”, “Utilities”) to seven non-monetary US information signals (“Consumer price index”, “Personal spending”, “Unemployment rate”, “Gross domestic product”, “Industrial production”, “Consumer confidence”, “Housing starts”) was carried out for the period 2000–2017 on the basis of closing stock quotations in the trading day format. To assess the “surprise” component direct influence nature of the USA selected non-monetary information (...) signals on the PFTS stock index, an AR-GARCH econometric modelling device was used. The results achieved clearly indicate the presence of some PFTS stock index economic sectors heterogeneous reaction to the United States individual non-monetary information signals announcement. For example, such economic sectors as “Basic Materials”, “Financials”, and “Oil & Gas” volatility response to the US non-monetary information signal “Consumer price index” “surprise” components the opposite of the overall PFTS stock index reaction. It can also be concluded that the United States non-monetary information signals influence on the Ukrainian stock market volatility depends not only on the financial cycle phase and data frequency, but also on the PFTS stock index economic sector. (shrink)

The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the direct nature of (...) US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

Abstract In this paper I argue that to understand the ethics of belief we need to put it in a context of what we care about. Epistemic values always arise from something we care about and they arise only from something we care about. It is caring that gives rise to the demand to be epistemically conscientious. The reason morality puts epistemic demands on us is that we care about morality. But there may be a (small) class of beliefs which (...) it is not wrong to hold unconscientiously. I also argue that epistemic values enjoy a privileged place in the panorama of what we care about because they are entailed by anything we care about. That means that when there is a conflict between caring about knowledge or true belief and caring about something else, that conflict cannot be resolved simply by following the one we care about the most because caring about knowledge in any domain is entailed by caring about that domain. Finally, I argue that whereas caring demands different degrees of conscientiousness in different contexts, contextualism about knowledge is less plausible. (shrink)

Since Shelly Kagan pointed out the relative neglect of ill-being in philosophical discussions, several philosophers have contributed to an emerging literature on its constituents. In doing so, they have explored possible asymmetries between the constituents of ill-being and the constituents of positive well-being. This paper explores some possible asymmetries that may arise elsewhere in the philosophy of ill-being. In particular, it considers whether there is an asymmetry between the contribution made to prudential value by equal quantities of goods and (...) bads. It then considers a similar question about the contributions made to moral value by equal quantities of ill-being and positive well-being. The paper explores some of the difficulties involved in assessing these questions. It ends by considering broader differences, both practical and theoretical, between the significance of ill-being and of positive well-being. (shrink)

The nature of sustainable monetary agency is explained in short formulae.

Husserl holds that the theoretical sciences should be value-free, i.e., free from the values of extra-scientific practices and guided only by epistemic values such as coherence and truth. This view does not imply that to Husserl the sciences would be immune to all criticism of interests, goals, and values. On the contrary, the paper argues that Husserlian phenomenology necessarily embodies reflection on the epistemic values guiding the sciences. The argument clarifies Husserl’s position by comparing it with the pluralistic position (...) developed in feminist epistemology, according to which sciences may be guided by several competing sets of epistemic values. Further, the existence of alternative epistemic values suggests that choices among such values are social and historically conditioned. Indeed, this is how Husserl’s mature discussion in The Crisis can be understood: his examination of Galileo’s contribution in physics operates as a criticism of the unquestioned dominance of certain set of inherited epistemic values, including the values of accuracy and universal applicability. Indeed, his The Origin of Geometry endorses another set of epistemic values, most importantly that of ontological heterogeneity. Husserl’s analysis demonstrates that the choice of any set of epistemic values is influenced by historical and social factors. Moreover, Husserl argues that we can only avoid biases due to “spells of the time” by continued reflection – Besinnung, in his terms – on the role of values in science. (shrink)

In this article, we identify three key design dimensions along which cryptocurrencies differ -- privacy, censorship-resistance, and consensus procedure. Each raises important normative issues. Our discussion uncovers new ways to approach the question of whether Bitcoin or other cryptocurrencies should be used as money, and new avenues for developing a positive answer to that question. A guiding theme is that progress here requires a mixed approach that integrates philosophical tools with the purely technical results of disciplines like computer science and (...) economics. Note: this article is the second entry within a two-part sequence on the Philosophy, Politics, and Economics of Cryptocurrency. (shrink)

The application of quantum wave theory to the physics of monetary and socio-economic systems is a methodical novelty; these collected papers do document the research process into the workings of the monetary quantum on economic production.

Value Sensitive Design (VSD) is an established method for integrating values into technical design. It has been applied to different technologies and, more recently, to artificial intelligence (AI). We argue that AI poses a number of challenges specific to VSD that require a somewhat modified VSD approach. Machine learning (ML), in particular, poses two challenges. First, humans may not understand how an AI system learns certain things. This requires paying attention to values such as transparency, explicability, and accountability. Second, (...) ML may lead to AI systems adapting in ways that ‘disembody’ the values embedded in them. To address this, we propose a threefold modified VSD approach: 1) integrating a known set of VSD principles (AI4SG) as design norms from which more specific design requirements can be derived; 2) distinguishing between values that are promoted and respected by the design to ensure outcomes that not only do no harm but also contribute to good; and 3) extending the VSD process to encompass the whole life cycle of an AI technology in order to monitor unintended value consequences and redesign as needed. We illustrate our VSD for AI approach with an example use case of a SARS-CoV-2 contact tracing app. (shrink)

Value can be understood, analyzed, and created in various ways. In addition to more pragmatic modes of valorization, there are “ontological” processes that can be understood to increase value, which will refer as ontological valorization and progressively unpack. Ontological valorization generally works as a foundation for pragmatic valorization. David Graeber has pointed out that value rises out of a system of relations, and this is the level of ontological valorization. In this chapter, the authors explore ontological valorization (...) for possibilities of transformation at this foundational level. They explore the possibilities represented by blockchain technologies for both ontological and pragmatic valorization. The authors argue and try to show that, even with its present-day limitations and problems, the technology's innovativeness lies in its ability to create a foundation for ontological valorization, though not necessarily in certain practical applications per se. (shrink)

Many have argued that certain statues or monuments are objectionable, and thus ought to be removed. Even if their arguments are compelling, a major obstacle is the apparent historical value of those commemorations. Preservation in some form seems to be the best way to respect the value of commemorations as connections to the past or opportunities to learn important historical lessons. Against this, I argue that we have exaggerated the historical value of objectionable commemorations. Sometimes commemorations connect (...) to biased or distorted versions of history, if not mere myths. We can also learn historical lessons through what I call repudiatory honouring: the honouring of certain victims or resistors that can only make sense if the oppressor(s) or target(s) of resistance are deemed unjust, where no part of the original objectionable commemorations is preserved. This type of commemorative practice can even help to overcome some of the obstacles objectionable commemorations pose against properly connecting to the past. (shrink)

By and large, the conditional connective in three-valued logic has two different functions. First, by means of a deduction theorem, it can express a specific relation of logical consequence in the logical language itself. Second, it can represent natural language structures such as "if/then'' or "implies''. This chapter surveys both approaches, shows why none of them will typically end up with a three-valued material conditional, and elaborates on connections to probabilistic reasoning.