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

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

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

The money-pump argument aims to show that cyclic preferences are irrational. The argument can be based on a number of different exploitation schemes that vary in what needs to be assumed about the agent. The Standard Money Pump works for myopic and naive agents, but not for sophisticated agents who use backward induction. The Upfront Money Pump works for sophisticated agents, but not for myopic or naive agents. In this paper, I present a new money (...) pump, the Universal Money Pump, that works for myopic, naive, and sophisticated agents. Moreover, the Universal Money Pump (just like the Upfront Money Pump) also works for minimally sophisticated agents who need not assume that they will choose rationally at nodes that can only be reached by irrational choices. This enables an argument that rational preferences are acyclic, which is based on weaker assumptions about dynamic rationality than existing money-pump arguments. (shrink)

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

In The Construction of Social Reality, John Searle develops a theory of institutional facts and objects, of which money, borders and property are presented as prime examples. These objects are the result of us collectively intending certain natural objects to have a certain status, i.e. to ‘count as’ being certain social objects. This view renders such objects irreducible to natural objects. In this paper we propose a radically different approach that is more compatible with standard economic theory. We (...) claim that such institutional objects can be fully understood in terms of actions and incentives, and hence the Searlean apparatus solves a non-existent problem. (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)

The purpose of this paper is to point the way to the money tree. Currently, almost all investment professionals think that outperformance requires an “edge,” that is, the ability to predict the future to some degree. In this paper, I suggest that money can be made in a 0, or even slightly negative, expected value environment by carefully choosing investment/bet sizes. Philosophical considerations are found mainly in Section 4.

Often financially excluded by the traditional banking system, small and medium-sized enterprises (SMEs) in many developing countries have found in mobile money services (MMS) a sustainable alternative. Despite its potential in propelling inclusive growth, the use and adoption of mobile money (MM) by SMEs has generally been low in developing countries, and one of the reasons has been limited data that supported its impact on financial performance. As a result, there was a need to investigate the impact of (...) the mobile money payment and receipt services on the financial performance of the SMEs in Cameroon. This paper implemented a mixed research paradigm with data collected through the administration of a survey questionnaire and from one-on-one in-depth interviews. A sample of 285 SMEs responded to the survey, while 12 owners/managing directors were purposively selected to participate in the personal interviews. Version 25 of the Statistical Package for the Social Sciences (SPSS) software was used to analyse the quantitative data, while the qualitative data was analysed along themes. The results were, after that, triangulated for credibility reasons. The concluding findings indicated that the mobile money payment and receipt services contributed of the order of 73% of the total variance in the turnover of the SMEs in Douala after they had begun to use the technology. By confirming the positive relationship between the use of mobile money services and the financial performance of businesses, it is hoped that all the relevant stakeholders will see this as a possible solution to the financial challenges that SMEs face in developing economies. (shrink)

This paper raises a worry that it is difficult to reconcile Adam Smith’s claims about the relationship of specialization to talent and character with his account of the origins of money. Specialization makes one stupid outside of one’s specialism yet money arises by specialists also providing what everyone wants.

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)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only (...) in some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

John Searle has proposed one of the most influential contemporary accounts of social ontology. According to Searle, institutional facts are created by the collective assignment of a specific kind of function —status-function— to pre-existing objects. Thus, a piece of paper counts as money in a certain context because people collectively recognize it as money, and impose a status upon it, which in turn enables that piece of paper to deliver certain functions (means of payment, etc.). The (...) first part of this essay presents Searle’s theory of social ontology and summarizes his views on money. The second part centers on criticisms of his views and compares his theory with its main competitors, including the theories of Tuomela, Guala and Hindriks, and Smit, Buekens and Duplessis. The conclusion attempts to see what may remain of Searle’s theory after careful examination. (shrink)

As one of the first modern philosophers, Georg Simmel systematically developed a “relativistic world view” (Simmel 2004, VI). In this paper I attempt to examine Simmel’s relativistic answer to the question of truth. I trace his main arguments regarding the concept of truth and present his justification of epistemic relativism. In doing so, I also want to show that some of Simmel’s claims are surprisingly timely. Simmel’s relativistic concept of truth is supported by an evolutionary argument. The first part (...) of this paper outlines that pragmatic foundation of his epistemology. The second part of the paper shows that Simmel develops what today would be called a coherence theory of truth. He presents his coherentist view that every belief is true only in relation to another one primarily as a theory of epistemic justification. The third part turns to Simmel’s original way of dealing with the (in)famous self-refutation charge against relativism. (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.

One of the important assets that Gutenberg’s printing press gifted to modern political economies is the ability to print paper money. The common man usually thinks that paper money is the real money, while in fact it is only a promissory note promising the bearer of the note the payment of the same amount (in coins, if not in gold) by the Reserve Bank. In the past, however, governments did deny such payment in exchange of (...) the notes and one government even made the holding of gold by the citizens as illegal. (shrink)

Local Currencies, Local Exchange Trading Systems, and Time Banks are all part of a new social movement that aims to restrict money's purchasing power within a certain geographic area, or within a certain community. According to their proponents, these restrictions may contribute to building sustainable local economies, supporting local businesses and creating “warmer” social relations. This article inquires whether the overall enthusiasm that surrounds alternative currencies is justified. It argues that the potential benefits of these currencies are not sufficient (...) to justify the restrictions they impose on money's purchasing power. Turning these currencies into effective channels of change, by increasing their scope and their strength, could severely hinder the pursuit of social justice, in a way that is probably not even necessary for achieving their objectives. The paper concludes that large-scale limitations of money's purchasing power are, therefore, undesirable. (shrink)

Part 1 of this exchange consists in a critique by Smith of Searle’s The Construction of Social Reality focusing on Searle’s use of the formula ‘X counts as Y in context C’. Smith argues that this formula works well for social objects such as dollar bills and presidents where the corresponding X terms (pieces of paper, human beings) are easy to identify. In cases such as debts and prices and money in a bank's computers, however, the formula fails, (...) because these are cases of what he calls ‘free-standing Y terms’, since there is here no X which can count as the corresponding Y. In his response in Part 2, Searle argues that Smith’s critique rests on three misunderstandings: 1. in wrongly presupposing that Searle is trying to analyze the nature of what he calls “social objects”, rather than of social facts; 2. in thinking that the counts as formula is intended as a definition, rather than as a mere mnemonic; and 3. in neglecting the naturalism of Searle’s account. (shrink)

This paper discusses the finite version of the two envelope paradox. (That is, we treat the paradox against the background assumption that there is only a finite amount of money in the world.).

This paper examines a largely unrecognized mental disorder that is essentially a disability of values. It is their daily contact with this pathology that leads many university liberal arts faculty to demoralization. The deeply rooted disparity between the world of the traditional liberal arts scholar and today’s college students is not simply a gulf across which communication is difficult, but rather involves a pathological impairment in the majority of students that stems from an exclusionary focus on work, money, (...) and the acquisition of things. It is argued that this state of mind constitutes a self-disabling mental illness, which for a society becomes pathological ideology, and for the individual takes the form of clinical narcissism. (shrink)

Abstract: This research paper presents a novel approach to predict audit risks using a neural network model. The dataset used for this study was obtained from Kaggle and comprises 774 samples with 18 features, including Sector_score, PARA_A, SCORE_A, PARA_B, SCORE_B, TOTAL, numbers, marks, Money_Value, District, Loss, Loss_SCORE, History, History_score, score, and Risk. The proposed neural network architecture consists of three layers, including one input layer, one hidden layer, and one output layer. The neural network model was trained and validated, (...) achieving an impressive accuracy of 100% and an average error of 0.000015, indicating its robust predictive capability. Moreover, we conducted feature importance analysis to identify the most influential features for predicting audit risk. The key features found to be critical for classifying fraudulent activities in audit risk prediction are Sector_score, PARA_A, SCORE_A, PARA_B, SCORE_B, TOTAL, numbers, marks, Money_Value, District, Loss, Loss_SCORE, History, and History_score. This research contributes to the field of audit risk prediction by demonstrating the effectiveness of a neural network-based approach and highlighting the importance of specific features in detecting fraudulent activities. The findings have significant implications for auditors and organizations seeking to enhance their audit risk assessment processes, ultimately leading to improved financial transparency and fraud detection. (shrink)

In this paper we propose an Ontology of Commercial Exchange (OCE) based on Basic Formal Ontology. OCE is designed for re-use in the Industrial Ontologies Foundry (IOF) and in other ontologies addressing different aspects of human social behavior involving purchasing, selling, marketing, and so forth. We first evaluate some of the design patterns used in the Financial Industry Business Ontology (FIBO) and Product Types Ontology (PTO). We then propose terms and definitions that we believe will improve the representation of (...) contractual obligations, sales processes, and their associated documents. A commercial exchange, for instance, involves mutual agreement to reciprocate actions, such as transferring money, performing a service, or transferring goods. (shrink)

The purpose of this paper is to think about the various methods of attempting to make money in the capital markets (“investing”). I suggest that though running a betting system on a Roulette wheel is silly, running a betting system on the capital markets may be a good idea.

In this paper, I ask how – and whether – the rectification of injury at which corrective justice aims is possible, and by whom it must be performed. I split the injury up into components of harm and wrong, and consider their rectification separately. First, I show that pecuniary compensation for the harm is practically plausible, because money acts as a mediator between the damaged interest and other interests. I then argue that this is also a morally plausible (...) approach, because it does not claim too much for compensation: neither can all harms be compensated, nor can it be said when compensation is paid that the status quo ante has been restored. I argue that there is no conceptual reason for any particular agent paying this compensation. I then turn to the wrong, and reject three proposed methods of rectification. The first aims to rectify the wrong by rectifying the harm; the second deploys punitive damages; the third, punishment. After undermining each proposal, I argue that the wrong can only be rectified by a full apology, which I disaggregate into the admission of causal and moral responsibility, repudiation of the act, reform, and, in some cases, disgorgement and reparations, which I define as a good faith effort to share the burden of the victim’s harm. I argue, further, that only the injurer herself can make a full apology, and it is not something that can be coerced by other members of society. As such, whether rectification of the wrong can be a matter of corrective justice is left an open question. (shrink)

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

In this paper I sketch a possible answer to the question of what professional athletes deserve for their sporting activities. I take two different backgrounds into account. First, the content and meaning of desert is highly debated within political philosophy and many theorists are sceptical if it has any value for social justice. On the other hand sport is often understood as a meritocracy, in which all prizes or wins should be solely awarded based on merit. I will distinguish (...) three possible goods that can be deserved for doing professional sport – money, social status and appreciation – and show that athletes deserve them according to their achievements and that this justifies certain inequalities in their distribution. These legitimate disparities have nevertheless been embedded within a broader framework of social justice, which limits them based on a strong understanding of social equality. (shrink)

The objective of the paper is to analyze whether that the pharmaceutical companies producing HIV drugs have moral obligation(s) towards the HIV victims in developing countries who don‟t have access to get drug to reduce their risks. The primary assessment is that the pharmaceutical companies have minimum moral obligation(s) to the HIV patients especially in developing countries. It is because they are human beings and hence they are the subject of moral considerations. The paper argues that from the (...) sense of benevolence, there may be an obligation that will tend pharmaceutical companies to make an opportunity of the concerned HIV patients of developing countries to get drugs. The discussion will be made from the utilitarian point of view. Though it is assumed that, utilitarianism is too demanding, I will show that the too demanding ness of utilitarianism can be minimized and it will not be contradictory with the main theme of utilitarian morality. In this respect the counter examples and arguments will also be analyzed to make the claim stronger. The paper also argues that though the primary aim of the pharmaceutical companies is to make money, the actions that might be taken by the pharmaceutical companies for the welfare of HIV victims will not hamper them in making money for which they are deployed. (shrink)

Abstract According to Habermas' colonization thesis, reification is a social pathology that arises when the communicative infrastructure of the lifeworld is 'colonized' by money and power. In this paper I argue that, thirty years after the publication of the Theory of Communicative Action, this thesis remains compelling. However, while Habermas offers a functionalist explanation of reification, his normative criticism of it remains largely implicit: he never explains what is wrong with reification from the perspective of the people whose (...) social relations are reified. As a result, Habermas cannot explain why only some forms of colonization lead to reification effects. In particular, he suggests that reification effects result from the juridification of communicatively structured domains of action but not from the commodification of labour power. I criticize this argument and suggest that if the normative dimension of the colonization thesis is made explicit, a more nuanced explanation of reification becomes possible. (shrink)

Diabetes is one of the most common diseases worldwide where a cure is not found for it yet. Annually it cost a lot of money to care for people with diabetes. Thus the most important issue is the prediction to be very accurate and to use a reliable method for that. One of these methods is using artificial intelligence systems and in particular is the use of Artificial Neural Networks (ANN). So in this paper, we used artificial neural (...) networks to predict whether a person is diabetic or not. The criterion was to minimize the error function in neural network training using a neural network model. After training the ANN model, the average error function of the neural network was equal to 0.01 and the accuracy of the prediction of whether a person is diabetics or not was 87.3%. (shrink)

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

Individualists about social ontology hold that social facts are “built out of” facts about individuals. In this paper, I argue that there are two distinct kinds of individualism about social ontology, two different ways individual people might be the metaphysical “builders” of the social world. The familiar kind is ontological individualism. This is the thesis that social facts supervene on, or are exhaustively grounded by, facts about individual people. What I call anchor individualism is the alternative thesis that facts (...) about individuals put in place the conditions for a social entity to exist, or the conditions for something to have a social property. Examples include conventionalist theories of the social world, such as David Hume’s theories of promises, money, and government, and collective acceptance theories, such as John Searle’s theory of institutional facts. Anchor individualism is often conflated with ontological individualism. But in fact, the two theses are in tension with one another: if one of these kinds of individualism is true, then the other is very unlikely to be. My aim in this paper is to clarify both, and argue that they should be sharply distinguished from one another. (shrink)

The topic of this thesis is how we should treat tiny probabilities of vast value. This thesis consists of six independent papers. Chapter 1 discusses the idea that utilities are bounded. It shows that bounded decision theories prescribe prospects that are better for no one and worse for some if combined with an additive axiology. Chapter 2, in turn, points out that standard axiomatizations of Expected Utility Theory violate dominance in cases that involve possible states of zero probability. Chapters 3–6 (...) discuss the idea that we should ignore tiny probabilities in practical decision-making. Chapter 3 argues that discounting small probabilities solves the ‘Intrapersonal Addition Paradox’ and thus helps avoid the Repugnant Conclusion. Chapter 4 explores what the most plausible version of this view might look like and what problems the different versions have. Chapter 5 focuses on one type of problem, namely, money pumps. The Independence Money Pump, in particular, presents a difficult challenge for those who wish to discount small probabilities. Finally, Chapter 6 discusses the implications of discounting small probabilities for the value of the far future. (shrink)

LLMs have dramatically improved in capabilities in recent years. This raises the question of whether LLMs could become genuine agents with beliefs and desires. This paper demonstrates an in principle limit to LLM agency, based on their architecture. LLMs are next word predictors: given a string of text, they calculate the probability that various words can come next. LLMs produce outputs that reflect these probabilities. I show that next word predictors are exploitable. If LLMs are prompted to make probabilistic (...) predictions about the world, these predictions are guaranteed to be incoherent, and so Dutch bookable. If LLMs are prompted to make choices over actions, their preferences are guaranteed to be intransitive, and so money pumpable. In short, the problem is that selecting an action based on its potential value is structurally different then selecting the description of an action that is most likely given a prompt: probability cannot be forced into the shape of expected value. The in principle exploitability of LLMs raises doubts about how agential they can become. This exploitability also offers an opportunity for humanity to safely control such AI systems. (shrink)

In this paper, I embark on diving deep into the specific training model of the systematic approach to training for probing more perspectives of its governance that should connect and link its phases together. Actually this training model is applied by many organizations all around the world that require a high level of professional trained staff with a minimal standard deviation of processes. I am here concerned with those organizations seeking a better training system, while ending up being superficially (...) satisfied with reverberating and bragging with having the SAT onboard without full awareness of the possibilities of its implementation. It is not about the system, it is about the mindsets that are flexible enough to fully grasp the ins and outs of the model they are about to use and how to harness its tools for their organizational benefit; otherwise it’s a waste of time, effort and money. In order to operate training in a systematic manner, it has to not only cover the inter related stages and processes, but also set a solid bridge that keeps and maintains the smooth landing from one stage to another along with securing the prospected outputs which conforms to both form and content. Based on my experience on the best practices of the systematic approach to training, I will here contribute my insight of the system quality control technique that may help in a well-knitted flow of processes. (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)

The objective of this paper is to examine the role of the banking system in the growth of the Vietnamese economy in the process of the transition that started in the early 1990s. An ARDL approach-based multivariate regression technique is applied to shed light on the impact on the growth of banking development, which is measured by broad money and bank credit. The empirical findings confirm a positive long-term effect of banking development on growth, reflecting the important role (...) of the banking system in a typical bank-based financial system in mobilizing and supplying capital to the economy, thus contributing to growth throughout the process of economic transition. The empirical findings also indicate a nonlinear effect and a diminishing marginal effect of banking development in the sub-period 2007–2020. The thresholds for the two measures of banking development are estimated to be around 107% and 101% of the GDP, respectively. This finding suggests that bank credit expansion needs to be closely controlled to be adaptive to the capital-absorptive capacity of the economy. To a certain extent, this finding is also an indicator of the ongoing extensive growth model adopted in Vietnam, which relies heavily on the quantity of invested capital. (shrink)

Effective Altruism is a social movement which encourages people to do as much good as they can when helping others, given limited money, time, effort, and other resources. This paper first identifies a minimal philosophical view that underpins this movement, and then argues that there is an analogous minimal philosophical view which might underpin Effective Justice, a possible social movement that would encourage promoting justice most effectively, given limited resources. The latter minimal view reflects an insight about justice, (...) and our non-diminishing moral reason to promote more of it, that surprisingly has gone largely unnoticed and undiscussed. The Effective Altruism movement has led many to reconsider how best to help others, but relatively little attention has been paid to the differences in degrees of cost-effectiveness of activities designed to decrease injustice. This paper therefore not only furthers philosophical understanding of justice, but has potentially major practical implications. (shrink)

The objective of this paper is to analyse, from a philosophical perspective, the 16th and 17th Century models of currency, as well as their influence on the types of society in which the models developed. For this, the author values the study by the French philosopher Michael Foucault Words and Things on this matter and the principal foundations of Ludwig von Bertalanffy´s systems theory. The 17th Century model of currency is based on the notion of a system of exchange. (...) The notion of a system of exchange represents a transformation of great significance, upon which the principal characteristics of our current globalised era are founded, not only in economic life, but also in relation to an understanding of the world that it implies. Furthermore, the notion of a system of exchange was the step before the current model of electronic payments of the digital era, in which large transactions (and also large data transfers) take place by pressing a button. The principal idea of the paper is that these economic practices hold the key to deepen a philosophical and historical comprehension of concepts such as globalisation. (shrink)

The paper is an analysis of Rousseau’s concept of property. It shows that Rousseau wants to draft a new system of politics that will not forbid private property but will limit its scale. It aims to clarify that Rousseau owes much to John Locke’s theory and even adopts Locke’s definition that it is a basic purpose of the social contract to protect the citizen’s property. It is argued that in spite of these similarities Rousseau’s account differs fundamentally from Locke’s. (...) Having a right of ownership to something for Locke means to be entitled to exclude anybody else from it: to say “this is mine” in Locke is synonymous to “it is not yours”. For Rousseau having a right of ownership to something implies a self-limitation by the proprietor: to say “this is mine” in Rousseau signifies “everything else is not mine”. While property rights in Locke have the purpose of legitimizing “pleonexia” and economic inequality, Rousseau tries to use them as restrictions to citizens’ desires and greed. (shrink)

Contemporary discussion concerning institutions focus on, and mostly accept, the Searlean view that institutional objects, i.e. money, borders and the like, exist in virtue of the fact that we collectively represent them as existing. A dissenting note has been sounded by Smit et al. (Econ Philos 27:1–22, 2011), who proposed the incentivized action view of institutional objects. On the incentivized action view, understanding a specific institution is a matter of understanding the specific actions that are associated with the institution (...) and how we are incentivized to perform these actions. In this paper we develop the incentivized action view by extending it to institutions like property, promises and complex financial organisations like companies. We also highlight exactly how the incentivized action view differs from the Searlean view, discuss the method appropriate to such study and discuss some of the virtues of the incentivized action view. (shrink)

Recent epistemology has witnessed a substantial opposition between two competing approaches to capturing the notion of non-accidentality in the analysis of knowledge: the explanationist and the modalist. According to the latest advocates of the former, S knows that p if and only if S believes that p because p is true. According to champions of the latter, S knows that p if and only if S's belief that p is true in a relevant set of possible worlds. Because Bogardus and (...) Perrin's explanationism promises to deliver a plausible analysis of knowledge without any need for modal notions, it is an elegant proposal with prima facie appeal. However, such version of explanationism ultimately does not live up to its promises: in this paper, I raise some objections to their explanationist analysis of knowledge while showing that modalism is in much better shape than they think. In particular, I argue that their explanationist condition generates the wrong results in Gettier cases and fake-barn cases. I also offer and defend a novel version of modalism: I introduce a refined safety condition which is shown to successfully handle the same Gettier cases that beset Bogardus and Perrin's version of explanationism. The paper concludes with a reassessment of the explanationist's initial ambition to provide an analysis of knowledge without modal notions. The upshot will be that even if the prospects for such analysis remain dim, our money should be on the modalist, not the explanationist. (shrink)

An impressive variety of new forms of money has aroused in recent decades from various groups of people and various kinds of institutions. These currencies are at the heart of intense debates, which raise important, but often neglected, normative issues. The diversity of their goals, uses and charac-teristics is so large that it makes some preliminary distinctions necessary. This paper aims at provid-ing a proper background for the discussion of the possible merits and drawbacks of different kinds of (...) currencies. It proposes a classification that demarcates currencies according to how they relate to several crucial normative issues. Its aim is to show, for every type of currency, and as unambiguously as possible, to which side of these controversies it lies. (shrink)

How promising is Bitcoin as a currency? This paper discusses four claims on the advantages of Bitcoin: a more stable currency than state-backed ones; a secure and efficient payment system; a credible alternative to the central management of money; and a better protection of transaction privacy. We discuss these arguments by relating them to their philosophical roots in libertarian and neoliberal theories, and assess whether Bitcoin can effectively meet these expectations. We conclude that despite its advocates’ enthusiasm, there (...) are good reasons to doubt that Bitcoin can fulfill its promises and act as a functioning currency, rather than as a mere speculative asset. (shrink)

Solar radiation management (SRM) may help to reduce the negative outcomes of climate change by minimising or reversing global warming. However, many express the worry that SRM may pose a moral hazard, i.e., that information about SRM may lead to a reduction in climate change mitigation efforts. In this paper, we report a large-scale preregistered, money-incentivised, online experiment with a representative US sample (N = 2284). We compare actual behaviour (donations to climate change charities and clicks on climate (...) change petition links) as well as stated preferences (support for a carbon tax and self-reported intentions to reduce emissions) between participants who receive information about SRM with two control groups (a salience control that includes information about climate change generally and a content control that includes information about a different topic). Behavioural choices are made with an earned real-money endowment, and stated preference responses are incentivised via the Bayesian Truth Serum. We fail to find a significant impact of receiving information about SRM and, based on equivalence tests, we provide evidence in favour of the absence of a meaningfully large effect. Our results thus provide evidence for the claim that there is no detectable moral hazard with respect to SRM. [Open access]. (shrink)

We live in times of an increasing polarization in which the margins of the political spectrum begin to dominate our social imagination again. While the neoliberal iteration of the capitalist project suggests an extreme individualism as the normative default position, the devastating impact of the globalized economy on many has reignited the pursuit of socialist alternatives. In this constellation, Simmel’s social theory of modernity can be a useful resource to undercut the return of the old battle between opposite economic systems. (...) This paper argues that two kinds of pluralism can be derived from his conceptualization of the social effects of the money economy. In contrast to one-size-fits-all concepts of freedom, Simmel embraces a social pluralism which acknowledges a plurality of cultural spheres as relevant for the self-actualization of modern individuals, attributing different combinations of independence and embeddedness to them. Moreover, he rejects the social extremes of socialism and individualism, since they fail to properly integrate individual freedom into the social whole without undermining it. Instead Simmel gives us the vision of a pluralist economy in which democratic worker’s cooperatives are combined with an overall liberal market to satisfy both the longing for community and the strive for individual distinction. (shrink)

When it comes to the discussions of ancient economic thought, the Stoics rarely come to the forefront. By and large, the lack of focus on this Hellenistic philosophical school is understandable: there is no evidence of the Stoics writing treatises entitled oikonomikos or similar or, in fact, showing any substantial interest in the matters pertaining to wealth management or money acquisition. There is an extant fragment, however, depicting a debate between Diogenes of Babylon and Antipater of Tarsus in which (...) the latter advocates for the moral permissibility of the behaviour that comes very close to exhibiting economic rationality. In this paper, I analyse this passage and, noting its complex transmission history, I argue that it reveals an engagement with various ideas pertaining to the oikonomia genre. Although some of them resemble the contemporary notion of economic rationality, ultimately, the Stoic argument is embedded in ethical debates with the Peripatetics and it concerns moral value rather than the homo economicus style of reasoning about maximizing gains. (shrink)

Can compensation repair the moral harm of a previous wrongful act? On the one hand, some define the very function of compensation as one of restoring the moral balance. On the other hand, the dominant view on compensation is that it is insufficient to fully repair moral harm unless accompanied by an act of punishment or apology. In this paper, I seek to investigate the maximal potential of compensation. Central to my argument is a distinction between apologetic compensation and (...) non-apologetic compensation. Apologetic compensation, I argue, is an act that expresses regret and apology by means of some offer of money, goods, or services. Non-apologetic compensation is an act that seeks to restore loss or harm without expressing regret or apology. In the paper, I defend the view that acts of compensation can be apologetic and argue that such apologetic compensation is sufficient for moral repair. (shrink)

This is a sequel to my paper "Il denaro è un’opera d’arte", focusing on the metaphysics of those peculiar social objects that play an increasingly central role in the financial world—derivatives. On the analysis I offer, they appear to run afoul of Searle’s theory of social objects (or of the theory outlined in my earlier paper), and I put forward some suggestions on where to look for the necessary adjustments.

AI systems that demonstrate significant bias or lower than claimed accuracy, and resulting in individual and societal harms, continue to be reported. Such reports beg the question as to why such systems continue to be funded, developed and deployed despite the many published ethical AI principles. This paper focusses on the funding processes for AI research grants which we have identified as a gap in the current range of ethical AI solutions such as AI procurement guidelines, AI impact assessments (...) and AI audit frameworks. We highlight the responsibilities of funding bodies to ensure investment is channelled towards trustworthy and safe AI systems and provides case studies as to how other ethical funding principles are managed. We offer a first sight of two proposals for funding bodies to consider regarding procedures they can employ. The first proposal is for the inclusion of a Trustworthy AI Statement’ section in the grant application form and offers an example of the associated guidance. The second proposal outlines the wider management requirements of a funding body for the ethical review and monitoring of funded projects to ensure adherence to the proposed ethical strategies in the applicants Trustworthy AI Statement. The anticipated outcome for such proposals being employed would be to create a ‘stop and think’ section during the project planning and application procedure requiring applicants to implement the methods for the ethically aligned design of AI. In essence it asks funders to send the message “if you want the money, then build trustworthy AI!”. (shrink)

Recently, some of the leading proponents of the view that there is widespread incommensurability among goods have suggested that the incommensurability of some goods is a constitutive feature of the goods themselves. So, for example, a friendship and a million dollars are incommensurable because it is part of what it is to be a friendship that it be incommensurable with money. According to these ‘constitutive incommensurabilists’ incommensurability follows from the very nature of certain goods. In this paper, I (...) examine this idea and argue that constitutive incommensurabilists have mistaken for constitutive incommensurability a particular emphatic kind of comparability. This examination involves an account of ‘higher’ and ‘lower’ goods and an explanation of how goods of different ‘types’ figure in practical conflict. (shrink)