Hume maintained that, philosophically speaking, there is no difference between exiting a room out of the first-floor window and using the door. Nevertheless, Hume’s reason and common sense prevailed over his scepticism and he advocated that we should always use the door. However, we are currently living in a world that is more seriously committed to the Humean philosophy of empiricism than he was himself and thus the potential to act inappropriately is an ever-present potential. In this paper, I explore (...) how Hume’s two versions of causality have detrimentally affected our ability both to arrive at and to use research to improve human well-being. I illustrate my argument with an example of what I think is an incorrect yet supposedly scientifically sound assumption: that absenteeism causes poor school attainment. Instead I make the interdisciplinary argument that absenteeism is better understood as an aggravating symptom of a number of other causes of poor attainment, such as poverty and individual psychological factors. I suggest that an instrumental, punitive policy against parents whose children tend to be absent from school may be ineffectual or even counterproductive if the objective is to improve the well-being of those children. To support my argument, I introduce the critical realist idea of transfactuality. Using the example of research into moon rocks, I show how mainstream science uses transfactuality despite its empiricist aversion to it. I also suggest that it is our honesty, integrity, and stoicism that lead us to the extreme overthrow of reason and common sense that we see today in many of the UK’s social policies; an overthrow that Hume himself did not achieve. Metaphorically speaking, British professionals, stoically and honestly believing in the ability of their trusted research correlations to guide their action, are exiting out of the first-floor window rather than using the door. This is a significant barrier to our ability to devise and implement social policy. (shrink)

The article considers the problem of ensuring the economic security of trade enterprises by forming an optimal pricing policy. The methodology of formation the minimum and maximum selling prices of trade enterprise, maintenance of margin of economic security, which is based on research of turnover costs and working capital of trade enterprise is offered. Based on statistical data of trade enterprises, the types of prices by product range are determined, which form a stable economic situation and ensure economic (...) security of trade enterprise. The necessity of forming the optimal price policy and selling prices of trade enterprises with the use of Pareto efficiency tools and construction of single-criteria and multi-criteria tasks, indicators of quality of commodity resources of trade enterprises is substantiated. Using the Excel software processor and the «Regression» function, economic-mathematical models of optimal prices for the product range of trade enterprises are built. The results testified to the effectiveness of the proposed model of the optimal pricing policy of trade enterprises, as the obtained values are within the minimum selling prices, which provides economic security of trade enterprises. The process of forming the pricing policy of trade enterprises to ensure economic security is proposed, which is based on the principles of pricing, appropriate methodological tools and monitoring of market environment factors. Organizational, economic, legal, social and market (marketing) mechanisms for the formation of effective pricing policy of trade enterprises aimed at ensuring economic security are identified. This study is practically interesting for personnel of trade enterprises, regardless of organizationallegal forms of ownership and activities, and theoretically – for researchers dealing with pricing. (shrink)

A question arising from the COVID-19 crisis is whether the merits of cases for climate policies have been affected. This article focuses on carbon pricing, in the form of either carbon taxes or emissions trading. It discusses the extent to which relative costs and benefits of introducing carbon pricing may have changed in the context of COVID-19, during both the crisis and the recovery period to follow. In several ways, the case for introducing a carbon price is stronger (...) during the COVID-19 crisis than under normal conditions. Oil costs are lower than normal, so we would expect less harm to consumers compared to normal conditions. Governments have immediate need for diversified new revenue streams in light of both decreased tax receipts and greater use of social safety nets. Finally, supply and demand shocks have led to already destabilized supply-side activities, and carbon pricing would allow this destabilization to equilibrate around greener production for the long-term. The strengthening of the case for introducing carbon pricing now is highly relevant to discussions about recovery measures, especially in the context of policy announcements from the European Union and United States House of Representatives. Key Policy Insights: • Persistently low oil prices mean that consumers will face lower pain from carbon pricing than under normal conditions. • Many consumers are more price-sensitive during the COVID-19 context, which suggests that a greater relative burden from carbon prices would fall upon producers as opposed to consumers than under normal conditions. • Carbon prices in the COVID-19 context can introduce new revenue streams, assisting with fiscal holes or with other green priorities. • Carbon pricing would contribute to a more sustainable COVID-19 recovery period, since many of the costs of revamping supply chains are already being felt while idled labor capacity can be incorporated into firms with lower carbon-intensity. (shrink)

The three main types of policies for addressing climate change are command and control regulation, carbon taxes (or price instruments), and cap and trade (or quantity instruments). The first question in the ethics of carbon pricing is whether the latter two (price and quantity instruments) are preferable to command and control regulation. The second question is, if so, how should we evaluate the relative merits of price and quantity instruments. I canvass relevant arguments to explain different ways of addressing (...) these important policy questions, suggesting that carbon pricing is preferable to command and control regulation, and that price instruments have the theoretical edge over quantity instruments. [Open access]. (shrink)

While there are a variety of moral issues that relate to carbon pricing policies, I will focus on one that has received a large amount of attention: is carbon pricing unjust? Campaigners and civil society groups, especially those involved in environmental and climate justice spaces, have rejected carbon pricing as unjust. This claim deserves some discussion and, in this perspective, I discuss a few potential dimensions of justice that could be relevant to this claim. My goal is (...) to show that, for the most important dimensions of justice, distributive and procedural, carbon pricing is not unjust as a policy instrument for addressing climate change. [Open access]. (shrink)

The urgent importance of dealing with the climate crisis has led some influential theorists to argue that at least some demands for justice must give way to pragmatic and strategic considerations. These theorists (Cass Sunstein, Eric Posner, and David Weisbach, all academic lawyers, and John Broome, an academic philosopher) contend that the failures of international negotiations and other efforts to change economic policies and practices have shown that moral exhortations are worse than ineffective. Although Broome's position is similar in these (...) respects to that of Sunstein, Posner and Weisbach, it differs in other important respects, including his understanding of the idea of justice, his disagreement with the policy approach (which he calls "efficiency with sacrifice") favored by the economists Nicholas Stern and William Nordhaus, and his proposal for establishing a new international financial institution, a World Climate Bank, in addition to putting a price on carbon. Elsewhere I offer a critical analysis of the position taken by Posner and Weisbach in their book, Climate Change Justice. Their arguments against allowing principles of distributive justice (narrowly understood) to constrain treaty negotiations fail to rule out the principles of John Rawls' Law of Peoples (which is a conception of the moral basis of a just international order, including states' obligations to secure basic human rights for all). Therefore their arguments against shaping climate treaties to reflect any principles of justice do not succeed in supporting their position. Here I offer a critical analysis of Broome's position. I raise and discuss objections to Broome's proposal for a WCB, and I argue that the continued relevance of these objections is contingent on how the proposal for a WCB may get developed. (shrink)

Leading digital platform providers such as Google and Uber construct marketplaces in which algorithms set prices. The efficiency-maximising free market credentials of this approach are touted by the companies involved and by legislators, policy makers and marketers. They have also taken root in the public imagination. In this article we challenge this understanding of algorithmically constructed marketplaces. We do so by returning to Hayek’s (1945) classic defence of the price mechanism, and by arguing that algorithmically-mediated price mechanisms do not, (...) and probably cannot, accumulate and signal that same kinds of knowledge that Hayek felt were essential to effective market governance. Indeed, we argue that algorithmically-constructed marketplaces are closer to, though distinct from, the central planning model that Hayek critiqued. Regardless of how you feel about Hayek’s argument, this has important consequences for how we respond to the rise of algorithmic governance tools in both markets and elsewhere. (shrink)

Joseph Heath sometimes plays the role of a gadfly in climate and environmental ethics. He often defends conventional, economics-focused claims which rub many philosophers the wrong way—claims that are at the heart of issues raised in these pages, claims such as that discounting is justifiable, growth is good, or cost-benefit analysis is appropriate in liberal democracies. I think we can all agree that sophisticated defences of conventional positions play an important part in the ecosystem. For philosophers, a gadfly can challenge (...) entrenched conceptions. If we agree that these goals are worthwhile, then this book serves as a useful summary and synthesis of the ways Heath has ably defended conventional claims about climate policy. (shrink)

This paper reviews debates related to the social cost of carbon (SCC) and the challenge of pricing uncertain damages that will occur only in the future. They often revolve around the pure time preference rate, which reflects how much one favors present over future well-being. The SCC measures the marginal cost of the impact on economic growth caused by the emission of a quantity of greenhouse gases equivalent to an additional ton of carbon dioxide (tCO2eq). There is significant variance (...) among estimates of the SCC; one of the reasons for it is a disagreement on how to bring future damages to present values, especially over the so-called "delta parameter" – the pure time preference rate – of the corresponding discount function. On the one hand, the descriptive approach, associated with William Nordhaus, proposes to use the time preference empirically observed among individuals, which would result in a significant limitation of the present value attributed to the distant future. On the other hand, the normative approach, associated with Nicholas Stern, proposes to treat everyone impartially, in every generation, and so implies transferring more resources to future generations. In the limit, assuming exponential population growth, it would lead to a philosophical stance akin to the so-called "longtermism" (as defended by William MacAskill in What we owe the future). In addition, the analysis points out obstacles to using the SCC to price carbon for climate policies. These include aspects related to economic methodology (such as ecological economics critiques of welfarist accounts of intergenerational allocations) as well as political philosophy. Thus, challenges related to uncertainty about socioeconomic development trajectories, intergenerational justice, and public reason become key. Finally, we present the target-consistent pricing approach, where one calculates a carbon price compatible with specific mitigation targets – an alternative to SCC methodologies. This approach is advocated as a way to avoid the uncertainty and the disagreements associated with the SCC, emphasizing the importance of meeting goals set by binding political decisions – such as the Paris Agreement. (shrink)

Abstract: This paper examined the impact of crude oil price fluctuation on tertiary education survival in Nigeria from 2011-2018. Ex-post facto research design was used. Data were extracted from Education Trust Fund (ETF), Federal Ministry of Education (FME), and National Bureau of Statistics (NBS). The data were analyzed using multiple regression analysis with the aid of Statistical Packages for Social Sciences (SPSS) version 20.0 software package. The findings of this study revealed that Crude oil price fluctuation is a critical determinant (...) of tertiary education survival in Nigeria. There is a significant relationship between crude oil price fluctuation and budget allocation to tertiary education in Nigeria. This paper recommend that a policy that permits tertiary education survival through education tax fund allocation from profits of registered petroleum companies proceed should be extended and apply to established Alumni Tax Fund. The Alumni Tax Fund will generate pool of fund from graduate of Nigeria Universities, Colleges of Education and Polytechnic Education. (shrink)

In this article I maintain that a progressive and leftist carbon tax should be revenue-neutral through a dual policy package: first, it should use some revenues to offset price increases for the poor and middle classes; second, it should use the remaining part of revenues to lower taxes on labour income (both employed and self-employed income) for those below a middle-income threshold. I will briefly examine three reasons why such a revenue-neutral and dual-package carbon tax (RN-DP-CT) could (and should) (...) become central in the political agenda of the European Left – even though much of what I will suggest can reasonably hold also with respect to other countries. First, the tax wage on labour in the euro area is one of the highest in the world. Second, the revenue-neutral and dual policy package carbon tax will tax more capital that yields income without a proportional increase in labour demand, rather than capital that creates new job opportunities. Third, we live in societies that are highly unequal, hence I see no moral reason why a carbon tax reform should not aim, among other things, to take wealth away from the richest. (shrink)

There is a widespread consensus that a commodification of body parts is to be prevented. Numerous policy papers by international organizations extend this view to the blood supply and recommend a system of uncompensated volunteers in this area—often, however, without making the arguments for this view explicit. This situation seems to indicate that a relevant source of justified worry or unease about the blood supply system has to do with the issue of commodification. As a result, the current health (...) minister of Ontario is proposing a ban on compensation even for blood plasma—despite the fact that Canada can only generate 30 % of the plasma needed for fractionation into important plasma protein products and has to purchase the rest abroad. In the following, I am going to suggest a number of alternative perspectives on the debate in order to facilitate a less dogmatic and more differentiated debate about the matter. Especially in light of the often over-simplified notions of altruism and commodification, I conclude that the debate has not conclusively established that it would be morally objectionable to provide blood plasma donors with monetary compensation or with other forms of explicit social recognition as an incentive. This is especially true of donations for fractionation into medicinal products by profit-oriented pharmaceutical companies. (shrink)

In this retrospective for Ethics, I discuss H.M. Oliver’s “Established Expectations and American Economic Policies.” This article, by a then-modestly-famous economist, has been ignored (no citations) since its 1940 publication. Yet it bears directly on a normative problem at the intersection of ethics and economics that challenges today’s policymakers but has received comparatively little philosophical attention: how should we balance potentially desirable institutional change against the disruption of established expectations? -/- Oliver details how the principle of fulfilling established expectations cuts (...) across political lines. Conservatives, he observes, criticized inflation for disrupting expectations, and demanded the protection of established corporations. New Deal progressives achieved “the safeguarding of the economic positions of certain important sections of the American people” (104) via statutes designed to protect income and homeownership status. And labor leaders lobbied for the preservation of occupational status. Oliver criticizes these demands on two grounds. First, they are noncompossible: they can’t simultaneously be fulfilled. Second, they are economically inefficient. He concludes that “in a modern dynamic economy, the preservation of status is not and cannot be a feasible criterion of economic justice” (107). -/- I argue that Oliver accurately recognizes both the wide endorsement and the moral ill-foundedness of fulfilling expectations. However, I criticize Oliver’s belief in the noncompossibility of expectations. The established expectations of the wealthy, middle-class homeowners and retirees, and current workers can all be maintained, but at the price of constricting the opportunities of new graduates, immigrants, and the poor—all groups yet to develop settled expectations. This insight renders the protection of expectations not merely inefficient but also unjust. (shrink)

Bakery products are very important in human nutrition and are the basis of any daily diet. Their social significance is determined by the traditions and habits of the population of the countries, accessibility for all groups of the population, diverse assortment, including bakery products for functional and specialized purposes. The up-to-date trend is to expand the assortment of functional bakery products, the use of which will provide the body’s need for the necessary macro- and micronutrients for an active and healthy (...) lifestyle. In the bread and bakery products market, consumer preferences are constantly changing. Consumers prefer products that contain less fat and sugar. The market is in demand for bakery products that are healthy, while taste remains an important success factor. Manufacturers include popular healthy additives (grains, seeds and legumes) in their products. Particularly popular at present are ingredients from Eastern Europe and Asia: yuzu, sesame, matcha, shiso. Tropical fruits (passion fruit, mango, bergamot) and fragrances (dried hibiscus, lavender and rose) are predicted to become popular. This causes the complexity of demand segmentation, features of merchandising and pricing policy, features of consumer behavior and consumption psychology, etc. An assessment is given of the dynamics of production and consumption of bread and exports of products, and a forecast is made for the development of the world market for bread and bakery products. The results of the analysis are necessary to assess the level of food safety and to develop a strategy that takes into account the current trends in the global bread and bakery products market. Prospective trends for sustainable production of frozen bakery products have been developed. (shrink)

Between 2015 and 2017, a reform of teacher training policies was carried out in Colombia. The process of implementing this normativity is analyzed using the multiple case study methodology with five institutions in Bogotá and the consequences for these programs are examined: higher prices and reduction of students. It is evident that the implementation of the studied reform discouraged the training of teachers in philosophy. The changes implemented showed fractures in the legislation and a failure in the strategy of commodification (...) of education, since in an inequitable context like the Colombian one, solving the problems of education is not enough to regulate the education market. (shrink)

Ideal carbon tax policy is internationally coordinated, fully internalizes externalities, redistributes revenues to those harmed, and is politically acceptable, generating predictable market signals. Since nonideal circumstances rarely allow all these conditions to be met, moral issues arise. This paper surveys some of the work in moral philosophy responding to several of these issues. First, it discusses the moral drivers for estimates of the social cost of carbon. Second, it explains how national self-interest can block climate action and suggests international (...) policies—carbon border tax adjustments and carbon clubs—that can help address these concerns. Third, it introduces some of the social science literature about the political acceptability of carbon taxes before addressing a couple common public concerns about carbon taxes. Finally, it introduces four carbon revenue usage options, arguing that redistributive and climate compensation measures are most morally justified. [Open access]. (shrink)

Deep decarbonization – slashing global greenhouse gas emissions to net-zero – now dominates global climate policy. Two recent books assess feasible routes to achieve deep decarbonization. Bill Gates’ How to Avoid a Climate Disaster explains in depth why deep decarbonization requires significant innovations in tech, and Danny Cullenward and David Victor’s Making Climate Policy Work emphasizes the importance of policy innovation (beyond carbon pricing) for driving clean tech breakthroughs. In this critical review essay, I summarize and (...) assess both books. In the final section, I raise several normative questions, which the pair of books might lead us to. (shrink)

It is well-established that policy aiming to change individual consumption patterns for environmental or other ethical reasons faces a trade-off between effectiveness and public acceptance. The more ambitious a policy intervention is, the higher the likelihood of reactionary backlash; the higher the intervention’s public acceptance, the less bite it is likely to have. This paper proposes a package of interventions aiming for a substantial reduction of animal product consumption while circumventing the diagnosed trade-off. It couples stringent industry regulation, (...) which lowers output and raises prices, with a targeted universal income at a level which would allow typical households to maintain their animal product consumption even at the post-regulation price level. The change of opportunity costs of animal products, however, would induce a shift of consumption away from animal products while enhancing – rather than diminishing – consumer freedom and welfare. The policy package, which is further designed to cohere with traditional value orderings rather than relying exclusively on progressive concerns, is politically ambitious, but psychologically pragmatic. It constitutes an attempt to socialize the endeavour of bringing consumption patterns in line with ethical demands by empowering, rather than sanctioning, individuals, and relevant groups. (shrink)

In actuarial parlance, the price of an insurance policy is considered fair if customers bearing the same risk are charged the same price. The estimate of this fair amount hinges on the expected value obtained by weighting the different claims by their probability. We argue that, historically, this concept of actuarial fairness originates in an Aristotelian principle of justice in exchange (equality in risk). We will examine how this principle was formalized in the 16th century and shaped in life (...) insurance during the following two hundred years, in two different interpretations. The Domatian account of actuarial fairness relied on subjective uncertainty: An agreement on risk was fair if both parties were equally ignorant about the chances of an uncertain event. The objectivist version grounded any agreement on an objective risk estimate drawn from a mortality table. We will show how the objectivist approach collapsed in the market for life annuities during the 18th century, leaving open the question of why we still speak of actuarial fairness as if it were an objective expected value. (shrink)

We defend, from a contractarian perspective, that the fair price of an insurance policy is the amount that the contracting parties agree when they are both equally uncertain about the insured event. Drawing on the approach developed by R. Sugden in _The Community of Advantage_, we answer two standard objections raised against contractarianism in the actuarial sciences: (1) people are not wise enough to assess their actuarial risks; (2) they are not rational enough to decide which insurance policy (...) suits them better. We show under which circumstances people can make fair actuarial agreements, without presupposing any objective risk or rationality benchmarks. (shrink)

In this article we developed scientific and applied foundations of commercialization of the nature-resource potential of anthropogenic objects, on the example of exhausted mines. It is determined that the category of “anthropogenic object” can be considered in a narrow-applied sense, as specific anthropogenic objects to ensure the target needs, and in a broad theoretical sense, meaning everything that is created and changed by human influence, that is the objects of both artificial and natural origin. It was determined that problems of (...) commercialization of the natural-resource potential of anthropogenic objects are most often considered by researchers for specific objects, without having complex methodological coverage from the point of view of combining environmental, technical, economic and managerial components. When studying the substantiation of the scientific base, the authors confirmed the feasibility of the commercialization of natural-resource potential of anthropogenic objects on the example of a number of theoretical scientific studies in reclamation, reconstruction, recreation, remediation, restoration of biological productivity and economic value of land disturbed by economic activity. The considered examples of exhausted mines in the 21st century in the USA, Canada, Germany, Romania, and Poland indicate a wide range of opportunities for their commercialization. The study of the potential for commercialization of exhausted mines in the post-Soviet countries testified to the underused reserves for the commercialization of their nature-resource potential and their high potential for further development. The authors proposed the identification of anthropogenic objects on the basic livelihood spheres of society. There were identified the main system (natural, biological, technical, economic, social, managerial) and structural (subjects, trends, threats, risks, problems, challenges) factors of diagnosing the state of an anthropogenic object. A set of measures has been developed for commercialization of an anthropogenic object in functional and production activities, product policy, financial and investment spheres, pricing and sales policies, promotion, management and determination of property rights. Recommendations were provided on optimizing the management decision-making process based on a set of positivistic development principles, methods, and management functions. The study allows international organizations, state and local authorities, territorial communities, owners and potential investors to see new opportunities and make mutually beneficial decisions on the rational use of the nature-resource potential of anthropogenic objects. (shrink)

First, with respect to our personal relationship to fossil fuels, this chapter introduces arguments about whether we should or even can address our own usage of fossil fuels. This involves determining whether offsetting emissions is morally required and practically possible. Second, with respect to our relationship with fossil fuels at the national level, it discusses forms of local resistance, especially divestment and pipeline protesting. Finally, with respect to our relationship with fossil fuels at the international level, it considers two types (...) of policy. On the one hand, some have argued that we should stop most trade in oil, on the basis that most oil that is traded is not subject to the control of citizens. On the other hand, some have argued that we should price the costs of fossil fuels so that there are market incentives to avoid digging them out of the ground. (shrink)

Automated vehicles promise much in the way of both economic boons and increased personal safety. For better or worse, the effects of automating personal vehicles will not be felt for some time. In contrast, the effects of automated work vehicles, like semi-trucks, will be felt much sooner—within the next decade. The costs and benefits of automation will not be distributed evenly; while most of us will be positively affected by the lower prices overall, those losing their livelihoods to the automated (...) semi-trucks and other similar work vehicles will be much worse off. This sets up a classic distributive justice problem: how do we balance the harms and benefits of automation? In this paper, the authors recommend work alternatives: policies that the government would enact in order to ensure that each person could live a decent life even if one could not work, especially for reasons like having one’s job automated. After arguing for this position, we propose some policy guidelines. (shrink)

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

Marie Oldfield, Pro Bono Economics & Refugee Council. Over half the total applications for asylum the UK receives each year are initially rejected, yet nearly a third of these initial rejections are subsequently overturned on appeal. This process that fails to get decisions right first time imposes significant costs, not just on the applicants themselves, but also more widely on UK taxpayers. Asylum seekers are not entitled to welfare benefits nor employment except in some limited cases, and are often placed (...) in unsuitable conditions with lack of appropriate support to prepare their case for asylum. These unfortunate circumstances mean that they are unable to gather and present all the required evidence first time, even when the case for asylum is legitimate. As a result, the application is rejected and thus begins a cycle of appeals that might eventually lead to a successful outcome for the asylum seeker but will, in the process, burden the taxpayer with unnecessary administrative cost and cause the asylum seeker needless distress and prevent them from accessing suitable economic opportunities. • Our study estimates that there are approximately 4,000 initial rejections that are successfully appealed each year and, with each appeal incurring direct administrative costs of around £1,000, the price tag of incorrect initial decisions adds up to a hefty £4 million per year in unnecessary administrative costs alone. • There are other costs, too, that negatively impact asylum seekers and taxpayers, albeit in a more indirect manner. The longer the appeals process is dragged out, the more delay there is to successful asylum seekers entering the labour market which means lost economic activity and forgone tax revenue for the Exchequer. Long periods of unemployment also result in skills attrition and lower the probability of the asylum seeker successfully entering the labour market in the future. • A lengthy appeals process heightens stress and worsens mental health in asylum seekers, a group arguably already more vulnerable on this front. Unnecessary human suffering aside, there is also a monetary cost borne by the taxpayer should NHS mental health services become involved. Thus, there is a pressing and viable case for providing asylum seekers a stable environment in which to complete their applications for asylum. This would increase the likelihood of reaching correct decisions in the first instance, avoid unnecessary administrative costs of an arduous appeals process, enable successful asylum seekers to access the labour market and contribute to the Exchequer, and avoid placing extra demands on already strained NHS mental health services. (shrink)

Abstract: As Nigeria’s Central Bank marks its 60th anniversary, it has become necessary to assess its performance. Consequently in this paper, we provide a comprehensive, unbiased review of the Central bank of Nigeria (CBN). The paper starts with a discussion on the role and activities of the West African Currency Board, which was the precursor of the CBN and subsequently analyzes how the Board led to the emergence of the CBN. We look at the functions, mandate and organizational structure of (...) the CBN. Second, we assess how the CBN has responded to the changing financial landscape over the years. Third, noting that the CBN has over time promoted financial reforms and played a key regulatory role, we discuss the sufficiency of the financial reforms it has promoted as well as the regulatory tools that it has deployed over the years. In this regard, we specifically highlight the role of the CBN in the global financial crises of 2007-2009 as well as the European debt crises of 2010 to 2013. Fourth, given that the primary mandate of the CBN revolves around price and exchange rate stability, we analyze its performance thus far noting the numerous challenges it has faced. Summarily, we find that the CBN has operated a multi-pronged approach by utilizing a combination of policy instruments including price-based, quantity-based and administrative policy measures. Going forward, we recommend that the CBN needs to continue to adopt avant garde mechanisms to further strengthen the Nigerian banking industry with a view to maintaining the stability and health of the economy. (shrink)

The article analyses the impact of the sanctions of civilized countries on the Russian economy. Particular attention is paid to sectoral sanctions on the markets of oil and oil products, in the banking and financial sectors, as well as on the market of transport services. The authors analysed the prospects for expanding sanctions on the oil market for Russia in the context of setting a maximum price for the export of Russian oil by the main buyers. Conclusions are drawn not (...) only about the impact of sanctions on Russian oil production, but also about a possible decrease in prices for oil and other energy resources in the region. The authors positively assessed the US and EU anti-Russian sanctions in the financial sector. The impact of sanctions on the Russian banking system, insurance, and stock markets was studied. Particular attention was paid to the impact of disconnecting the banking system of the Russian Federation from the international payment system SWIFT. The authors also focused on the gradual division of the Russian economy under the influence of sanctions and trends in the energy market into the energy sector and the rest. It was found that the most affected by the sanctions were air transportation, mechanical engineering, and ferrous metallurgy sectors. Conclusions are drawn about the need to continue sanctions pressure on the Russian economy. High energy prices during the 200 days of the war with Ukraine allowed the Russian Federation to subsidize economic sectors that suffered from the war at the expense of the energy sector. A market reduction of the oil prices or their correction with the help of the sanctions policy should cause significant and irreversible damage to the Russian economy. (shrink)

Abstract: The economic and social effects of the phenomenon of the hidden economy include that some of the funds practiced by the hidden economic activity result from evasion of payment of taxes owed to the state, which necessarily means the lack of resources available to the state to finance its economic and social development programs. Through the ability to secure goods at prices lower than the prices of goods in the official sector and this is generated by encouraging the growing (...) phenomenon of counterfeiting and imitation, the basic premise that has been proven hidden economy affects the sustainable development of economic and social dimensions. The researcher relied on the analytical descriptive approach, which was concerned with describing the various aspects related to the effects of the hidden economy and the strategies adopted by the Sudan to limit it, with the aim of reaching logical results that enable the formulation of a proposed vision and solutions to the problem of study. This leads to the difficulty of correctly estimating the size of the variables of interest to policy makers, because it is difficult to measure and this has negative effects on estimating the rate of growth correctly, which leads to the development of policies that appear to be clear but in fact may Be the opposite. The researcher recommended based on the results should include the hidden economic activities that are linked to social and economic status characterized by poverty and unemployment within the integration approaches in the national economy taking into account the factor of creativity, the need to combat activities associated with organized crime and eliminate it and punish violators in strict application of laws Activation of deterrent laws and increase fines for those who They work in a hidden form, as well as those who employ them (informal employment) and show a greater degree of control and control of these forms of hidden employment. (shrink)

Economic diversification has been the glamour of successive administrations in Nigeria, especially amidst the dwindling oil-revenue in recent years, which has resulted from the fluctuations in world crude oil prices. This study aims at investigating the impact of diversifying the economy on the economic growth in Nigeria. Secondary data on GDP growth rate as a proxy for economic growth, non-oil GDP as a proxy for GDP diversification, non-oil export as a proxy for export diversification, investment and exchange rate, between 1981 (...) and 2016, were adopted in the study. An econometric approach of Ordinary Least Squares (OLS) was adopted to empirically analyze the collected data and the result revealed that non-oil gross domestic product impacted positively and significantly on economic growth while exchange rate had an inverse but significant nexus on economic growth in Nigeria, within the period covered in the study. However, non-oil export and investment impacted positively but insignificantly on economic growth in Nigeria. The study recommends the encouragement of increased productivity in the real sector as well as the adoption of stable and favourable exchange rate policies by the government in order to accelerate economic growth in Nigeria. (shrink)

The World Economic Forum notes that there is an economic gap between Indonesia and Malaysia every year as seen from GDP per capita. The economic disparity between the two countries caused differences in available employment opportunities. Limited employment opportunities in Indonesia cause an increase in unemployment in Indonesia. The high unemployment rate in West Kalimantan is the main cause of the migration of Indonesians to Malaysia with the aim of carrying out economic and trade activities in the Serikin Market which (...) is located in Sarawak, East Malaysia. The market only takes about 15 minutes from the Jagoi Babang. This study used primary data collected by using in-depth interview and observation techniques which was analyzed qualitatively. The study found that in general the migration patterns of Indonesian traders who traded in the Serikin Market practiced non-permanent mobility patterns. The opportunities of cross-border trade carried out by Indonesian traders are reducing unemployment, facilitating product marketing, increasing income. While the challenges faced are the inadequacy of the road infrastructure, the quality of merchandise that is not good, the unavailability of lodging for Indonesian traders in the border area of Jagoi Babang, shop rental prices are relatively expensive. Basically, this research is to provide empirical data regarding to opportunities and challenges of cross-border traders that will be able to be used for future research related to strategies in managing cross-border trade Hopefully, this research will contribute significantly to generate an effective migration policy in order to minimize transnational crimes. (shrink)

This article discusses the management of cycli- cal dynamics of the credit sphere. Considering the fact that conventional methods of monetary policy proved to be vulnerable to the process of accumula- tion and realization of risk in the credit sector, we aim to study heterodox methods of credit market regula- tion – administrative (direct) methods of control over fluctuations on the credit market. In particular, based on the analysis of credit limits used in the Socialist Republic of Vietnam, we (...) come to conclusion about comparative effectiveness of this method in curbing excessive amplitude of the credit cycle. However, the price of using this method may be connected with re- duction in the rate of economic growth and a shift in the accumulation of risk to other areas of the credit market. (shrink)

In his influential book 'Making Things Happen' and in other places, Jim Woodward has noted some affinities between his own account of causation and that of Menzies and Price, but argued that the latter view is implausibly ‘subjective’. In this piece I discuss Woodward’s criticisms. I argue that the Menzies and Price view is not as different from Woodward’s own account as he believes, and that in so far as it is different, it has some advantages whose importance Woodward misses; (...) but also that the Menzies and Price view lacks some elements whose importance Woodward rightly stresses. When properly characterized, however, the ‘subjectivity’ survives unscathed. (shrink)

This paper discusses the relation between Crispin Wright’s alethic pluralism and my global expressivism. I argue that on many topics Wright’s own view counts as expressivism in my sense, but that truth itself is a striking exception. Unlike me, Wright never seems to countenance an expressivist account of truth, though the materials needed are available to him in his approaches to other topics.

Ismael traces our sense that the past is fixed and the future open to what she calls ‘the practical arrow’ – ‘the sense that we can affect the future but not the past.’ In this piece I draw a sharper distinction than Ismael herself does between agents and mere observers, even self-referential observers; and I use it to argue that Ismael’s explanation of the practical arrow is incomplete. To explain our inability to affect the past we need to appeal to (...) our own temporal orientation as agents, and not merely to the ingredients from physics that allow us to predict the consequences of our actions. [This piece is a commentary on J Ismael’s ‘The Open Universe: Totality, Self-Reference and Time’, to appear in the Australasian Philosophical Review.]. (shrink)

This essay is my contribution to a celebratory volume for Mr Peter Ho, former head of Singapore's Civil Service, from whom I learned the phrase ‘black elephant’. I reflect on four elephants among my own interests: in other words, big things (in my estimation), in clear sight but invisible to many eyes. They are: (i) retrocausality in quantum theory; (ii) child conscription and the monarchy; (iii) AI risk; and (iv) cold fusion. As I say in the piece, my little herd (...) is big enough to make some comparisons – though this may be the only occasion on which they congregate in the same room. (shrink)

This is an unpublished piece from July 1998. It discusses the use of semantic notions such as reference in the Canberra Plan, the question whether this use creates a problematic circularity if the Canberra Plan is applied to the semantic notions themselves, and the relation of this question to Putnam’s model-theoretic argument. I used some of the ideas in later papers such as (Price 2004, 2009) and (Menzies & Price, 2009), but the bulk of discussion of the relation of my (...) concern to Putnam’s argument (and to responses to Putnam by others) never made it into print. (shrink)

Does artificial intelligence (AI) pose existential risks to humanity? Some critics feel this question is getting too much attention, and want to push it aside in favour of conversations about the immediate risks of AI. These critics now include the journal Nature, where a recent editorial urges us to 'stop talking about tomorrow's AI doomsday when AI poses risks today.' We argue that this is a serious failure of judgement, on Nature's part. In science, as in everyday life, we expect (...) influential actors to consider the consequences of error. As the world's leading scientific journal, Nature is certainly an influential actor, especially so in the absence of robust global regulation of AI. Yet it has manifestly failed to consider the cost of error in this case. (shrink)

Many areas of philosophy employ a distinction between factual and non-factual (descriptive/non-descriptive, cognitive/non-cognitive, etc) uses of language. This book examines the various ways in which this distinction is normally drawn, argues that all are unsatisfactory, and suggests that the search for a sharp distinction is misconceived. The book develops an alternative approach, based on a novel theory of the function and origins of the concept of truth. The central hypothesis is that the main role of the normative notion of truth (...) is to encourage speakers to argue, with long-run behavioural advantages. This offers a fresh perspective on many debates about realism in contemporary philosophy. [A new, greatly extended edition of this book is forthcoming from OUP in 2025 – a draft of the new edition is also available on PhilPapers.]. (shrink)

This is my review of Craig Callender's book What Makes Time Special?

This is a review of Zalabardo's Pragmatist Semantics (OUP, 2023), forthcoming in Mind.

There is a current debate about the grammar of intention: do I intend to φ, or that I φ? The equivalent question in Aristotle relates especially to choice. I argue that, in the context of practical reasoning, choice, as also wish, has as its object an act. I then explore the role that this plays within his account of the relation of thought to action. In particular, I discuss the relation of deliberation to the practical syllogism, and the thesis that (...) the conclusion of the second is an action. (shrink)

This piece was written as my Presidential Address at the Annual Conference of the Australasian Association of Philosophy, held at Melbourne University in July 1999. I discuss the view ‘that we can’t describe or theorise about the world from outside language.’ I call this idea ‘linguistic imprisonment’, and take it to be a platitude, although one that is interpreted very differently by different philosophers. In so far as language does depend on contingencies of our own ‘location’, how should we theorise (...) about such matters? I distinguish two approaches, called ‘backgrounding’ and ‘foregrounding’. Roughly, the latter seeks to incorporate the contingencies into the content of claims that depend on them, whereas the former treats them as use conditions. I argue that linguistic imprisonment implies that not everything can be foregrounded, and apply the framework to a then-recent objection to expressivism by Jackson and Pettit. (shrink)

Are the distinctions between past, present and future, and the apparent ‘passage’ of time, features of the world in itself, or manifestations of the human perspective? Questions of this kind have been at the heart of metaphysics of time since antiquity. The latter view has much in common with pragmatism, though few in these debates are aware of that connection, and few of the view’s proponents think of themselves as pragmatists. For their part, pragmatists are often unaware of this congenial (...) application of their methodology; some associate pragmatism with the other side of the old debate in the metaphysics of time. In my view, this link between time and pragmatism only scratches the surface of the deep two-way dependencies between these two topics. The human temporal perspective turns out to be deeply implicated not merely in our temporal notions themselves, but in many other conceptual categories – arguably, in fact, in all of them, and in the nature of language and thought. In this way, reflection on our own temporal character vindicates James’ famous slogan for global pragmatism: ‘The trail of the human serpent is thus over everything.’. (shrink)

Causalists and Evidentialists can agree about the right course of action in an (apparent) Newcomb problem, if the causal facts are not as initially they seem. If declining $1,000 causes the Predictor to have placed $1m in the opaque box, CDT agrees with EDT that one-boxing is rational. This creates a difficulty for Causalists. We explain the problem with reference to Dummett's work on backward causation and Lewis's on chance and crystal balls. We show that the possibility that the causal (...) facts might be properly judged to be non-standard in Newcomb problems leads to a dilemma for Causalism. One horn embraces a subjectivist understanding of causation, in a sense analogous to Lewis's own subjectivist conception of objective chance. In this case the analogy with chance reveals a terminological choice point, such that either (i) CDT is completely reconciled with EDT, or (ii) EDT takes precedence in the cases in which the two theories give different recommendations. The other horn of the dilemma rejects subjectivism, but now the analogy with chance suggests that it is simply mysterious why causation so construed should constrain rational action. (shrink)

In recent work Allan Gibbard claims to be both a local quasi-realist, in Blackburn’s sense, and a global expressivist. His local quasi-realism rests on an argument that for naturalistic discourse but not ethical discourse, the semantic relation of denotation and the causal relation of tracking can and should be identified; that denoting simply is tracking, for naturalistic vocabulary. I argue that Gibbard’s case for this conclusion is unconvincing, and poorly motivated by his own expressivist standards. I also argue that even (...) if it were successful, it is doubtful whether the resulting position would count as global expressivism, as Gibbard and I both use that term. (shrink)

This is a draft of a new extended edition of Facts and the Function of Truth (Blackwell, 1988), forthcoming from Oxford University Press. If you wish to cite it before the final version appears, please refer to it as ‘Facts and the Function of Truth, Extended Edition (draft)’, including the URL at PhilPapers, and date of access.

One of the most striking features of causation is that causes typically precede their effects – the causal arrow is strongly aligned with the temporal arrow. Why should this be so? We offer an opinionated guide to this problem, and to the solutions currently on offer. We conclude that the most promising strategy is to begin with the de facto asymmetry of human deliberation, characterised in epistemic terms, and to build out from there. More than any rival, this subjectivist approach (...) promises to demystify the asymmetry, temporal orientation, and deliberative relevance of causal judgements. (shrink)

_ Source: _Volume 95, Issue 3, pp 368 - 413 Frege famously maintained that concepts are not objects. A key argument of Frege’s for this view is, in outline, as follows: if we are to account for the unity of thought, concepts must be deemed _unsaturated_; since objects are, by contrast, saturated entities, concepts cannot be objects. The author investigates what can be made of this argument and, in particular, of the unsaturated/saturated distinction it invokes. Systematically exploring a range of (...) reconstructions suggested by Frege’s writings, and drawing on contemporary work, the author illustrates that no plausible reconstruction is forthcoming. In essence, it is altogether unclear how to simultaneously substantiate, on the one hand, the claim that unsaturated entities must be recognized in order to account for unity and, on the other, the claim that unsaturatedness is incompatible with objecthood. (shrink)

This is my Cambridge PhD thesis, written under the supervision of Hugh Mellor and Richard Healey, and examined by Mary Hesse and Simon Blackburn. It addresses what it takes to be the core of the problem of single case probability, namely, the interpretation of claims such as ‘It is probable that P’ (where the probabilistic component occurs as a sentential or propositional operator). I argue that claims of this form are not genuinely truth-apt, and that such operators modify the force, (...) rather than the sense, of sentences or propositions to which they attach. In contemporary terms, I thus defend a version of what Yalcin (2012) has called ‘credal expressivism’. Some of the core arguments were later published in the following papers: (i) ‘Does “Probably” modify sense?’, Australasian Journal of Philosophy 61(1983), 396–408 and (ii) 'Mellor, chance and the single case', British Journal for the Philosophy of Science 35(1984), 11-23. Other arguments, including an attempt at the Frege-Geach problem, form the basis of an unpublished piece 'The use of force in a theory of meaning' (1983), accessible at PhilPapers. (shrink)

Carnap was one of the first to use the term 'non-cognitivism'. His linguistic pluralism and voluntarism, and his deflationary views of ontology and semantics, are highly congenial to those of us who want to take non-cognitivism in the direction of global expressivism. In his own case, however, this move is in tension with his continued endorsement of what he calls 'the general thesis of logical empiricism', that 'there is no third kind of knowledge besides empirical and logical knowledge.’ So while (...) Carnap clears a path towards global expressivism, he doesn't seem to appreciate what it requires him to leave behind. (shrink)