Economists not only failed to anticipate the financial crisis; they may have contributed to it—with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, assume (...) that any homogeneity will involve economic actors sharing the economist’s own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality. (shrink)

ABSTRACT Economists not only failed to anticipate the financial crisis; they may have contributed to it—with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, (...) assume that any homogeneity will involve economic actors sharing the economist’s own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality. (shrink)

The goal of this article is to provide a slightly different spin on economists' use of the positive-normative distinction by providing some context for its use. The major difference is the following: philosophers and philosophically oriented economists, such as Hilary Putnam and John Davis, see the positive-normative distinction in economics as following from the logical positivist position, and they interpret comments made by economists as reflecting scientific methodological positions that have long since been repudiated by philosophers of science. This article (...) argues that economists' use of the positive-normative distinction developed from the Mill–Keynes methodological tradition, which did not hold logical positivist views. Instead, it had pragmatic purposes and was designed to encourage economists to be more modest in their claims for the implications of economic theory. We conclude by arguing that economist's current use of the positive-normative distinction is problematic, as Davis suggests, but th.. (shrink)

In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian (...) economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian (...) economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

(2013). The systemic failure of economic methodologists. Journal of Economic Methodology: Vol. 20, Methodology, Systemic Risk, and the Economics Profession, pp. 56-68. doi: 10.1080/1350178X.2013.774848.

This paper considers the debate between economists and philosophers about the role of values in economic analysis by examining the recent debate between Hilary Putnam and Sir Partha Dasgupta. It argues that although there has been a failure to communicate there is much more agreement than it seems. If Dasgupta's work is seen as part of the methodological tradition expounded by John Stuart Mill and John Neville Keynes, economists and philosophers will have a better basis for understanding each other. Unlike (...) the logical-positivist tradition, which treats facts and values as two mutually exclusive concepts, the Mill- Keynes tradition recognizes that facts and values are intertwined. Unlike the Smithian tradition, which blends the study of facts and normative rules, it divides economics into a science that studies "what is" and an art which considers "what ought to be done". (shrink)

Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity (...) theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis. (shrink)

Bryan Caplan’s Myth of the Rational Voter overstates its case against democracy by not dealing with what might be called the historical/instrumentalist argument for democracy. The case for democracy that he attacks is primarily an academic exercise, which makes his argument against that case also an academic exercise. The supposed policy choice that Caplan presents between the market and democracy is not the correct choice, and the notion that economists should be given more voting weight in the democratic decision process (...) is normatively inappropriate. (shrink)

This book, first published in 1989, contains a spirited debate between eminent economists, journalists, and publishers about the spread of economic ideas. Using many of the same ideas as do the rhetorical and sociological philosophical schools, the contributors to this book discuss the spread of economic ideas in readily understandable English. The examination of the flow of ideas among economists and from economists to the public is followed by a discussion of the public policy use and abuse of these concepts. (...) A final section provides insights into the funding of ideas and the incentives to make economics more relevant. The dialogue among the book's contributors provides both the lay reader and the interested professional with fascinating insights into what happens behind the scenes in academia, publishing, and journalism. (shrink)

David Hume's Enquiry concerning Human Understanding is the definitive statement of the greatest philosopher in the English language. His arguments in support of reasoning from experience, and against the "sophistry and illusion"of religiously inspired philosophical fantasies, caused controversy in the eighteenth century and are strikingly relevant today, when faith and science continue to clash. The Enquiry considers the origin and processes of human thought, reaching the stark conclusion that we can have no ultimate understanding of the physical world, or (...) indeed our own minds. In either sphere we must depend on instinctive learning from experience, recognizing our animal nature and the limits of reason. Hume's calm and open-minded skepticism thus aims to provide a new basis for science, liberating us from the "superstition" of false metaphysics and religion. His Enquiry remains one of the best introductions to the study of philosophy, and his edition places it in its historical and philosophical context. (shrink)

A leading political theorist’s groundbreaking defense of ideal conceptions of justice in political philosophy Throughout the history of political philosophy and politics, there has been continual debate about the roles of idealism versus realism. For contemporary political philosophy, this debate manifests in notions of ideal theory versus nonideal theory. Nonideal thinkers shift their focus from theorizing about full social justice, asking instead which feasible institutional and political changes would make a society more just. Ideal thinkers, on the other hand, question (...) whether full justice is a standard that any society is likely ever to satisfy. And, if social justice is unrealistic, are attempts to understand it without value or importance, and merely utopian? Utopophobia argues against thinking that justice must be realistic, or that understanding justice is only valuable if it can be realized. David Estlund does not offer a particular theory of justice, nor does he assert that justice is indeed unrealizable—only that it could be, and this possibility upsets common ways of proceeding in political thought. Estlund engages critically with important strands in traditional and contemporary political philosophy that assume a sound theory of justice has the overriding, defining task of contributing practical guidance toward greater social justice. Along the way, he counters several tempting perspectives, including the view that inquiry in political philosophy could have significant value only as a guide to practical political action, and that understanding true justice would necessarily have practical value, at least as an ideal arrangement to be approximated. Demonstrating that unrealistic standards of justice can be both sound and valuable to understand, Utopophobia stands as a trenchant defense of ideal theory in political philosophy. (shrink)

The zetetic turn in epistemology raises three questions about epistemic and zetetic norms. First, there is the relationship question: what is the relationship between epistemic and zetetic norms? Are some epistemic norms zetetic norms, or are epistemic and zetetic norms distinct? Second, there is the tension question: are traditional epistemic norms in tension with plausible zetetic norms? Third, there is the reaction question: how should theorists react to a tension between epistemic and zetetic norms? Drawing on an analogy to practical (...) philosophy, I develop a focal point view to resolve these motivating questions. On the focal point view, traditional epistemic norms and zetetic norms answer different types of normative questions. There is nevertheless a familiar type of evaluative tension between traditional epistemic norms and zetetic norms, but this tension is an unavoidable feature of the normative landscape and not a sign that traditional epistemic norms need revision. But if traditional epistemic norms are not zetetic norms, then in what sense is zetetic epistemology a project for epistemologists? I conclude by articulating a sense in which some nontraditional epistemic norms are zetetic norms, and in which zetetic epistemology is an important part of the study of theoretical rationality. (shrink)

One of the enduring concerns of moral philosophy is deciding who or what is deserving of ethical consideration. Much recent attention has been devoted to the "animal question" -- consideration of the moral status of nonhuman animals. In this book, David Gunkel takes up the "machine question": whether and to what extent intelligent and autonomous machines of our own making can be considered to have legitimate moral responsibilities and any legitimate claim to moral consideration. The machine question poses a (...) fundamental challenge to moral thinking, questioning the traditional philosophical conceptualization of technology as a tool or instrument to be used by human agents. Gunkel begins by addressing the question of machine moral agency: whether a machine might be considered a legitimate moral agent that could be held responsible for decisions and actions. He then approaches the machine question from the other side, considering whether a machine might be a moral patient due legitimate moral consideration. Finally, Gunkel considers some recent innovations in moral philosophy and critical theory that complicate the machine question, deconstructing the binary agent--patient opposition itself. Technological advances may prompt us to wonder if the science fiction of computers and robots whose actions affect their human companions could become science fact. Gunkel's argument promises to influence future considerations of ethics, ourselves, and the other entities who inhabit this world. (shrink)

This book is an attempt to get to the bottom of an acute and perennial tension between our best scientific pictures of the fundamental physical structure of the world and our everyday empirical experience of it. The trouble is about the direction of time. The situation (very briefly) is that it is a consequence of almost every one of those fundamental scientific pictures--and that it is at the same time radically at odds with our common sense--that whatever can happen can (...) just as naturally happen backwards. Albert provides an unprecedentedly clear, lively, and systematic new account--in the context of a Newtonian-Mechanical picture of the world--of the ultimate origins of the statistical regularities we see around us, of the temporal irreversibility of the Second Law of Thermodynamics, of the asymmetries in our epistemic access to the past and the future, and of our conviction that by acting now we can affect the future but not the past. Then, in the final section of the book, he generalizes the Newtonian picture to the quantum-mechanical case and (most interestingly) suggests a very deep potential connection between the problem of the direction of time and the quantum-mechanical measurement problem. The book aims to be both an original contribution to the present scientific and philosophical understanding of these matters at the most advanced level, and something in the nature of an elementary textbook on the subject accessible to interested high-school students. Table of Contents: Preface 1. Time-Reversal Invariance 2. Thermodynamics 3. Statistical Mechanics 4. The Reversibility Objections and the Past-Hypothesis 5. The Scope of Thermodynamics 6. The Asymmetries of Knowledge and Intervention 7. Quantum Mechanics Appendix: Gedankenexperiments with Heat Engines Index Reviews of this book: The foundations of statistical mechanisms are often presented in physics textbooks in a rather obscure and confused way. By challenging common ways of thinking about this subject, Time and Chance can do quite a lot to improve this situation. --Jean Bricmont, Science Albert is perfecting a style of foundational analysis that is uniquely his own...It has a surgical precision...and it is ruthless with pretensions. The foundations of thermodynamics is a topic that has accumulated a good deal of dead wood; this is a fire that will burn and burn. --Simon W. Saunders, Oxford University As usual with Albert's work, the exposition is brisk and to the point, and exceptionally clear...The book will be an extremely valuable contribution to the literature on the subject of philosophical issues in thermodynamics and statistical mechanics, a literature which has been thin on the ground but is now growing as it deserves to. --Lawrence Sklar, University of Michigan. (shrink)

By means of an example, shows the possibility of beliefs that are separately rational whilst together inconsistent.

How should one react when one has a belief, but knows that other people—who have roughly the same evidence as one has, and seem roughly as likely to react to it correctly—disagree? This paper argues that the disagreement of other competent inquirers often requires one to be much less confident in one’s opinions than one would otherwise be.

I attempt to get as clear as possible on the chain of reasoning by which irreversible macrodynamics is derivable from time-reversible microphysics, and in particular to clarify just what kinds of assumptions about the initial state of the universe, and about the nature of the microdynamics, are needed in these derivations. I conclude that while a “Past Hypothesis” about the early Universe does seem necessary to carry out such derivations, that Hypothesis is not correctly understood as a constraint on the (...) early Universe’s entropy. (shrink)

Understanding Animal Welfare, 2nd Edition is revised and expanded to incorporate new research and developments in animal welfare. Updated with greater accessibility in mind, the reader is guided through animal welfare in its cultural and historical context, methods of study, and applications in practice and policy. Drawing examples from farm, companion, laboratory and zoo animals, the text provides an up-to-date overview of research and its applications, while also tracing how concepts and methods have evolved over time. Originally intended for scientists (...) and professionals, Understanding Animal Welfare has also found a home in undergraduate classrooms. It is now the essential text for students, practitioners, veterinarians, and researchers in animal welfare and related fields. (shrink)

We start by presenting three different views that jointly imply that every person has many conscious beings in their immediate vicinity, and that the number greatly varies from person to person. We then present and assess an argument to the conclusion that how confident someone should be in these views should sensitively depend on how massive they happen to be. According to the argument, sometimes irreducibly de se observations can be powerful evidence for or against believing in metaphysical theories.

Unprecedented advances in medicine, genetic engineering, and demographic forecasting raise new questions that strain the categories and assumptions of traditional ethical theories. Heyd's approach resolves many paradoxes in intergenerational justice, while offering a major test case for the profound problems of the limits of ethics and the nature of value. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and (...) impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1992. (shrink)

Worries about mental causation are prominent in contemporary discussions of the mind and human agency. Originally, the problem of mental causation was that of understanding how a mental substance (thought to be immaterial) could interact with a material substance, a body. Most philosophers nowadays repudiate immaterial minds, but the problem of mental causation has not gone away. Instead, focus has shifted to mental properties. How could mental properties be causally relevant to bodily behavior? How could something mental qua mental cause (...) what it does? After looking at the traditional Problem of Interaction, we survey various versions of the property-based problem and look at proposed solutions to them. (shrink)

Film is an art form with a language and an aesthetic all its own. Since 1979, David Bordwell and Kristin Thompson's Film Art has been the best-selling and widely respected introduction to the analysis of cinema. Taking a skills-centered approach supported by a wide range of examples from various periods and countries, the authors strive to help students develop a core set of analytical skills that will deepen their understanding of any film, in any genre. Frame enlargements throughout the (...) text enable students to view images taken directly from completed films, while an optional, text-specific tutorial CD-ROM helps clarify and reinforce specific concepts addressed in the text with the use of film clips. Building on these strengths, the ninth edition adds coverage of new technologies, updated examples, and references to the authors' acclaimed weblog to provide unparalleled currency and connect students with the world of cinema today. (shrink)

Our aim in this entry is to articulate the state of the art in the moral psychology of personal identity. We begin by discussing the major philosophical theories of personal identity, including their shortcomings. We then turn to recent psychological work on personal identity and the self, investigations that often illuminate our person-related normative concerns. We conclude by discussing the implications of this psychological work for some contemporary philosophical theories and suggesting fruitful areas for future work on personal identity.

Perceptualists say that having a pain in a body part consists in perceiving the part as instantiating some property. I argue that perceptualism makes better sense of the connections between pain location and the experiences undergone by people in pain than three alternative accounts that dispense with perception. Turning to fellow perceptualists, I also reject ways in which David Armstrong and Michael Tye understand and motivate perceptualism, and I propose an alternative interpretation, one that vitiates a pair of objections—due (...) to John Hyman—concerning the meaning of ‘Amy has a pain in her foot’ and the idea of bodily sensitivity. Perceptualism, I conclude, remains our best account of the location of pains. (shrink)

Dark matter is a fundamental component of the standard cosmological model, but in spite of four decades of increasingly sensitive searches, no-one has yet detected a single dark-matter particle in the laboratory. An alternative cosmological paradigm exists: MOND (Modified Newtonian Dynamics). Observations explained in the standard model by postulating dark matter are explained in MOND by proposing a modification of Newton's laws of motion. Both MOND and the standard model have had successes and failures – but only MOND has repeatedly (...) predicted observational facts in advance of their discovery. In this volume, David Merritt outlines why such predictions are considered by many philosophers of science to be the 'gold standard' when it comes to judging a theory's validity. In a world where the standard model receives most attention, the author applies criteria from the philosophy of science to assess, in a systematic way, the viability of this alternative cosmological paradigm. (shrink)

Epistemic Evaluation aims to explore and apply a particular methodology in epistemology. The methodology is to consider the point or purpose of our epistemic evaluations, and to pursue epistemological theory in light of such matters. Call this purposeful epistemology. The idea is that considerations about the point and purpose of epistemic evaluation might fruitfully constrain epistemological theory and yield insights for epistemological reflection. Several contributions to this volume explicitly address this general methodology, or some version of it. Others focus on (...) advancing some application of the methodology rather than on theorizing about it. The papers go on to explore the idea that purposes allow one to understand the conceptual demands on knowing, examine how purposeful epistemology might shed light on the debate between internalist and externalist epistemologies, and further develop the idea of purposeful epistemology. (shrink)

Derek Parfit (1942-2017) is the most famous philosopher you've likely never heard of. In 1984, Parfit published what was, and is still, hailed by many philosophers as a work of genius - one of the most cited works of philosophy since World War II, Reasons and Persons. At its core, he argued that we should be concerned less with our own interests and more with the common good. His book brims with brilliant argumentative detail and stunningly inventive thought experiments that (...) challenged contemporary views about what it means to be a person, why one should forego concern for oneself as an identity that persists over time, what it means to act on the basis of reasons, and what we owe to future generations. Parfit also - unfashionably at the time - believed in a kind of grand unified theory of morality, what he called theory x, a non-religious ethical theory wherein all the major moral theories were converging from different sides on the same mountaintop. Parfit has had an enormous influence not only on philosophy, but also beyond, particularly amongst those in the fields of climate ethics, poverty relief, and charitable giving. In this book, the first-full scale biography of Parfit, Dave Edmonds tells the story of the thinker that many philosophers consider the most important moral philosopher of the last century. Edmonds' rendering of the man in full skilfully illuminates the person behind the acclaimed philosopher. Despite Parfit's extraordinary mind, outward appearances suggest his was also an extraordinarily uneventful life - one largely spent in cloistered institutions from Eton to Oxford and one seemingly monomaniacally devoted to ideas. Edmonds' aim is to show how this son and grandson of missionaries went from a genial and outgoing history student to a captivating, yet monkish philosopher singularly devoted to saving morality. In doing so, Edmonds makes Parfit's profound, but often impenetrable, ideas accessible to a broad audience and gives life and body to the thoughts of a seemingly pure thinker that captured the imagination of a generation of philosophers. (shrink)

Food is a challenging subject. There is little consensus about how and what we should produce and consume. It is not even clear what food is or whether people have similar experiences of it. On one hand, food is recognized as a basic need, if not a basic right. On the other hand, it is hard to generalize about it given the wide range of practices and cuisines, and the even wider range of tastes. This book is an introduction to (...) the philosophical dimensions of food. David M. Kaplan examines the nature and meaning of food, how we experience it, the social role it plays, its moral and political dimensions, and how we judge it to be delicious or awful. He shows how the different branches of philosophy contribute to a broader understanding of food: what food is (metaphysics), how we experience food (epistemology), what taste in food is (aesthetics), how we should make and eat food (ethics), how governments should regulate food (political philosophy), and why food matters to us (existentialism). Kaplan embarks on a series of philosophical investigations, considering topics such as culinary identity and authenticity, tasting and food criticism, appetite and disgust, meat eating and techno-foods, and consumerism and conformity. He emphasizes how different narratives help us navigate the complex world of food -- yet we all have responsibilities to ourselves, to others, and to animals. An original treatment of a timely subject, Food Philosophy is suitable for undergraduates while making a significant contribution to scholarly debates. (shrink)

Since the 1990s the so-called transparency of experience has played a crucial role in core debates in philosophy of mind. However, recent developments in the literature have made transparency itself quite opaque. The very idea of transparent experience has become quite fuzzy, due to the articulation of many different notions of transparency and transparency theses. Absent a unified logical space where these notions and theses can be mapped and confronted, we are left with an overall impression of conceptual chaos. This (...) is a problem, given the constant and ubiquitous references to transparency in the literature and its prominent position in the contemporary philosophy of mind. My goal in this paper is to restore clarity through proper analysis of the mutual relations between the different transparency theses. This allows me to uncover a unitary multidimensional logical space where existing (as well as possible) views can be properly singled out and located. (shrink)

We become ill in ways our parents and grandparents did not, with diseases unheard of and treatments undreamed of generations ago. This text tells the story of the modern experience of illness, linking ideas of illness, health, and postmodernism.

A familiar interpretation of quantum mechanics (one of a number of views sometimes labeled the "Copenhagen interpretation'"), takes its empirical apparatus at face value, holding that the quantum wave function evolves by the Schrödinger equation except on certain occasions of measurement, when it collapses into a new state according to the Born rule. This interpretation is widely rejected, primarily because it faces the measurement problem: "measurement" is too imprecise for use in a fundamental physical theory. We argue that this is (...) a weak objection, as there may be many ways of making "measurement" precise. However, measurement-collapse interpretations face a more serious objection: a dilemma tied to the quantum Zeno effect. Is measurement itself an observable that can enter superpositions? If yes, then the standard measurement-collapse dynamics is ill-defined. If no, then (at least if measurement is an observable), measurements can never start or finish. The best way out is to deny that measurement is an observable, but this leads to strong and revisionary consequences. This reinforces the view that there is no nonrevisionary interpretation of quantum mechanics. (shrink)

Part of the appeal of the biological approach to personal identity is that it does not have to countenance spatially coincident entities. But if the termination thesis is correct and the organism ceases to exist at death, then it appears that the corpse is a dead body that earlier was a living body and distinct from but spatially coincident with the organism. If the organism is identified with the body, then the unwelcome spatial coincidence could perhaps be avoided. It is (...) argued that such an identification would be a mistake. A living organism has a different part/whole relationship and persistence conditions than the alleged body. A case will be made that the concept ‘human body’ is a conceptual mess, vague in an unprincipled manner, and that an eliminativist stance towards dead bodies is the appropriate response. CiteULike Connotea Del.icio.us What's this? (shrink)

Two models of assertion are described and their epistemological implications considered. The assurance model draws a parallel between the ethical norms surrounding promising and the epistemic norms which facilitate the transmission of testimonial knowledge. This model is rejected in favour of the view that assertion transmits knowledge by expressing belief. I go on to compare the epistemology of testimony with the epistemology of memory.

Emptiness means that all entities are empty of, or lack, inherent existence - entities have a merely conceptual, constructed existence. Though Nagarjuna advocates the Middle Way, his philosophy of emptiness nevertheless entails nihilism, and his critiques of the Nyaya theory of knowledge are shown to be unconvincing.