We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively related to the incidence (...) of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and reduced (...) information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

This book analyses the response of the classic texts of Jewish tradition to Plato's 'Euthyphro dilemma': does God freely determine morality, or is morality independent of God?

This paper brings contemporary debate in analytic philosophy of religion regarding the notion of worship into conversation with Jewish sources and attempts to identify the most promising philosophical grounds for a Jewish account of the putative obligatoriness of worship. Some philosophers have recently debated the notion of worship, focusing in particular on the claim that human beings have an obligation to worship God and on whether and how such an obligation might be adequately grounded. I first canvass the major bases (...) for worshipping God that have featured in this debate. I then turn to some relevant liturgical and philosophical sources of Jewish tradition, identifying grounds for the obligatoriness of (exclusively) worshipping God that have been advanced in those sources. I next consider which grounds of the putative obligatoriness of worship are the most promising for a Jewish account in terms of both philosophical cogency and rootedness in Jewish tradition. I argue that a version of a divine command grounding of prayer in a Soloveitchikian mode is both well-rooted in Judaism and also plausibly surmounts philosophical objections to divine command accounts. In the final section, I briefly raise the issue of whether the concept of worship is truly well-suited to a Jewish context, suggesting that the rich Hebrew notions of _avodah_ and_ tefillah_ are perhaps more appropriate in articulating a fully adequate Jewish understanding of the pertinent issues. In particular, I argue that these notions fit well with the Soloveitchikian divine command grounding of the obligation to worship God. (shrink)

What does one do as a Jewish philosopher if one is convinced by much of the Nietzschean critique of religion? Is there a contemporary Jewish philosophical theology that can convince in a post-metaphysical age? The argument of this book is that Rabbi Joseph Soloveitchik - the leading twentieth-century exponent of Modern Orthodoxy - presents an interpretation of halakhic Judaism, grounded in traditional sources, that brings a life-affirming Nietzschean sensibility to the religious life. Soloveitchik develops a form of Judaism replete with (...) key Nietzschean ideas, which parries Nietzsche's critique by partially absorbing it. This original study of Soloveitchik's philosophy highlights his unique contribution to Jewish thought for students and scholars in Jewish studies, while also revealing his wider significance for those working more broadly in fields such as philosophy and religious studies. (shrink)

Book Reviews MICHAEL J. HARRIS, Religious Studies, FirstView Article.

Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and reduced (...) information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

This book celebrates the work of Patricia Werhane, an iconic figure in business ethics. This festschrift is a collection of articles that build on Werhane’s contributions to business ethics in such areas as Employee Rights, the Legacy of Adam Smith, Moral Imagination, Women in Business, the development of the field of business ethics, and her contributions to such fields as Health Care, Education, Teaching, and Philosophy. All papers are new contributions to the management literature written by well-known business ethicists, such (...) as Norman Bowie, Richard De George, Ronald Duska, Edwin Hartman, Michael Hoffman, Mollie Painter-Morland, Mark Schwartz, Andrew Wicks, and others. The volume is comprised of articles that reflect on Werhane’s work as well as build on it as a way to advance further research. At the end of the festschrift, Pat Werhane provides responses to each chapter. The first chapter of the book also includes the overview of Patricia Werhane’s work and her academic career. The book is written to appeal to management scholars and graduate students interested in the areas of Business Ethics, Modern Capitalism, and Human Rights. Patricia Werhane is one of the most distinguished figures in the field of business ethics. She was a founder of the field, she is one of its leading scholars, and she has had a profound impact on the world of business practice. Among her many accomplishments, Pat is known for her original work on moral imagination, she is an acclaimed authority on employee rights in the workplace, and she is one of the leading scholars on Adam Smith. Having been active in Academia for over 50 years, Werhane is a prolific author of over a hundred articles and book chapters, and the author or editor of twenty-seven books, including Adam Smith and his Legacy for Modern Capitalism, Moral Imagination and Management Decision-Making, and co-authored books Organization Ethics in Health Care, Alleviating Poverty Through Profitable Partnerships, Obstacles to Ethical Decision-Making, Corporate Responsibility: The American Experience, and Research Approaches to Business Ethics and Corporate Responsibility. (shrink)

This issue of Journal of Medical Ethics includes a pair of papers debating the implications of moral bioenhancement for human freedom–and, especially, the question of whether moral enhancement should potentially be compulsory. In earlier writings Ingmar Persson and Julian Savulescu argue that compulsory moral bioenhancement may be necessary to prevent against catastrophic harms that might result from immoral behaviour.1 In “Voluntary moral enhancement and the survival-at-any-cost bias” Vojin Rakic agrees with P&S that moral bioenhancement is important, but he argues that (...) bioenhancement interventions should be voluntary rather than compulsory .Both Rakic and P&S disagree with Harris, who denies that moral enhancement could involve interventions beyond cognitive enhancement. Moral enhancement would essentially involve cognitive enhancement, according to Harris, because moral behaviour requires ability to distinguish right from wrong–ie, awareness and rational capacity.2 While Harris admits that those who know what is right might not always do what is right, he argues that we could not altogether prevent people from doing what is wrong without destroying freedom essential to their moral agency.According to Rakic, however, the fact that people who know what is right might not always do what is right reveals that mere cognitive enhancement would be inadequate to prevent immoral behavior–because much immoral behaviour results from weakness of will. Because people could freely chose to undergo moral enhancement, furthermore, according to Rakic, “our freedom will not be curtailed by it”. Presumably Rakic here supposes that if a person freely choses to be in State A then State A is necessarily compatible with–and a reflection of–her human freedom. Forcing a person to be in State A, on the other hand, …. (shrink)

Units, rules, codes, systems: this is how most linguists study language. Integrationalists such as Michael Toolan, however, focus instead on how language functions in seamless tandem with the rest of human activity. In Total Speech, Toolan provides a clear and comprehensive account of integrationalism, a major new theory of language that declines to accept that text and context, language and world, are distinct and stable categories. At the same time, Toolan extends the integrationalist argument and calls for a radical (...) change in contemporary theorizing about language and communication. In every foundational area of linguistics--from literal meaning and metaphor to the nature of repetition to the status of linguistic rules--Toolan advances fascinating and provocative criticisms of received linguistic assumptions. Drawing inspiration from the writings of language theorist Roy Harris, Toolan brings the integrationalist perspective to bear on legal cases, the reception of Salman Rushdie, poetry, and the language of children. Toolan demonstrates that the embeddedness of language and the situation-sensitive mutability of meaning reveal language as a tool for re-fashioning and renewal. Total Speech breaks free of standard linguistics' fascinated attraction with "cognitive blueprints" and quasi-algorithmic processing to characterize language anew. Toolan's reflections on the essence of language, including his important discussion of intention, have strong implications for students and scholars of discourse analysis, literature, the law, anthropology, philosophy of language, communication theory, and cognitive science, as well as linguistics. (shrink)

The concepts of time and identity seem at once unproblematic and frustratingly difficult. Time is an intricate part of our experience -- it would seem that the passage of time is a prerequisite for having any experience at all -- and yet recalcitrant questions about time remain. Is time real? Does time flow? Do past and future moments exist? Philosophers face similarly stubborn questions about identity, particularly about the persistence of identical entities through change. Indeed, questions about the metaphysics of (...) persistence take on many of the complexities inherent in philosophical considerations of time. This volume of original essays brings together these two essentially related concepts in a way not reflected in the available literature, making it required reading for philosophers working in metaphysics and students interested in these topics. The contributors, distinguished authors and rising scholars, first consider the nature of time and then turn to the relation of identity, focusing on the metaphysical connections between the two, with a special emphasis on personal identity. The volume concludes with essays on the metaphysics of death, issues in which time and identity play a significant role. This groundbreaking collection offers both cutting-edge epistemological analysis and historical perspectives on contemporary topics. Contributors:_ _Harriet Baber, Lynne Rudder Baker, Ben Bradley, John W. Carroll, Reinaldo Elugardo, Geoffrey Gorham, Mark Hinchliff, Jenann Ismael, Barbara Levenbook, Andrew Light, Lawrence B. Lombard, Ned Markosian, Harold Noonan, John Perry, Harry S. Silverstein, Matthew H. Slater, Robert J. Stainton, Neil A. Tognazzini The hardcover edition does not include a dust jacket. (shrink)

Most philosophical explorations of responsibility discuss the topic solely in terms of metaphysics and the "free will" problem. By contrast, these essays by leading philosophers view responsibility from a variety of perspectives -- metaphysics, ethics, action theory, and the philosophy of law. After a broad, framing introduction by the volume's editors, the contributors consider such subjects as responsibility as it relates to the "free will" problem; the relation between responsibility and knowledge or ignorance; the relation between causal and moral responsibility; (...) the difference, if any, between responsibility for actions and responsibility for omissions; the metaphysical requirements for making sense of "collective" responsibility; and the relation between moral and legal responsibility. The contributors include such distinguished authors as Alfred R. Mele, John Martin Fischer, George Sher, and Frances Kamm, as well as important rising scholars. Taken together, the essays in _Action, Ethics, and Responsibility_ offer a breadth of perspectives that is unmatched by other treatments of the topic. Contributors: Joseph Keim Campbell, David Chan, Randolph Clarke, E.J. Coffman, John Martin Fischer, Helen Frowe, Todd Jones, Frances Kamm, Antti Kauppinen, Alfred R. Mele, Michael O'Rourke, Paul Russell, Robert F. Schopp, George Sher, Harry S. Silverstein, Saul Smilansky, Donald Smith, Charles T. Wolfe The hardcover edition does not include a dust jacket. (shrink)

New essays by leading philosophers explore topics in epistemology, offering both contemporary philosophical analysis and historical perspectives. There are two main questions in epistemology: What is knowledge? And: Do we have any of it? The first question asks after the nature of a concept; the second involves grappling with the skeptic, who believes that no one knows anything. This collection of original essays addresses the themes of knowledge and skepticism, offering both contemporary epistemological analysis and historical perspectives from leading philosophers (...) and rising scholars. Contributors first consider knowledge: the intrinsic nature of knowledge—in particular, aspects of what distinguishes knowledge from true belief; the extrinsic examination of knowledge, focusing on contextualist accounts; and types of knowledge, specifically perceptual, introspective, and rational knowledge. The final chapters offer various perspectives on skepticism. Knowledge and Skepticism provides an eclectic yet coherent set of essays by distinguished scholars and important new voices. The cutting-edge nature of its contributions and its interdisciplinary character make it a valuable resource for a wide audience—for philosophers of language as well as for epistemologists, and for psychologists, decision theorists, historians, and students at both the advanced undergraduate and graduate levels. Contributors Kent Bach, Joseph Keim Campbell, Joseph Cruz, Fred Dretske, Catherine Z. Elgin, Peter S. Fosl, Peter J. Graham, David Hemp, Michael O'Rourke, George Pappas, John L. Pollock, Duncan Pritchard, Joseph Salerno, Robert J. Stainton, Harry S. Silverstein, Joseph Thomas Tolliver, Leora Weitzman. (shrink)

Most previous works on responsible conduct of research have focused on good practices in laboratory experiments. Because computation now rivals experimentation as a mode of scientific research, we sought to identify the responsibilities of researchers who develop or use computational modeling and simulation. We interviewed nineteen experts to collect examples of ethical issues from their experiences in conducting research with computational models. We gathered their recommendations for guidelines for computational research. Informed by these interviews, we describe the respective professional responsibilities (...) of developers and users of computational models in research. In particular, we examine whether developers should disclose the full computational codes, and we explain how developers and users should minimize harms from improper uses of models. (shrink)

Previous research has demonstrated that reversing the contrast of the eye region, which includes the eyebrows, affects the N170 ERP. To selectively assess the impact of just the eyes, the present study evaluated the N170 in response to reversing contrast polarity of just the iris and sclera in upright and inverted face stimuli. Contrast reversal of the eyes increased the amplitude of the N170 for upright faces, but not for inverted faces, suggesting that the contrast of eyes is an important (...) contributor to the N170 ERP. (shrink)

This book taps the best American thinkers to answer the essential American question: How do we sustain our experiment in government of, by, and for the people? Authored by an extraordinary and politically diverse roster of public officials, scholars, and educators, these chapters describe our nation's civic education problem, assess its causes, offer an agenda for reform, and explain the high stakes at risk if we fail.

Michael Rawlins and Andrew Dillon start their defence of Nice in fine polemical style, unfortunately polemics is all they have to offer. They totally fail to justify the Nice proposals on dementia treatments nor do they make any more plausible than formerly their use of the notorious QALY. They say:"Harris’s recent editorial, It’s not NICE to discriminate, is long on both polemic and invective – but short on scholarship. He offers nothing to illuminate the debate about allocating healthcare (...) in circumstances of finite resources; he has no understanding of the quality adjusted life year and its use in health economic evaluation; and he makes ill-researched, unsubstantiated and offensive charges against the Institute and its advisory bodies."Accusations are easy to make, difficult to substantiate. There are a number of claims here, only one of which is true. It is true that my editorial was robust, polemical if you like, but editorials are not the same as research papers and these are important issues which deeply affect real lives. Although Rawlins and Dillon affect to take the high ground their own article contains even more vigorous and much more personal invective than my editorial, I make no complaints. But as to the rest of what they say, well, let’s just see!They claim I offer nothing to illuminate resource allocation and that I have no understanding of the QALY. Both of these claims may well be true, but nothing they say goes any way to support these claims or even towards making them plausible. I have studied and written about the QALY for almost 20 years1,2,3,4,5,6,7,8,9,10,11,12,13,14,15 and Rawlins and Dillon show no evidence of any awareness or indeed any understanding of the issues, whether …. (shrink)

Peter Abelard (1079–1142 ce) was the most wide‐ranging philosopher of the twelfth century. He quickly established himself as a leading teacher of logic in and near Paris shortly after 1100. After his affair with Heloise, and his subsequent castration, Abelard became a monk, but he returned to teaching in the Paris schools until 1140, when his work was condemned by a Church Council at Sens. His logical writings were based around discussion of the “Old Logic”: Porphyry's Isagoge, aristotle'S Categories and (...) On Interpretation and boethius'S textbook on topical inference. They comprise a freestanding Dialectica (“Logic”; probably c.1116), a set of commentaries (known as the Logica [Ingredientibus], c. 1119) and a later (c. 1125) commentary on the Isagoge (Logica Nostrorum Petititoni Sociorum or Glossulae). In a work Abelard called his Theologia, issued in three main versions (between 1120 and c.1134), he attempted a logical analysis of trinitarian relations and explored the philosophical problems surrounding God's claims to omnipotence and omniscience. The Collationes (“Debates,” also known as “Dialogue between a Christian, a Philosopher and a Jew”; probably c.1130) present a rational investigation into the nature of the highest good, in which the Christian and the Philosopher (who seems to be modeled on a philosopher of pagan antiquity) are remarkably in agreement. The unfinished Scito teipsum (“Know thyself,” also known as the “Ethics”; c.1138) analyses moral action. (shrink)

This volume is a collection of essays by various contributors in honor of the late Laurence Berns, Richard Hammond Elliot Tutor Emeritus at St. John's College, Annapolis. The essays address the literary, political, theological, and philosophical themes of his life's work as a scholar, teacher, and constant companion of the "great books.".

Responding to volatile criticisms frequently leveled at Leo Strauss and those he influenced, the prominent contributors to this volume demonstrate the profound influence that Strauss and his students have exerted on American liberal democracy and contemporary political thought. By stressing the enduring vitality of classic books and by articulating the theoretical and practical flaws of relativism and historicism, the contributors argue that Strauss and the Straussians have identified fundamental crises of modernity and liberal democracy.

Buddhist and Islamic Orders in Southern Asia: Comparative Perspectives, by R. Michael Feener and Anne M. Blackburn, eds. Honolulu: University of Hawai’i Press, 2019. 207pp. Hb. $68.00 ISBN-13: 9780824872113.

At the heart of ethics reside the concepts of good and bad; they are at work when we assess whether a person is virtuous or vicious, an act right or wrong, a decision defensible or indefensible, a goal desirable or undesirable. But there are many varieties of goodness and badness. At their core lie intrinsic goodness and badness, the sort of value that something has for its own sake. It is in virtue of intrinsic value that other types of value (...) may be understood, and hence that we can begin to come to terms with questions of virtue and vice, right and wrong, and so on. This book investigates the nature of intrinsic value: just what it is for something to be valuable for its own sake, just what sort of thing can have such value, just how such a value is to be computed. In the final chapter, the fruits of this investigation are applied to a discussion of pleasure, pain, and displeasure and also of moral virtue and vice, in order to determine just what value lies within these phenomena. (shrink)

Metaphysics: Contemporary Readings is a comprehensive anthology that draws together leading philosophers writing on the major themes in Metaphysics. Chapters appear under the headings: Universals Particulars Modality and Possible Worlds Causation Time Persistence Realism and Anti-Realism Each section is prefaced by an introductory essay by the editor which guides students gently into each topic. Articles by the following leading philosophers are included: Allaire, Anscombe, Armstrong, Black, Broad, Casullo, Dummett, Ewing, Heller, Hume, Kripke, Lewis, Mackie, McTaggart, Mellor, Merricks , Parfit, Plantinga, (...) Price, Prior, Putnam, Quine, Russell, Smart, Swinburne, Taylor , Van Cleve, van Inwagen, Williams Featuring a new section on causation, this new edition is highly accessible and provides a broad-ranging exploration of the subject. Ideal for any philosophy student, this reader will prove essential reading for any metaphysics course. The sections and selections of readings have been updated to complement Michael Loux's textbook Metaphysics: A Contemporary Introduction , third edition. (shrink)

In this new work, political theorist Michael J. Thompson argues that modern societies are witnessing a decline in one of the core building blocks of modernity: the autonomous self. Far from being an illusion of the Enlightenment, Thompson contends that the individual is a defining feature of the project to build a modern democratic culture and polity. One of the central reasons for its demise in recent decades has been the emergence of what he calls the cybernetic society, a (...) cohesive totalization of the social logics of the institutional spheres of economy, culture and polity. These logics have been progressively defined by the imperatives of economic growth and technical-administrative management of labor and consumption, routinizing patterns of life, practices, and consciousness throughout the culture. Evolving out of the neoliberal transformation of economy and society since the 1980s, the cybernetic society has transformed how that the individual is articulated in contemporary society. Thompson examines the various pathologies of the self and consciousness that result from this form of socialization--such as hyper-reification, alienated moral cognition, false consciousness, and the withered ego--in new ways to demonstrate the extent of deformation of modern selfhood. Only with a more robust, more socially embedded concept of autonomy as critical agency can we begin to reconstruct the principles of democratic individuality and community. (shrink)

For the first time an award-winning Harvard professor shares the lessons from his wildly popular course on classical Chinese philosophy, showing you how these ancient ideas can guide you on the path to a good life today. The lessons taught by ancient Chinese philosophers surprisingly still apply, and they challenge our fundamental assumptions about how to lead a fulfilled, happy, and successful life. Self-discovery, it turns out, comes through looking outward, not inward. Power comes from holding back. Good relationships come (...) from small gestures. Spontaneity comes from practice. And excellence comes from what you choose to do, not your “natural” abilities. Counterintuitive. Countercultural. Even revolutionary. These powerful ideas have made Professor Michael Puett's course the third most popular at Harvard University in recent years, with enrollment surging every year since it was first offered in 2006. It's clear students are drawn by a bold promise Professor Puett makes on the first day of class: “These ideas will change your life.” Now he offers his course to the world. (shrink)

Thoughts of mortality sometimes bring on a crisis in confidence in the meaning in one's life. One expression of this collapse is the midlife crisis. In a recent article, Kieran Setiya argues that if one can value activities as opposed to accomplishments as the primary goods in one's life then one might avoid the midlife crisis. I argue that Setiya's advice, rather than safeguarding the meaning in one's life, substitutes for it something else, a kind of happiness. I use Susan (...) Wolf's concept of meaning in order to make this case. Wolf has not written much about the importance of death, but I argue that her account of meaning shares essential features with the theories developed by Jean-Paul Sartre and Martin Heidegger. Sartre argues that death is an unqualified harm, while Heidegger argues that there is meaning in life only because we are mortal. I conclude by showing how Heidegger's theory of mortality underwrites accounts of meaning like those found in Wolf. (shrink)

Human existence is structured as an interruption that is forever calling us into question (interrupting our everyday routinized ways of being) and confronting us with the related challenges of having a conscience, being open to and acknowledging others, striving to better ourselves when improvement is necessary for maintaining our well-being, and enacting our rhetorical competence to disclose the truth of the matters at hand.

In The Phenomenology of Religious Belief, the renowned philosopher Michael J. Shapiro investigates how art - and in particular literature and film - can impact upon both traditional interpretations and critical studies of religious beliefs and experiences. In doing so, he examines the work of prolific and award-winning writers such as Toni Morrison, Philip K. Dick and Robert Coover. By placing their work in conjunction with critical analyses of media by the likes of Ingmar Bergman and Pier Paolo Pasolini (...) and combining it with the work of groundbreaking thinkers such as George Canguilhem, Giorgio Agamben and Slavoj Žižek, Shapiro takes a truly interdisciplinary approach to the question of how life should be lived. His assessment of phenomenological subjectivity also leads him to question the nature of political theology and extend the criticism of Pauline theology. (shrink)

In this accessible guide, science educator Michael J. Reiss and philosopher Michael Ruse argue that organicism-rather than mechanism-is the best way to understand the nature of life, and detail the resulting implications for biology, philosophy, education, and policy.

Adorno was deeply influenced by ideas about the rationalization of mass society and effects of commodification on consciousness. The work of Max Weber and Georg Lukács were dual influences that shaped much of Adorno's own work. He develops his critique of the “totally administered society” as a confluence of Weber's rationalization thesis as well as Lukács' theory of reification of consciousness due to the penetration of the commodity form into everyday life. But Adorno moves beyond these ideas by arguing that (...) the spread of exchange‐value and quantification, carried forth via the commodity form, collapses the modern individual and its consciousness into the prevailing forms of dominant rationality. I then show how his later projects of Negative Dialectics and Aesthetic Theory seek to protect the subject from these trends and then reflect on how Adorno's ideas can be brought together with Lukács' later ideas about social ontology in order to glimpse a broader concept of Critical Theory. (shrink)

This chapter focuses on one of the common fallacies in Western philosophy called the slippery slope. According to Patrick Hurley in A Concise Introduction to Logic, “the fallacy of slippery slope is a variety of the false cause fallacy. It occurs when the conclusion of an argument rests on an alleged chain reaction and there is not sufficient reason to think that the chain reaction will actually take place”. The key term in the chapter is “chain reaction”. If all of (...) the events in the chain reaction can be justified, then the slippery slope is not committed. But the nuances and intricate improbable connections between each event still make it difficult to support the ultimate conclusion, which is to get rid of cable. The chapter discusses two simple techniques in order to avoid committing the slippery slope fallacy. (shrink)