We experimentally investigate whether donation motive attribution influences individual investors' judgments of the donating firm's future earnings prospects and whether individual moral orientation, that is, perceived importance of social goodwill (PISG), moderates this effect. We find that investors forecast higher future earnings per share (EPS) when the donation motive is believed to be altruistic or win–win rather than egoistic; the EPS forecasts for altruistic and win–win motives are not different. However, this motive attribution effect holds only for higher-PISG (...) investors. A further examination finds that when the donation motive is believed to be egoistic and/or when investors have lower PISG, doing good is no better than doing nothing, but no backfire effect occurs. Our findings indicate that the positive effect of corporate donation on investors' judgments is generated only when higher-PISG investors believe that the donation motive is not purely egoistic; corporate donation will not generate negative effects on investors' judgments even under less favorable conditions. (shrink)

There appears to be a growing disquiet amongst academics surrounding the ascendancy of 'responsible' investment that is egoist or self-interested in character — 'business case' responsible investment. This ascendancy has in no small measure been associated with the uptake of United Nations Principles for Responsible Investment (PRI) as a de facto standard for mainstream responsible investment. This article contributes to this disquiet. It does this by examining how egoist 'responsible' investors (as endorsed by the PRI) might have (...) behaved had they been around in the 1970s, 1980s and early 1990s during days of the anti-apartheid socially responsible investment (SRI) movement. Armed with near perfect (hindsight grade) enhanced analytics, it is clear that the signals that such egoist ' responsible' investors would have sent to company management in terms of the apartheid issue would have been highly muddled and therefore ineffective. The net conclusion is that there is nothing inherently or inevitably ' responsible' about egoist investment and that the aversion to behaving ethically amongst institutional investors must be challenged and not swept under a carpet of rhetoric. (shrink)

Investor-state-dispute-settlement is an arbitration mechanism to settle disputes between foreign investors and host-states. Seemingly a technical issue in private international law, ISDS procedures have recently become a matter of public concern and the target of political resistance, due to the power they grant to foreign investors in matters of public policies in the countries they invest in. This article examines the practice of ISDS through the lenses of liberal-statist theories of international justice, which value self-determination. It argues that (...) the investor-state arbitration system illustrates how liberal-statist theories of international distributive justice ought to care about relative socioeconomic disadvantage, contra the sufficiency principle that they typically defend. The sufficiency principle draws on a questionable conception of the freedom that self-determination consists in. (shrink)

A highly transmittable and pathogenic viral infection, COVID-19, has dramatically changed the world with a tragically large number of human lives being lost. The epidemic has created psychological resilience and unbearable psychological pressure among patients and health professionals. The objective of this study is to analyze investor psychology and stock market behavior during COVID-19. The psychological behavior of investors, whether positive or negative, toward the stock market can change the picture of the economy. This research explores Shanghai, Nikkei 225, (...) and Dow Jones stock markets from January 20, 2020, to April 27, 2020, by employing principal component analysis. The results showed that investor psychology was negatively related to three selected stock markets under psychological resilience and pandemic pressure. The negative emotions and pessimism urge investors to cease financial investment in the stock market, and consequently, the stock market returns decreased. In a deadly pandemic, the masses were more concerned about their lives and livelihood and less about wealth and leisure. This research contributes to the literature gap of investors’ psychological behavior during a pandemic outbreak. The study suggests that policy-makers should design a plan to fight against COVID-19. The government should manage the health sector’s budget to overcome future crises. (shrink)

When Ayn Rand is studied in philosophy classes, it is most often in connection with her defense of ethical egoism and rejection of altruism. This chapter discusses what it means for Rand's ethics to be egoistic. It begins by looking at different doctrines that have been called egoism and situating Rand's position relative to them. The chapter then describes Rand's characterization of altruism, and identifies instances of this view both in popular moral discourse and in the history of philosophy. Rand (...) thought that the morality of sacrifice had been a fixture of religious morality for millennia. Rand stresses the role of adherence to principle in particular as an attribute of selfishness. The chapter concludes with a discussion of Rand's insistence on describing the moral life as selfish even though, in common usage, selfish is a term of opprobrium and connotes a type of behavior that is incompatible with her morality. (shrink)

A discussion of egoism and altruism as related both to ethical theory and moral psychology. Williams considers and rejects various arguments for and against the existence of egoistic motives and the rationality of someone motivated by self-interest. He ultimately attempts to give a more Humean defense of altruism, as opposed to the more Kantian defenses found in Thomas Nagel, for example.

Previous empirical research has found mixed results for the impact of corporate social responsibility (CSR) investments on corporate financial performance (CFP). This paper contributes to the literature by exploring in a two stage investor decision-making model the relationship between a firm’s innovation effort, CSR, and financial performance. We simultaneously examine the impact of CSR on both accounting-based (financial health) and market-based (Tobin’s Q) financial performance measures. From a sample of top corporate citizens, we find that: (1) a firm’s social responsibility (...) commitment (CSR) contributes to its financial performance; (2) after controlling for investment in innovation activities, CSR continues to have a positive impact on a firm’s financial performance; (3) the customer dimension of CSR has a positive effect on both CFP measures, whereas the employee dimension indicates a significant impact only on financial heath; and (4) the community relation dimension of CSR only affects the market-based CFP measure of firms with high innovation intensity. (shrink)

Egoism can be a descriptive or a normative position. Psychological egoism, the most famous descriptive position, claims that each person has but one ultimate aim: her own welfare. Normative forms of egoism make claims about what one ought to do, rather than describe what one does do. Ethical egoism claims that it is necessary and sufficient for an action to be morally right that it maximize one's self-interest. Rational egoism claims that it is necessary and sufficient for an action to (...) be rational that it maximize one's self-interest. (shrink)

The aim of this study is to analyze investor behavior towards socially responsible mutual funds. The analysis is based on an experimental study where a sample of individuals takes investment decisions under different parameters of information about the investment alternatives and expected returns. In the experiment, each participant decides how to distribute an investment budget between two funds, returns on which are uncertain and change over time. Two treatments are conducted, each providing a different degree of information on the socially (...) responsible (SR) character of one of the two investment alternatives. The results obtained suggest that although individuals’ criteria for investment are essentially guided by returns and diversification, participants invest significantly more in a fund when they are explicitly informed about its SR nature. In particular, participants who declare being concerned about SR actually invest significantly more in the SR alternative. Furthermore, the level of SR faithfulness among a small group of investors is such that they invest the main share of their budget in the SR fund, even when the return differential is highly unfavorable. Providing clear information about the SR characteristics of an investment is crucial to help investors express their preferences. (shrink)

Though utilitarianism is far from being universally accepted in the philosophical community, it is taken seriously and treated respectfully. Its critics do not dismiss it out of hand; they do not misrepresent it; they do not belittle or disparage its proponents. They allow the theory to be articulated, developed, and defended from criticism, even if they go on to reject the modified versions. Ethical egoism, a longstanding rival of utilitarianism, is treated very differently. It is said to be “refuted” by (...) arguments of a sort that apply equally well to utilitarianism. It is said to be “unprovable,” when many of the greatest utilitarians themselves, such as Jeremy Bentham (1748–1832), John Stuart Mill (1806–1873), and Henry Sidgwick (1838–1900), admitted that no normative ethical theory, including their own, is provable. Critics of ethical egoism seldom discuss the various theoretical moves that utilitarians are routinely allowed to make, such as (1) fighting the facts, (2) transforming the theory from “act utilitarianism” to “rule utilitarianism,” and (3) biting the bullet. This essay argues that every defensive move made by utilitarians can be made, with equal vigor (if not also plausibility), by ethical egoists. The conclusion is that ethical egoism deserves to be taken more seriously than it is. (shrink)

Concentrated attention on institutional investors' activism has been perceived in the last few decades and further intensified in the post‐Enron era. A new area of particular significance that has emerged is institutional investors' growing awareness and practice of socially responsible investment (SRI). This article starts by reviewing the importance of institutional investor activism and the historical implication of SRI. Significantly, various elements that give rise to the growth of SRI in the modern business world are considered in detail. (...) It is recognized that, although current empirical evidence suggests ambiguous effects of SRI, the positive impact of institutional investors' activism on SRI is likely to have been undermined due to the underdevelopment of evaluation systems, and SRI should stand out as a good investment option for its joint financial and societal concerns. Nevertheless, obstructions still exist in the exercise of investor activism and the pursuit of SRI strategy, which implies that, at least in the near future, SRI strategy will remain as a minor investment trend for institutional investors in Anglo‐American countries. Additional regulatory methods and awarding schemes are, therefore, expected to motivate institutional investors' activism on SRI, and subsequently to promote global sustainability. (shrink)

We investigate two under-explored factors in mitigating the risk of corporate fraud and regulatory enforcement against fraud, namely institutional investors and political connections. The role of institutional investors in the effective monitoring of a firm’s management is well established in the literature. We further observe that firms that have a large proportion of their shares held by institutional investors have a lower incidence of enforcement actions against corporate fraud. The importance of political connections for enterprises, whether in (...) a developed market such as the United States or an emerging market such as China, has been established by previous studies. However, we find evidence of another positive effect of political connections: they may reduce the incidence of enforcement action against corporate fraud. We also find that political connections play a more significant role in reducing regulatory enforcement incidents against non-state-owned enterprises and firms in weaker legal environments, whereas institutional ownership plays a more important role in reducing regulatory enforcement incidents against state-owned enterprises. (shrink)

This paper examines the impact on firm value created by investor reaction to same day news of corporate social responsibility and corporate social irresponsibility activities. First, using trading volume, the authors establish that the perceived value of moral capital generated by news involving institutional stakeholders is less clear to investors than that of the news involving technical stakeholders. Subsequently, the authors analyze abnormal returns from 565 unique firm events—each comprising at least one positive and one negative stakeholder news item. (...) Using signaling theory, the authors demonstrate that news of the number of CSR activities involving institutional groups counteracts the effects of same day CSiR news in an inverted U-shaped fashion. In contrast, they find that news of the number of CSR activities involving technical groups mitigates the effects of same day CSiR news in a U-shaped fashion. (shrink)

Selfishness is often considered a vice and selfish actions are often judged to be wrong. But sometimes we ought to do what’s best for ourselves: in a sense, we sometimes should be selfish. -/- The ethical theory known as ethical egoism states that we are always morally required to do what’s in our own self-interest. The view isn’t that we are selfish—this is psychological egoism—but that we ought to be. -/- This essay explores ethical egoism and the main arguments for (...) and against it. -/- [Note: there are links for two versions below; a 1000 Word Philosophy version and a longer version in "Introduction to Ethics: An Open Educational Resource"]. (shrink)

[Emerging Scholar Prize Essay for Spindel Supplement] Some philosophers and psychologists have evaluated psychological egoism against recent experimental work in social psychology. Dan Batson (1991; forthcoming), in particular, argues that empathy tends to induce genuinely altruistic motives in humans. However, some argue that there are egoistic explanations of the data that remain unscathed. I focus here on some recent criticisms based on the idea of self-other merging or "oneness," primarily leveled by Robert Cialdini and his collaborators (1997). These authors argue (...) that the putatively altruistic subjects are acting on ultimately egoistic motives because empathic feelings for someone in distress tend to cause them to blur the distinction between themselves and the other. Employing a conceptual framework for the debate, I argue that the self-other merging explanation fails to explain the empathy-helping relationship on primarily non-empirical grounds, regardless of the empirical results Cialdini and colleagues report. (shrink)

Christine Korsgaard has argued recently that the thesis that reasons are "essentially public" undermines the distinction between agent-neutral and agent-relative reasons, thus refuting egoism by rejecting its commitment to the universal availability of agent-relative reasons. I conclude that Korsgaard's invocation of the essential publicity of reasons trades on ambiguities concerning the "sharing" of reasons and so does not refute egoism and does not ground moral normativity. Her account of the publicity of reasons shows that solipsism is incoherent, but the (...) class='Hi'>egoist need not be a solipsist, nor is she an incompetent user of moral language or the language of reasons. (shrink)

We aim to investigate the effect of corporate environmental responsibility (CER) engagement on investors' reactions. We also explore heterogeneity of this impact among different types of companies and different company's market performance. We use panel data models and quantile regression based on data related to firms listed on the A-share China security market and the final sample consists of 3,776 firm-year observations. The results show that CER engagement has a significant positive impact on investors' investment decisions. Further, (...) class='Hi'>investors are more sensitive to CER engagement of high energy-consumption companies and no matter the company is a state-owned or a non-state-owned, CER engagement has a significant positive impact on investors' reactions. CER engagement has a significant positive impact on investors' reactions in all quantiles except one and the promoting effect increases first and then decreases with the growth of corporate market value from lower to upper quantiles. (shrink)

Provides an overview of the theory of psychological egoism—the thesis that we are all ultimately motivated by self-interest. Philosophical arguments for and against the view are considered as well as some empirical evidence.

Recently, the idea that human beings may be totally egoistic has resurfaced in philosophical and psychological discussions. But many of the arguments for that conclusion are conceptually flawed. Psychologists are making a conceptual error when they think of the desire to avoid guilt as egoistic; and the same is true of the common view that the desire to avoid others’ disapproval is also egoistic. Sober and Wilson argue against this latter idea on the grounds that such a desire is relational, (...) but a deeper reason stems from the fact that it places such intrinsic importance on other human beings. And other basic human desires, like the desire for love, the desire for revenge, the impulse to imitate others, and the desire to belong, also treat others as important and on those grounds cannot count as egoistic. Another line of recent argument for egoism stems from the work of Robert Cialdini et al., and claims that the way we identify and feel one with those other people we empathize with and seek to help shows us to be thinking of those others as part of or identical with ourselves. This is supposed to show that our putative altruism is basically self-centered and egoistic, but Cialdini arguably misinterprets what we mean when we speak of feeling one with someone else, and the phenomena he mentions don’t therefore stand in favor of psychological egoism. More generally, many of the positive and negative emotions we feel toward others are best interpreted as non-egoistic, and there is no reason at this point to doubt that humans are capable of altruistic motivation. (shrink)

This book is the first full-length treatment of rational egoism, and it provides both a selective history of the subject as well as a philosophical analysis of the arguments that have been deployed in its defense.

Many scholars consider that Socrates in the Lysis holds that friendship and love are egoistic and utility-based. In this paper, I will argue against those readings of Plato’s Lysis. I will analyze how Socrates treats utility and egoism in the many different kinds of friendship he discusses in the dialogue, from parental love, like-to-like, and unlike-to-unlike relationships, to the accounts of friendship rooted in the human relation to the good and the ways in which we can belong with some other (...) human beings. The upshot of my paper is twofold. I endeavor to prove that some of these relationships, as Plato’s Socrates discusses them, are not egoistic and that Plato represents and valorizes a particular type of friendship having to do with philosophy and philosophical way of life, which is for the sake of another. (shrink)

Now it is plain that such consequences as these conflict sharply with common-sense notions of morality. If we had been obliged to accept Psychological Egoism, in any of its narrower forms, on its merits, we should have had to say: 'So much the worse for the common-sense notions of morality!' But, if I am right, the morality of common sense, with all its difficulties and incoherences, is immune at least to attacks from the basis of Psychological Egoism.

I develop an argument that key theses from Ayn Rand's ethics and political philosophy are incompatible with one another. Her ethical egoism is not compatible with her rights theory. Though Rand's version of rights theory is libertarian, the argument does not depend upon any claims peculiar to her theory, but would apply to the (in)compatibility of ethical egoism and almost any plausible rights theory.

We examine whether the behavior of institutional investors representatives on boards leads to observable differences in corporate finance. We find that directors representing pressure-sensitive investors prefer lower financial leverage whereas pressure-resistant directors show no particular preference. When analyzed separately, directors appointed by banks and insurance firms have different attitudes. Bank representatives on boards increase both the financial leverage and the banking debt. This result suggests that some types of institutional directors provide financial resources to the firms on whose (...) board they sit, supporting the view that boards manage the uncertainty associated with strategic decision making and provide firms with preferential access to resources and financial expertise. This research has interesting academic and policy implications for the debate over the proper degree of institutional involvement in corporate governance. Different institutional investors have different agendas and incentives for corporate governance, and, therefore, both researchers and policy makers should no longer consider institutional investors as a whole. In addition, our paper calls for new research on the causes and implications of institutional investor involvement in the corporate governance of nonfinancial firms. This new research could require new insights on the dynamics within the boards and on the interplay among the knowledge, incentives and attitudes of quite different directors. (shrink)

This paper explores the effects of incidental guilt on Socially Responsible Investment (SRI) decisions of retail investors. Do investors who feel guilty invest more in SRIs to clear their conscience? Are guilty investors willing to sacrifice returns to restore their moral selves? Using survey data from an online quasi-experiment among a sample of US retail investors, we find that individuals who experience incidental guilt are willing to invest more in SRI funds than those in a neutral (...) state. We show that this effect, albeit moderate in magnitude, cannot be explained solely by differences in retail investors’ moral reasoning, attitudes towards social responsibility, risk tolerance and demographic factors. When presented with a trade-off between sustainability, risk and return characteristics of the funds, guilty investors are more willing to sacrifice returns for greater sustainability than non-guilty participants. Our research provides new evidence of the effect that incidental guilt has on the sustainable investing decisions of retail investors. (shrink)

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be (...) preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

Lévinas is the philosopher of the absolutely Other, the thinker of the primacy of the ethical relation, the poet of the face. Against the formalism of Kantian subjectivity, the totality of the Hegelian system, the monism of Husserlian phenomenology and the instrumentalism of Heideggerian ontology, Lévinas develops a phenomenological account of the ethical relation grounded in the idea of infinity, an idea which is concretely produced in the experience with the absolutely other, particularly, in their face. The face of the (...) other, irreducible to any ontological structure of being or any epistemological intentionality of representation, reaches out from on high across the abyss of the isolated ego, commanding respect all the while granting the possibility of murder. This experience overflows the subjective capacity of the separated ego, forcing it “beyond being.” This anarchic relation with the Other is the groundless condition of possibility for ethical life, that is, truly human life. The structure of the ethical relation can then be determined in hindsight as the ground of meaning for what it is to be an I at all. -/- This is a pretty uncontroversial reading of Lévinas' work, especially Totality and Infinity. And yet, there is one small problem. If this is what Lévinas is doing, then why does the largest section of Totality and Infinity – section II, “Interiority and Economy” – have nothing to do with ethics, the other, or the face at all? Why is it devoted to an arduous analysis of what he calls separation, egoism, economy, enjoyment, labour, and possession? In other words, why does Lévinas spend so much energy on writing about the egoist at the heart of his magnum opus, which is supposedly a text devoted to the Other? And furthermore, why is this section one of the least discussed in the secondary literature on Lévinas? -/- These questions motivate the present inquiry, which modestly seeks to understand what Lévinas is up to in this section. Once laying out the basic story, I will focus on the concepts of labour and possession, for I think these are the unrecognized pivots upon which the transition from ego to Other turns. I will also make some slight attempts to interpret Lévinas' direct or indirect comments on Plato, Kant, Hegel, Husserl and Heidegger. For although he distances himself from these giants, he stands on their shoulders as well. (shrink)

Interest in The German Ideology has largely focused on the ‘chapter’ on Feuerbach—invariably the focus of the various abridgements in which the work is usually read. But this does not reflect the weighting of the text itself, which is dominated by Marx and Engels's critique of the radical egoist philosopher Max Stirner. Which begs the question: just why did they spend so much time and effort writing about Stirner? In this paper, I will provide an answer—which comes down to (...) three related points. The first concerns the critique of reason; the second, egoistic self-interest. On both of these two points, Stirner makes a novel contribution—contributions which Marx and Engels feel clear affinities with. However, Stirner can ultimately be seen to get these two points, as it were, the wrong way around. This then leads to the third point: Stirner's misunderstanding of the nature of Communism. To clarify the nature of Communism, then, Marx and Engels were compelled to turn Stirner on his head. (shrink)

The paper uses questionnaire responses provided by a sample of ethical investors to investigate willingness to sacrifice ethical considerations for financial reward. The paper examines the amount of financial reward necessary to cause an ethical investor to accept a switch from good ethical performance to poor ethical performance. Conjoint analysis is used to allow quantification of the utilities derived from different combinations of ethical and financial performance. Ethical investors are shown to vary in their willingness to sacrifice ethical (...) for financial performance, and hence to display more heterogeneity than the all-encompassing ‘ethical’ label implies. Because of the existence of sub-groups of ethical investors with different attitudes towards financial reward, an attempt has been made to associate observable investors’ characteristics with their level of willingness to trade-off morality for cash. One sub-group of investors in particular appears highly resistant to the idea of accepting higher financial return as compensation for poor ethical performance. This unwillingness casts doubt on Jensen and Meckling’s widely reported claim that trade-off behaviour is ubiquitous in all areas of life. (shrink)

The distinction between egoistic and altruistic motivation is firmly embedded in contemporary moral discourse, but harks back too to early modern attempts to found morality on an egoistic basis. Rejecting that latter premise means accepting that others’ interests have intrinsic value, but it remains far from clear what altruism demands of us and what its relationship is with the rest of morality. While informing our duties, altruism seems also to urge us to transcend them and embrace the other-regarding values and (...) virtues constitutive of a good life. This rather wide conception of morality may strike us today as too demanding. At the same time, however, currently popular impartialist accounts of morality can disrupt much everyday altruism in their insistence that each person’s interests are weighed precisely equally. Having sketched this problematic of altruism, the second half of this Introduction outlines the arguments of the four papers and review essay in this collection, each of which, in a different way, negotiates the difficult relationships between egoism, altruism, morality and impartiality. (shrink)

Metaphysical egoism pursues what Gregory Kavka called ‘the reconciliation project’ (roughly, the project of reconciling the demands of morality with our rational self-interest) by appealing to one version of the psychological approach to personal identity. I argue that, for reasons related to its commitment to an implausible understanding of the notion of a psychological connection, this form of egoism is not plausible. I also explore one way in which metaphysical egoism may be amended, but I ultimately reject it.

This chapter discusses psychological egoism, ethical egoism, rational egoism, partiality, and impartiality. Partiality involves assigning more importance to the welfare or will of some individuals or groups than to the welfare or will of others. Egoism is an extreme form of partiality in that it gives overriding importance to the welfare of just one individual. While there are different kinds of impartiality, the kind that juxtaposes with egoism and partiality is impartiality towards the welfare or will of each.

The study explores the challenges UK-based institutional investors face when trying to monitor investee companies and influence their social, environmental, and governance practices. Consistent with previous research, I find that misalignment of interests within the investment chain and dispersed ownership are factors which inhibit investor activism. However, other underexplored challenges include lack of investee company transparency and investor experience in activism, as well as low client demand for engagement and internal conflicts of interest. The results contribute to the literature (...) on institutional investor activism by using direct empirical evidence to systematically discuss the challenges to stewardship. Given the intensification of media and regulatory attention on shareholders in the post-global financial crisis era, coupled with investors’ growing awareness and practice of stewardship, the research opens new avenues for enquiry which go beyond the on-going debate about the monitoring versus short-termism roles of institutional investors. (shrink)

An onslaught of ethically questionable actions by top government, business, and religious leaders during the 1980s has brought the issue of ethics in decision making to the forefront of public consciousness. This study examines the ethical orientation of university students in four decision-making situations. The dependent variable — ethical orientation toward work-related decisions — is measured through student responses to questions following four work-related vignettes. Possible responses to each vignette are structured to permit categorization of respondents into two broad orientations: (...) egoistic and ethical. Independent variables are academic major, ethics in business orientation, gender, and religiosity. Generally, students tended to choose an ethical orientation over an egoistic orientation in each vignette. Business majors were generally no less likely to choose an ethical orientation toward work-related decisions than nonbusiness majors. Respondents characterized by moral unity (belief in the consistency between general ethical principles and work-related ethical standards) were more likely to have an ethical orientation toward work-related decisions than those subscribing to the amoral theory of business. Females showed a consistent tendency to be more ethically oriented toward work-related decisions than males. Finally, respondents high on religiosity tended to be more ethically oriented. (shrink)

We discuss the structure of Buddhist theory, showing that it is a kind of moral phenomenology directed to the elimination of egoism through the elimination of a sense of self. We then ask whether being raised in a Buddhist culture in which the values of selflessness and the sense of non-self are so deeply embedded transforms one’s sense of who one is, one’s ethical attitudes and one’s attitude towards death, and in particular whether those transformations are consistent with the predictions (...) that Buddhist texts themselves make. We discover that the effects are often significant, but not always expected. (shrink)

In philosophy, egoism is the theory that one’s self is, or should be, the motivation and the goal of one’s own action. Egoism has two variants, descriptive or normative. The descriptive (or positive) variant conceives egoism as a factual description of human affairs. That is, people are motivated by their own interests and desires, and they cannot be described otherwise. The normative variant proposes that people should be so motivated, regardless of what presently motivates their behavior. Altruism is the opposite (...) of egoism. The term “egoism” derives from “ego,” the Latin term for the English word “I”. “Egoism” should be distinguished from “egotism,” which means a psychological overvaluation of one’s own importance, or of one’s own activities. (shrink)

According to the traditional interpretation, Aristotle’s ethics, and ancient virtue ethics more generally, is fundamentally grounded in self-interest, and so in some sense egoistic. Most contemporary ethical theorists regard egoism as morally repellent, and so dismiss Aristotle’s approach. But recent traditional interpreters have argued that Aristotle’s egoism is not vulnerable to this criticism. Indeed, they claim that Aristotle’s egoism actually accommodates morality. For, they say, Aristotle’s view is that an agent’s best interests are partially constituted by acting morally, so that (...) the virtuous person sees morality as essential to her happiness. (Call this, ‘the Constitutive Thesis’.) In this paper, I argue that the constitutive thesis is unpersuasive, both from a theoretical standpoint and (for similar reasons) as an interpretation of Aristotle. It is unpersuasive because it is much more demanding in both respects than several nonegoist alternatives. My argument builds on an objection originally offered by John McDowell. McDowell claimed (1) that the Constitutive Thesis requires that there are independent standards of self-interest that can be agreed upon in advance by all parties to the dispute, both virtuous and nonvirtuous; and (2) that there are no such standards. I argue that McDowell is mistaken. The orthodox position requires much less than McDowell claims if it makes an appeal to the distinctiveness of the virtuous person’s point of view. However, unfortunately for traditionalists, the price of this point of view defence is high. First, to be even remotely plausible, the revised orthodox view must be almost frighteningly complex. Second, once this complexity is exposed, the orthodox view is much less plausible than its major rivals, in particular those which appeal directly to moral reasons. (shrink)

Since the late 1990s, the number of apologies being offered by CEOs of large companies has exploded. Communication and management scholars have analyzed whether and why some of these apologies are more effective or more ethical than others. Most of these analyses, however, have remained at the anecdotal level. Moreover, the practical, economic consequences of apologies have not been examined. Almost no rigorous or systematic empirical work exists that examines whether stakeholders reward firms whose CEOs give apologies that are more, (...) rather than less, ethical; and punish firms whose corporate apologies are not ethically sound. This lacuna is surprising given that the whole purpose of an apology is to restore trust between the apologizer and the recipients of the apology. It is also surprising, given that stock market participants do appear, in at least some cases, to evaluate and respond to apologies by CEOs. When Johnson and Johnson was hit by the Tylenol poisonings, its stock price plummeted. One day after CEO James Burke’s apology—an apology widely praised for being ethically sound—approximately a half billion dollars of its previously lost stock value was restored. It appears, then, that a good CEO apology may lead to an increased stock value ceteris paribus. But is the Johnson and Johnson case representative of how the market responds in general to CEO apologies? (shrink)

Sceptical theists undermine the argument from evil by claiming that our ability to distinguish between justified and unjustified evil is weak enough that we must take seriously the possibility that all evil is justified. However, I argue that this claim leads to a dilemma: either our judgements regarding unjustified evil are reliable enough that the problem of evil remains a problem, or our judgements regarding unjustified evil are so unreliable that it would be misguided to use them in our decision-making. (...) The first horn undermines theism, while the second undermines our moral decision-making. Thus, sceptical theism is problematic. (shrink)

The position of rational egoism centres upon the thought that the rational thing to do must be to pursue one's own self-interest. Focusing on the work of Hobbes and Sidgwick, this book is an extensive history and evaluation of rational egoism. They are, after the ancients, the foremost exponents of rational egoism. He also considers other figures - Grotius, Samuel Clarke, John Clarke, Butler, Hume, Reid, Kant, Paley and Bentham - and a related position: the instrumental theory of rationality. Robert (...) Shaver's conclusion is that none of the arguments for rational egoism or the instrumental theory are cogent. This is an important book not just for historians of philosophy but for all readers in philosophy or the social sciences interested in theories of morality and rationality. (shrink)