Macroeconomic traditions disagree on the policies needed for the economy to properly function and how to assess them. In this paper, we contend that these disagreements originate from the social ontological commitments of a theory. The ontology of money underlines these disagreements between Modern Monetary Theory (MMT) and mainstream economics. First, we assess MMT’s ontology of money. Next, we identify MMT’s normative commitments and classify MMT’s ontology as a taxonomic definition with thick concepts. Finally, we offer (...) reasons why MMT's ontology of money leads to rivalries with other economic traditions. We argue disagreements on policy are expected, given the ontological differences elaborated. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a distinction (...) between nominal assets and real assets, that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (shrink)

ABSTRACT Advocates of Bitcoin and Modern Monetary Theory present their ideas as radical utopian alternatives to the neoliberal dominant, but these claims neglect the utopian strain in neoliberal monetary theory itself. This strain manifests in that theory’s faith in the capacity of markets to perfect human society. Bitcoin and Modern Monetary Theory express this same faith. After a brief survey of the older, more radical money utopias of More and Proudhon, this (...) article traces the origins of Bitcoin and MMT in the more conventional monetary theories of metallism and chartalism and then analyzes the utopian discourse of both movements, revealing that Bitcoin sees state intervention as the only obstacle to properly functioning markets, while MMT blames disfunction on an inadequate mobilization of labor, proposing state intervention as the remedy. In both cases, their policies only seek to enable the utopian potential of the market, falling in line with neoliberal orthodoxy. The conclusion offers some speculation about what the emergence of these two theories might tell us about the future of neoliberalism. (shrink)

In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences (...) and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic. (shrink)

Introduction. The paper considers a wide range of monetary policy rules: integral stabilization, NGDP targeting, price level targeting, raising the inflation target, introducing negative nominal interest rates etc. The author also considers discretionary policy used by central banks when the nominal rate is close to zero, such as dramatic preventive cut of the key interest rate and interventions in the open markets with the aim of cutting long-term interest rates. The relevance of this problem is supported by global long-term (...) macroeconomic and demographic factors, such as the dynamics of oil prices and the aging of the population. The aim of the paper is to identify the most effective monetary policy rules in order to reduce the risk of a nominal interest rate falling to zero. Methods. Analysis of the background and the results of general equilibrium models modeling monetary policy is carried out. Analysis of the role of current global trends (based on statistics) in aggravating the problem of declining interest rates. Scientific novelty of the research. The author systematizes the conclusions of modern macroeconomic theory, which offers a number of monetary rules making it possible to reduce the likelihood of falling into the zero bound of interest rate. Results. The effectiveness of monetary rules such as targeting nominal GDP and price levels in preventing the nominal interest rate from falling to zero is shown, primarily due to more efficient public expectations management which is a weak point of discretionary intervention. Conclusions. Under the current global factors for many developed countries and some oil-exporters, the downward trend in nominal rates persists. Combined with slowdown in economic growth, such threat may have negative consequences for the Russian economy. In this case, it seems reasonable to stick to the inflation target above 2% per year and in the future to consider switching to targeting the price level or nominal GDP. (shrink)

Wage-earners voluntarily accept to work under the control, and for the account of, firms run by entrepreneurs1; they do not decide what, how and how much, they must produce; wage-earners are not responsible for the consequences of their activities when they comply with entrepreneurs' orders12; inside the firm, wage-earners are subordinates. Outside the firm, wage-earners freely choose the way they spend their wages in the markets for commodities and services. Such is the 'stylised fact' which characterises the wage relationship in (...) our economies. Any theory of the wage relationship should account for this 'stylised fact' by deriving it from a consistent set of assumptions and propositions. Three main propositions are advocated in this paper: Mainstream economists conceive the 'wage' as being the price of a commodity ('labour power' or 'human labour') determined by a market – as for any other commodity and service. As a consequence, the wage relationship is thought of as an exchange relation ruled by equivalence; this view cannot be derived from the usual basic assumptions without violating the very logic of mainstream theory. Following this logic: either the wage relationship should be thought of as a relation between human beings having such different conditions that it cannot be interpreted as an exchange ruled by equivalence or 'human labour' is not to be found within the commodity space. In any case, the 'stylised fact' mentioned above is not accounted for by mainstream theory. 'Wage' is the name of the payment entrepreneurs give to other people with the view to making them participate in production under their control and for their account; wage payment is neither a purchase nor a sale – it just allows wage-earners to enter the market and spend in order to acquire the commodities they desire Wage-earners are, economically speaking, a means used by entrepreneurs for their own ends; exploitation (Fleurbaey's M-exploitation) is inherent in the wage relationship. Propositions 2 and 3 do not fit general equilibrium theory (inspired by Walras and rationalised by Arrow- Debreu); they do not fit modern mainstream theory either. They have no room in the theory of prices of production (inspired by Ricardo and rationalised by Sraffa). Moreover, they are not compatible with Marx's theory of labour power. An alternative approach is needed to satisfy them. Paving the way for that alternative theory requires us to show that 'human labour' cannot belong to the commodity space from the very point of view of mainstream theory; a sharp incompatibility between assumptions and conclusions would follow, and justify resorting to an alternative approach. This is our first step. A second step is to effectively resort to a monetary analysis – the alternative approach to real analysis, according to Schumpeter in his History of economic analysis. In a nutshell, we have to discard the commodity space postulate, and to think of economic relations as money mediation. Instead of a commodity space, we presuppose money to be a unit of account ($) combined with a means of payment. Instead of a permutation of goods and services exchanged amongst people, economic relations are payments. Individuals are no longer endowments and preferences, but accounts into which payments write down quantities of $. Conditions of people may differ according to the form of money circulation – this view allows us to deal with different types of economic relations; for what matters here, the wage relationship involves a specific form of circulation not reducible to that of exchange. The final step is to suggest that exploitation is inherent in the wage relationship; such exploitation has nothing to do with justice, since there is no norm whatsoever for the level of wage; it is also quite different from the exploitation Marx thought he had unveiled. This exploitation is simply due to the special situation of wage-earners vis-a-vis the market, which a specific form of circulation makes clear. 1 'Entrepreneur' here means, following Coase, 'the person or persons who, in a competitive system, take the place of the price mechanism in the direction of resources' (Coase, 1937, p. 388). 2 David Ellerman distinguishes between factual/de facto and legal or de jure responsibility. What I mean here is economic responsibility only. Another way at looking at it may use David Ellerman's propositions. The 'Invisible Judge' market gives the entrepreneur the property of raw material and labour – and also of the finished product sold in the market. The market gives nothing to the wage-earner inside the firm; outside the firm it gives her the property of consumption of goods she acquires out of her wage. Inside the firm, the wage-earner is not economically responsible. Arguing that if she kills someone, the wage- earner is responsible has nothing to do with the 'Invisible Judge'! (shrink)

Monetary policy is a modern idea of which David Hume is generally considered a precursor. Moreover, thanks to Milton Friedman and Robert Lucas, he is often presented as one of the first and most illustrious endorser of monetarism. This paper argues against this view, and in agreement with Joseph Schumpeter, that Hume's contribution to economics, while not insignificant, cannot claim any real novelties. It offers an interpretation of Hume as a descendant of a pre-modern understanding of money (...) rather than a forerunner of modern monetary ideas, and as a scholar exposing common ideas of his time rather than a prophet of economic theories developed centuries later, and argues that there is little in Hume that resembles today's monetary policy prescriptions. (shrink)

“Functional finance” is an economic theory within the Post Keynesian school of thought. Especially in the form of Modern Monetary Theory (MMT), it has begun to have two big but opposite effects on the debate over Universal Basic Income (UBI). Some people state MMT in an exaggerated way that implies the government can spend all it wants on UBI or anything else without ever raising taxes or borrowing money as if government spending had no limits of (...) any kind. Other people refer to MMT while arguing that any effort to maintain a livable level of UBI is unsustainable. This article discusses the functional finance implications for the cost and sustainability of UBI, arguing that neither of those exaggerated implications are correct. MMT doesn’t free us for the concern for how to support UBI with taxes, but neither does it give reason to believe UBI is any less sustainable. (shrink)

In the third century AD, under the pressure of plagues, external invasion, rising army costs, and usurpation, the Roman emperors incrementally debased the silver coinage that was produced at their imperial mints and incrementally took over civic mints. The debasement, from 2.7 g of silver to 0.04 g of silver in the equivalent of a denarius from 160–274 ad, was accompanied by worries from emperors, mint-workers, and bankers about the value of the currency; however, the total loss of purchasing power (...) of the Roman coinage from the same era was 50–70 %, far less than would be expected from the change in metallic content, if it were the primary source of value. The currency reform of Aurelian in 274 ad, despite raising metallic values of coins, was followed by at least a 90 % reduction in the purchasing power of the silver coinage from 274–301 ad, the year of Diocletian’s Edict on Maximum Prices, showing a paradoxically inverse relationship between metallic value and purchasing power. Based on this quandary, I argue that the Roman silver coinage of the third century CE became a fiat currency in some respects, deriving its guarantee from imperial iconography and assurances rather than from bullion value. The fiat nature of the silver coinage was largely present in usage as a medium of exchange for those without as much long-term interest in maintaining liquid stores of value; this is indicated by the differential debasement of the denarius and aureus; imperial actions and hoarding practices indicate the extent to which the currency was accepted at nominal value. I examine the reactions of different social groups in order to determine the perceived value of the Roman coinage during this time, and in order to understand the paradoxical collapse in the currency’s value in the late third century. To demonstrate this, I will present the applicable elements of the modern concept of “fiat” to this context through portrayal of emperors and usurpers on coins, use coin hoard data to determine the effect of Gresham’s Law, and examine historical and papyrological accounts of currency reforms. I will also use evidence of the expansion of taxes in kind and the rejection of nominal value by both emperor and subjects to argue that the inflation following Aurelian’s reform resulted from an invalidation of the trust in imperial fiat. (shrink)

Fundamentally, Roman economic history is the study of how and why inhabitants of the Roman world produced, distributed and exchanged goods and services. By understanding the economic actions, events, institutions and products of the Roman world, Roman economic historians come to understand better the Romans themselves: their motivations, values, relationships and identities, among other things. With such a broad remit, today's Roman economic and monetary historians not only scour traditional sources for evidence of Roman commerce, prices, labour, capital and (...) contracts, but they now deploy an ever-broadening range of methodologies, theories and approaches – some of which originate well outside the disciplines of both history and economics. Some Roman economic historians, for example, create, investigate and run simulations, using massive digital archives of data gleaned from ancient evidence. Others compare micro-nutrients in ancient wheat varieties with their modern counterparts to gain a better understanding of diet, nutrition and economic prosperity in Roman cities. Increasingly, specialists in some aspect of the Roman economy find themselves members of internationally funded interdisciplinary teams seeking to understand what Arctic ice cores or North-American tree rings say about money production in the Roman principate. Roman economic historians’ scholarly sprawl has never been more challenging to describe, but I believe it is possible to group recent developments in the field into three overlapping areas: digitisation, particularisation and consilience. (shrink)

This insightful Modern Guide offers a broad coverage of questions and controversies encountered by contemporary economists. A refreshing approach to philosophy of economics, chapters comprise a range of methodological and theoretical perspectives, from lab and field experiments to macroeconomics and applied policy work, written using a familiar, accessible language for economists. Highlighting key areas of methodological controversy, the Modern Guide looks at estimating utility functions in choice data, causal modelling, and ethics in randomised control trials. Chapters further explore (...) topical issues, including: economists' attitudes to other disciplines; gender bias in economic research; methods of modelling social influence in economics; behavioural welfare economics; anti-poverty policy controversies; and inflexible reliance on DSGE models in macroeconomics. Furthermore, it explores the implications of the last financial crisis for macroeconomic confidence, and ways to adapt abstract theory to everyday policy advice. Avoiding philosophical jargon, and with the majority of chapters written by economists, this Modern Guide will challenge economists and scholars of philosophy of economics to engage with different approaches to the topic. This will also be a useful tool for policy makers administering nudges, development initiatives, macro-forecasting and monetary policy."--Publisher's description. (shrink)

The aim of this article is to show the peculiarities of modernity in a peripheral capitalist country like Brazil. To do this, our understanding of modernity and its relationship with capitalist progress will be explained. Subsequently, the particular character of capitalism in peripheral regions, with an emphasis on the Brazilian experience, will be analysed. More specifically, we shall explore the meaning of capitalist progress in Brazil in the last two decades, underlining Brazil’s role as an international platform for financial valorization (...) and the retrocession of the country’s industrial production in a context of monetary stability. These observations on a peripheral economy and its historical trajectory will allow us, in a third step, to analyse the particularity of Brazilian modernity today. Finally, we shall discuss the role of compensatory income programs and the rise of the so-called ‘new middle class’ in this scenario. (shrink)

This represents the first comprehensive edition of the writings of the earliest pioneers of monetary theory. It includes material by Sir William Petty, John Locke, Richard Cantillon and David Hume.

Large exchange markets, big money, interest-bearing credit, big landholdings, proletarian masses, imperial expansion and even ‘capital’ or ‘salaried workers’, are not in themselves specific, unique institutional features of Modern Capitalism. This article argues that the features that characterize Modern Capitalism are a massive emergence of ‘free’, monetized wage labour, a self-propelled rush to unbounded world expansion and the progressive conversion of expropriated and privatized land into a monetized commodity, as well as a radically new use of the ancestral (...) social institutions of money and credit as an instrument for financing the production of commodities to obtain a surplus in the form of monetary profit, but also to generate expropriatory social debt relations. This article explains these dynamic historical forces and their importance for political philosophy and for legal and economic history and economics and sheds some light on the relationship between ‘capitalism’ and ‘modernity’. (shrink)

Before being considered as independent fields, business cycles and productivity growth had long been regarded as closely interrelated dynamics. Growth and cycles theories and models developed independently. On one side, the growth analysis developed analyzing the existence and stability of a long-run deterministic growth path. On the other side, business cycles theory focused on the understanding of detrended data movements considering growth as an exogenous trend, independent of the cycle. This dichotomy is still present in the modern literature. (...) _Business Cycles and Growth Theory_ examines the role of monetary and financial factors in growth cycles dynamics interaction. It offers new perspectives for modelling growth cycles dynamics underlining the possibility of building an 'incomplete business cycles theory', as well as highlighting the existence of a convergence between the last theoretical developments of both growth and business cycles literatures. A significant read, this book demonstrates that such a convergence can provide benchmarks for a new paradigm of models in which endogenous growth mechanism, because it offers a strong propagation for shocks, can be the core of a new business cycles dynamics. (shrink)

The Great Recession has brought with it a renewed interest in Hayek's business-cycle theory, which holds that loose monetary policy generates an unsustainable boom characterized by a lengthening of the capital structure. Hayek's theory has received robust criticism for decades, although the criticisms have varied in quality. Various empirical disconfirmations pose the most serious challenge. The small empirical literature on the subject generally confirms Hayek's predictions about variations in the capital structure, but has not persuasively linked the (...) capital structure to the business cycle. A better option, then, may be to abandon Hayek's business-cycle theory, preserve his capital theory, and graft it onto a Keynesian or monetarist understanding of the business cycle that is more consistent with modern macroeconomics. (shrink)

Written by four recognized experts with senior experience in research and government, this text is the first comprehensive survival kit for students and practitioners of economic policy. It is set to become an indispensable resource for everyone involved or interested in modern economic policy. Academic scholars willing to engage in policy discussions and students at graduate or advanced undergraduate levels will find it an essential bridge to the policy world. What makes the book unique is that it combines like (...) no other, facts-based analysis, state-of-the art theories and models, and insights from first-hand policy experience at national and international levels. The book has grown out of ten years of experience teaching economic policy at the graduate level. It provides an intellectually coherent framework to understand the potentialities and limits of economic policy. It addresses positive dimensions, normative dimensions and political-economy constraints. It fills an important gap by reconciling in each major policy area stylized facts of recent economic history, key questions faced by contemporary policymakers, and essential lessons from theory which are captured and explained in a clear, concise, and self-contained way. All major areas of domestic and international policymaking are covered: fiscal policy, monetary policy, international finance and exchange-rate policy, tax policy, and long-term growth policies. The book concludes with a special chapter on the lessons of the financial crisis. The authors are intellectually non-partisan and they draw examples from various countries and experiences; from emerging markets to developing economies, shedding light when necessary on local specificities such as European Union rules and instruments. Economic Policy: Theory and Practice is the essential guide to economic policy in the new post-crisis context. (shrink)

It is most illuminating when we are standing right back, so that even the monetary system itself is allowed to vary. When we stand back, not limiting ...

In lieu of an abstract, here is a brief excerpt of the content:Journal of the History of Ideas 62.1 (2001) 59-79 [Access article in PDF] Money and Sovereignty in Early Modern France Jotham Parsons [The mint official] must above all seek integrity in the moneys, on which our features are imprinted and on which the general good depends. For what would be safe if our image were offended, and if that which a subject ought to venerate in his heart (...) were immediately violated by a sacrilegious hand? 1Early modern French commentators on money and monetary policy were fond of quoting this very late antique chancery formula; 2 it even appears in the epigraph to one unpublished commonplace book on the subject from the early seventeenth century. 3 Its popularity was no doubt due partly to the fact that classical literature contained few other theoretical statements on the practicalities of issuing money. 4 It also showed how deeply classical humanism had shaped economic thought, as it had done to all of French political culture. This was apparent as early as 1514 in Guillaume Budé's scholarly classic, De Asse et partibus ejus. 5 By 1600 these influences had ensconced themselves so firmly that economic writers found it nearly impossible to talk about money without a [End Page 59] full panoply of classical erudition. 6 In France the second half of the sixteenth century saw the rise of a specialized, expert, and increasingly systematic tradition of monetary thought. Despite its classical vocabulary, this economic literature was in many ways "modern" in its methods, ambitions, and subject. While developing an account which aspired to a scientific explanation of commercial society and of how government and money interacted, the French commentators came to a partial realization of how radically their own society differed from those which had gone before. In this respect the prevailing climate of thought about money influenced even a writer as non-technical as Michel de Montaigne.Traditionally, scholarly treatment of early modern French economic texts has focused on a relatively small range of issues and authors. One such issue, the origins of the "quantity theory of money" (with Jean Bodin as its hero), is notable for its sterility, since that concept was not and could not have been meaningful to contemporaries. 7 The origin and development of "mercantilism" or, more broadly, of "political economy" in general, has proven a more fruitful subject of inquiry. 8 Undeniably, the changing relationships among governments, merchants, and the economy were a major public issue and, in the seventeenth century, a major site of theoretical reflection on the nature of political power generally. Even so, an excessive concentration on mercantilism is dangerous, for however one defines it, it was not the first, and for a long time not the most significant, economic discourse in France. Rather, from the 1560s well into the seventeenth century, French discussions of economic issues centered on very concrete problems brought about by the government's obligation to issue and maintain a stable currency. 9 While one would search this literature in vain for the specific doctrines of modern economics, I argue that it did represent a real achievement in the early modern understanding of commerce and the state. Though they have not received their due from scholars, the writers who took part in these debates formed a large and influential school with close ties to the actual institutions of government. 10 The French monetary theorists did an enormous amount [End Page 60] to set the stage for the mercantilist era. They developed a detailed notion of monetary economics as a specialized discipline, and above all they placed money and economic policy in the context of a multi-national system of commercial states. In so doing, they sought to comprehend and control not just money but the modern state itself.Early modern money was perched uncomfortably between commodity and fiat. Bewildering varieties of coins circulated, composed of all sorts of alloys. The government assigned a face value for each coin which it authorized to circulate in the abstract accounting unit called the "money of account." 11 This value was almost always greater than... (shrink)

This book is intended for undergraduate courses in social theory for second and third year sociology students, as well as postgraduate and academic researchers.

The Sourcebook is a thematically unified collection of seminal texts in the history of economics on the topic of money and exchange relations —its nature, purpose, value, and relationship to justice and morality in financial transactions—within the tradition of late-scholastic commercial ethics.

Much of the world's literature and criticism has been shaped by ideas about the nature, function and value of literary genres. Modern developments in critical theory and the emergence of new media such as film and television, have put in question traditional categories, and challenged the assumptions on which earlier genre theory was based. This anthology, the first of its kind in English, charts these new developments and contains judicious selections from major twentieth-century theorists including Mikhail Bakhtin, (...) Gérard Genette and Jacques Derrida. (shrink)

A preface is best written last, after a book is done and its author may look back to survey what he hopes he has accomplished and what he must admit he has not. In hindsight virginity by itself has seemed a very large field to till, but with that reflection also comes a sense of the awareness that a really comprehensive treatment of misgiving, that subject would somehow have to encompass an enormous ter rain, the whole length and breadth of (...) Christianity's attitude toward sexuality from the earliest times down to the high Middle Ages. It could be argued that no small book could cover so much ground, and I would be the first to agree. As its subtitle is meant to suggest, the present work is, in at least two senses of the word, an essay: both an initial and tentative effort to get at the meaning of an extremely important but as yet unprobed medieval belief in the perfective value of the virginal life; and an interpretive study of a complex subject from a limited point of view, specifically, that in which the virgin appears in devotional literature as the bride of Christ. (shrink)

Shareholders assume risk by investing. Sollars and Tuluca (2018) argue that while this does not justify a managerial policy of shareholder wealth maximization, it does justify compensating shareholders at the oftencalculated cost of equity—the cost that investors require given the level of risk they assume. Here, I show that this can be unfair if the cost of equity is unfair. I then show how shareholder wealth maximization as a managerial imperative is better justified on other grounds.

Broad in its geographic scope and yet grounded in original archival research, this book situates the inception of modern aesthetic theory – the philosophical analysis of art and beauty - in theological contexts that are crucial to explaining why it arose. Simon Grote presents seminal aesthetic theories of the German and Scottish Enlightenments as outgrowths of a quintessentially Enlightenment project: the search for a natural 'foundation of morality' and a means of helping naturally self-interested human beings transcend their (...) own self-interest. This conclusion represents an important alternative to the standard history of aesthetics as a series of preludes to the achievements of Immanuel Kant, as well as a reinterpretation of several canonical figures in the German and Scottish Enlightenments. It also offers a foundation for a transnational history of the Enlightenment without the French philosophes at its centre, while solidly endorsing historians' growing reluctance to call the Enlightenment a secularising movement. (shrink)

Biological functions are dispositions or effects a trait has which explain the recent maintenance of the trait under natural selection. This is the "modern history" approach to functions. The approach is historical because to ascribe a function is to make a claim about the past, but the relevant past is the recent past; modern history rather than ancient.

This new book argues that at the core of legal philosophy’s principal debates there is essentially one issue judicial impartiality. Keeping this issue to the forefront,Raban’s approach sheds much light on many difficult and seemingly perplexing jurisprudential debates. Modern Legal Theory and Judicial Impartiality.

This book provides a comprehensive introduction to the leading topics, theories and debates in modern social theory. Fourteen chapters have been written by specialists in the field, providing up-to-date guidance on the full sweep of the modern sociological imagination, from the legacies of the classical figures of Marx, Durkheim, Weber, Simmel and Parsons to the work of cutting-edge contemporary theorists.

This book of readings was designed for an introductory course in the theory of modern, Western law. The materials mine the depths of history, philosophy, politics, & ethics to bring to view a certain story of the present, past & future condition of modern Western legal theory, namely that "modern" legal theory is reaching its end with the new millennium.

In the formal semantics based on modern type theories, common nouns are interpreted as types, rather than as predicates of entities as in Montague’s semantics. This brings about important advantages in linguistic interpretations but also leads to a limitation of expressive power because there are fewer operations on types as compared with those on predicates. The theory of coercive subtyping adequately extends the modern type theories and, as shown in this paper, plays a very useful role in (...) making type theories more expressive for formal semantics. It not only gives a satisfactory solution to the basic problem of ‘multiple categorisation’ caused by interpreting common nouns as types, but provides a powerful formal framework to model interesting linguistic phenomena such as copredication, whose formal treatment has been found difficult in a Montagovian setting. In particular, we show how to formally introduce dot-types in a type theory with coercive subtyping and study some type-theoretic constructs that provide useful representational tools for reference transfers and multiple word meanings in formal lexical semantics. (shrink)

Giddens's analysis of the writings of Marx, Durkheim and Weber has become the classic text for any student seeking to understand the three thinkers who established the basic framework of contemporary sociology. The first three sections of the book, based on close textual examination of the original sources, contain separate treatments of each writer. The author demonstrates the internal coherence of their respective contributions to social theory. The concluding section discusses the principal ways in which Marx can be compared (...) with the other two authors, and discusses misconceptions of some conventional views on the subject. (shrink)

Recent discussions in the physical literature, designed to clarify the logical position of modern physical theory, have brought to light an amazing divergence of fundamental attitudes which may well bewilder the careful student of physics as well as philosophy. Quantum mechanics, representing an abstract formalism, should be capable of having its logical structure analyzed with great precision like any other mathematical discipline. Its consequences in all problems to which its method can be applied are so unambiguous, consistent, and (...) successful in predicting physical experience as to disperse immediately all thoughts of possible discrepancies in its fundamental texture. Yet it must be said that even the founders of quantum theory are not in harmony in their various expositions of the bases of that theory. However, while this situation seems disquieting on the face of it, there is no cause for serious brow raising, for it is a fact that there exists agreement with regard to the central axioms of the theory, and that the ambiguities affect only their philosophical interpretation, a field in which differences of opinion may at present be honestly entertained. (shrink)