Winner of the 1975 National Book Award, this brilliant and widely acclaimed book is a powerful philosophical challenge to the most widely held political and social positions of our age--liberal, socialist, and conservative.

This book presents the definitive exposition of 'prospect theory', a compelling alternative to the classical utility theory of choice. Building on the 1982 volume, Judgement Under Uncertainty, this book brings together seminal papers on prospect theory from economists, decision theorists, and psychologists, including the work of the late Amos Tversky, whose contributions are collected here for the first time. While remaining within a rational choice framework, prospect theory delivers more accurate, empirically verified predictions in key test cases, as well as (...) helping to explain many complex, real-world puzzles. In this volume, it is brought to bear on phenomena as diverse as the principles of legal compensation, the equity premium puzzle in financial markets, and the number of hours that New York cab drivers choose to drive on rainy days. Theoretically elegant and empirically robust, this volume shows how prospect theory has matured into a new science of decision making. (shrink)

John Tomasi's Free Market Fairness treats both traditions with depth, nuance, and unremitting fair-mindedness, and then points us toward a synthesis. Social democrats and libertarians equally need to read this book.

What, if anything, is wrong with high executive compensation? Is the common “lay reaction” of indignation and moral outrage justified? In this paper, my main goal is to articulate in a more systematic and philosophical manner the egalitarian responses to these questions. In order to do so, I suggest that we take some insights from recent debates on two versions of egalitarianism: a distributive one, according to which no one should be worse off than others because of unfair distributions of (...) goods and resources, especially ones based on matters of luck or arbitrary factors, and a relational one, which maintains that egalitarian justice requires members of a society to relate to one another as equals. Drawing on recent attempts to highlight the tricky nature of managerial authority, I argue that high inequalities in pay are not simply a distributional matter but should also be analyzed through a relational lens. I also attempt to show that relational egalitarians are well-equipped to question the now dominant “incentives” view of CEO compensation. (shrink)

Abstract:In 2003, CEOs of the 365 largest U.S. corporations were paid on average $8 million, 301 times as much as factory workers. This paper asks whether CEOs get paid too much. Appealing to widely recognized moral values, I distinguish three views of justice in wages: the agreement view, the desert view, and the utility view. I argue that, no matter which view is correct, CEOs get paid too much. I conclude by offering two ways CEO pay might be reduced.

My thesis is that morality arises when a group of people reach an implicit agreement or come to a tacit understanding about their relations with one another. Part of what I mean by this is that moral judgments - or, rather, an important class of them - make sense only in relation to and with reference to one or another such agreement or understanding. This is vague, and I shall try to make it more precise in what follows. But it (...) should be clear that I intend to argue for a version of what has been called moral relativism. (shrink)

This is a systematic evaluation of the main arguments for and against the market as an instrument of social organization, balancing efficiency and justice. It links the distinctive approaches of philosophy and economics to this evaluation.

Are inequalities of income created by the free market just? In this book Serena Olsaretti examines two main arguments that justify those inequalities: the first claims that they are just because they are deserved, and the second claims that they are just because they are what free individuals are entitled to. Both these arguments purport to show, in different ways, that giving responsible individuals their due requires that free market inequalities in incomes be allowed. Olsaretti argues, however, that neither argument (...) is successful, and shows that when we examine closely the principle of desert and the notions of liberty and choice invoked by defenders of the free market, it appears that a conception of justice that would accommodate these notions, far from supporting free market inequalities, calls for their elimination. Her book will be of interest to a wide range of readers in political philosophy, political theory and normative economics. (shrink)

Ambitious and elegant, this book builds a bridge between evolutionary theory and cultural psychology. Michael Tomasello is one of the very few people to have done systematic research on the cognitive capacities of both nonhuman primates and human children. The Cultural Origins of Human Cognition identifies what the differences are, and suggests where they might have come from. -/- Tomasello argues that the roots of the human capacity for symbol-based culture, and the kind of psychological development that takes place within (...) it, are based in a cluster of uniquely human cognitive capacities that emerge early in human ontogeny. These include capacities for sharing attention with other persons; for understanding that others have intentions of their own; and for imitating, not just what someone else does, but what someone else has intended to do. In his discussions of language, symbolic representation, and cognitive development, Tomasello describes with authority and ingenuity the "ratchet effect" of these capacities working over evolutionary and historical time to create the kind of cultural artifacts and settings within which each new generation of children develops. He also proposes a novel hypothesis, based on processes of social cognition and cultural evolution, about what makes the cognitive representations of humans different from those of other primates. -/- Lucid, erudite, and passionate, The Cultural Origins of Human Cognition will be essential reading for developmental psychology, animal behavior, and cultural psychology. (from the HUP website). (shrink)

Recent years have seen a vigorous revival of interest in relativism - both in support and in opposition. This collection of 21 essays, 16 of which appear in print here for the first time, advances the discussion found in an earlier volume, Relativism: Cognitive and Moral. These present selections focus on philosophical and methodological issues of relativism by exhibiting its varieties and by rehearsing its virtues and vices. The contributions concern relativism in a wide range of practices in the human (...) studies. (shrink)

The thirty-three essays in <I>Relativism: A Contemporary Anthology</I> grapple with one of the most intriguing, enduring, and far-reaching philosophical problems of our age. Relativism comes in many varieties. It is often defined as the belief that truth, goodness, or beauty is relative to some context or reference frame, and that no absolute standards can adjudicate between competing reference frames. Michael Krausz's anthology captures the significance and range of relativistic doctrines, rehearsing their virtues and vices and reflecting on a spectrum of (...) attitudes. Invoking diverse philosophical orientations, these doctrines concern conceptions of relativism in relation to facts and conceptual schemes, realism and objectivity, universalism and foundationalism, solidarity and rationality, pluralism and moral relativism, and feminism and poststructuralism. Featuring nine original essays, the volume also includes many classic articles, making it a standard resource for students, scholars, and researchers. <B>Table of Contents:</B> Foreword by Alan Ryan Preface Introduction Michael Krausz <B>Part I. Orienting Relativism</B> 1. Mapping Relativisms Michael Krausz 2. A Brief History of Relativism Maria Baghramian <B>Part II. Relativism, Truth, and Knowledge</B> 3. Subjective, Objective, and Conceptual Relativisms Maurice Mandelbaum 4. “Just the Facts, Ma’am!” Nelson Goodman 5. Relativism in Philosophy of Science Nancy Cartwright 6. The Truth About Relativism Joseph Margolis 7. Making Sense of Relative Truth John MacFarlane 8. On the Very Idea of a Conceptual Scheme Donald Davidson 9. Truth and Convention: On Davidson’s Refutation of Conceptual Relativism Hilary Putnam 10. Conceptual Schemes Simon Blackburn 11. Relativizing the Facts Paul A. Boghossian 12. Targets of Anti-Relativist Arguments Harvey Siegel 13. Realism and Relativism Akeel Bilgrami <B>Part III. Moral Relativism, Objectivity, and Reasons</B> 14. Moral Relativism Defended Gilbert Harman 15. The Truth in Relativism Bernard Williams 16. Pluralism and Ambivalence David B. Wong 17. The Relativity of Fact and the Objectivity of Value Catherine Z. Elgin 18. Senses of Moral Relativity David Wiggins 19. Ethical Relativism and the Problem of Incoherence David Lyons 20. Understanding Alien Morals Gopal Sreenivasan 21. Value: Realism and Objectivity Thomas Nagel 22. Intuitionism, Realism, Relativism, and Rhubarb Crispin Wright 23. Moral Relativism and Moral Realism Russ Schafer-Landau <B>Part IV. Relativism, Culture, and Understanding</B> 24. Anti Anti-Relativism Clifford Geertz 25. Solidarity or Objectivity? Richard Rorty 26. Relativism, Power, and Philosophy Alasdair MacIntyre 27. Internal Criticism and Indian Rationalist Traditions Martha C. Nussbaum and Amartya Sen 28. Phenomenological Rationality and the Overcoming of Relativism Jitendra N. Mohanty 29. Understanding and Ethnocentricity Charles Taylor 30. Relativism and Cross-Cultural Understanding Kwame Anthony Appiah 31. Relativism, Persons, and Practices Amélie Oksenberg Rorty 32. One What? Relativism and Poststructuralism David Couzens Hoy 33. Must a Feminist Be a Relativist After All? Lorraine Code List of Contributors Index. (shrink)

Supererogation and rules -- Problematic responsibility in law and morals -- On being "morally speaking a murderer" -- Justice and personal desert -- The expressive function of punishment -- Action and responsibility -- Causing voluntary actions -- Sua culpa -- Collective responsibility -- Crime, clutchability, and individuated treatment -- What is so special about mental illness?