Socially Responsible Investment (SRI) indices play a major role in the stock markets. A connection between doing good and doing well in business is implied. Leading indices, such as the Domini Social Index and others, exemplify the movement toward investing in socially responsible corporations. However, the question remains: Does the ratings-based methodology for assessing corporate social responsibility (CSR) provide an incentive to firms excluded from SRI indices to invest in CSR? Not in its current format. The ratings-based methodology employed by (...) SRI indices in their selection processes excludes many corporations by creating limited-membership lists. This received ratings-based structure is yet to offer an incentive for most of the excluded corporations to invest in improving their levels of CSR. We, therefore, ask under what circumstances a ratings-based method for assessing CSR could provide an incentive to firms excluded from SRI indices to invest in CSR. In this article, we attempt to offer a theoretical reply to this question. We show that when all firms are publicly ranked according to SRI index parameters, such indices can indeed create a market incentive for increased investment by firms in improving their performance in the area of social responsibility. We further show that this incentive tapers off as the amount of investment required exceeds a certain point or if the amount of payback on that investment fails to reach a certain threshold. (shrink)

Socially Responsible Investment indices play a major role in the stock markets. A connection between doing good and doing well in business is implied. Leading indices, such as the Domini Social Index and others, exemplify the movement toward investing in socially responsible corporations. However, the question remains: Does the ratings-based methodology for assessing corporate social responsibility provide an incentive to firms excluded from SRI indices to invest in CSR? Not in its current format. The ratings-based methodology employed by SRI indices (...) in their selection processes excludes many corporations by creating limited-membership lists. This received ratings-based structure is yet to offer an incentive for most of the excluded corporations to invest in improving their levels of CSR. We, therefore, ask under what circumstances a ratings-based method for assessing CSR could provide an incentive to firms excluded from SRI indices to invest in CSR. In this article, we attempt to offer a theoretical reply to this question. We show that when all firms are publicly ranked according to SRI index parameters, such indices can indeed create a market incentive for increased investment by firms in improving their performance in the area of social responsibility. We further show that this incentive tapers off as the amount of investment required exceeds a certain point or if the amount of payback on that investment fails to reach a certain threshold. (shrink)

In the process of implementing an ethical code of conduct, a business organization uses formal methods. Of these, training, courses and means of enforcement are common and are also suitable for self-regulation. The USA is encouraging business corporations to self regulate with the Federal Sentencing Guidelines (FSG). The Guidelines prescribe similar formal methods and specify that, unless such methods are used, the process of implementation will be considered ineffective, and the business will therefore not be considered to have complied with (...) the guidelines. Business organizations invest enormous funds on formal methods. However, recent events indicate that these are not, by themselves, yielding the desired results. Our study, based on a sample of 812 employees and conducted in an Israeli subsidiary of a leading multinational High-Tech corporation headquartered in the US, indicates that, of the methods used in the process of implementation, one of the informal methods (namely, the social norms of the organization) is perceived by employees to have the most influence on their conduct. This result, when examined against employee tenure, remains relatively stable over the years, and stands in contradistinction to the formalistic approach embedded in the FSG. We indirectly measure the effectiveness of the percieved most influential implementation process methods by analyzing their impact on employee attitudes (namely, personal ethical commitment and employees'' commitment to organizational values). Our results indicate that the informal methods (manager sets an example or social norms of the organization) are likely to yield greater commitment with respect to both employee attitudes than the formal method (training and courses on the subject of ethics). The personal control method (my own personal values) differs significantly from all the other methods in that it yields the highest degree of personal ethical commitment and the lowest degree of employees'' commitment to organizational values. (shrink)

Backdating of stock options is an example of an agency problem. It has emerged despite all the measures (i.e., new regulations and additional corporate governance mechanisms) aimed at addressing such problems? Beyond such negative controlling measures, a more positive empowering approach based on ethics may also be necessary. What ethical measures need to be taken to address the agency problem? What values and norms should guide the board of directors in protecting the shareholders' interests? To examine these issues, we first (...) discuss the role values and norms can play with respect to underlying corporate governance and the proper role of directors, such as transparency, accountability, integrity (which is reflected in proper mechanisms of checks and balances), and public responsibility. Second, we discuss various stakeholder approaches (e.g., government, directors, managers, and shareholders) by which conflicts of interest (i.e., the agency problem) can be addressed. Third, we assess the practice of backdating stock options, as an illustration of the agency problem, in terms of whether the practice is legally acceptable or ethically justifiable. Fourth, we proceed to an analysis of good corporate governance practice involving backdating options based on a series of ethical standards including: (1) trustworthiness; (2) utilitarianism; (3) justice; and (4) Kantianism. We conclude that while executive compensation schemes (e. g., stock options) were originally intended to help remedy the agency problem by tying together the interests of the executives and shareholders, these schemes may have actually become "part of the problem," and that the solution ultimately depends upon whether directors and executives accept that all of their actions must be based on a set of core ethical values. (shrink)

In the late 19th century great changes in theories of light and electricity were in direct conflict with certitude, the view that scientific knowledge is infallible. What is, then, the epistemic status of scientific theory? To resolve this issue Duhem and Poincaré proposed images of fallible knowledge, Instrumentalism and Conventionalism, respectively. Only in 1919–1922, after Einstein's relativity was published, he offered arguments to support Fallibilism, the view that certainty cannot be achieved in science. Though Einstein did not consider Duhem's Instrumentalism, (...) he argued against Poincaré's Conventionalism. Hitherto, Einstein's Fallibilism, as presented at first in a rarely known essay of 1919, was left in the dark. Recently, Howard obscured its meaning. Einstein's essay was never translated into English. In my paper I provide its translation and attempt to shed light on Einstein's view and its context; I also direct attention to Einstein's images of philosophical opportunism in scientific practice. (shrink)

"Adam Wiegner's work belongs to Polish analytical philosophy, but it falls outside of its main current, the Lvov-Warsaw School, which was influenced by Hume's ideas. Wiegner, influenced by neo-Kantianism, developed a non-Humean conception of "holistic empiricism," which anticipates some of the ideas of K. R. Popper and W. V. O. Quine. Some of his ideas remain original to this day. His main research interests included epistemology, philosophy of mind, philosophy of science especially philosophy of psychology, analytical history of philosophy, (...) and interpretation of traditional logic in terms of mathematical logic."--BOOK JACKET. (shrink)

From folk tales to movies, stories possess features which naturally suit them to contribute to the growth of virtue. In this article I show that the fictional exemplars help the learner to grasp the moral importance of internal states and resolves a tension between existing kinds of exemplars discussed by virtue ethicists. Stories also increase the information conveyed by virtue terms and aid the growth of prudence. Stories can provide virtuous exemplars, inform learners as to the nature of the virtues (...) and offer practice in developing situational judgement. As such they are a significant resource for virtue ethics and moral education. (shrink)

This article offers a new interpretation of the second ‘theological’ pattern in Plato’s Republic. Situating Plato within his religious context, it argues that this pattern calls into question the traditional ancient model of divine epiphany. Divine epiphany was a central element in Greek religion. Yet, in the absence of a centralized religious organization, this model threatened the philosophers’ authoritative position. Plato’s second pattern seeks not only to undermine this potential threat but also to pave the way towards a new, philosophicalmodel (...) of divine epiphany, thus further establishing the philosophers’ authority and legitimacy within and outside his ideal city. (shrink)

This paper offers a novel interpretation of the political implications of Hobbes’s theory of imagination and his solution to the threat posed by the imagination to political stability. While recent work has correctly identified the problem the imagination poses for Hobbes, it has underestimated the severity of the problem and, accordingly, has underestimated the length to which the Hobbesian sovereign will have to go in order to solve it. By reconstructing Hobbes’s account of sleep and the operation of the imagination (...) during sleep, this paper argues that the Hobbesian sovereign who seeks to solve the problem of the imagination must maintain his subjects in a ‘state of sleep,’ by preventing any kind of new inputs from disturbing their imagination. This solution suggests that the citizens of the Leviathan state are not sleeping sovereigns, but rather sleeping subjects. (shrink)

In social and political theory, the imagination is often used in accounting both for creativity, innovation, and change and for sociopolitical stagnation and the inability to promote innovation and change. To what extent, however, can we attribute such seemingly contradictory outcomes to the same mental faculty? To address this question, this paper develops a comprehensive account of the political imagination, one that explains the various roles played by imagination in politics and thus accounts for the promises and limits of the (...) political imagination. This conceptualization of the political imagination allows us to account for the simultaneous presence of its seemingly contradictory roles—such as promoting stability and order on the one hand while generating creativity and critical innovation on the other. (shrink)

W. Matthews Grant's "Dual Sources Account" aims at explaining how God causes all creaturely actions while leaving them free in a robust libertarian sense. It includes an account of predestination that is supposed to allow for the possibility that some created persons ultimately spend eternity in hell. I argue here that the resources Grant provides for understanding why God might permit created persons to end up in hell are, for two different reasons, insufficient. I then provide possible solutions to these (...) two problems, compatible with Grant's account overall, that help show why God might allow hell. (shrink)

A novel manifestation of nonlocality of quantum mechanics is presented. It is shown that it is possible to ascertain the existence of an object in a given region of space without interacting with it. The method might have practical applications for delicate quantum experiments.

Despite intensive research on late Roman and Byzantine diplomatic and military history since the last decades of the 19th century, scholars had to wait until the year 2001 for the first monograph which deals exclusively with the foederati. The author, Ralf Scharf (S.), questions commonly held views and offers an original interpretation of the evolution of the foederati stretching from the Roman West of the early 5th century ce to Asia Minor in the 11th century. The book includes an introduction, (...) nine chapters, a conclusion, a bibliography, an index locorum (unfortunately not exhaustive) and a general index. (shrink)

This paper investigates the development of Hobbes’s theory of imagination and its unique intervention in the scientific debates of the seventeenth century. I argue that this intervention is designed to solve a tension between Hobbes’s scientific and political commitments. His scientific commitments led him to take the imagination seriously. While unorthodox in many ways, Hobbes was working within the predominant scientific framework of his time, which can be traced back to Aristotle and Galen. The same framework, however, was used for (...) naturalistic explanations for prophecy. This posed a problem for Hobbes, who was equally committed to the advances of science and to guarding against the political threat posed by prophets. I argue that Hobbes’s theory of imagination solves this tension by constructing a scientific account of imagination that is loyal to the leading scientific ideas while ruling out any potential use of imagination in the natural explanation of prophecy. (shrink)

In this paper I argue that both defence and criticism of the claim that humans act ‘under the guise of the good’ neglects the metaphysical roots of the theory. I begin with an overview of the theory and its modern commentators, with critics noting the apparent possibility of acting against the good, and supporters claiming that such actions are instances of error. These debates reduce the ‘guise of the good’ to a claim about intention and moral action, and in so (...) doing have become divorced from the theory's roots in classical and medieval philosophy. Aristotle and Aquinas’ ‘guise of the good’ is primarily a metaphysical claim resting on the equivalence between actuality and goodness, from which conclusions about moral action are derived. I show the reasoning behind their theory and how it forms the basis for the claims about intention and action at the centre of the modern debate. Finally, I argue that the absence of its original foundation is apparent in recent attacks on the ‘guise of the good’. It is unsurprising that modern action theory and ethics have not always been able to comfortably accommodate the ‘guise of the good’; they are only telling half of the story. (shrink)

This article provides a new account of the role of phantasia, imagination, in Aristotle's political thought. Phantasia plays a key role in Aristotle's psychology and is crucial for explaining any kind of movement and action. I argue that this insight holds for collective actions as well. By offering a reconsideration of the famous “Wisdom of the Multitude” passage, this article shows that the capacity of a multitude to act together is tied to its ability to share a collective phantasma: a (...) mental representation of the practical end or goal of their collective effort as good and thus worthy of pursuit. However, I argue that given the subjective nature of phantasia, acting together can be hard. I conclude that since one's phantasia is shaped by one's moral character, a community can achieve a shared phantasma—and thus secure collective action—by means of persuasion, habituation, and education. (shrink)

Are animals moral agents? In this article, a theologian and an anthropologist unite to bring the resources of each field to bear on this question. Alas, not all interdisciplinary conversations end harmoniously, and after much discussion the two authors find themselves in substantial disagreement over the answer. The article is therefore presented in two halves, one for each side of the argument. As well as presenting two different positions, our hope is that this article clarifies the different understandings of morality (...) in our respective fields and will help to offset confusion in interdisciplinary dialogue. In what follows, we each present our case. In the first section, Adam Willows argues that moral activity necessarily involves the use of reason, symbolic thought, and language and is on that basis an exclusively human affair. In the second, Marcus Baynes-Rock discusses his experience of relationality with other creatures; a relationality which, he argues, creates a shared understanding of obligations which are characteristically moral. (shrink)

So quantum mechanics has been an amazing success story. I stress this point at the outset, for two reasons. First, it is, unfortunately, all too easy to get used to success. Nowadays, both physicists, for whom the various quantum theories have ...

This paper’s outline is as follows. In sections 1-3 I give an exposi¬tion of the Mind-Body Problem, with emphasis on what I believe to be the heart of the problem, namely, the Percepts-Qualia Nonidentity and its incompatibility with the Physical Closure Paradigm. In 4 I present the “Qualia Inaction Postulate” underlying all non-interactionist theo¬ries that seek to resolve the above problem. Against this convenient postulate I propose in section 5 the “Bafflement Ar¬gument,” which is this paper's main thesis. Sections 6-11 (...) critically dis¬cuss attempts to dismiss the Bafflement Argument by the “Baf¬flement=Mis¬perception Equation.” Section 12 offers a refutation of all such attempts in the form of a concise “Asymmetry Proof.” Section 13 points out the bearing of the Bafflement Argument on the evolutionary role of consciousness while section 14 acknowledges the price that has to be paid for it in terms of basic physical principles. Section 15 summarizes the paper, pointing out the inescapability of interactionist dualism. (shrink)

The foundation for a system of morals, this 1749 work is a landmark of moral and political thought. Its highly original theories of conscience, moral judgment, and virtue offer a reconstruction of the Enlightenment concept of social science, embracing both political economy and theories of law and government.

Moody's thought-experiment invoking zombies to demonstrate the uniqueness of consciousness is commended. His conclusions accord well with previous ones arrived at by Penrose, Chalmers and myself. All these works lead to a disturbing conclusion: onsciousness, as something distinct from the brain processes, interferes with physical reality. Ergo, it is no longer possible to adhere to any of the modern theories of mind that preserve the completeness of physics. This conclusion is, in principle, testable.

How should you take into account the opinions of an advisor? When you completely defer to the advisor's judgment, then you should treat the advisor as a guru. Roughly, that means you should believe what you expect she would believe, if supplied with your extra evidence. When the advisor is your own future self, the resulting principle amounts to a version of the Reflection Principle---a version amended to handle cases of information loss. When you count an advisor as an epistemic (...) peer, you should give her conclusions the same weight as your own. Denying that view---call it the ``equal weight view''---leads to absurdity: the absurdity that you could reasonably come to believe yourself to be an epistemic superior to an advisor simply by noting cases of disagreement with her, and taking it that she made most of the mistakes. Accepting the view seems to lead to another absurdity: that one should suspend judgment about everything that one's smart and well-informed friends disagree on, which means suspending judgment about almost everything interesting. But despite appearances, the equal weight view does not have this absurd consequence. Furthermore, the view can be generalized to handle cases involving not just epistemic peers, but also epistemic superiors and inferiors. (shrink)

A scholarly edition of a work by Adam Smith. The edition presents an authoritative text, together with an introduction, commentary notes, and scholarly apparatus.

Lack of distinction between the formalism of quantum mechanics and its various interpretations leads to some popular misrepresentations. As long as none of the interpretations can present an unambiguous empirical validation, their status remains purely philosophical. These arguments are shown to apply to Snyder's claims. Next it is shown that Snyder's critcism does not address the main points in the argument concerning the physical impact of consciousness. The reply concludes with some reflections on methodology in the search for a physical (...) theory of consciousness. (shrink)

Lack of distinction between the formalism of quantum mechanics and its various interpretations leads to some popular misrepresentations. As long as none of the interpretations can present an unambiguous empirical validation, their status remains purely philosophical. These arguments are shown to apply to Snyder's claims. Next it is shown that Snyder's critcism does not address the main points in the argument concerning the physical impact of consciousness. The reply concludes with some reflections on methodology in the search for a physical (...) theory of consciousness. (shrink)

This thoughtful new abridgment is enriched by the brilliant commentary which accompanies it. In it, Laurence Dickey argues that the _Wealth of Nations_ contains--and conceals--a great deal of how Smith actually thought a commercial society works. Guided by his conviction that the so-called Adam Smith Problem--the relationship between ethics and economics in Smith's thinking--is a core element in the argument of the work itself, Dickey's commentary focuses on the devices Smith uses to ground his economics in broadly ethical and (...) social categories. An unparalleled guide to an often difficult and perplexing work. (shrink)

By presenting a wide spectrum of non-reductive theories, the volume endeavors to overcome the dichotomy between dualism and monism that keeps plaguing the debate in favor of new and more differentiated positions.

In addition to being uncertain about what the world is like, one can also be uncertain about one’s own spatial or temporal location in the world. My aim is to pose a problem arising from the interaction between these two sorts of uncertainty, solve the problem, and draw two lessons from the solution.

It would be good to have a Bayesian decision theory that assesses our decisions and thinking according to everyday standards of rationality — standards that do not require logical omniscience (Garber 1983, Hacking 1967). To that end we develop a “fragmented” decision theory in which a single state of mind is represented by a family of credence functions, each associated with a distinct choice condition (Lewis 1982, Stalnaker 1984). The theory imposes a local coherence assumption guaranteeing that as an agent's (...) attention shifts, successive batches of "obvious" logical information become available to her. A rule of expected utility maximization can then be applied to the decision of what to attend to next during a train of thought. On the resulting theory, rationality requires ordinary agents to be logically competent and to often engage in trains of thought that increase the unification of their states of mind. But rationality does not require ordinary agents to be logically omniscient. (shrink)

Proponents of epistocracy worry that high levels of voter ignorance can harm democracies. To combat such ignorance, they recommend allocating comparatively more political power to more politically knowledgeable citizens. In response, some recent critics of epistocracy contend that epistocratic institutions risk causing even more harm, since much evidence from political psychology indicates that more politically knowledgeable citizens are typically more biased, less open-minded, and more prone to motivated reasoning about political matters than their less knowledgeable counterparts. If so, perhaps epistocratic (...) institutions will perform worse epistemically than corresponding democratic institutions. Call this 'the problem of epistocratic irrationality'. This paper argues that the problem of epistocratic irrationality can be overcome. First, I argue that critics of epistocracy have overlooked several complications regarding the psychological data they claim shows that more knowledgeable citizens are less politically rational. Second, I argue that appropriately designed epistocratic institutions could overcome the problem of epistocratic irrationality even if such critics have interpreted the data correctly. I first explore whether refined selection mechanisms could allow epistocrats to avoid empowering less rational citizens, before assessing the prospects of implementing only those epistocratic institutions with a solid track record of reliable performance. (shrink)

In order to predict and explain behavior, one cannot specify the mental state of an agent merely by saying what information she possesses. Instead one must specify what information is available to an agent relative to various purposes. Specifying mental states in this way allows us to accommodate cases of imperfect recall, cognitive accomplishments involved in logical deduction, the mental states of confused or fragmented subjects, and the difference between propositional knowledge and know-how .

Our purpose in this article is to identify and suggest resolution for two core problematics of grounded theory. First, while grounded theory provides transparency to one part of the conceptualization process, where codes emerge directly from the data, it provides no such systematic or transparent way for gaining insight into the conceptual relationships between discovered codes. Producing a grounded theory depends not only on the definition of conceptual pieces, but the delineation of a relationship between at least two of those (...) pieces. Second, the conceptualization process of grounded theory is done in hierarchical fashion, where individual codes emerge from the data but then are used to generate insight into more general concepts and thematic statements. But various works on grounded theory have failed to provide any systematic way of using data specific levels of scale (the codes) to gain insight into more macro levels of scale (concepts and themes). We offer fractal concept analysis as a means of resolving both of these issues. By using a logic structure generator, fractal concept analysis delineates self-similar conceptual frameworks at various levels of abstraction, yielding a method for linking concepts together within and between levels of scale encountered in the grounded theory coding and categorization process. We conclude that this fractal analytic technique can bolster the aims of grounded theory as a formalized and systematic process for generating theory from empirical data. (shrink)

Many have claimed that unspecific evidence sometimes demands unsharp, indeterminate, imprecise, vague, or interval-valued probabilities. Against this, a variant of the diachronic Dutch Book argument shows that perfectly rational agents always have perfectly sharp probabilities.