BackgroundYouth are increasingly aware of the negative effects of climate change on the planet and human health, but this knowledge can often come with significant affective responses, such as psychological distress, anger, or despair. Experiencing major “negative” emotions, like worry, guilt, and hopelessness in anticipation of climate change has been identified with the term eco-anxiety. Emerging literature focuses on adults' experience; however, little is known about the ways in which children and youth experience eco-anxiety.ObjectivesThe aim of this review was to: (...) identify the available evidence on the topic of eco-anxiety in children, clarify the mental health consequences brought by the awareness of climate change in this population, and identify knowledge gaps in the literature and considerations for future research.MethodsGiven that the research on the topic of eco-anxiety in children is limited, that there are very few randomized controlled trials, and that the goal is not to analyze individual studies in-depth, a scoping review was used. Keywords pertaining to the themes of eco-anxiety, climate change and children were used as search terms in five databases. Journal articles using qualitative and quantitative methods, as well as gray literature were examined by two independent reviewers. A descriptive-analytical method was used to chart the data that emerged from the literature. Eighteen articles were considered in the final analysis.ResultsEvidence confirms that children experience affective responses and eco-anxiety in reaction to then awareness of climate change. Mental health outcomes include depression, anxiety, and extreme emotions like sadness, anger, and fear. Youth from vulnerable communities, like indigenous communities, or those who have strong ties to the land are often identified as being emotionally impacted by climate change. The literature analyzed also describes how children and youth are coping with eco-anxiety, including maladaptive and adaptive responses. Preliminary considerations for parents, teachers and educators, mental health care providers, school systems, adults and people of power include adding age-appropriate climate education to the school curriculum, considering youth's emotions, and promoting healthy coping through empowerment. Important gaps exist in the definition of eco-anxiety in youth, as various characterizations of this emerging concept are found across articles. (shrink)

Metaethics from a First Person Standpoint addresses in a novel format the major topics and themes of contemporary metaethics, the study of the analysis of moral thought and judgement. Metathetics is less concerned with what practices are right or wrong than with what we mean by 'right' and 'wrong.' Looking at a wide spectrum of topics including moral language, realism and anti-realism, reasons and motives, relativism, and moral progress, this book engages students and general readers in order to enhance their (...) understanding of morality and moral discourse as cultural practices. Catherine Wilson innovatively employs a first-person narrator to report step-by-step an individual's reflections, beginning from a position of radical scepticism, on the possibility of objective moral knowledge. The reader is invited to follow along with this reasoning, and to challenge or agree with each major point. Incrementally, the narrator is led to certain definite conclusions about 'oughts' and norms in connection with self-interest, prudence, social norms, and finally morality. Scepticism is overcome, and the narrator arrives at a good understanding of how moral knowledge and moral progress are possible, though frequently long in coming. Accessibly written, Metaethics from a First Person Standpoint presupposes no prior training in philosophy and is a must-read for philosophers, students and general readers interested in gaining a better understanding of morality as a personal philosophical quest."--Publisher's website. (shrink)

This paper argues that social contexts of inequality are crucial to understanding the ethics of gestational harm and responsibility. Recent debates on gestational harm have largely ignored the social context of gestators, including contexts of inequality and injustice. This can reinforce existing social injustices arising from colonialism, socio‐economic inequality and racism, for example, through increased regulation of maternal behaviour. To demonstrate this, I focus on the related notions of the ‘future child’ and an obligation of easy rescue, which have been (...) used to discuss the ethics of gestational harm in the context of alcohol consumption during gestation and foetal alcohol spectrum disorder (FASD). I use a feminist perspective to evaluate these ideas and conclude that anyone concerned with remediation of social injustice has good reason to be suspicious of the notion of the future child in the context of gestational harm. (shrink)

Even though The Medium Place is overshadowed by the dramatic events that unfold in the fake Good Place neighborhood, it is more significant to The Good Place. The Medium Place is described as an individually tailored “eternal mediocrity,” a place of neutrality and compromise. One of the most prominent contemporary cultural theorists, Homi K. Bhabha, calls this space of becoming, where contradictions and differences are explored rather than resolved, a “Third Space”. Bhabha claims that despite its importance, being “in‐between” is (...) usually “unrepresentable,” and Roland Barthes too refers to his idea of the “third possibility” as having “no place” of its own. But the writers of The Good Place have proved them wrong—they have found a way to represent this middle “in‐between” space it as a geographical neighborhood. The morality of The Medium Place is the most human and realistic of all The Good Place neighborhoods. (shrink)

Introduction: Platonic dramatology -- The political and philosophical problems. Using pre-Socratic philosophy to support political reform: the Athenian stranger ; Plato's Parmenides: Parmenides' critique of Socrates and Plato's critique of Parmenides ; Becoming Socrates ; Socrates interrogates his contemporaries about the noble and good -- Paradigms of philosophy. Socrates' positive teaching ; Timaeus-Critias: completing or challenging Socratic political philosophy? ; Socratic practice -- The trial and death of Socrates. The limits of human intelligence ; The Eleatic challenge ; The trial (...) and death of Socrates -- Conclusion: Why Plato made Socrates his hero. (shrink)

Philosophy long sought to set knowledge on a firm foundation, through derivation of indubitable truths by infallible rules. For want of such truths and rules, the enterprise foundered. Nevertheless, foundationalism's heirs continue their forbears' quest, seeking security against epistemic misfortune, while their detractors typically espouse unbridled coherentism or facile relativism. Maintaining that neither stance is tenable, Catherine Elgin devises a via media between the absolute and the arbitrary, reconceiving the nature, goals, and methods of epistemology. In Considered Judgment, she (...) argues for a reconception that takes reflective equilibrium as the standard of rational acceptability. A system of thought is in reflective equilibrium when its components are reasonable in light of one another, and the account they comprise is reasonable in light of our antecedent convictions about the subject it concerns. Many epistemologists now concede that certainty is a chimerical goal. But they continue to accept the traditional conception of epistemology's problematic. Elgin suggests that in abandoning the quest for certainty we gain opportunities for a broader epistemological purview--one that comprehends the arts and does justice to the sciences. She contends that metaphor, fiction, emotion, and exemplification often advance understanding in science as well as in art. The range of epistemology is broader and more variegated than is usually recognized. Tenable systems of thought are neither absolute nor arbitrary. Although they afford no guarantees, they are good in the way of belief. (shrink)

"I have noticed, increasingly, that people after the age of 65 or thereabouts begin to experience the fear of death in a very palpable way. While in their childhood and youth they had viewed death as happening only to grandparents, while in middle age they could still afford to relegate death to remote corners of their consciousness where it could not intrude upon the pleasures of living, the advent of old age after 65 brings to them a deeply disturbing sense (...) of mortality." So begins An Equal Joy, a collection of essays in which award-winning author Catherine Lim undertakes a bold and intense exploration into the fear of death, the nature of religion and the question of who we are. Drawing on her own experiences and myraid influences--from the Taoist "Sky God" of her childhood and the Christian God Jesus of her adulthood to scientist Pascal and philosopher Socrates; from intimate conversations with close friends to the imagined world of fictional characters--Lim reflects on the beauty of both the natural world and the world of faith. As Lim writes, "Truth, Goodness and Beauty. For me, they form the goals of a perfect life." In sharing her insights, Lim not only provokes us to reflect on the meaning of life but also encourages us to live as meaningful a life as possible. (shrink)

A leading philosopher shows that if the pursuit of happiness is the question, Epicureanism is the answer Epicureanism has a reputation problem, bringing to mind gluttons with gout or an admonition to eat, drink, and be merry. In How to Be an Epicurean, philosopher Catherine Wilson shows that Epicureanism isn't an excuse for having a good time: it's a means to live a good life. Although modern conveniences and scientific progress have significantly improved our quality of life, many of (...) the problems faced by ancient Greeks -- love, money, family, politics -- remain with us in new forms. To overcome these obstacles, the Epicureans adopted a philosophy that promoted reason, respect for the natural world, and reverence for our fellow humans. By applying this ancient wisdom to a range of modern problems, from self-care routines and romantic entanglements to issues of public policy and social justice, Wilson shows us how we can all fill our lives with purpose and pleasure. (shrink)

The nursing profession has a responsibility to ensure that nursing goals and perspectives as these have developed over time remain the focus of its work. Explored in this paper is the potential problem for the nursing profession of recognizing both the promises and pitfalls of informational technologies so as to use them wisely in behalf of ethical patient care. We make a normative claim that maintaining a critical stance toward the use of informational technologies in practice and in influencing the (...) thought patterns of the younger generations of nurses is a moral imperative of the discipline, because without this practice can become subverted from professional goals in various ways. We use a synthesized concept we call “intentional authenticity” derived from the writing of Heidegger and Feminist care ethics to provide a foundation for the development of nurses who understand the importance of the nurse‐patient relationship and how the unthoughtful use of informational and other technologies can militate against effective or good nursing care. (shrink)

Edward Craig and Michael Hannon agree that the function of knowledge is to enable us to identify informants whose word we can safely take. This requires that knowers display a publicly recognizable mark. Although this might suffice for information transfer, I argue that the position that emerges promotes testimonial injustice, since the mark of a good informant need not be shared by all who are privy to the facts we seek. I suggest a way the problem might be alleviated.

Smoking is frequently presented as being particularly problematic when the smoker is a pregnant woman because of the potential harm to the future child. This premise is used to justify targeting pregnant women with a unique approach to smoking cessation including policies such as the routine testing of all pregnant women for carbon monoxide at every antenatal appointment. This paper examines the evidence that such policies are justified by the aim of harm prevention and argues that targeting pregnant women in (...) this way is likely to do more harm than good. Routine carbon monoxide testing is particularly problematic as it sends a message to pregnant women that they cannot be trusted either to truthfully answer questions as to whether or not they smoke, or to make decisions in the best interests of themselves and their future children in the way that non-pregnant individuals are. Further, if the aim is to reduce rates of prenatal harm, the evidence suggests that adopting a supportive and empowering approach to prenatal care is the most effective way to achieve this, something that the current policies aimed at pregnant women are in conflict with. (shrink)

Smoking is frequently presented as being particularly problematic when the smoker is a pregnant woman because of the potential harm to the future child. This premise is used to justify targeting pregnant women with a unique approach to smoking cessation including policies such as the routine testing of all pregnant women for carbon monoxide at every antenatal appointment. This paper examines the evidence that such policies are justified by the aim of harm prevention and argues that targeting pregnant women in (...) this way is likely to do more harm than good. Routine carbon monoxide testing is particularly problematic as it sends a message to pregnant women that they cannot be trusted either to truthfully answer questions as to whether or not they smoke, or to make decisions in the best interests of themselves and their future children in the way that non-pregnant individuals are. Further, if the aim is to reduce rates of prenatal harm, the evidence suggests that adopting a supportive and empowering approach to prenatal care is the most effective way to achieve this, something that the current policies aimed at pregnant women are in conflict with. (shrink)

At Republic 370c–372d, Plato presents us with an early polis that is self-sufficient, peaceful, cooperative, and which provides a comfortable life for its inhabitants. While Glaucon derides this polis as a ‘city for pigs’, Socrates is quick to defend its virtues characterizing it as a city which is not only ‘complete’, but a ‘true’ and ‘healthy’ city. Is Plato sincere when he lauds the city of pigs? if so, why does the city of pigs degenerate so precipitously into the luxurious (...) city? Some commentators have been unable to find any place for the ‘city of pigs’ in the substantive argument of the Republic. Other commentators have supposed that the source of instability in the city of pigs is the nature of human desire. I argue that these interpretations miss what is most deeply interesting about the city of pigs. On my reading, the city of pigs is healthy and true in that it is a unified community. However, this unity depends on good fortune, is highly contingent, and thus unstable. (shrink)

Talents often play a significant role in our personal and social lives. For example, our talents may shape the choices we make and the goods that we value, making them central to the creation of a meaningful life. Differences in the level of talents also affect how social institutions are structured, and how social goods and resources are distributed. Despite their normative importance, it is surprising that talents have not yet received substantial philosophical analysis in their own right. As a (...) result, the current literature is rife with conceptual ambiguity: a talent is referred to as all of a skill, potential, ability, capacity, endowment, and a natural gift. In response to this confusion, in this paper I develop an account of what a talent is, based on the debate concerning the metaphysics of ability and dispositions. I argue for a position that I call ‘talent dispositionalism’: S has a talent for skill A in circumstances C iff S has the general disposition to excellently develop and maintain A when, in circumstances C, she tries to excellently develop and maintain A. On this account, a talent is not the skill itself, but a general iterated ability for the excellent development and up-keep of a particular skill, constituted by an agent’s dispositional properties. I defend the account against four objections usually levelled against traditional dispositionalist theories of ability, and highlight some ways the account may influence debates in other areas of philosophical inquiry. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Why Socrates and Thrasymachus Become FriendsCatherine ZuckertIn the Platonic dialogues Socrates is shown talking to two, and only two, famous teachers of rhetoric, Thrasymachus of Chalcedon and Gorgias of Leontini.1 At first glance relations between Socrates and Gorgias appear to be much more courteous—they might even be described as cordial—than relations between Socrates and Thrasymachus. In the Gorgias Socrates explicitly and intentionally seeks an opportunity to talk to Gorgias (...) and treats him with great respect. Socrates shows that Gorgias’s claims concerning the power of his art are contradictory, but the philosopher does not press his advantage or embarrass the rhetorician (Stauffer 2006, 34). Although Gorgias indicates his interest in hearing what Socrates has to say by urging his young friends Polus and Callicles to continue the conversation, Gorgias never says that he is convinced by Socrates. And Socrates never announces that Gorgias has become his friend.2In the Republic Socrates reports that Thrasymachus burst into the conversation like a lion. Socrates even claims that he and his interlocutor (Polemarchus) were frightened. The initial exchange between Socrates and Thrasymachus thus appears to be hostile. In the argument that follows, Socrates embarrasses Thrasymachus; the famous teacher of rhetoric blushes. Nevertheless, Socrates declares later in the conversation (1900, 498d) that he and Thrasymachus have become friends.3 [End Page 163]The difference in the relations Socrates had—or at least thought that he could have—with the two teachers of rhetoric is important, because it indicates what sort of rhetoric Socrates thought was compatible not only with his philosophy but also with a just political order and what was not. The differences between the claims and arguments of the two teachers of rhetoric are not easy to pinpoint, however. Many of the charges that Gorgias’s associates Polus and Callicles make against Socrates, at least partly in defense of Gorgias, sound very much like charges Thrasymachus makes against Socrates. In order to discover the grounds of the difference in the relation between the philosopher and the two teachers of rhetoric, it thus becomes necessary to review and compare the claims Gorgias and his students make with those Thrasymachus levels against Socrates at the beginning of the Republic.Socrates’ Encounter with GorgiasAt the beginning of the Gorgias the famous rhetorician’s Athenian host Callicles expresses surprise that Socrates has come to hear Gorgias declaim. But Socrates is not interested in witnessing a demonstration of Gorgias’s prowess as a speaker; he wants to ask the rhetorician what the power of his art is and what he teaches. Since Gorgias had previously offered to answer any questions after his speech, he agrees to respond to Socrates’ queries.In order for them to converse, Socrates emphasizes, Gorgias will have to keep his responses short. Although Gorgias sensibly observes that all questions cannot be answered adequately with brief replies, his first responses to Socrates’ questions are very short. Since Gorgias claims to be a knower and practitioner of an art, Socrates asks what he does and makes others capable of doing. Gorgias replies that he gives speeches and teaches others how to orate. Socrates asks what the speeches are about. “The greatest of human affairs, and the best” (1998, 451d), Gorgias vaguely and rather evasively responds. Pressed to be more specific, he finally declares that his art provides “the greatest good and cause both of freedom for human beings themselves and rule over others in each man’s own city” by enabling them to make speeches that “persuade judges in the law court, councilors in the council, assemblymen in the assembly, and in every other... political gathering” (1998, 452d–e, translation slightly modified).The Grounds of Gorgias’s ClaimsIf Gorgias had not been restricted to brief replies by his agreement with Socrates, he might have explained the reasons for his vast claims with [End Page 164] arguments like those to be found in two of his remaining fragments. In his “Encomium to Helen” he explains the overwhelming power of speech, and in “On the Nonexistent” he demonstrates the reason or basis of this power by arguing that there is no form of “being” that exists independent of our... (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Why Socrates and Thrasymachus Become FriendsCatherine ZuckertIn the Platonic dialogues Socrates is shown talking to two, and only two, famous teachers of rhetoric, Thrasymachus of Chalcedon and Gorgias of Leontini.1 At first glance relations between Socrates and Gorgias appear to be much more courteous—they might even be described as cordial—than relations between Socrates and Thrasymachus. In the Gorgias Socrates explicitly and intentionally seeks an opportunity to talk to Gorgias (...) and treats him with great respect. Socrates shows that Gorgias’s claims concerning the power of his art are contradictory, but the philosopher does not press his advantage or embarrass the rhetorician (Stauffer 2006, 34). Although Gorgias indicates his interest in hearing what Socrates has to say by urging his young friends Polus and Callicles to continue the conversation, Gorgias never says that he is convinced by Socrates. And Socrates never announces that Gorgias has become his friend.2In the Republic Socrates reports that Thrasymachus burst into the conversation like a lion. Socrates even claims that he and his interlocutor (Polemarchus) were frightened. The initial exchange between Socrates and Thrasymachus thus appears to be hostile. In the argument that follows, Socrates embarrasses Thrasymachus; the famous teacher of rhetoric blushes. Nevertheless, Socrates declares later in the conversation (1900, 498d) that he and Thrasymachus have become friends.3 [End Page 163]The difference in the relations Socrates had—or at least thought that he could have—with the two teachers of rhetoric is important, because it indicates what sort of rhetoric Socrates thought was compatible not only with his philosophy but also with a just political order and what was not. The differences between the claims and arguments of the two teachers of rhetoric are not easy to pinpoint, however. Many of the charges that Gorgias’s associates Polus and Callicles make against Socrates, at least partly in defense of Gorgias, sound very much like charges Thrasymachus makes against Socrates. In order to discover the grounds of the difference in the relation between the philosopher and the two teachers of rhetoric, it thus becomes necessary to review and compare the claims Gorgias and his students make with those Thrasymachus levels against Socrates at the beginning of the Republic.Socrates’ Encounter with GorgiasAt the beginning of the Gorgias the famous rhetorician’s Athenian host Callicles expresses surprise that Socrates has come to hear Gorgias declaim. But Socrates is not interested in witnessing a demonstration of Gorgias’s prowess as a speaker; he wants to ask the rhetorician what the power of his art is and what he teaches. Since Gorgias had previously offered to answer any questions after his speech, he agrees to respond to Socrates’ queries.In order for them to converse, Socrates emphasizes, Gorgias will have to keep his responses short. Although Gorgias sensibly observes that all questions cannot be answered adequately with brief replies, his first responses to Socrates’ questions are very short. Since Gorgias claims to be a knower and practitioner of an art, Socrates asks what he does and makes others capable of doing. Gorgias replies that he gives speeches and teaches others how to orate. Socrates asks what the speeches are about. “The greatest of human affairs, and the best” (1998, 451d), Gorgias vaguely and rather evasively responds. Pressed to be more specific, he finally declares that his art provides “the greatest good and cause both of freedom for human beings themselves and rule over others in each man’s own city” by enabling them to make speeches that “persuade judges in the law court, councilors in the council, assemblymen in the assembly, and in every other... political gathering” (1998, 452d–e, translation slightly modified).The Grounds of Gorgias’s ClaimsIf Gorgias had not been restricted to brief replies by his agreement with Socrates, he might have explained the reasons for his vast claims with [End Page 164] arguments like those to be found in two of his remaining fragments. In his “Encomium to Helen” he explains the overwhelming power of speech, and in “On the Nonexistent” he demonstrates the reason or basis of this power by arguing that there is no form of “being” that exists independent of our... (shrink)

My fundamental argument is that a collective concept of race that presumes that there are, or were at some point in the past, discreet genetic groups that have tracked along continental lines and that those differences are the fundamental basis for our folk and political groupings of white, black, Asian, Native American, and Pacific Islander is a fallacy that will always lead to social inequality. Such an understanding of race currently reverberates through genetic science, but for social and political reasons, (...) and with good intentions. But if we want to move toward a social order that promotes social justice, all of us across the sciences, throughout health policy, and in the wider public will need to reconceptualize race in terms of legacies of discrimination. We will need to shift our focus from molecular differences to social and political differences, especially when we conduct gene‐environment analyses. (shrink)

Is Leo Strauss truly an intellectual forebear of neoconservatism and a powerful force in shaping Bush administration foreign policy? _The Truth about Leo Strauss_ puts this question to rest, revealing for the first time how the popular media came to perpetuate such an oversimplified view of such a complex and wide-ranging philosopher. More important, it corrects our perception of Strauss, providing the best general introduction available to the political thought of this misunderstood figure. Catherine and Michael Zuckert—both former students (...) of Strauss—guide readers here to a nuanced understanding of how Strauss’s political thought fits into his broader philosophy. Challenging the ideas that Strauss was an inflexible conservative who followed in the footsteps of Nietzsche, Heidegger, and Carl Schmitt, the Zuckerts contend that Strauss’s signature idea was the need for a return to the ancients. This idea, they show, stemmed from Strauss’s belief that modern thought, with its relativism and nihilism, undermines healthy politics and even the possibility of real philosophy. Identifying this view as one of Strauss’s three core propositions—America is modern, modernity is bad, and America is good—they conclude that Strauss was a sober defender of liberal democracy, aware of both its strengths and its weaknesses. The Zuckerts finish, appropriately, by examining the varied work of Strauss’s numerous students and followers, revealing the origins—rooted in the tensions within his own thought—oftheir split into opposing camps. Balanced and accessible, _The Truth about Leo Strauss_ is a must-read for anyone who wants to more fully comprehend this enigmatic philosopher and his much-disputed legacy. (shrink)

At Republic 370c-372d, Plato presents us with an early polis that is self-sufficient, peaceful, cooperative, and which provides a comfortable life for its inhabitants. While Glaucon derides this polis as a 'city for pigs', Socrates is quick to defend its virtues characterizing it as a city which is not only 'complete' , but a 'true' and 'healthy' city . Is Plato sincere when he lauds the city of pigs? If so, why does the city of pigs degenerate so precipitously into (...) the luxurious city ? Some commentators have been unable to find any place for the 'city of pigs' in the substantive argument of the Republic. Other commentators have supposed that the source of instability in the city of pigs is the nature of human desire. I argue that these interpretations miss what is most deeply interesting about the city of pigs. On my reading, the city of pigs is healthy and true in that it is a unified community. However, this unity depends on good fortune, is highly contingent, and thus unstable. (shrink)

Virtue ethics now constitutes one of three major approaches to the study of ethics by Anglophone philosophers. Its proponents almost all recognize the source of their approach in Aristotle, but relatively few of them confront the problem that source poses for contemporary ethicists. According to Aristotle, ethikê belongs and is subordinate to politikê. But in the liberal democracies within which most Anglophone ethicists write, political authorities are not supposed to legislate morality; they are supposed merely to establish the conditions necessary (...) for individuals to choose their own life paths. Contemporary ethicists who have addressed this question have proposed three very different answers to the question of how virtue ethics ought to be related to politics in modern nation-states. Martha Nussbaum seeks to provide all human beings with the capacities—intellectual and moral as well as material—they need to choose the best way of life. Arguing that the modern nation-state is incapable of providing its citizens with the education they need to live a good life, Alasdair MacIntyre looks to smaller, tradition-based communities. Because political action is coercive and truly ethical action is voluntary, Douglas den Uyl and Douglas Rasmussen insist, ethics and politics should be strictly separated. This article examines each of these attempts to revive an Aristotelian understanding of ethics, bringing out the advantages and problems involved. (shrink)

Human beings are epistemically interdependent. Much of what we know and much of what we need to know we glean from others. Being a gregarious bunch, we are prone to venturing opinions whether they are warranted or not. This makes information transfer a tricky business. What we want from others is not just information, but reliable information. When we seek information, we are in the position of enquirers not examiners. We ask someone whether p because we do not ourselves already (...) know whether p. So we cannot check our informant’s bona fides by seeing whether she is speaking the truth about p. We need grounds for trust. In What’s the Point of Knowledge? Michael Hannon maintains that this is the predicament that underlies the concept of knowledge. The we here is comprehensive. Evidently, every language has a word for knowledge. This, Hannon suggests, indicates that the concept of knowledge satisfies a universal human need. A goal, if not the goal, of epistemology is to identify that need and ascertain how it is satisfied. Following Craig, Hannon argues that the point of knowledge is to enable us to identify good – that is, suitably reliable – informants. Let us call this the information transfer view. (shrink)

_Using the thought of Christian thinker Thomas Aquinas and Neo-Confucian Zhu Xi, explores how to exercise and limit authority._.

Plato's discussion of women in the Republic is problematic. For one, arguments in Book V which purport to establish that women should guard and rule alongside men do not deliver the advertised conclusion. In addition, Plato asserts that women are "weaker in all pursuits" than men. Given this assumption, having women guard and rule seems inimical to the health, security, and goodness of the kallipolis. I argue that we best understand the inclusion of women by seeing how women's inclusion contributes (...) to the civic unity of the kallipolis. I further argue that Plato's Laws reveals that (a) women will become more virtuous by doing similar jobs to men; and (b) women will be given lesser responsibilities than men in any polis approximating justice. (shrink)

The concept of ‘information’ is central to our understanding of financial markets, both in theory and in practice. Analysing information is not only a critical part of the activities of many financial practitioners, but also plays a central role in the Efficient Market Hypothesis (EMH). The central claim of this paper is that different data can count as information in fi-nancial markets and that particular investors do not consider all of the available data. This suggests that firstly, saying the price (...) of a stock should be $X once a particular piece of information has been incorporated in the price is only justifiable if we know that this information really is relevant for other investors. Sec-ondly, the EMH is often tested by looking at market behaviour after the release of information; again, this is only justified if we know that other market participants share the view that this is information. The purpose of this chapter is to suggest that there are good reasons for thinking that we do not know this. Finally, this chapter also suggests that bubbles in financial markets are best understood in terms of salience of information, rather than irrationality. (shrink)

Students of Stoic philosophy, especially of Stoic ethics, have a lot to swallow. Virtues and emotions are bodies; virtue is the only good, and constitutes happiness, while vice is the only evil; emotions are judgements ; all sins are equal; and everyone bar the sage is mad, bad and dangerous to know. Non-Stoics in antiquity seem for the most part to find these doctrines as bizarre as we do. Their own philosophical or ideological perspectives, and the criticisms of the Stoa (...) to which these gave rise, are no less open to criticism than are the paradoxes and puzzles under attack – but they may be, often are, better documented, less provocatively attention-begging, or simply more familiar. Even disputes within the Stoa can be obscured or distorted by modern prejudices. Posidonius rejected Chrysippus' theory of a unitary soul, one rational through and through, on the grounds that such a theory could not satisfactorily account for the genesis of bad – excessive and irrational – emotions, the πάθη. Posidonius' own Platonising, tripartite soul feels more familiar to us because the Republic tends to be a set text rather more often than do the fragments of Chrysippus' de anima; and the balance in Plato's favour is unlikely to change. When Posidonius wrote, on the other hand, the Chrysippean soul was school orthodoxy, and Platonism the latest thing in radical chic. (shrink)

Peter Geach claims in Good and Evil that there can never be “just good or bad, there is only being a good or bad so-and-so” and thereby denies that goodness can ever be used in a non-relative sense. Although his rejection of absolute goodness might initially seem to be a startling and mistaken departure from the Thomistic understanding, I argue that an examination of Thomas’s texts reveal a strong agreement between them, one grounded in a common rejection of univocal goodness. (...) For both, “good” is relative to the nature of a being. To defend the relativity of goodness, I consider two objections: first, that relativizing goodness leads to subjectivism. Second, that divine goodness is absolute and non-relative. In answering these objections, I show that in both Thomas’s medieval and Geach’s modern accounts “good” is an analogical perfection relative to a nature. In this way, then, goodness is objectively relative. (shrink)

Peter Geach claims in Good and Evil that there can never be “just good or bad, there is only being a good or bad so-and-so” and thereby denies that goodness can ever be used in a non-relative sense. Although his rejection of absolute goodness might initially seem to be a startling and mistaken departure from the Thomistic understanding, I argue that an examination of Thomas’s texts reveal a strong agreement between them, one grounded in a common rejection of univocal goodness. (...) For both, “good” is relative to the nature of a being. To defend the relativity of goodness, I consider two objections: first, that relativizing goodness leads to subjectivism. Second, that divine goodness is absolute and non-relative. In answering these objections, I show that in both Thomas’s medieval and Geach’s modern accounts “good” is an analogical perfection relative to a nature. In this way, then, goodness is objectively relative. (shrink)

Natural philosophers seem to have good reasons to prefer that the kallipolis, the maximally just community of the Republic, is never realized. If such a community is realized, philosophers are under the obligation of a just demand that they govern. However, a life that contains governance as a significant part is not the happiest life a philosopher can live. The happiest life for a philosopher is one consisting entirely or largely in philosophical contemplation. I confront this puzzle by arguing that (...) natural philosophers gain benefits in the kallipolis that are not available to them in other communities, primarily opportunities for correction and punishment. While other communities may offer philosophers more opportunities for philosophical contemplation, these communities do not provide a reliable mechanism for counteracting potentially dangerous moral blindness. In contrast to other communities, the kallipolis institutionalizes and reliably replicates the structures necessary for counteracting moral blindness. (shrink)

Understanding, as I construe it, is holistic. It is a matter of how commitments mesh to form a mutually supportive, independently supported system of thought. It is advanced by bootstrapping. We start with what we think we know and build from there. This makes education continuous with what goes on at the cutting edge of inquiry. Methods, standards, categories and stances are as important as facts. So something like E. D. Hirsch’s list of facts every fourth grader should know is (...) slightly silly. What makes for a good fourth grade education is not the set of facts the fourth grader knows, but the level of understanding she has achieved and the resources she can deploy to advance that understanding. Facts are part of the story, but so are fictions, methods, standards, and categories. A major part of understanding is recognizing what problems remain to be solved. (shrink)

Students of Stoic philosophy, especially of Stoic ethics, have a lot to swallow. Virtues and emotions are bodies; virtue is the only good, and constitutes happiness, while vice is the only evil; emotions are judgements ; all sins are equal; and everyone bar the sage is mad, bad and dangerous to know. Non-Stoics in antiquity seem for the most part to find these doctrines as bizarre as we do. Their own philosophical or ideological perspectives, and the criticisms of the Stoa (...) to which these gave rise, are no less open to criticism than are the paradoxes and puzzles under attack – but they may be, often are, better documented, less provocatively attention-begging, or simply more familiar. Even disputes within the Stoa can be obscured or distorted by modern prejudices. Posidonius rejected Chrysippus' theory of a unitary soul, one rational through and through, on the grounds that such a theory could not satisfactorily account for the genesis of bad – excessive and irrational – emotions, the πάθη . Posidonius' own Platonising, tripartite soul feels more familiar to us because the Republic tends to be a set text rather more often than do the fragments of Chrysippus' de anima; and the balance in Plato's favour is unlikely to change. When Posidonius wrote, on the other hand, the Chrysippean soul was school orthodoxy, and Platonism the latest thing in radical chic. (shrink)

Public values failure occurs when the market and the public sector fail to provide goods and services required to achieve the core values of society such as equity (Bozeman 2007). That public policy for emerging health technologies should address intrinsic societal values such as equity is not a novel concept. However, the ways that the public values discourse of stakeholders is structured is less clear and rarely studied through the lens of public interests. This is especially true in the health (...) sciences discourse. Using the public value mapping (PVM) model I present a case study of the intrinsic value of equity in nanomedicine for cancer and the imperatives for translational research, an instrumental value to achieve equity. After reviewing and coding nearly 700 value statements from several hundred public documents, I find that that the discourse on values varies between documents that address basic research and documents that address the application of the knowledge produced in basic research, with some especially notable disconnections. This paper demonstrates the importance of further refinement of methods for testing the PVM framework if the societal goal is to improve consistency of the public value discussion by those involved in developing and applying new technologies. The paper also demonstrates the value of a PVM approach for complex science policy analysis, especially for emerging technologies like nanomedicine. (shrink)

Kant held that human beings are competitive and not very good at living together in harmony. He also held that the principle of one’s own happiness is the central opponent of the principle of morality. According to Allen Wood, these claims are related: the competitive tendencies Kant attributes to human nature reveal, according to Wood, that the very shape of our human idea of happiness is derived from a deep-seated arrogance, incompatible with morality. I argue, by contrast, that although Kant’s (...) discussion of human nature reveals that human happiness is complicated by interpersonal comparisons and tensions, these are not immoral and require no claims of innate human arrogance for their explanation. Consequently, these aspects of human nature are not themselves the reason that Kant considers our desire for happiness to be in conflict with our morality. (shrink)

The financial crisis has led to calls for increased regulation of the financial sector. In many respects this is uncontroversial because increased regulation should promote the behaviours we want to see, while limiting the behaviours we do not. This article takes issue with the idea that regulation, and guidelines, promote ethical behaviour in the way that we want them to. Firstly, judgement is often required to implement guidelines and regulations, which allows room for unethical behaviour. Secondly, we want financial professionals (...) to behave ethically even when there are significant incentives not to; so, verifying compliance with regulations and guidelines when such incentives are absent isn’t a good gauge of the ethical status of financial professionals. -/- The example of the valuation of the assets (Net Asset Value) of hedge funds illustrates these issues well. There are many rules governing how NAVs should be calculated, and while we can verify that a fund is abiding by the rules, the ability to manipulate the NAV remains. Furthermore, the incentive to do so is often only present during a crisis (usually to understate losses). Therefore, verifying compliance during ‘normal’ times is of little help in judging whether a manager will behave ethically when we most need him to. I first argue that the gap between compliance with regulations and ethical behaviour is best filled by the adoption of a virtue ethics approach, as discussed by Spalding & Oddo (2011), and Graafland & van de Ven (2011). I then discuss the implications of adopting such an approach for the financial industry’s codes of conduct, such as the CFA Institute’s ‘Code of Ethics and Standards of Professional Conduct’. Adopting a virtue ethics perspective would require a significant change in the emphasis of such codes. (shrink)

Menu labelling is a public health policy intervention that applies principles of nutrition labelling to the eating out environment. While menu labelling has received a good deal of attention with regard to its effectiveness in shaping food choices for obesity prevention, its premises have not yet been fully explored in terms of its broader applications to social equity and population health. In the following case, we focus on the example of menu labelling within the context of food policy at the (...) local level, a fruitful substantive area of consideration for public health ethics. (shrink)

This work of intellectual and cultural history seeks to understand the recurring connection of teaching with contradiction in some major texts of the European Middle Ages. It moves comfortably between patristic and monastic exegesis, the Paris schools of the twelfth and thirteenth centuries, and late medieval Spain; between Latin and vernacular, between religious and secular. It assimilates the methodologies of religious and erotic texts, thereby displaying the investment of each in the sensuality and analytical power of language. The book begins (...) by exploring Christian exegesis, in which biblical contradiction is the textual incarnation of a Truth that is at once and paradoxically singular and multiple. Exegesis teaches us of the possibility of maintaining the truth in one biblical proposition and, equally and simultaneously, in its apparent opposite. Under the aegis of dialectic and the Aristotelian rule of non-contradiction, however, we are next taught to read either/or, and to resolve contradiction not through suspension and multiplicity, as in exegesis, but rather through a judgment that favors either one proposition or the other. The writers studied here are John of Salisbury, whose Metalogicon is an ostensibly moderating critique of the intellectual extremism of the School of Paris logicians, and Peter Abelard, in whose life and writing the forces of contradiction work with maiming and illuminating violence. The book then considers the teaching-textuality of two great secular works of the Middle Ages, formed under the double instruction of the master disciplines of monastic exegesis and dialectic and under the tutelage of Ovid. Calling simultaneously on the both-and of exegesis and the either/or of dialectic, the teaching of these two texts is both biblical and worldly—impossibly, both at once, always in motion. The De Amore of Andreas Capellanus teaches two opposite propositions and commands that either one or the other must be chosen, yet in practice shows each proposition to be deeply embedded in the other. The concluding chapter turns from the Latin to the vernacular tradition to study one of the lesser-known examples of contradictory teaching, the fourteenth-century Libro de Buen Amor of Juan Ruiz, whose titular "good love" conflates the contrary things of spiritual and carnal love, while reminding readers that the difference between the two is urgently consequential. (shrink)

Things do not begin to live except in the middle.--Gilles Deleuze, DialoguesA Land of UnlikenessThe English novel The Go-Between begins a tale of memory and loss with two sentences a historian could love: "The past is a foreign country. They do things differently there." The novel's narrator should know: he is a librarian, someone who, as the memory ghost of his twelve-year-old self will remind him, spends his days cataloguing the relics of the book-past. And many who now live with (...) the past for a living might nod in recognition: the metaphor slips on comfortably, like a well-worn shoe. The past can feel like a place as much as it does a time -- a foreign place, outside the doors of the familiar, beyond the gate and the gatekeepers of the now.Especially beyond the pale is the Middle Ages, definitional whipping boy for generations of citizens of the present who have needed an "all-purpose alternative" against which to define themselves. The difference of medieval doing is embedded already in the names we still give the time: the "Middle Ages" makes parenthetical death of the interval between Classical life and its humanist "rebirth." "Premodern" gives life only in anticipation of the modern, directing the period toward a telos of recognizability in the now that the premodern, as such, will always fail to satisfy.The Middle Ages were invented to be a foreign country. The indigenous peoples are dead, and they didn't even know they were medieval -- they thought they were living in modern times. They thought it was now: "There is no other age than ours," Raymond de l'Aire of Tignac told the inquisitors nosing for heresy in his town around 1320.But this is "now," and there are elements about the "Middle Ages" that feel foreign -- foreign in this modern, postmodern, or maybe even post-postmodern land we still call "now." Everyone who has ever read a medieval book cold or taught one to cold undergraduates has felt this foreignness intimately in his or her suddenly awkward flesh. All those quotations, all that Catholicism, all those arguments and counterarguments; not to mention those old words, weird verb forms, erratic spelling, and all that damn Latin.There's no question that the Middle Ages is an other, perhaps even a foreign place, someplace, as the etymology indicates, beyond our own doors . What are we doing when we go there? What happens to "here" and "there" when we go? The question isn't whether medieval people did things differently than we do now; the question is what we as putative nonmedievals are going to do with the difference. What stories do we tell ourselves about it? What do they do to and for us?When medievalists talk about medieval otherness, it can feel like a slap in the face; it can feel like a come-on; it can of course be both at once. Take, for example, Paul Zumthor's monumental Essai de poétique médiévale. Published in 1972, the Essai set medieval poetry in dialogue with what was then high literary theory. The dialogue made the foreignness of medieval poetry accessible to a mid-1980s graduate student like me; it taught me that medieval texts could be active participants in the theoretical discussions I was learning to have with friends, professors, and texts. Returning to the Essai now with the theory-midwifed births of "New Philology" and "New Medievalism" in the past, I was surprised to find that this text that I thought bridged temporal gaps begins by blowing up more bridges than it builds. "We are cut off from the Middle Ages by a divide that we should not attempt to ignore, but that we should rather see as an impassible abyss," Zumthor announces in his second paragraph. Why, then, even write the book, students I once read this with wanted to know, and it's a good question.. (shrink)

I argue that we have good textual reason to read Kant’s notion of “self-conceit,” and his theory of immorality more generally as being founded on the claim that we have the tendency to think that our ability to achieve happiness is our most valuable feature. I explain how this is not the same as the claim that we are arrogant or think we are better than others. Self-conceit (and the standard of assessment it implies) can lead to the opinion that (...) one is worth more than others, when life is going well. When life goes badly, however, it leads to the opinion that one is worth less. I explain how this reading of self-conceit also amounts to a better theory of immorality, since we ought not to hold that interpersonal arrogance is at the heart of all immorality. (shrink)

Judith Butler and Catherine Malabou’s recent exchange, ‘You Be My Body for Me: Body, Shape and Plasticity in Hegel’s Phenomenology of Spirit’, is remarkable because in their rereading of Hegel’s famous lord and bondsman parable, rather than focusing on recognition, work, or even desire, Butler and Malabou each wonder about how Hegel contributes to a new way of thinking about ‘having’ a body and how coming to ‘be’ a body necessarily involves a kind of dispossession. Butler and Malabou’s reading (...) of Hegel is congruent with a current shift on the left away from a liberal politics of recognition to a Marxist analytic of dispossession: a move, in other words, away from liberal ‘solutions’ of redistribution – of either goods or recognition – towards thinking through issues of settler colonialism, forced migration and empire. Butler and Malabou’s piece points towards the insight that Hegel’s parable must be thought in terms of the political history of possessive individualism, and so in terms of the history of juridically defined property relations; the history of regarding both the body and the land as property. The ‘two valences’ of dispossession, in other words, refers in fact to a logic of property relations, one between those who ‘have’ property and those who are juridically defined as propertyless. (shrink)

A universal basic income is an unconditional allowance, sufficient to live on, paid in cash to every citizen regardless of income. It has been a Green Party policy for years. But the idea raises many interesting philosophical questions, about fairness, entitlement, desert, stigma and sanctions, the value of unpaid work, the proper ambitions of a good society, and our preconceptions about whether leisure or jobs are the thing we should prize above all for free citizens. Coming from the perspective of (...) ancient philosophy, I consider the answers offered in the ancient world to some of these questions, and how we might learn from rethinking our notions of how to create a good society in which people can be free and realise their creative and intellectual potential. (shrink)

This brief but ambitious book explores our relationship with nature through the imagery we use when we talk about Mother Nature. Employing the critical tools of religious studies, psychology, and gender studies, Catherine M. Roach examines the various manifestations of nature as "mother" and what that idea implies for the way we approach the natural world. Part One, "Nature as Good Mother," discusses the notion that nature is, or is like, a beneficent and nurturing mother who provides and maintains (...) life. In studying the "green" slogan "Love Your Mother," Roach questions the effects—for women and for the environment—of imputing female gender to nature. She asks us to look at the associations that "motherhood" and "mothering" carry within a culture still shaped by patriarchy. She notes the danger of such an apparently pro-environmental slogan if "mother" evokes the bountiful, self-sacrificing provider who herself requires no care. Part Two, "Nature as Bad Mother," looks at the contrary notion of nature as a violent, threatening, and wrathful mother. This image arises most often when humans and technology are depicted as masters of unruly nature. Here Roach draws on theological reflection to analyze this ambivalence toward nature manifested in a fantasy that casts humans as gods. She explores the contributions of eco-theology and eco-psychology to a "heart of darkness" perspective. Finally, Part Three, "Nature as Hurt Mother," looks at possibilities and pitfalls of environmental healing inherent in the image of nature as a mother we have wounded and now seek to heal. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Rhetorical Circulation in Late CapitalismNeoliberalism and the Overdetermination of Affective EnergyCatherine ChaputIn the world we have known since the nineteenth century, a series of governmental rationalities overlap, lean on each other, challenge each other, and struggle with each other: art of government according to truth, art of government according to the rationality of the sovereign state, and art of government according to the rationality of economic agents, and more (...) generally, according to the rationality of the governed themselves. And it is all these different arts of government, all these different types of ways of calculating, rationalizing, and regulating the art of government which, overlapping with each other, broadly speaking constitute the object of political debate.Michel Foucault, The Birth of BiopoliticsCritical rhetoricians interested in the power dynamics between rhetoric and capitalism have established for themselves the ambitious task of explaining how multiple, intertwined rationalities govern individual and collective [End Page 1] behavior in relationship to the ever-shifting logics of capitalism. Approaches to this complicated directive frequently envision rhetoric as a mediating force among agentive subjects who act within well-defined political economic landscapes. Wedded to a political-communicative model wherein appropriate rhetorical choices persuade those with authority to distribute disputed political and economic rights, rhetorical theory becomes a sophisticated handbook for discovering topoi and executing decorous statements. This focus, according to Ronald Walter Greene, results in a "permanent anxiety over the meaning and potential of rhetorical agency" that positions rhetoricians as "moral entrepreneurs scolding, correcting, and encouraging the body politic" (2004, 188, 189). Committing themselves to endless debates about correct responses in situated spaces, rhetorical theories that underscore agency lose site of the world in flux and of our participation in that world's unpredictable unfoldings. Alternatively, Greene suggests rethinking rhetorical theory through a materialist-communicative model wherein the immaterial labor of communication produces value. Conceptualizing discursive practices as a form of labor rather than a form of political signification sidesteps anxiety about well-chosen language and emphasizes the life-affirming activity involved in deciphering issues, inventing paths through those issues, and communicating new ideas to others. In short, Greene's materialist model challenges critical rhetoricians to end their perennial search for a discursive key to the storehouse of political economic goods (a practice propelled by liberal democratic hopes) so that they can begin to invent analyses and modes of production better suited to the contours of contemporary neoliberalism.Unlike liberalism's clearly assigned spaces for public life and private life or work time and leisure time, neoliberal spaces bear few obvious markers. The neoliberal landscape consists of blurred boundaries that fold into one another: information flows almost instantaneously, commodities and people transgress national boundaries, time accelerates, space collapses, and distinctions between such classic demarcations as agent and subject or politics and economics erode. Facilitated by dramatic changes in our sociopolitical boundaries, economic neoliberalism, what James Arnt Aune calls "economic correctness" (2001), reigns throughout vast uneven terrains opened up from the imploded borders of our liberal world. While economics does indeed rule the neoliberal landscape, it does not do so according to uncompromising rationalism. Political and cultural practices flowing into the previously segregated spaces of economics enable market rule through logics that operate entirely outside the rational-irrational divide. Economic neoliberalism moves from situation to situation, disregarding spatial boundaries between the political, economic, [End Page 2] and cultural realms as well as their attendant modes of persuasion, wearing away at the rhetorical linkages between appropriate discursive choices and agentive power.Regardless of the particularities of neoliberalism's spaces, structures, and governing practices, many rhetoricians continue to mediate among different worldviews based on outmoded liberal gauges. Some rhetorical theorists, for instance, maintain that the problematics of neoliberalism result from an imbalance between reason and passion. Even though the most ardent supporters of neoliberal practices hold firmly to a belief in its scientific rationality, rhetorical theorists often argue that passion overpowers reason in neoliberal discourse. The rhetorical form that sustains this disequilibrium is, according to Bradford Vivian, neoliberal epideictic. Based on an impassioned identification, epideictic texts "unite an otherwise fractured citizenry in a dynamic affective experience" (Vivian 2006, 15). Epideictic rhetoric functions didactically to unite the public... (shrink)

There are several good reasons for the UK Department of Health to recommend the appraisal of bevacizumab for the treatment of eye conditions by the National Institute for Health and Clinical Excellence. These reasons will extend to other drugs when similar situations arise in the future.

Medical and Taoist sources written or compiled during the Han dynasty provide the first accounts, reflections, and theories on the self, on disease, and on the relationships between humans and the world in which they live. This chapter focuses on this particular period of time which, in fact, lays important foundations for Chinese society and culture. Relying mainly on medical and Taoist sources, it firstly sheds light on how the self was thought of and represented at this time and examines (...) how the links between human beings and their environment were conceived of. It then focuses on what, for humans and in the environment, were thought of as potential threats to health and how the image of an ideal landscape was thus constructed, that is, a landscape into which humans could fit perfectly and live healthy lives. Finally, we analyze how this ideal landscape was supposed to work to preserve good health in humans. (shrink)

This dissertation is designed to discuss central issues raised by two of the evolutionary behavioral sciences, sociobiology and evolutionary psychology. Both sciences purport to be able to explain the origins of human behavioral and cognitive adaptations respectively and give us some insight into "human nature." My purpose is to go some way towards determining how well these two sciences do as means of determining human evolutionary origins, both by examining some of the central issues that they face, and by examining (...) several case studies in which their methods have been applied to specific human behaviors. ;Sociobiology in particular has had a bad reputation, at least in part because s few of its proponents have used the project as a forum for pushing conservative social values. It has attracted a lot of criticism: in particular for being unwarrantedly adaptationist, and for addressing its explanations at behavior, rather than at psychology. Evolutionary psychology, on the other hand, has been better received; there is some belief that it is a more appropriate, less "behaviorist" project than sociobiology. I spend the first part of the dissertation examining some of these criticisms; however, I believe the charge adaptationism to be founded on the practices of individuals rather than being a central commitment of the project; I also conclude that the claim that behaviors cannot be adaptations to be unfounded. Furthermore, far from being a better project than sociobiology, I conclude that evolutionary psychology relies on a flawed central commitment to universal domain-specificity to establish its psychological conclusions, and its models rely on an unanalyzed notion of good design. ;In the second part of the dissertation I evaluate three well known and controversial studies that use sociobiological or evolutionary psychological methods to try to account for some bard to understand elements of human behavior: namely infanticide, art and altruism, and rape. Although the quality of this work is rather mixed, I conclude there is reason to think that natural selection is implicated to some degree in the origins of some of these behaviors. (shrink)

de Bruin et al. (The Stanford Encyclopedia of Philosophy, Stanford University, Stanford, 2018) write that it is a philosophically interesting question “whether there is such a thing as an 'intrinsic' value of financial assets” noting that the calculation of any intrinsic price will depend, in part, on subjective elements. McCauley suggest that there are at least five different notions of the ‘true value’ of an asset in finance theory, and argues, consistent with de Bruin et al. that in many cases (...) the calculation of such values “makes impossible information demands on our knowledge of future dividends and returns”. This paper explores some of the subjective elements involved in calculating the intrinsic value of an asset, and their implications for the Law of One Price. The Law of One Price states that investors should not pay different prices for the same investment. Consequently, the existence, and persistence, of arbitrage opportunities is often attributed to investor irrationality. However, if subjectivity is involved in the calculation of intrinsic value then two investors can, rationally, disagree about the value of a security. This implies that arbitrage opportunities may not always be instances of irrationality, or genuine mispricing, but reflect different investors perceptions of the security. In economics, value is taken to be subjective, and Postigo describes how goods have value because of the role they play in the satisfaction of our needs. By applying this to finance, this paper will argue that a security can play a number of roles in a portfolio, depending on an investor's strategy. Given these different roles, different investors will be working with different data in their assessment of intrinsic value. In order to establish that an arbitrage opportunity exists it is therefore necessary to understand what information is relevant to pricing the investment in different locations, or markets. It may, in fact, be the case that the same security can trade at different prices because different investors do not see it as the ‘same thing’ at all. This analysis can also be used to throw doubt on the emphasis that fundamental analysis receives in discussions of rationality. (shrink)

de Bruin et al. The Stanford encyclopedia of philosophy, Stanford University, Stanford, 2018) write that it is a philosophically interesting question “whether there is such a thing as an “intrinsic” value of financial assets” noting that the calculation of any intrinsic price will depend, in part, on subjective elements. McCauley suggest that there are at least five different notions of the ‘true value’ of an asset in finance theory, and argues, consistent with de Bruin et al. that in many cases (...) the calculation of such values “makes impossible information demands on our knowledge of future dividends and returns”. This paper explores some of the subjective elements involved in calculating the intrinsic value of an asset, and their implications for the Law of One Price. The Law of One Price states that investors should not pay different prices for the same investment. Consequently, the existence, and persistence, of arbitrage opportunities is often attributed to investor irrationality. However, if subjectivity is involved in the calculation of intrinsic value then two investors can, rationally, disagree about the value of a security. This implies that arbitrage opportunities may not always be instances of irrationality, or genuine mispricing, but reflect different investor’s perceptions of the security. In economics, value is taken to be subjective, and Postigo describes how goods have value because of the role they play in the satisfaction of our needs. By applying this to finance, this paper will argue that a security can play a number of roles in a portfolio, depending on an investors’ strategy. Given these different roles, different investors will be working with different data in their assessment of intrinsic value. In order to establish that an arbitrage opportunity exists it is therefore necessary to understand what information is relevant to pricing the investment in different locations, or markets. It may, in fact, be the case that the same security can trade at different prices because different investors do not see it as the ‘same thing’ at all. This analysis can also be used to throw doubt on the emphasis that fundamental analysis receives in discussions of rationality. (shrink)