ABSTRACT Economists not only failed to anticipate the financial crisis; they may have contributed to it—with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, (...) assume that any homogeneity will involve economic actors sharing the economist’s own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality. (shrink)

The goal of this article is to provide a slightly different spin on economists' use of the positive-normative distinction by providing some context for its use. The major difference is the following: philosophers and philosophically oriented economists, such as Hilary Putnam and John Davis, see the positive-normative distinction in economics as following from the logical positivist position, and they interpret comments made by economists as reflecting scientific methodological positions that have long since been repudiated by philosophers of science. This article (...) argues that economists' use of the positive-normative distinction developed from the Mill–Keynes methodological tradition, which did not hold logical positivist views. Instead, it had pragmatic purposes and was designed to encourage economists to be more modest in their claims for the implications of economic theory. We conclude by arguing that economist's current use of the positive-normative distinction is problematic, as Davis suggests, but th.. (shrink)

This book, first published in 1989, contains a spirited debate between eminent economists, journalists, and publishers about the spread of economic ideas. Using many of the same ideas as do the rhetorical and sociological philosophical schools, the contributors to this book discuss the spread of economic ideas in readily understandable English. The examination of the flow of ideas among economists and from economists to the public is followed by a discussion of the public policy use and abuse of these concepts. (...) A final section provides insights into the funding of ideas and the incentives to make economics more relevant. The dialogue among the book's contributors provides both the lay reader and the interested professional with fascinating insights into what happens behind the scenes in academia, publishing, and journalism. (shrink)

In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian (...) economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

In the wake of the financial crisis of 2008, many economists have blamed economics for having failed to warn us. Paul Krugman, for example, in a well-known New York Times Magazine article, suggests that Classical economists were blinded by the beauty of mathematics, and that Keynesian economics is the path of the future. This paper argues that the evolution of economic thinking is much more nuanced than Krugman portrays it, and that instead of embracing what has become known as Keynesian (...) economics, macroeconomists should rather re-embrace the broader Classical economic tradition, of which Keynes was an important part. (shrink)

(2013). The systemic failure of economic methodologists. Journal of Economic Methodology: Vol. 20, Methodology, Systemic Risk, and the Economics Profession, pp. 56-68. doi: 10.1080/1350178X.2013.774848.

Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity (...) theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis. (shrink)

Bryan Caplan’s Myth of the Rational Voter overstates its case against democracy by not dealing with what might be called the historical/instrumentalist argument for democracy. The case for democracy that he attacks is primarily an academic exercise, which makes his argument against that case also an academic exercise. The supposed policy choice that Caplan presents between the market and democracy is not the correct choice, and the notion that economists should be given more voting weight in the democratic decision process (...) is normatively inappropriate. (shrink)

This paper considers the debate between economists and philosophers about the role of values in economic analysis by examining the recent debate between Hilary Putnam and Sir Partha Dasgupta. It argues that although there has been a failure to communicate there is much more agreement than it seems. If Dasgupta's work is seen as part of the methodological tradition expounded by John Stuart Mill and John Neville Keynes, economists and philosophers will have a better basis for understanding each other. Unlike (...) the logical-positivist tradition, which treats facts and values as two mutually exclusive concepts, the Mill- Keynes tradition recognizes that facts and values are intertwined. Unlike the Smithian tradition, which blends the study of facts and normative rules, it divides economics into a science that studies "what is" and an art which considers "what ought to be done". (shrink)

Economists not only failed to anticipate the financial crisis; they may have contributed to it—with risk and derivatives models that, through spurious precision and untested theoretical assumptions, encouraged policy makers and market participants to see more stability and risk sharing than was actually present. Moreover, once the crisis occurred, it was met with incomprehension by most economists because of models that, on the one hand, downplay the possibility that economic actors may exhibit highly interactive behavior; and, on the other, assume (...) that any homogeneity will involve economic actors sharing the economist’s own putatively correct model of the economy, so that error can stem only from an exogenous shock. The financial crisis presents both an ethical and an intellectual challenge to economics, and an opportunity to reform its study by grounding it more solidly in reality. (shrink)

_ Convention_ was immediately recognized as a major contribution to the subject and its significance has remained undiminished since its first publication in 1969. Lewis analyzes social conventions as regularities in the resolution of recurring coordination problems-situations characterized by interdependent decision processes in which common interests are at stake. Conventions are contrasted with other kinds of regularity, and conventions governing systems of communication are given special attention.

[This is an edited version of a keynote talk at the conference on Neural Information Processing Systems (NeurIPS) on November 28, 2022, with some minor additions and subtractions.] -/- There has recently been widespread discussion of whether large language models might be sentient or conscious. Should we take this idea seriously? I will break down the strongest reasons for and against. Given mainstream assumptions in the science of consciousness, there are significant obstacles to consciousness in current models: for example, their (...) lack of recurrent processing, a global workspace, and unified agency. At the same time, it is quite possible that these obstacles will be overcome in the next decade or so. I conclude that while it is somewhat unlikely that current large language models are conscious, we should take seriously the possibility that successors to large language models may be conscious in the not-too-distant future. (shrink)

Consciousness and Mind presents David Rosenthal's influential work on the nature of consciousness. Central to that work is Rosenthal's higher-order-thought theory of consciousness, according to which a sensation, thought, or other mental state is conscious if one has a higher-order thought that one is in that state. The first four essays develop various aspects of that theory. The next three essays present Rosenthal's homomorphism theory of mental qualities and qualitative consciousness, and show how that theory fits with and helps (...) sustain the HOT theory. A crucial feature of homomorphism theory is that it individuates and taxonomizes mental qualities independently of the way we're conscious of them, and indeed independently of our being conscious of them at all. So the theory accommodates the qualitative character not only of conscious sensations and perceptions, but also of those which fall outside our stream of consciousness. Rosenthal argues that, because this account of mental qualities makes no appeal to consciousness, it enables us to dispel such traditional quandaries as the alleged conceivability of undetectable quality inversion, and to disarm various apparent obstacles to explaining qualitative consciousness and understanding its nature. Six further essays build on the HOT theory to explain various important features of consciousness, among them the complex connections that hold in humans between consciousness and speech, the self-interpretative aspect of consciousness, and the compelling sense we have that consciousness is unified. Two of the essays, one an extended treatment of homomorphism theory, appear here for the first time. There is also a substantive introduction, which draws out the connections between the essays and highlights their implications. (shrink)

Epistemologists have recently proposed a number of norms governing rational inquiry. My aim in this paper is to unify and explain recently proposed norms of inquiry by developing a general account of the conditions under which inquiries are rational, analogous to theories such as evidentialism and reliabilism for rational belief. I begin with a reason-responsiveness conception of rationality as responding correctly to possessed normative reasons. I extend this account with a series of claims about the normative reasons for inquiry that (...) we possess. I apply the account to shed light on two classes of norms that have featured prominently in recent discussions: norms of clutter avoidance forbidding agents from engaging in trivial inquiries, and norms of logical non-omniscience governing properties such as the deductive closure and consistency of an agent's belief state. I conclude with a discussion of the sense in which norms of inquiry should be regarded as epistemic norms. (shrink)

How should one react when one has a belief, but knows that other people—who have roughly the same evidence as one has, and seem roughly as likely to react to it correctly—disagree? This paper argues that the disagreement of other competent inquirers often requires one to be much less confident in one’s opinions than one would otherwise be.

This is a corrected version of the final proofs. I've fixed a number of typos, and corrected a blunder in chapter 4. In chapter 4 I say that 'this is this' is analytic, and 'this is not this' is antonymous. This is inconsistent with what I say in chapter 5, and not what I actually think. Rather, 'this is this' is taugologous, and 'this is not this' is contradictory. Analyticity and autnonmy are sense properties while tautologousness and contradictoriness are formal (...) logical properties. Heading, ToC and Index updated accordingly. (Oxford will make these corrections in their online version and in future print runs.). (shrink)

Does the capacity to think require the capacity to sense? A lively debate on this topic runs throughout the history of philosophy and now animates discussions of artificial intelligence. Many have argued that AI systems such as large language models cannot think and understand if they lack sensory grounding. I argue that thought does not require sensory grounding: there can be pure thinkers who can think without any sensory capacities. As a result, the absence of sensory grounding does not entail (...) that large language models cannot think or understand. I also consider to what extent quasi-sensory grounding can at least boost the performance of a language model. (shrink)

Do motivational limitations due to human nature constrain the demands of justice? Among those who say no, David Estlund offers perhaps the most compelling argument. Taking Estlund’s analysis of “ability” as a starting point, I show that motivational deficiencies can constrain the demands of justice under at least one common circumstance — that the motivationally-deficient agent makes a good faith effort to overcome her deficiency. In fact, my argument implies something stronger; namely, that the demands of justice are constrained (...) by what people are sufficiently likely to be motivated to do. Thus, contrary to the prevailing wisdom, it is the business of ideal theory — not just nonideal theory — to work with the motivational capacities people are likely enough to have. (See also Estlund's reply in the same issue of EJPT and my rejoinder on Philpapers.). (shrink)

We apply a familiar distinction from philosophy of language to a class of material artifacts that are sometimes said to “speak”: statues. By distinguishing how statues speak at the locutionary level versus at the illocutionary level, or what they say versus what they do, we obtain the resource for addressing two topics. First, we can explain what makes statues distinct from street art. Second, we can explain why it is mistaken to criticize—or to defend—the continuing presence of statues based only (...) on what they represent. Both explanations are driven by the same core idea: the significance of statues arises primarily from what they do, and not what they say. (shrink)

According to orthodoxy, our best physical theories strongly support Eternalism over Presentism. Our goal is to argue against this consensus, by arguing that a certain overlooked aspect of our best physical theories strongly supports Presentism over Eternalism.

I argue that it is metaphysically necessary that: (i) every fundamental entity is conscious, and (ii) every fundamental property is a phenomenal property.

This dialogue explores the question of whether intentionality—the “ofness”, “aboutness”, or “directedness” of mental states—is a relation. We explore three views: the Naive View, on which intentionality is a relation to ordinary, everyday objects, facts, and other such items; the Abstract Contents View, on which intentionality is a relation to mind-independent abstract entities that are our contents; and the Aspect View, on which intentionality is a matter of having intentional states with particular (non-relational) aspects that are our contents. We consider (...) the challenges facing these views, which include empirical challenges in accounting for all the contents our intentional states can represent, metaphysical challenges in making sense of how contents can be entertained or otherwise represented by us and how they can play a psychological role in the mental economy, and challenges in making sense of how intentionality connects us to the world—if at all. Along the way, we consider the question of how consciousness is related to intentionality and how this affects one’s choice of views. (shrink)

According to the Principle of Sufficient Reason, every fact has an explanation. An important challenge to this principle is that it risks being a counterexample to itself. What explains why everything needs to be explained? My first goal is to distinguish two broad kinds of answers to this question, which I call “Humean Rationalism” and “Non-Humean Rationalism”. My second goal will be to defend the prospects of Humean Rationalism.

We propose a formal framework for interpretable machine learning. Combining elements from statistical learning, causal interventionism, and decision theory, we design an idealised explanation game in which players collaborate to find the best explanation for a given algorithmic prediction. Through an iterative procedure of questions and answers, the players establish a three-dimensional Pareto frontier that describes the optimal trade-offs between explanatory accuracy, simplicity, and relevance. Multiple rounds are played at different levels of abstraction, allowing the players to explore overlapping causal (...) patterns of variable granularity and scope. We characterise the conditions under which such a game is almost surely guaranteed to converge on a optimal explanation surface in polynomial time, and highlight obstacles that will tend to prevent the players from advancing beyond certain explanatory thresholds. The game serves a descriptive and a normative function, establishing a conceptual space in which to analyse and compare existing proposals, as well as design new and improved solutions. (shrink)

The Right and the Good, a classic of twentieth-century philosophy by the great scholar Sir David Ross, is now presented in a new edition with a substantial introduction by Philip Stratton-Lake, a leading expert on Ross. Ross's book is the pinnacle of ethical intuitionism, which was the dominant moral theory in British philosophy for much of the nineteenth and early twentieth century. Intuitionism is now enjoying a considerable revival, and Stratton-Lake provides the context for a proper understanding of Ross's (...) great work today. (shrink)

There is a difference between merely thinking that P and really grasping that P. For example, Jackson's (1982) black-and-white Mary cannot (before leaving her black-and-white room) fully grasp what it means to say that fire engines are red, but she can perfectly well entertain the thought that fire engines are red. The contrast between merely thinking and grasping is especially salient in the context of certain moral decisions. For example, an individual who grasps the plight of starving children thanks to (...) evocative images seems much more likely to donate for the children's benefit than someone who is merely told about their plight. This paper offers a phenomenal account of grasping according to which grasping a content (whether a proposition or concept) consists in one's thoughts about the content being constituted by phenomenal experiences of constituents of the content. This account improves on earlier phenomenal accounts of grasping (Bourget 2017a, 2018) by allowing for partial grasping and generalizing to concepts. The paper also addresses objections to phenomenal accounts of grasping, including the objection that recent developments in AI technology show that consciousness is irrelevant to grasping and understanding. (shrink)

Christian pro-lifers often respond to Thomson’s defense of abortion that the violinist is allowed to die while the embryo is killed. Boonin and McMahan counter that this distinction does not provide an objection to extraction abortions that disconnect embryos and allow them to die. I disagree. I first argue that letting die and killing are not to be distinguished by differences between acts and omissions, moral and immoral motives, intentional or unintentional deaths, and causing or not causing a pathology. I (...) offer a taxonomy in which hysterotomies turn out to be killings. I then argue that if either the placenta is considered an organ of the embryo or the embryo is construed as a part of the pregnant woman, then abortion pills kill rather than allow death. So, assuming that killing people is morally worse than letting them die, extraction abortions can be condemned to the same degree as other abortions. (shrink)

Many philosophers of physics think that physical rates of change, like velocity or acceleration in classical physics, are extrinsic. Many philosophers of mind think that phenomenal properties, which characterize what it’s like to be an agent at a time, are intrinsic. I will argue that these two views can’t both be true. Given that these two views are in tension, we face an explanatory challenge. Why should there be any interesting connection between these physical quantities and consciousness in the first (...) place? In a speculative spirit, I close by developing a panpsychist view which promises to explain this connection in a particularly satisfying way. (shrink)

Suppose someone is brought up as an orthodox Jew, and so only eats kosher, is very conservative sexually, etc. Suppose they then find out that this Judaism stuff is just all a big mistake. If they then regret all the shrimp they could have eaten, all the sex!, this makes perfect sense. Not so, however, if someone finds out that moral realism is false, and they now regret all the fun they could have had hurting people’s feeling, etc. Even if (...) this does make sense, there’s a strong disanalogy between the moral and the religious case. This asymmetry, on a realist picture of morality, calls for explanation. This chapter tries to explain it. The discussion engages some topics familiar from objections to Robust realism—the why-be-moral challenge, the status of de-dicto moral motivation, and whether and why we should care about the moral properties, robustly realistically understood. (shrink)

Using as a starting point recent and apparently incompatible conclusions by Saunders and Knox, I revisit the question of the correct spacetime setting for Newtonian physics. I argue that understood correctly, these two versions of Newtonian physics make the same claims both about the background geometry required to define the theory, and about the inertial structure of the theory. In doing so I illustrate and explore in detail the view—espoused by Knox, and also by Brown —that inertial structure is defined (...) by the dynamics governing subsystems of a larger system. This clarifies some interesting features of Newtonian physics, notably the distinction between using the theory to model subsystems of a larger whole and using it to model complete universes, and the scale-relativity of spacetime structure. _1_ Introduction _2_ Newtonian Mechanics and Galilean Spacetime _3_ Vector Relationism and Maxwellian Spacetime _4_ Recovering the Galilei Group: Dynamics of Subsystems _5_ Knox on Inertial Structure _6_ Connections on Maxwellian Spacetime _7_ Knox on Newtonian Gravity _8_ Vector Relationism and Newton–Cartan Theory _9_ Inertial Structure in Newton–Cartan Gravity _10_ Reconciling Knox and Saunders _11_ Conclusions. (shrink)

This essay examines the philosophical significance of $\Omega$-logic in Zermelo-Fraenkel set theory with choice (ZFC). The categorical duality between coalgebra and algebra permits Boolean-valued algebraic models of ZFC to be interpreted as coalgebras. The hyperintensional profile of $\Omega$-logical validity can then be countenanced within a coalgebraic logic. I argue that the philosophical significance of the foregoing is two-fold. First, because the epistemic and modal and hyperintensional profiles of $\Omega$-logical validity correspond to those of second-order logical consequence, $\Omega$-logical validity is genuinely (...) logical. Second, the foregoing provides a hyperintensional account of the interpretation of mathematical and metamathematical vocabulary. (shrink)

Is subjective expert judgment a source of evidence in economics? In this paper, I will argue that it is, on a par with other sources like modeling, statistics, experimental, etc. I will also argue that it is not derivative, that is, reducible to the previous ones. But what is exactly the role of experts in economics? The contribution to the current methodological debate that I propose not only takes the role of expertise in economics as indispensable, but also suggests a (...) need for a methodology associated with that role. I defend an indispensability argument, and indirectly David Colander's plea for refocusing the methodological debate on the lost art of economics. Finally, I indicate where to look for guidelines in formulating a methodology of economic expertise. (shrink)

Derek Parfit (1942-2017) is the most famous philosopher you've likely never heard of. In 1984, Parfit published what was, and is still, hailed by many philosophers as a work of genius - one of the most cited works of philosophy since World War II, Reasons and Persons. At its core, he argued that we should be concerned less with our own interests and more with the common good. His book brims with brilliant argumentative detail and stunningly inventive thought experiments that (...) challenged contemporary views about what it means to be a person, why one should forego concern for oneself as an identity that persists over time, what it means to act on the basis of reasons, and what we owe to future generations. Parfit also - unfashionably at the time - believed in a kind of grand unified theory of morality, what he called theory x, a non-religious ethical theory wherein all the major moral theories were converging from different sides on the same mountaintop. Parfit has had an enormous influence not only on philosophy, but also beyond, particularly amongst those in the fields of climate ethics, poverty relief, and charitable giving. In this book, the first-full scale biography of Parfit, Dave Edmonds tells the story of the thinker that many philosophers consider the most important moral philosopher of the last century. Edmonds' rendering of the man in full skilfully illuminates the person behind the acclaimed philosopher. Despite Parfit's extraordinary mind, outward appearances suggest his was also an extraordinarily uneventful life - one largely spent in cloistered institutions from Eton to Oxford and one seemingly monomaniacally devoted to ideas. Edmonds' aim is to show how this son and grandson of missionaries went from a genial and outgoing history student to a captivating, yet monkish philosopher singularly devoted to saving morality. In doing so, Edmonds makes Parfit's profound, but often impenetrable, ideas accessible to a broad audience and gives life and body to the thoughts of a seemingly pure thinker that captured the imagination of a generation of philosophers. (shrink)

This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1984.

According to a popular idea, freedom is grounded in orthonomy – the ability to be responsive to normative demands. But how exactly must an agent’s action relate to their reasons in order for this orthonomous relationship to hold? In this paper, I propose a novel explanationist answer to this question. I argue that extant answers – causalism and modalism about orthonomy – fail because they fail to account for the fact that intuitions about freedom and orthonomy track facts about explanation. (...) And these facts cannot be reduced to either causal or modal facts. Instead, I propose that we should understand freedom as grounded in special accidentality-dispersing explanations in terms of normative reasons. The resultant view is to be understood as following a Frankfurtian intuition: only factors that explain action can be relevant to whether the action is free. (shrink)

Know how and ability have a seemingly fraught relationship. I deepen the tension here, by arguing for two new pieces of data concerning know how and ability. First, know how ascriptions have two distinct readings that differ in their entailments to ability: one entails ability, the other does not. Second, in certain cases, the indeterminacy of certain ability claims infects both readings of know how claims. No existing accounts of the relationship between know how and ability captures both data points, (...) I argue; but a certain kind of intellectualism has special resources to account for them. Ascriptions of knowledge of infinitival questions give rise to a distinctive kind of context-sensitivity specific to infinitivals. I show how on an intellectualist view where, very roughly, knowing how to do something is knowing an answer to an infinitival question about your abilities, this context-sensitivity accounts for the relationship between know how and ability. (shrink)

We often get evidence that bears on the reliability of some of our own first-order reasoning. The rational response to such “higher-order” evidence would seem to depend on a rational assessment of how reliable we can expect that reasoning to be, in light of the higher-order evidence. “Independence” principles are intended to constrain this reliability-assessment, so as to prevent question-begging reliance on the very reasoning being assessed. However, extant formulations of Independence principles tend to be vague or ambiguous, and coming (...) up with a tolerably precise formulation turns out to be tricky. This paper aims to make some progress toward developing a more precise Independence principle, and also to highlight some of the difficulties the project entails. The hope is to take a step toward understanding how rational belief is informed by evidence bearing on agents’ cognitive reliability. (shrink)

The study of human judgment and its limitations is essential to an understanding of the processes involved in the acquisition of scientific knowledge. With that end in mind, David Faust has made the first comprehensive attempt to apply recent research on.