This essay reviews the recently released Handbook of Philosophy of Management, using it as a jumping off point to explore some potential confusions in contemporary philosophy of management. The handbook itself, comprising 58 articles and some 1,000 pages, is a milestone for the field. At the same time, it brings a few problems into sharp relief. I argue for more clarity about the distinction between the philosophy of management and the philosophy of management research. I make the case that logic (...) as a de facto method for conducting inquiry may or may not be useful, while logic as a de jure standard for evaluating its conclusions is indispensable. I develop the view that neither management nor management studies is properly considered a science, or even an applied science. I contend that the seminal contributions of Alasdair MacIntyre are unjustly neglected by the field. And I advance the thesis that perhaps the leading issue for the philosophy of management today is the question of the purpose of management, pointing in some suggested directions for answering the question. (shrink)

This essay examines the concept of leadership as it is commonly understood within the field of leadership studies today. The inquiry is framed by an analysis of three generally accepted definitions of leadership. I look at the selected definitions from four angles, which I call the four dimensions of leadership: the behavioral (what the leader does, or ought to do, that makes it leadership), the asymmetrical (in what sense a leader is different from the others in the group), the social (...) (what it is that the leader is leading), and the teleological (what the direction is). By doing this, I find that these definitions can be problematic, if instructively so. I identify two underlying concerns. The first problem is the tendency to fuse informal and formal leadership into a single concept. I argue that informal and formal leadership can be more helpfully understood, rather, as two separate, if sometimes overlapping, concepts, each needing its own definition and analysis. This is because formal leadership is a functional concept, while informal leadership is not; this entails not only that each type of leader is leading a different type of entity, but also that each is judged by different standards. The second problem is, paradoxically, a bias against leadership. To put this less polemically: scholars who recognize that organizational success can be hindered by excessive emphasis upon hierarchy, and who thus study the dynamics of egalitarian collaboration, can inadvertently generate confusion by allowing the honorific of “leadership” to be applied also to that work. So, I propose definitions of the two key concepts, formal and informal leadership, with the suggestion that this provides a helpful method of sorting leadership scholarship into three categories: formal leadership; informal leadership; and egalitarianism. (shrink)

The current research literature has claimed that plagiarism is a significant problem in postsecondary education. Unfortunately, these claims are primarily supported by self-report data from students. In fact little research has been done to quantify the prevalence of plagiarism particularly at the advanced graduate education level. Further, few studies exist on online education even though this is a rapidly growing sector of higher education. This descriptive study quantified the amount of plagiarism that existed among 100 doctoral dissertations that were published (...) by institutions granting doctorate degrees through a primarily online format. The dissertations were submitted to Turnitin plagiarism detection software for analysis. The mean similarity index of these dissertations was 15.1 (SD = 13.02). The results were then categorized per previous research. Forty-six percent of the dissertations were classified as having a low level of plagiarism while 11 % had a medium level and 3 % had a high level. Further analysis revealed that 72 % of the dissertations had at least one case of improper paraphrasing and citation (verbatim text accompanied by a citation) and 46 % had verbatim text without any citation. The results of this study should encourage faculty, dissertation committee members, university administrators, and accrediting bodies to take action to help reduce the level of plagiarism among doctoral learners. Suggestions for future research include comparing online and brick-and-mortar dissertation plagiarism rates, a larger study to investigate plagiarism trend data, and surveys of faculty about how they address plagiarism and ethics during the dissertation process. (shrink)

This paper introduces the special theme on management and political philosophy, following a call for papers in the journal Philosophy of Management. The scope of this introduction is to emphasize the importance of political philosophy as a subtheme in the discipline of philosophy of management by shedding light on a cornerstone conversation: the role of the state in fostering corporate accountability for social injustice. For doing so, we present the papers invited to this special theme and show how they contribute (...) to this conversation. Inspired by the arguments that the articles in this special theme develop, we also provide further thoughts for the directions that future research should pursue for enriching the discussions in the political philosophy of management. (shrink)

Completeness is an important but misunderstood norm of explanation. It has recently been argued that mechanistic accounts of scientific explanation are committed to the thesis that models are complete only if they describe everything about a mechanism and, as a corollary, that incomplete models are always improved by adding more details. If so, mechanistic accounts are at odds with the obvious and important role of abstraction in scientific modelling. We respond to this characterization of the mechanist’s views about abstraction and (...) articulate norms of completeness for mechanistic explanations that have no such unwanted implications. _1_ Introduction _2_ A Balancing Act: When Do Details Matter? _3_ The Norms of Causal Explanation _4_ The Norms of Constitutive Explanation _5_ Salmon-Completeness _6_ From More Details to More Relevant Details _7_ Non-explanatory Virtues of Abstraction _8_ From Explanatory Models to Explanatory Knowledge _9_ Mechanistic Completeness Reconsidered _10_ Conclusion. (shrink)

We argue that dynamical and mathematical models in systems and cognitive neuro- science explain (rather than redescribe) a phenomenon only if there is a plausible mapping between elements in the model and elements in the mechanism for the phe- nomenon. We demonstrate how this model-to-mechanism-mapping constraint, when satisfied, endows a model with explanatory force with respect to the phenomenon to be explained. Several paradigmatic models including the Haken-Kelso-Bunz model of bimanual coordination and the difference-of-Gaussians model of visual receptive fields are (...) explored. (shrink)

Objectives—To evaluate a departmental computer system.Design—a. Direct comparison of the time taken to use a manual system with the time taken to use a computer system for lung function evaluation, loan of equipment and production of correspondence. b. Analysis of the accuracy of data capture before and after the introduction of the computer system. c. Analysis of the comparative running costs of the manual and computer systems.Setting—Within a department of respiratory medicine serving a hospital of 1323 beds.Main Outcome Measures—a. Time (...) taken to perform functions with the assistance of computerised methods, in comparison to the manual method used alone. b. Accuracy of data capture. c. Relative running costs.Results—a. The computer system was significantly faster than the manual system for lung function evaluation, loan of equipment, and checking for overdue equipment. The production of correspondence was slightly slower with the computer. b. All outpatient episodes, but only 43 of 65 of inpatient episodes, were captured. Lung function and managerial report data were accurate using both manual and computerised methods. The manual system for equipment loans was inefficient, and use of the computer resulted in the recovery of 221 nebulisers. c. Development costs for 1988–1990 were high. Only £1200 to £1845 per year was recovered directly from staff time saved by the computer but larger savings resulted from changes in work practice. After 10 years the projected deficit is £10 000 per annum in running costs.Conclusions—In comparison with the manual methods, the computer system has shown significant advantages which provide accurate information, with significant favourable effects on working practices. In evaluating computer systems used in clinical practice it is essential to ensure that the projected work practice benefits are achieved without unacceptable costs in staff time, inaccurate data and high financial outlay. (shrink)

Data science is characterized by engaging heterogeneous data to tackle real world questions and problems. But data science has no data of its own and must seek it within real world domains. We call this search for data “prospecting” and argue that the dynamics of prospecting are pervasive in, even characteristic of, data science. Prospecting aims to render the data, knowledge, expertise, and practices of worldly domains available and tractable to data science method and epistemology. Prospecting precedes data synthesis, analysis, (...) or visualization, and is constituted by the upstream work of discovering disordered or inaccessible data resources, thereafter to be ordered and rendered available for computation. Through this work, data science positions itself in the middle of all things—capable of engaging this, that, or any domain—and thus prospecting is a key driver of data science’s ongoing formation as a universal science. (shrink)

Mystery: the scalpel that split consciousness -- Beauty: sirens of the gene -- Reality: capers of the unseen sun -- Sensory: fitness beats truth -- Illusory: the bluff of a desktop -- Gravity: spacetime is doomed -- Virtuality: inflating a holoworld -- Polychromy: mutations of an interface -- Scrutiny: you get what you need, in both life and business -- Community: the network of conscious agents -- Precisely: the right to be wrong.

ABSTRACTThis essay argues that in spite of the powerful arguments by Kolodny and Broome there is a reason to be rational. The suggested reason to be rational is that if an agent complies with ratio...

This book develops a liberal theory of justice in exchange. It identifies the conditions that market exchanges need to fulfill to be just. It also addresses head-on a consequentialist challenge to existing theories of exchange, namely that, in light of new harms faced at the global level, we need to consider the combined consequences of millions of market exchanges to reach a final judgment about whether some individual exchange is just. The author argues that, even if we accept this challenge, (...) the effect of it is minimal. For different reasons, normatively problematic collective market outcomes like externalities, monopolies, violations of the Lockean proviso, inequality, and commodification do not pose particular problems to the justice of market exchanges. He outlines the various conditions a market exchange needs to fulfill to be considered just from a liberal background and in light of the new harms. Ultimately, he shows, it is not the market which is to blame; if we want to tackle issues like global warming or global economic injustice, we should not blindly follow the intuition that we best restrain and regulate markets. Commutative Justice is unique in its focus on justice in exchange rather than on end-state distributive justice, and the way in which it addresses the new harms we are facing today. It will be of interest to researchers and advanced students in philosophy, politics, and economics who are working on questions of economic justice. (shrink)

Over two decades ago, Davids et al. (1994) and Handford et al. (1997) raised theoretical concerns associated with traditional, reductionist, mechanistic perspectives of movement coordination and skill acquisition for sport scientists interested in practical applications for training designs. These seminal papers advocated an emerging consciousness grounded in an ecological approach, signalling the need for sports practitioners to appreciate the constraints-led, deeply entangled and non-linear reciprocity between the organism (performer), task and environment subsystems. Over two decades later, the areas of skill (...) acquisition, practice and training design, performance analysis and preparation, and talent development in sport science have never been so vibrant in terms of theoretical modelling, knowledge generation and innovation, and technological deployment. Viewed at an ecological level of analysis, the work of sports practitioners has progressively transitioned toward the facilitation of an evolving relationship between an organism (athlete, team) and its environment (sports competition). This commentary sets out to explore how these original ideas from Davids et al. (1994) and Handford et al. (1997) have been advanced through the theoretical lens of Ecological Dynamics. Concurrently, we provide case study exemplars, from applied practice in high-performance sports organisations, to illustrate how these contemporary perspectives are shaping the work of sports practitioners (sport ecology designers) in practice and performance preparation. (shrink)

What, if anything, distinguishes works of fiction such as Hamlet and Madame Bovary from biographies, news reports, or office bulletins? Is there a "right" way to interpret fiction? Should we link interpretation to the author's intention? Ought our moral unease with works that betray sadistic, sexist, or racist elements lower our judgments of their aesthetic worth? And what, when it comes down to it, is literature? The readings in this collection bring together some of the most important recent work in (...) the philosophy of literature by philosophers such as Martha Nussbaum, John Searle, and David Lewis. The readings explore philosophical issues such as the nature of fiction, the status of the author, the act of interpretation, the role of the emotions in the act of reading, the aesthetic and moral value of literary works, and other topics central to the philosophy of literature. (shrink)

The handicap principle stipulates that signal reliability can be maintained if signals are costly to produce. Yet empirical biologists are typically unable to directly measure evolutionary costs, and instead appeal to expenditure as a sensible proxy. However the link between expenditure and cost is not always as straightforward as proponents of HP assume. We consider signaling interactions where whether the expenditure associated with signaling is converted into an evolutionary cost is in some sense dependent on the behavior of the intended (...) recipient of the signal. We illustrate this with a few empirical examples and demonstrate that on this alternative expenditure to cost mapping the traditional predictions of HP no longer hold. Instead of full information transfer, a partially informative communication system like those uncovered by Wagner :163–181, 2013) and Zollman et al. is possible. (shrink)

Objectives—To evaluate a departmental computer system.Design—a. Direct comparison of the time taken to use a manual system with the time taken to use a computer system for lung function evaluation, loan of equipment and production of correspondence. b. Analysis of the accuracy of data capture before and after the introduction of the computer system. c. Analysis of the comparative running costs of the manual and computer systems.Setting—Within a department of respiratory medicine serving a hospital of 1323 beds.Main Outcome Measures—a. Time (...) taken to perform functions with the assistance of computerised methods, in comparison to the manual method used alone. b. Accuracy of data capture. c. Relative running costs.Results—a. The computer system (CS) was significantly faster than the manual system (MS) for lung function evaluation (CS=7.63 min/test, MS=12.25 min/test), loan of equipment (CS=0.40 min/loan, MS=2.07 min/loan), and checking for overdue equipment (CS=0.49 s/record, MS=9 s/record). The production of correspondence was slightly slower with the computer (CS=9.30 min/letter, MS=8.54 min/letter). b. All outpatient episodes, but only 43 of 65 (66%) of inpatient episodes, were captured. Lung function and managerial report data were accurate using both manual and computerised methods. The manual system for equipment loans was inefficient, and use of the computer resulted in the recovery of 221 nebulisers. c. Development costs for 1988–1990 were high (£72 178). Only £1200 to £1845 per year was recovered directly from staff time saved by the computer but larger savings resulted from changes in work practice (£4049–4765). After 10 years the projected deficit is £10 000 per annum in running costs.Conclusions—In comparison with the manual methods, the computer system has shown significant advantages which provide accurate information, with significant favourable effects on working practices. In evaluating computer systems used in clinical practice it is essential to ensure that the projected work practice benefits are achieved without unacceptable costs in staff time, inaccurate data and high financial outlay. (shrink)

The past two decades have seen an explosion in the methods and directions of neuroscience research. Along with many others, complexity research has rapidly gained traction as both an independent research field and a valuable subdiscipline in computational neuroscience. In the past decade alone, several studies have suggested that psychiatric disorders affect the spatiotemporal complexity of both global and region-specific brain activity (Liu et al., 2013; Adhikari et al., 2017; Li et al., 2018). However, many of these studies have not (...) accounted for the distributed nature of cognition in either the global or regional complexity estimates, which may lead to erroneous interpretations of both global and region-specific entropy estimates. To alleviate this concern, we propose a novel method for estimating complexity. This method relies upon projecting dynamic functional connectivity into a low-dimensional space which captures the distributed nature of brain activity. Dimension-specific entropy may be estimated within this space, which in turn allows for a rapid estimate of global signal complexity. Testing this method on a recently acquired obsessive-compulsive disorder dataset reveals substantial increases in the complexity of both global and dimension-specific activity versus healthy controls, suggesting that obsessive-compulsive patients may experience increased disorder in cognition. To probe the potential causes of this alteration, we estimate subject-level effective connectivity via a Hopf oscillator-based model dynamic model, the results of which suggest that obsessive-compulsive patients may experience abnormally high connectivity across a broad network in the cortex. These findings are broadly in line with results from previous studies, suggesting that this method is both robust and sensitive to group-level complexity alterations. (shrink)

Debates that revolve around the topic of morality and fiction rarely explicitly treat virtual worlds like, for example, Second Life. The reason for this disregard cannot be that all users of virtual worlds only do the right thing while online—for they sometimes even virtually kill each other. Is it wrong to kill other people in a virtual world? It depends. This essay analyzes on what it depends, why it is that killing people in a virtual world sometimes is wrong, and (...) how different virtual killings are wrong in different ways. I argue that killing people online is wrong if it is an instance of deliberately and non-consensually evoking disagreeable emotions in others. Establishing this conclusion requires substantial conceptual work, as virtual worlds feature new kinds of fictional agency, particular emotional responses to fiction, and unique ways in which the fiction of the virtual world relates to the wrongness of the killing. (shrink)

Unlike exploitative exchanges, exchanges featuring externalities have never seemed to pose particular problems to liberal theories of justice. State interference with exchanges featuring externalities seems permissible, like it is for coercive or deceptive exchanges. This is because exchanges featuring negative externalities seem to be clear cases of the two exchanging parties harming a third one via the exchange—and thus of conduct violating the harm principle. This essay aims to put this idea into question. I will argue that exchanges featuring negative (...) externalities are not unjust in this straightforward way, i.e. because they would constitute an instance of wrongfully causing or risking a bodily or material harm. In fact, unless we are subscribing to particularly demanding variants of liberalism—e.g. perfectionist liberalism—or unless we are exclusively focusing on borderline cases of externalities—i.e. of effects of exchanges hardly to be called externalities—there is no liberal theory of how exchanges featuring externalities are unjust. (shrink)

I examine Descartes's theory of cognition, taking as a starting point his account of how misperception is possible. In the Third Meditation Descartes introduces the hypothesis that there are ideas (such as the idea of cold) which seem to be of something real but which in fact represent nothing (if, for example, cold is a privation or absence of heat, rather than the presence of a positive quality). I argue, against Margaret Wilson, that Descartes does not think there are any (...) such ideas and that he introduces the hypothesis only in order to formulate an objection to his argument for the existence of God. I argue further that while he agrees with Arnauld in accepting the Aristotelian account of cognition according to which the very objects in the world that we perceive exist in the soul or its ideas objectively, he still has a satisfactory response to Arnauld's objection that since an idea can represent only what it appears to be of, all error must reside solely in our judgment. I claim that Arnauld's objection that an idea represents what it appears to be of is based on the assumption that an idea appears to be of what exists in it objectively. But Descartes makes room for the possibility of misrepresentation by distinguishing between what exists objectively in an idea and what that idea appears to be of. First, he thinks that it is at least coherent to suppose that an idea lacking objective reality could appear to be of something in virtue of its material reality. Since an idea lacking objective reality would not represent any thing that exists in the world, Descartes concedes that it would not misrepresent any actually existing thing, but it could still appear to be of some thing and in that way misrepresent the way the world is. Second, there is reason to claim that like some of his Aristotelian predecessors Descartes holds that what exists in the soul objectively can appear to be other than it is. This interpretation has the implication that Descartes's theory of ideas, in contrast to sense datum theories, is not driven by the motive of finding some entity which is exactly as it appears to serve as the object of immediate awareness. (shrink)

Absolutely no one still believes that every physical interactionconsists of material bodies bumping into each other. Those who have tried to work out a completely mechanistic physics have been unable to explain common phenomena like liquidity, gravitation and magnetism. In fact, there is great reason to doubt that such a physics could ever account for attractive forces in general.

In lieu of an abstract, here is a brief excerpt of the content:Cartesian CompositesPaul HoffmanTowards the end of a paper in which I argued that Descartes thinks a human being is a genuine unity, I invited other commentators to come to Descartes’s defense by accounting for his apparently contradictory claims that a human being is an ens per se and that it is an ens per accidens.1 These claims seem to be contradictory, because in saying that a human being is (...) an ens per se, Descartes appears to be asserting that a human being is genuinely one, and in saying that a human being is an ens per accidens, he appears to assert that a human being is not genuinely one, but instead is a mere heap or aggregate. In the ensuing eleven years no one has taken up my invitation, except to argue that I was mistaken in claiming that Descartes thinks a human being has per se unity in any robust sense.2In this paper I will take up the challenge myself, having noticed a similarity between Descartes’s account of the unity of composite substances and his account of composite figures having true and immutable natures. After showing how he can consistently maintain that a human being is both an ens per se and ens per accidens in roughly the same way he can consistently maintain that composite figures both do and do not have true and immutable natures, I will try to respond to criticisms of my claim that he thinks of a human being as a substance or an ens per se.Let me begin with an analysis and comparison of two passages from the Objections and Replies. In the first, from the Replies to the First Objections, Descartes [End Page 251] discusses composite figures. In the second, from the Replies to the Fourth Objections, Descartes discusses composite substances.Next, to remove the other part of the difficulty, it should be noted that those ideas which do not contain true and immutable natures, but contain only ones which are fictitious and composed by the intellect, can be divided by the same intellect, not only through abstraction, but through a clear and distinct operation, so that any ideas which the intellect cannot so divide were undoubtedly not composed by it. As, for example, when I think of a winged horse, or an actually existing lion, or a triangle inscribed in a square, I easily understand that I can also in opposition think of a horse without wings, a non-existing lion, a triangle without a square, and so on; from which it follows that these do not have true and immutable natures. But if I think of a triangle or a square (I do not speak here of a lion or horse because their natures are not clearly evident to us), then certainly whatever I apprehend as contained in the idea of a triangle, as that its three angles are equal to two right angles, etc., I will truly affirm of the triangle, and of the square whatever is found in the idea of the square. For even if I can understand a triangle, abstracting from the fact that its angles should equal two right angles, I cannot nevertheless deny that of it by a clear and distinct operation, that is, correctly understanding this is what I say. Furthermore, if I consider a triangle inscribed in a square, not in order to attribute to the square those things which pertain only to the triangle or to the triangle those things which pertain to the square, but in order to examine only those things which arise from the conjunction of the two, then its nature will be no less true and immutable than the square or triangle alone, and it will be permitted to affirm that the square is not less than twice the triangle inscribed in it and similar things which pertain to the nature of this composite figure. (AT VII 117–8; CSM II 83–4)3I am not unaware that some substances are commonly called ‘incomplete.’ But if they are said to be incomplete because they cannot exist per se alone, I confess that it seems contradictory to me that... (shrink)

We project the future accumulation of profiles belonging to deceased Facebook users. Our analysis suggests that a minimum of 1.4 billion users will pass away before 2100 if Facebook ceases to attract new users as of 2018. If the network continues expanding at current rates, however, this number will exceed 4.9 billion. In both cases, a majority of the profiles will belong to non-Western users. In discussing our findings, we draw on the emerging scholarship on digital preservation and stress the (...) challenges arising from curating the profiles of the deceased. We argue that an exclusively commercial approach to data preservation poses important ethical and political risks that demand urgent consideration. We call for a scalable, sustainable, and dignified curation model that incorporates the interests of multiple stakeholders. (shrink)

Alfred Mele and David Robb (1998, 2003) offer what they claim is a counter-example to the principle of alternative possibilities (PAP), the principle that a person is morally responsible for what he has done only if he could have done otherwise. In their example, a person makes a decision by his own indeterministic causal process though antecedent circumstances ensure he could not have done otherwise. Specifically, a simultaneously occurring process in him would deterministically cause the decision at the precise (...) time it actually occurs if he were not to make it 'on his own' i.e. without being deterministically caused.Their case is designed to avoid a well-known dilemma that has plagued earlier apparent counterexamples of this sort. We argue, however, that Mele andRobb's example does not have all the features necessary in order for it to undermine PAP. It still fails to avoid the original dilemma. (shrink)

Judging on the basis of standard accounts of commodification, one might reasonably suggest that liberalism intrinsically lacks an adequate theory of commodification. Liberalism, with its commitment to individual choice and to neutrality as regards competing evaluation practices, seems conceptually incapable of identifying or abolishing many significant forms of commodification. This essay aims to refute this claim. It employs a strategy of appealing to the harm principle as grounds for a liberal anti-commodification theory. I claim that we are harmed when we (...) are denied ways to meaningfully engage in certain evaluative practices, ways that depend on evaluations shared with others with whom we stand in meaningful social relationships. Markets can crowd out these shared evaluations, and to this extent cause us psychological harm; this in turn supplies grounds for restrictions on certain markets within a liberal state. (shrink)

This essay examines a new way to exercise democratic control over the market. Instead of a democratic government interfering with a market’s outcomes (e.g. via taxes or minimum wages), we may also “democratize” the market by requiring that all relevant group agents who participate in that market (notably: firms) be democratically governed. This is what I call an agent-democratic market. The purpose of this essay is to argue for the claim that agent-democratic markets are a normatively viable way to democratize (...) the market – and potentially constitute a genuine alternative to the standard approach of subjecting market outcomes to democratic control. (shrink)

This article examines the conditions for responsibilizing corporations. When we responsibilize an agent, we hold him responsible for his choices – although we are aware that he is not yet fully fit to be held responsible – in order to induce in him the relevant characteristics for being fit to be held responsible at a later time. I find that the conditions of responsibilizability are not identical to the conditions for responsibilization we usually and reasonably apply. Typically, we only responsibilize (...) agents who do not only meet the comparably weak conditions of responsibilizability, but who also fulfil additional criteria, as for example having demonstrated first signs of normative reasoning. I argue that corporations do not only meet the minimum threshold of responsibilizability, but also a comparably higher threshold, which allows us to engage in particularly effective forms of responsibilization. Basically, we may permissibly responsibilize the overwhelming majority of corporations in the same way parents responsibilize their growing children. (shrink)

In a previous article, we projected the future accumulation of profiles belonging to deceased users on Facebook. We concluded that a minimum of 1.4 billion users will pass away before 2100 if Facebook ceases to attract new users as of 2018. If the network continues expanding at current rates, on the other hand, this number will exceed 4.9 billion. Although these findings provided an important first step, one network alone remains insufficient to establish a quantitative foundation for further macro-level analysis (...) of the phenomenon of online death. Facebook is but one social media platform among many, and hardly the most representative in terms of their policy on deceased users. In this study, we use the same methodology to develop a complementary analysis of projected mortality on Instagram. Our models indicate that somewhere between 767 million and 4.2 billion Instagram users will die between 2019 and 2100, depending on the network’s future growth rate. Although the number of deceased Instagram profiles will likely be fewer than those on Facebook, we argue that they are nonetheless part of a shared digital cultural heritage, and should hence be curated with careful consideration. (shrink)

This essay examines three potential arguments against high-frequency trading and offers a qualified critique of the practice. In concrete terms, it examines a variant of high-frequency trading that is all about speed—low-latency trading—in light of moral issues surrounding arbitrage, information asymmetries, and systemic risk. The essay focuses on low-latency trading and the role of speed because it also aims to show that the commonly made assumption that speed in financial markets is morally neutral is wrong. For instance, speed is a (...) necessary condition for low-latency trading’s potential to cause harm in “flash crashes.” On the other hand, it also plays a crucial role in a Lockean defense against low-latency trading being wasteful developed in this essay. Finally, this essay discusses the implications of these findings for related high-frequency trading techniques like futures arbitrage or latency arbitrage—as well as for an argument as to why quote stuffing is wrong. Overall, the qualifications offered in this essay act as a counterbalance to overblown claims about trading at high speeds being wrong. (shrink)