This paper gives prescriptions for introducing ethical concerns into the economic theory of the firm. Topics include social responsibility, corporate governance, profit maximization, competition barriers, collusion, the market system, and welfare economics. The need for such prescriptions is based on a content analysis of 21 managerial economics texts for their coverage of ethics. My analysis finds that substantive discussions of ethics are conspicuous by their absence. As ethical breaches can involve significant monetary damages to a firm – particularly through adverse (...) market reactions – moral-reasoning abilities can complement analytical skills. Consequently, my analysis demonstrates how ethics figure into the opportunity costs of managerial decision making, which is central to the economic definition of profit. (shrink)

Two institutions that are often implicit or overlooked in noncooperative games are the assumption of Nash behavior to solve a game, and the ability to correlate strategies. We consider two behavioral paradoxes; one in which maximin behavior rules out all Nash equilibria (‘Chicken’), and another in which minimax supergame behavior leads to an ‘inefficient’ outcome in comparison to the unique stage game equilibrium (asymmetric ‘Deadlock’). Nash outcomes are achieved in both paradoxes by allowing for correlated strategies, even when individual behavior (...) remains minimax or maximin. However, the interpretation of correlation as a public institution differs for each case. (shrink)

Two institutions that are often implicit or overlooked in noncooperative games are the assumption of Nash behavior to solve a game, and the ability to correlate strategies. We consider two behavioral paradoxes; one in which maximin behavior rules out all Nash equilibria (‘Chicken’), and another in which minimax supergame behavior leads to an ‘inefficient’ outcome in comparison to the unique stage game equilibrium (asymmetric ‘Deadlock’). Nash outcomes are achieved in both paradoxes by allowing for correlated strategies, even when individual behavior (...) remains minimax or maximin. However, the interpretation of correlation as a public institution differs for each case. (shrink)

An anthology of works on the philosophy of economics, including classic texts and essays exploring specific branches and schools of economics. Completely revamped, this edition contains new selections, a revised introduction and a bibliography. The volume contains 26 chapters organized into five parts: Classic Discussions, Positivist and Popperian Views, Ideology and Normative Economics, Branches and Schools of Economics and Their Methodological Problems and New Directions in Economic Methodology. It includes crucial historical contributions by figures such as Mill, Marx, Weber, Robbins, (...) Knight, and Veblen and works by most of the leading contemporary figures writing on economic methodology, including five Nobel Laureates in Economics. (shrink)

This is a comprehensive anthology of works concerning the nature of economics as a science, including classic texts and essays exploring specific branches and schools of economics. Apart from the classics, most of the selections in the third edition are new, as are the introduction and bibliography. No other anthology spans the whole field and offers a comprehensive introduction to questions about economic methodology.

This book philosophically explores a wide range of subjects relating to evil and human wickedness, including the nature of evil, explaining evil, evil and moral responsibility, and responding to evil.

Understanding moral philosophy can help one to do economics better, and philosophers can learn by drawing on economic insights and analytical tools. This book argues that standard views of rationality lead economists to espouse questionable moral principles, and discusses methods of economic evaluation in terms of welfare and other moral criteria. It also contains a brief discussion of the relevance of social choice and game theory to philosophy. There is a glossary and at the end of each chapter are suggestions (...) for further reading. (shrink)

The Giving Voice to Values pedagogy and curriculum is described as an example of a powerful leverage point in the integration of business ethics and values-driven leadership across the business curriculum. GVV is post-decision-making in that it identifies an ethical course of action and asks practitioners to identify who are the parties involved and what’s at stake for them; what are the main arguments to be countered; and what levers that can be used to influence those who are in disagreement. (...) The internalization of GVV’s constructs allows faculty to comfortably raise and endorse ethics as part of the natural order of business decision-making because the stakes of doing so have been normalized. Methods for introducing and using GVV in undergraduate through MBA courses are given. An illustration is given for economics courses. (shrink)

It is traditional to ascribe to Locke the view that every person who acquires natural property rights by labouring on resources is obligated to leave sufficient resources for everyone else. But during the last several decades, a number of authors have contributed to a compelling textual case against this reading. Nevertheless, Locke clearly indicates that there is something wrong with distributions in which some suffer while others thrive. But if he does not endorse the traditional proviso, what exactly is the (...) problem? In this paper, I offer a solution to this puzzle. I argue that according to Locke, once people use their natural rights to acquire large properties, many individuals are unable to enjoy the material and moral wellbeing, or “preservation,” that is the end of natural law. For even if such large properties pose no problem for material preservation, they foster arbitrary power that offends against moral preservation. (shrink)

This paper gives prescriptions for introducing ethical concerns into the economic theory of the firm. Topics include social responsibility, corporate governance, profit maximization, competition barriers, collusion, the market system, and welfare economics. The need for such prescriptions is based on a content analysis of 21 managerial economics texts for their coverage of ethics. My analysis finds that substantive discussions of ethics are conspicuous by their absence. As ethical breaches can involve significant monetary damages to a firm - particularly through adverse (...) market reactions - moral-reasoning abilities can complement analytical skills. Consequently, my analysis demonstrates how ethics figure into the opportunity costs of managerial decision making, which is central to the economic definition of profit. (shrink)

This study examines the deliberations of professional MBA students when presented with a dilemma that weighs the difference between commitments to profit-maximization against concerns for fired workers who would need to seek a new job during a recession. Using content analysis, accounting, economic, and ethically based rationales that differ from the profit-maximizing recommendation are categorized. Results also show that those who make non-profit-maximizing recommendations consider, but ultimately reject the profit-maximizing approach to layoffs.

In this 1970 introduction to philosophy Mr Taylor concentrates on two central topics - explanation and meaning. He takes the argument far enough to acquaint the reader first-hand with the methods and approach of analytical philosophy, and yet because of the scope of these two topics he is able to introduce many of the traditional philosophical problems in epistemology, metaphysics, ethics, aesthetics, and logic. By this approach he avoids the dangers both of superficiality and of undue technicality. Philosophers are concerned (...) to analyse and describe certain concepts and modes of argument, not to establish facts or conclusions of any sort that can be tested by formal demonstration or controlled observation; their findings cannot be conveniently categorized or graded into a comprehensive and progressive course of studies. Mr Taylor meets this difficulty with his extended discussions of specific topics and questions which have implications over the whole subject. (shrink)

The Bible has influenced contemporary culture both positively and negatively. The present volume is a collection of papers that were discussed at an international colloquium on the use of the Bible in Ethics in the Department of Biblical Studies at the University of Sheffield in April 1995. Participants came from many parts of the world and from different backgrounds, and the papers reflect their varied interests and the contexts in which they work. The contributors, in addition to the three editors, (...) are John Barton, Bruce Birch, Mark Brett, Mark Chapman, David Clines, Philip Davies, Cheryl Exum, Stephen Fowl, Norman Gottwald, John Haldane, Walter Houston, Sharon Ringe, Chrisopher Rowland, Lisa Sowle Cahill and Gerald West. (shrink)

In Free Market Fairness, John Tomasi tries to show that ‘thick’ economic liberties, including the right to own productive property, are basic liberties. According to Tomasi, the policy-level consequences of protecting economic liberty as basic are essentially libertarian in character. I argue that if economic liberties are basic, just societies must guarantee their fair value to all citizens. And in order to secure the fair value of economic liberty, states must guarantee that citizens of roughly similar dispositions and talents are (...) roughly equally able to use their economic liberties to develop and pursue a conception of the good. This, I will argue, is a very demanding standard that requires aggressive taxation and redistribution. (shrink)

The Council on Ethical and Judicial Affairs of the American Medical Association examines physicians’ professional ethical responsibility in the event that the security of patients’ electronic records is breached.

Giving Voice To Values (GVV) serves as a framework to teach individuals methods to speak up when they witness actions that are contrary to their professional and personal values. This essay illustrates how GVV serves as a catalyst to advance both research and teaching activities.

We experimentally assess the ethics of the U.S. government’s indirect bailout of the bank counterparties of American International Group during the 2008 financial crisis. When the indirect bailout is jointly compared with a counterfactual where the government directly bails out the banks, subjects judge the indirect bailout to be far more unethical. On the other hand, when the two scenarios are judged separately, subjects consider a direct bailout of banks to be more unethical. This suggests that ethical judgments of indirect (...) versus direct action exhibit a type of preference reversal that is dependent upon whether the evaluation mode is joint or separate. The pedagogical and policy implications of this preference reversal are discussed. (shrink)

Oxford Studies in Early Modern Philosophy focuses on the seventeenth and eighteenth centuries--the extraordinary period of intellectual flourishing that begins, very roughly, with Descartes and his contemporaries and ends with Kant. It also publishes papers on thinkers or movements outside of that framework, provided they are important in illuminating early modern thought.

Oxford University Press is proud to announce an annual volume presenting a selection of the best new work in the history of philosophy.Oxford Studies in Early Modern Philosophy will focus on the seventeenth and eighteenth centuries - the period that begins, very roughly, with Descartes and his contemporaries and ends with Kant. It will also publish papers on thinkers or movements outside of that framework, provided they are important in illuminating early modern thought. The core of the subject matter will, (...) of course, be philosophy and its history. But the volume's papers will reflect the fact that philosophy in this period was much broader in scope that it is now taken to be, and included a great deal of what currently belongs to the natural sciences: so the notion of 'philosophy' will be interpreted rather broadly. Furthermore, philosophy in the period was closely connected with other disciplines, such as theology, and with larger questions of social, political, and religious history. Again, while maintaining a focus on philosophy, the volumes will also include articles that examine the larger intellectual, social, and political context of early modern philosophy.The articles in OSEMP will be of importance to specialists within the discipline, but the editors also intend that they should appeal to a larger audience of philosophers, intellectual historians, and others who are interested in the development of modern thought. (shrink)

Oxford University Press is proud to announce an annual volume presenting a selection of the best new work in the history of philosophy. Oxford Studies in Early Modern Philosophy will focus on the seventeenth and eighteenth centuries - the extraordinary period of intellectual flourishing that begins, very roughly, with Descartes and his contemporaries and ends with Kant. It will also publish papers on thinkers or movements outside of that framework, provided they are important in illuminating early modern thought. The articles (...) in OSEMP will be of importance to specialists within the discipline, but the editors also intend that they should appeal to a larger audience of philosophers, intellectual historians, and others who are interested in the development of modern thought. (shrink)

In this book Daniel Wegner offers a novel understanding of the relation of consciousness, the will, and our intentional and voluntary actions. Wegner claims that our experience and common sense view according to which we can influence our behavior roughly the way we experience that we do it is an illusion.

Dan Haybron presents an illuminating examination of well-being, drawing on important recent work in the science of happiness. He shows that we are remarkably prone to error in judgements of our own personal welfare, and suggests that we should rethink traditional assumptions about the good life and the good society.

This book offers a comprehensive overview of the structure, strategy and methods of assessment of orthodox theoretical economics. In Part I Professor Hausman explains how economists theorise, emphasising the essential underlying commitment of economists to a vision of economics as a separate science. In Part II he defends the view that the basic axioms of economics are 'inexact' since they deal only with the 'major' causes; unlike most writers on economic methodology, the author argues that it is the rules that (...) economists espouse rather than their practice that is at fault. Part III links the conception of economics as a separate science to the fact that economic theories offer reasons and justifications for human actions, not just their causes. With its lengthy appendix introducing relevant issues in philosophy of science, this book is a major addition to philosophy of economics and of social science. (shrink)

This book is about preferences, principally as they figure in economics. It also explores their uses in everyday language and action, how they are understood in psychology and how they figure in philosophical reflection on action and morality. The book clarifies and for the most part defends the way in which economists invoke preferences to explain, predict and assess behavior and outcomes. Hausman argues, however, that the predictions and explanations economists offer rely on theories of preference formation that are in (...) need of further development, and he criticizes attempts to define welfare in terms of preferences and to define preferences in terms of choices or self-interest. The analysis clarifies the relations between rational choice theory and philosophical accounts of human action. The book also assembles the materials out of which models of preference formation and modification can be constructed, and it comments on how reason and emotion shape preferences. (shrink)

This book, by one of the pre-eminent philosophers of science writing today, offers the most comprehensive account available of causal asymmetries. Causation is asymmetrical in many different ways. Causes precede effects; explanations cite causes not effects. Agents use causes to manipulate their effects; they don't use effects to manipulate their causes. Effects of a common cause are correlated; causes of a common effect are not. This book explains why a relationship that is asymmetrical in one of these regards is asymmetrical (...) in the others. Hausman discovers surprising hidden connections between theories of causation and traces them all to an asymmetry of independence. This is a major book for philosophers of science that will also prove insightful to economists and statisticians. (shrink)

Three studies test eight hypotheses about (1) how judgment differs between people who ascribe greater vs. less moral relevance to choices, (2) how moral judgment is subject to task constraints that shift evaluative focus (to moral rules vs. to consequences), and (3) how differences in the propensity to rely on intuitive reactions affect judgment. In Study 1, judgments were affected by rated agreement with moral rules proscribing harm, whether the dilemma under consideration made moral rules versus consequences of choice salient, (...) and by thinking styles (intuitive vs. deliberative). In Studies 2 and 3, participants evaluated policy decisions to knowingly do harm to a resource to mitigate greater harm or to merely allow the greater harm to happen. When evaluated in isolation, approval for decisions to harm was affected by endorsement of moral rules and by thinking style. When both choices were evaluated simultaneously, total harm -- but not the do/allow distinction -- influenced rated approval. These studies suggest that moral rules play an important, but context-sensitive role in moral cognition, and offer an account of when emotional reactions to perceived moral violations receive less weight than consideration of costs and benefits in moral judgment and decision making. (shrink)

This essay explains what the Causal Markov Condition says and defends the condition from the many criticisms that have been launched against it. Although we are skeptical about some of the applications of the Causal Markov Condition, we argue that it is implicit in the view that causes can be used to manipulate their effects and that it cannot be surrendered without surrendering this view of causation.

Conversation is supported by the beliefs that people have in common and the perceptual experience that they share. The visual context of a conversation has two aspects: the information that is available to each conversant, and their beliefs about what is present for each other. In our experiment, we separated these factors for the first time and examined their impact on a spontaneous conversation. We manipulated the fact that a visual scene was shared or not and the belief that a (...) visual scene was shared or not. Participants watched videos of actors talking about a controversial topic, then discussed their own views while looking at either a blank screen or the actors. Each believed (correctly or not) that their partner was either looking at a blank screen or the same images. We recorded conversants’ eye movements, quantified how they were coordinated, and analyzed their speech patterns. Gaze coordination has been shown to be causally related to the knowledge people share before a conversation, and the information they later recall. Here, we found that both the presence of the visual scene, and beliefs about its presence for another, influenced language use and gaze coordination. (shrink)

In the past two to three decades health behavior scientists have increasingly emphasized affect-related concepts in their attempts to understand and facilitate change in important health behaviors, such as smoking, eating, physical activity, substance abuse, and sex. This article provides a narrative review of this burgeoning literature, including relevant theory and research on affective response, incidental affect, affect processing, and affectively charged motivation. An integrative dual-processing framework is presented that suggests pathways through which affect-related concepts may interrelate to influence health (...) behavior. (shrink)

We often consciously will our own actions. This experience is so profound that it tempts us to believe that our actions are caused by consciousness. It could also be a trick, however – the mind’s way of estimating its own apparent authorship by drawing causal inferences about relationships between thoughts and actions. Cognitive, social, and neuropsychological studies of apparent mental causation suggest that experiences of conscious will frequently depart from actual causal processes and so might not reflect direct perceptions of (...) conscious thought causing action. (shrink)

Drawing on theories of William James, Freud, and Dewey, as well as on studies in mood control, cognitive therapy, and artificial intelligence, this...

ABSTRACT:This paper examines the norms that should guide policies aimed at promoting happiness or, more broadly, well-being. In particular, we take up the question of which conception of well-being should govern well-being policy, assuming some such policies to be legitimate. In answer, we lay out a case for ‘pragmatic subjectivism’: given widely accepted principles of respect for persons, well-being policy may not assume any view of well-being, subjectivist or objectivist. Rather, it should promote what its intended beneficiaries see as good (...) for them: pleasure for hedonists, excellence for Aristotelians, etc. Specifically, well-being policy should promote citizens’ ‘personal welfare values’: those values—and not mere preferences—that individuals see as bearing on their well-being. Finally, we briefly consider how pragmatic subjectivism works in practice. While our discussion takes for granted the legitimacy of well-being policy, we suggest that pragmatic subjectivism strengthens the case for such policy. (shrink)