One of Brian Loar’s most central contributions to contemporary philosophy of mind is the notion of phenomenal intentionality: a kind of intentional directedness fully grounded in phenomenal character. Proponents of phenomenal intentionality typically also endorse the idea of cognitive phenomenology: a sui generis phenomenal character of cognitive states such as thoughts and judgments that grounds these states’ intentional directedness. This combination creates a challenge, though: namely, how to account for the manifest phenomenological difference between (...) perception and cognition. In this paper, I argue that there is in fact no obvious account of this difference. I consider three main approaches: in terms of high-level vs. low-level contents, of conceptual vs. nonconceptual content, and of propositional vs. objectual content. After arguing against each, I conclude by considering the phenomenal-intentionalist’s options moving forward. (shrink)

This paper compares tracking and phenomenal intentionality theories of intentionality with respect to the issue of naturalism. Tracking theories explicitly aim to naturalize intentionality, while phenomenal intentionality theories generally do not. It might seem that considerations of naturalism count in favor of tracking theories. We survey key considerations relevant to this claim, including some motivations for and objections to the two kinds of theories. We conclude by suggesting that naturalistic considerations may in fact support (...) phenomenal intentionality theories over tracking theories. (shrink)

This paper argues for a Husserlian account of phenomenal intentionality. Experience is intentional insofar as it presents a mind-independent, objective world. Its doing so is a matter of the way it hangs together, its having a certain structure. But in order for the intentionality in question to be properly understood as phenomenal intentionality, this structure must inhere in experience as a phenomenal feature. Husserl’s concept of horizon designates this intentionality-bestowing experiential structure, while his (...) concept of motivation designates the unique phenomenal character of this structure as it is experientially lived through. The way experience hangs together is itself a phenomenal feature of experience. (shrink)

Phenomenal intentionality is a kind of intentionality, or aboutness, that is grounded in phenomenal consciousness, the subjective, experiential feature of certain mental states. The phenomenal intentionality theory (PIT), is a theory of intentionality according to which there is phenomenal intentionality, and all other kinds of intentionality at least partly derive from it. In recent years, PIT has increasingly been seen as one of the main approaches to intentionality.

In recent years, several philosophers have defended the idea of phenomenal intentionality : the intrinsic directedness of certain conscious mental events which is inseparable from these events’ phenomenal character. On this conception, phenomenology is usually conceived as narrow, that is, as supervening on the internal states of subjects, and hence phenomenal intentionality is a form of narrow intentionality. However, defenders of this idea usually maintain that there is another kind of, externalistic intentionality, which (...) depends on factors external to the subject. We may ask whether this concession to content externalism is obligatory. In this paper, I shall argue that it isn’t. I shall suggest that if one is convinced that narrow phenomenal intentionality is legitimate, there is nothing stopping one from claiming that all intentionality is narrow. (shrink)

This is an introduction to a special issue on the history of phenomenal intentionality.

According to the phenomenal intentionality research program, a state’s intentional content is fixed by its phenomenal character. Defenders of this view have little to say about just how this grounding is accomplished. I argue that without a robust account of representation, the research program promises too little. Unfortunately, most of the well-developed accounts of representation – asymmetric dependence, teleosemantics, and the like – ground representation in external relations such as causation. Such accounts are inconsistent with the core (...) of the phenomenal intentionality program. I argue that, however counter-intuitive it may seem, the best prospect for explaining how phenomenal character represents appeals to resemblance. (shrink)

This paper explores the relationship between phenomenal properties and intentional properties. In recent years a number of philosophers have argued that intentional properties are sometimes necessitated by phenomenal properties, but have not explained why or how. Exceptions can be found in the work of Katalin Farkas and Farid Masrour, who develop versions of reductionism regarding phenomenally-necessitated intentionality (or "phenomenal intentionality"). I raise two objections to reductive theories of the sort they develop. Then I propose a (...) version of primitivism regarding phenomenal intentionality. I argue that primitivism avoids the pitfalls of reductionism while promising broad explanatory payoffs. (shrink)

Phenomenal intentionality is a view about the representational content of conscious experiences that grounds the content of experiences in their phenomenal character. The view is motivated by evidence from introspection, as well as theoretical considerations and intuitions. This paper discusses one potential problem with the view. The view has difficulty accounting for the intentionality of color experiences. Versions of the view either fail to count things as part of the content of color experience that should be (...) counted, resulting in verdicts that some color experiences are inaccurate which should not be, or they admit properties as part of their contents that ought not to be admitted, resulting in color experiences being considered to be accurate when they ought not to be considered so. This is a problem because color predicates are usefully employed in sciences such as biology, cognitive science, and engineering. They are used in generalizations that take the form of laws governing the presence and behavior of properties. Scientific practice relies on the assumption that the laws governing how entities behave employ terms that refer to actual properties that entities really have. We should therefore assume that there is some consistent set of properties to which our color terms refer. (shrink)

Phenomenal intentionality is a view about the representational content of conscious experiences that grounds the content of experiences in their phenomenal character. The view is motivated by evidence from introspection, as well as theoretical considerations and intuitions. This paper discusses one potential problem with the view. The view has difficulty accounting for the intentionality of color experiences. Versions of the view either fail to count things as part of the content of color experience that should be (...) counted, resulting in verdicts that some color experiences are inaccurate which should not be, or they admit properties as part of their contents that ought not to be admitted, resulting in color experiences being considered to be accurate when they ought not to be considered so. This is a problem because color predicates are usefully employed in sciences such as biology, cognitive science, and engineering. They are used in generalizations that take the form of laws governing the presence and behavior of properties. Scientific practice relies on the assumption that the laws governing how entities behave employ terms that refer to actual properties that entities really have. We should therefore assume that there is some consistent set of properties to which our color terms refer. (shrink)

We review some of the work already done around the notion of phenomenal intentionality and propose a way of turning this body of work into a self-conscious research program for understanding intentionality.

: This essay has two goals. The goal of the first section is to raise a few clarificatory questions about the exact contour of Crane’s account of intentionality, its relation to phenomenology, and his motivation for it. The second section aims to describe a general worry about programs that combine a broadly anti-externalist outlook on intentionality with the idea that there is an intimate connection between phenomenology and intentionality. I argue that programs like this either suffer from (...) a problem that I call intentional luck or, in the attempt to avoid this problem, have to weaken the connection between intentionality and phenomenology. Since Crane’s general outlook falls under this program, it is subject to this worry. Keywords : Intentionality; Phenomenal Intentionalism; Externalism; Phenomenal Experience; Veridical Experience Riconsiderare l’intenzionalità fenomenica Riassunto : Questo articolo persegue due obiettivi. Quello della prima sezione è sollevare alcuni problemi di classificazione circa i confini specifici della descrizione di Crane dell’intenzionalità, il suo rapporto con la fenomenologia e le ragioni che la supportano. La seconda sezione mira a descrivere una obiezione generale ai programmi che combinano una prospettiva sull’intenzionalità di carattere ampiamente anti-esternalista con l’idea secondo cui ci sarebbe un legame stretto tra fenomenologia e intenzionalità. Intendo sostenere che programmi di questo genere offrono il fianco a un problema che chiamerò fortuna intenzionalista oppure, per evitare questo problema, devono indebolire il nesso tra intenzionalità e fenomenologia. Dal momento che la prospettiva generale di Crane ricade in questo programma, è soggetta a questa obiezione. Parole chiave : Intentionalità; Intenzionalismo fenomenico; Esternismo; Esperienza fenomenica; Veridicità dell’esperienza. (shrink)

Some mental states seem to be "of" or "about" things, or to "say" something. For example, a thought might represent that grass is green, and a visual experience might represent a blue cup. This is intentionality. The aim of this book is to explain this phenomenon. -/- Once we understand intentionality as a phenomenon to be explained, rather than a posit in a theory explaining something else, we can see that there are glaring empirical and in principle difficulties (...) with currently popular tracking and functional role theories of intentionality, which aim to account for intentionality in terms of tracking relations and functional roles. -/- This book develops an alternative theory, the phenomenal intentionality theory (PIT), on which the source of intentionality is none other than phenomenal consciousness, the subjective, felt, or qualitative aspect of mental life. While PIT avoids the problems that plague tracking and functional role theories, it faces its own challenges in accounting for the rich and complex contents of thoughts and the contents of nonconscious states. In responding to these challenges, this book proposes a novel version of PIT, on which all intentionality is phenomenal intentionality, though we in some sense represent many non-phenomenal contents by ascribing them to ourselves. This book further argues that phenomenal consciousness is an intrinsic feature of mental life, resulting in a view that is radically internalistic in spirit: Our phenomenally represented contents are literally in our heads, and any non-phenomenal contents we in some sense represent are expressly targeted by us. (shrink)

Perceptual experience has the phenomenal character of encountering a mind-independent objective world. What we encounter in perceptual experience is not presented to us as a state of our own mind. Rather, we seem to encounter facts, objects, and properties that are independent from our mind. In short, perceptual experience has phenomenal objectivity. This paper proposes and defends a Kantian account of phenomenal objectivity that grounds it in experiences of lawlike regularities. The paper offers a novel account of (...) the connection between phenomenology and intentionality. It also sheds some light on one of the central themes in Kant’s Critique of Pure Reason. (shrink)

Phenomenal intentionality is supposed to be a kind of directedness of the mind onto the world that is grounded in the conscious feel of mental life. This book of new essays explores a number of issues raised by the notion of phenomenal intentionality.

In this paper, I explore one particular dimension of Brentano’s legacy, namely, his theory of mental analysis. This theory has received much less attention in recent literature than the intentionality thesis or the theory of inner perception. However, I argue that it provides us with substantive resources in order to conceptualize the unity of intentionality and phenomenality. My proposal is to think of the connection between intentionality and phenomenality as a certain combination of part/whole relations rather than (...) as a supervenience or identity relation. To begin, I discuss some reasons for being a (neo-)Brentanian about the mind and briefly introduce the main characteristics of Brentano’s internalist description program. Then, I turn to the current “inseparatist” way of dealing with intentionality and phenomenality, focusing on the demand for unity coming from advocates of phenomenal intentionality. I suggest that the unity of the mind may be put in a new light if we put aside metaphysical–epistemological questions, go back to Brentano’s description program, and endorse his thesis that the mental is something unified in which various parts must be distinguished. In the last section, I draw some lessons from this approach, holding that, for any representational content R, R is (in Brentano’s terms) an abstractive or “distinctional” part of the relevant state and that, for any qualitative aspect Q, Q is an abstractive or “distinctional” part of the relevant representational content R. (shrink)

The so-called transparency of experience (TE) is the intuition that, in introspecting one’s own experience, one is only aware of certain properties (like colors, shapes, etc.) as features of (apparently) mind-independent objects. TE is quite popular among philosophers of mind and has traditionally been used to motivate Representationalism, i.e., the view that phenomenal character is in some strong way dependent on intentionality. However, more recently, others have appealed to TE to go the opposite way and support the (...) class='Hi'>phenomenal intentionality view (PIV), according to which intentionality is in some strong way dependent on phenomenal character. If this line of argument succeeds, then not only TE does not speak in favor of Representationalism, but it actually speaks against it, contrary to the philosophical common-sense of the last two decades. Moreover, the representationalist project of naturalizing phenomenal character turns out to be seriously undermined on the same intuitive grounds that were supposed to make it plausible. In this paper, I reconstruct and discuss the line of argument from TE to PIV and argue that our introspective intuitions (TE) do not push us in the direction of PIV. On the contrary, the line of argument from TE to PIV is (at best) simply too weak to force us to conclude that intentionality depends on phenomenal character in the sense required for PIV to be true. (shrink)

The topic of the paper is at the intersection of recent debates on de se thought and phenomenal intentionality. An interesting problem for phenomenal intentionality is the question of how to account for the intentional properties of de se thought-contents---i.e., thoughts about oneself as oneself. Here, I aim to describe and consider the significance of a phenomenological perspective on self-consciousness in its application to de se thought. I argue that having de se thoughts can be explained (...) in terms of the ways that subjects consciously attend to themselves in experiences of thinking. Therefore, a strong form of first-person persectivalness, in which the subject is capable of self-directed control of the focus of conscious attention, is required for de se thought. But no constraints on the semantic content of such thoughts are required. The outcome of the question therefore bears importantly on both on the problem of self-reflexive self-reference and the wider problem of self-consciousness. My model suggests phenomenologically-derived conceptual constraints for the extension of minimal, background forms of self-awareness to robust, cognitive forms of self-awareness that have been of interest in recent empirical studies on self-consciousness. The framework therefore provides a way of operationalizing the concept of self-reflexive consciousness by deploying widely deployed notions from the empirical literature such as attention and minimal phenomenal selfhood, enabling a framework for empirically falsifiable hypotheses about the neural mechanisms underlying the structure of self-consciousness. What Is it Like to Think about Oneself? De Se Thought and Phenomenal Intentionality. (shrink)

This paper argues that there is no such thing as ?phenomenal intentionality?. The arguments used by its advocates rely upon an appeal to ?what it is like? (WIL) to attend on some occasion to one?s intentional state. I argue that there is an important asymmetry in the application of the WIL phenomenon to sensory and intentional states. Advocates of ?phenomenal intentionality? fail to recognize this, but this asymmetry undermines their arguments for phenomenal intentionality. The (...) broader issue driving the advocacy of phenomenal intentionality is the belief that consciousness must somehow be implicated in intentionality. With this I agree. But because of the asymmetry of application of WIL, the path chosen by advocates of phenomenal intentionality to secure this conclusion cannot succeed. A brief overview of recent philosophy of mind explains the temptation to take this wrong path. Fortunately, there are other routes that implicate consciousness in intentionality. In consequence, though there is no phenomenal intentionality, there is a phenomenology of intentionality. (shrink)

Phenomenal intentionality and the evidential role of perceptual experience: comments on Jack Lyons, Perception and Basic Beliefs Content Type Journal Article DOI 10.1007/s11098-010-9604-2 Authors Terry Horgan, University of Arizona, Tucson, AZ USA Journal Philosophical Studies Online ISSN 1573-0883 Print ISSN 0031-8116.

I explore the prospects for overcoming the prima facie tension in the following four claims, all of which I accept: the phenomenal character of experience is narrow; virtually all aspects of the phenomenal character of experience are intentional; the most fundamental kind of mental intentionality is fully constituted by phenomenal character; and yet introspection does not by itself reliably generate answers to certain philosophically important questions about the phenomenally constituted intentional content of experience. The apparent tension (...) results from the following initially plausible thought: if indeed the answers to such questions are entirely fixed by phenomenal character by itself, then presumably these answers should be directly available introspectively. I focus the discussion specifically on certain questions about the phenomenal intentional content of agentive experience—e.g., the question whether the content of agentive experience is compatible with causal determinism. I consider three alternative possibilities for explaining why the answers to such questions are not directly available introspectively—two of which I argue against and the third of which I embrace. (shrink)

Levine suggests the following criticisms of my book. First, the absence of a positive account of first-person knowledge in it makes it vulnerable to eliminativist refutation. Second, it is a relative strength of the higher order representation accounts of consciousness I reject that they offer explanations of the subjectivity of conscious states and their special availability to first-person knowledge. Further, the close connection I draw between the phenomenal character of experience and intentionality is unwarranted in the case of (...) both color perception and conceptual thought. In response to Levine's critique, I argue that the eliminativist can be rebutted and higher-order representation theories found wanting, even without offering a positive account of first-person knowledge. Also, I note that I actually have begun to offer an account of this based on my conception of phenomenal consciousness. Finally, it will be seen that Levine's concerns do not undermine my views on color experience, conscious thought, and intentionality, once their justification and character are made clear. (shrink)

How come we can represent Bigfoot even though Bigfoot does not exist, given that representing something involves bearing a relation to it and we cannot bear relations to what does not exist?This is the problem of intentional inexistence. This paper develops a two-step solution to this problem, involving an adverbial account of conscious representation, or phenomenal inten- tionality, and the thesis that all representation derives from conscious representation. The solution is correspondingly two-part: we can consciously represent Bigfoot because consciously (...) representing Bigfoot does not involve bearing a relation to Bigfoot, but rather instantiating a certain non-relational property of representing Bigfoot-wise; and we can non-consciously represent Bigfoot because non-consciously representing Bigfoot does not involve bearing a relation to Bigfoot, but rather bearing a relation to conscious representations of Bigfoot. (shrink)

We argue that the letter of the Extended Mind hypothesis can be accommodated by a strongly internalist, broadly Cartesian conception of mind. The argument turns centrally on an unusual but highly plausible view on the mark of the mental.

In this paper, I argue against a dispositional account of the intentionality of belief states that has been endorsed by proponents of phenomenal intentionality. Specifically, I argue that the best characterization of a dispositional account of intentionality is one that takes beliefs to be dispositions to undergo occurrent judgments. I argue that there are cases where an agent believes that p, but fails to have a disposition to judge that p.

Philosophers traditionally recognize two main features of mental states: intentionality and phenomenal consciousness. To a first approximation, intentionality is the aboutness of mental states, and phenomenal consciousness is the felt, experiential, qualitative, or "what it'€™s like" aspect of mental states. In the past few decades, these features have been widely assumed to be distinct and independent. But several philosophers have recently challenged this assumption, arguing that intentionality and consciousness are importantly related. This article overviews the (...) key views on the relationship between consciousness and intentionality and describes our favored view, which is a version of the phenomenal intentionality theory, roughly the view that the most fundamental kind of intentionality arises from phenomenal consciousness. (shrink)

Siewert identifies a special kind of conscious experience, phenomenal consciousness, that is the sort of consciousness missing in a variety of cases of blindsight. He then argues that phenomenal consciousness has been neglected by students of consciousness when it should not be. According to Siewert, the neglect is based at least in part on two false assumptions: phenomenal features are not intentional and phenomenal character is restricted to sensory experience. By identifying an essential tension in Siewert's (...) characterization of phenomenal consciousness, I argue that his case for denying and is at best incomplete. (shrink)

_The Significance of Consciousness_ . Princeton: Princeton University Press. $42.50 hbk. x + 374pp. ISBN: 0691027242. ABSTRACT: I discuss three issues about the relation of phenomenal consciousness, in the sense Siewert isolates, to.

Proponents of phenomenal intentionality share a commitment that, for at least some paradigmatically intentional states, phenomenal character constitutively determines narrow intentional content. If this is correct, then any two states with the same phenomenal character will have the same narrow intentional content. Using a twin-earth style case, I argue that two different people can be in intrinsically identical phenomenological states without sharing narrow intentional contents. After describing and defending the case, I conclude by considering a few (...) objections that help to further illustrate the problem. (shrink)

According to the most popular theories of intentionality, a family of theories we will refer to as “functional intentionality,” a machine can have genuine intentional states so long as it has functionally characterizable mental states that are causally hooked up to the world in the right way. This paper considers a detailed description of a robot that seems to meet the conditions of functional intentionality, but which falls victim to what I call “the composition problem.” One obvious (...) way to escape the problem (arguably, the only way) is if the robot can be shown to be a moral patient – to deserve a particular moral status. If so, it isn’t clear how functional intentionality could remain plausible (something like “phenomenal intentionality” would be required). Finally, while it would have seemed that a reasonable strategy for establishing the moral status of intelligent machines would be to demonstrate that the machine possessed genuine intentionality, the composition argument suggests that the order of precedence is reversed: The machine must first be shown to possess a particular moral status before it is a candidate for having genuine intentionality. (shrink)

One of the most enduring elements of Davidson’s legacy is the idea that intentionality is inherently normative. The normativity of intentionality means different things to different people and in different contexts, however. A subsidiary goal of this paper is to get clear on the sense in which Davidson means the thesis that intentionality is inherently normative. The central goal of the paper is to consider whether the thesis is true, in light of recent work on intentionality (...) that insists on an intimate connection between intentionality and phenomenal consciousness. According to several recent authors, there is a kind of intentionality – “phenomenal intentionality” – that is fully constituted by the phenomenal character of conscious experiences. I will argue that although Davidson’s thesis, when correctly understood, is compelling for most intentionality, it is false of phenomenal intentionality. I start, in §1, with an explication of the notion of phenomenal intentionality; in §2, I elucidate Davidson’s thesis and his case for it; in §3, I argue that the case does not extend to phenomenal intentionality; I close, in §4, with some objections and replies. (shrink)

Functional intentionality is the dominant theory about how mental states come to have the content that they do. Phenomenal intentionality is an increasingly popular alternative to that orthodoxy, claiming that intentionality cannot be functionalized and that nothing is a mental state with intentional content unless it is phenomenally conscious. There is a consensus among defenders of phenomenal intentionality that the kind of phenomenology that is both necessary and sufficient for having a belief that "there (...) is a tree in the quad" is that the agent be consciously aware of the meaning of "tree" and "quad". On this theory, experiences with a valence -- experiences like happiness and sadness, satisfaction and frustration -- are irrelevant to intentionality. This paper challenges that assumption and considers several versions of "valent phenomenal intentionality" according to which a capacity for valent conscious experiences is either a necessary or a sufficient condition for intentionality (or both). (shrink)

I develop several new arguments against claims about "cognitive phenomenology" and its alleged role in grounding thought content. My arguments concern "absent cognitive qualia cases", "altered cognitive qualia cases", and "disembodied cognitive qualia cases". However, at the end, I sketch a positive theory of the role of phenomenology in grounding content, drawing on David Lewis's work on intentionality. I suggest that within Lewis's theory the subject's total evidence plays the central role in fixing mental content and ruling out deviant (...) interpretations. However I point out a huge unnoticed problem, the problem of evidence: Lewis really has no theory of sensory content and hence no theory of what fixes evidence. I suggest a way of plugging this hole in Lewis's theory. On the resulting theory, which I call " phenomenal functionalism", there is a sense in which sensory phenomenology is the source of all determinate intentionality. Phenomenal functionalism has similarities to the theories of Chalmers and Schwitzgebel. (shrink)

Are corporations and other complex groups ever morally responsible in ways that do not reduce to the moral responsibility of their members? Christian List, Phillip Pettit, Kendy Hess, and David Copp have recently defended the idea that they can be. For them, complex groups (sometimes called collectives) can be irreducibly morally responsible because they satisfy the conditions for morally responsible agency; and this view is made more plausible by the claim (made by Theiner) that collectives can have minds. In this (...) paper I give a new argument against the idea that collectives can be irreducibly morally responsible in the ways that individuals can be. Drawing on recent work in the philosophy of mind (what Uriah Kriegel calls "the phenomenal intentionality research program") and moral theory (David Shoemaker's tripartite theory of moral responsibility), I argue that for something to have a mind, it must be phenomenally conscious, and that the fact that collectives lack phenomenal consciousness implies that they are incapable of accountability, an important form of moral responsibility. (shrink)

Terence Horgan, George Graham and John Tienson argue that some intentional content is constitutively determined by phenomenology alone. We argue that this would require a certain kind of covariation of phenomenal states and intentional states that is not established by Horgan, Tienson and Graham’s arguments. We make the case that there is inadequate reason to think phenomenology determines perceptual belief, and that there is reason to doubt that phenomenology determines any species of non-perceptual intentionality. We also raise worries (...) about the capacity of phenomenology to map onto intentionality in a way that would be appropriate for any determiner of content/fixer of truth conditions. (shrink)

I argue that the idea that mental states possess a primitive intentionality in virtue of which they are able to represent or ‘intend’ putative particulars derives largely from Brentano‘s misinterpretation of Aristotle and the scholastics, and that without this howler the application of intentionality to phenomenal content would never have gained currency.

This is a review of Uriah Kriegal's book on intentionality, The Sources of Intentionality.

Phenomenal intentionality is irreducible. Empirical investigation shows it is internally-dependent. So our usual externalist (causal, etc.) theories do not apply here. Internalist views of phenomenal intentionality (e. g. interpretationism) also fail. The resulting primitivist view avoids Papineau's worry that terms for consciousness are highly indeterminate: since conscious properties are extremely natural (despite having unnatural supervenience bases) they are 'reference magnets'.

Participants in the cognitive phenomenology debate have proceeded by (a) proposing a bifurcation of theoretical options into inflationary and non-inflationary theories, and then (b) providing arguments for/against one of these theories. I suggest that this method has failed to illuminate the commonalities and differences among conscious intentional states of different types, in the absence of a theory of the structure of these states. I propose such a theory. In perception, phenomenal-intentional properties combine with somatosensory properties to form P-I property (...) clusters that serve as phenomenal modes of presentations of particulars. In imagination, somatosensory properties are replaced with phenomenal-intentional properties whose intentional objects are somatosensory properties, thus resulting in imaginative facsimiles of perceptual P-I property clusters. Such structures can then be used as phenomenal prototypes that pick out individuals and kinds. Sets of such prototypes constitute a subject’s conception of individuals and kinds. Combined with a few additional elements, these imaginative P-I property clusters serve as the building-blocks of conscious cognitive states. Different ways of carving up theoretical space classify my theory either as inflationary or as non-inflationary. I conclude that the theory is anti-inflationary in letter but inflationary in spirit. (shrink)