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The use of measures of economic output to guide policymaking has
been criticized for decades because of their weak ties to human
well-being. Recently, many scholars and politicians have called for
measures of happiness or subjective well-being to be used to guide
policy in people's true interests. In The Illusion of Well-Being,
Mark D. White explains why using happiness as a tool for
policymaking is misguided and unethical. Happiness is too vague a
term to define, and too general a concept, to measure in a way that
captures people's true feelings. He extends this critique to
well-being in general and concludes that no measure of well-being
can do justice to people's true interests, which are complex,
multifaceted, and subjective. White suggests instead that
policymaking be conducted according to respect and responsiveness,
promoting the true interests of citizens while addressing their
real needs, and devoting government resources to where they can do
the most good.
Since the days of Adam Smith, ethics and economics have been
closely intertwined, and were nominally separated only with the
advent of neoclassical economics in the beginning of the last
century. This book features eleven essays by leading scholars in
economics and philosophy who argue for a renewal of the bond
between the two disciplines. Several of the contributors argue that
the ethical content of economics and moral status of the market
have been misunderstood, for better and for worse. Some recommend
changes in the way that individual economic choice is modelled, in
order to incorporate ethical as well as self-interested
motivations. Finally, others question the way that societies assess
economic policies that affect the welfare and dignity of their
constituents. A wide range of philosophical perspectives is
offered, drawing from the classic writings of Adam Smith, Immanuel
Kant, and the ancient Stoics, to that of current scholars such as
Amartya Sen, Elizabeth Anderson, and Christine Korsgaard. This book
provides a comprehensive introduction to the cutting edge of
interdisciplinary research between ethics and economics, and is
sure to be an important resource for scholars in both fields. This
book was published as a combination of the special issues Review of
Political Economy and Review of Social Economy.
Since the days of Adam Smith, ethics and economics have been
closely intertwined, and were nominally separated only with the
advent of neoclassical economics in the beginning of the last
century. This book features eleven essays by leading scholars in
economics and philosophy who argue for a renewal of the bond
between the two disciplines.
Several of the contributors argue that the ethical content of
economics and moral status of the market have been misunderstood,
for better and for worse. Some recommend changes in the way that
individual economic choice is modelled, in order to incorporate
ethical as well as self-interested motivations. Finally, others
question the way that societies assess economic policies that
affect the welfare and dignity of their constituents.
A wide range of philosophical perspectives is offered, drawing
from the classic writings of Adam Smith, Immanuel Kant, and the
ancient Stoics, to that of current scholars such as Amartya Sen,
Elizabeth Anderson, and Christine Korsgaard. This book provides a
comprehensive introduction to the cutting edge of interdisciplinary
research between ethics and economics, and is sure to be an
important resource for scholars in both fields.
This book was published as a combination of the special issues
Review of Political Economy and Review of Social Economy.
How often is the defense of insanity or temporary insanity for
accused criminals valid-or is it ever legitimate? This unique work
presents multidisciplinary viewpoints that explain, support, and
critique the insanity defense as it stands. What is the role of
"the insanity defense" as a legal excuse? How does U.S. law handle
criminal trials where the defendant pleads insanity, and how does
our legal system's treatment differ from those of other countries
or cultures? How are insanity defenses used, and how successful are
these defenses for the accused? What are the costs of incarceration
versus psychiatric treatment and confinement? This book presents a
range of expert viewpoints on the insanity defense, exposing common
myths; investigating its effectiveness and place in our legal
system through history, case studies, and comparative analysis; and
supplying perspectives from the disciplines of psychology,
psychiatry, sociology, and neuroscience. The content also addresses
the ramifications of declaring citizens insane or incapacitated and
examines trials that involved pleas of insanity and temporary
insanity. Presents multidisciplinary coverage of this important
topic-one that is typically polarizing for members of the general
public Includes discussions of new advances in neuroscience that
have revived debates regarding free will, culpability, and
punishment Illustrates points with widely publicized and televised
trials that have recently increased public awareness of the
insanity defense as well as heated debates over its justification
When we fail to achieve our goals, procrastination is often the
culprit. But how exactly is procrastination to be understood? It
has been described as imprudent, irrational, inconsistent, and even
immoral, but there has been no sustained philosophical debate
concerning the topic.
This edited volume starts in on the task of integrating the problem
of procrastination into philosophical inquiry. The focus is on
exploring procrastination in relation to agency, rationality, and
ethics-topics that philosophy is well-suited to address.
Theoretically and empirically informed analyses are developed and
applied with the aim of shedding light on a vexing practical
problem that generates a great deal of frustration, regret, and
harm. Some of the key questions that are addressed include the
following: How can we analyze procrastination in a way that does
justice to both its voluntary and its self-defeating dimensions?
What kind of practical failing is procrastination? Is it a form of
weakness of will? Is it the product of fragmented agency? Is it a
vice? Given the nature of procrastination, what are the most
promising coping strategies?
While ethics has been an integral part of economics since the days
of Adam Smith (if not Aristotle), many modern economists dismiss
ethical concerns in favor of increasing formal mathematical and
computational methods. But recent financial crises in the real
world have reignited discussions of the importance of ethics to
economics, including growing calls for a new approach to
incorporating moral philosophy in economic theory, practice, and
policy. Ironically, it is the ethics of virtue advocated by
Aristotle and Adam Smith that may lead to the most promising way to
developing an economics that emphasizes the virtues, character, and
judgment of the agents it models. In Economics and the Virtues,
editors Jennifer A. Baker and Mark D. White have brought together
fifteen leading scholars in economics and philosophy to offer fresh
perspectives on integrating virtue into economics. The first
section covers five major thinkers and schools in the virtue
tradition, tracing historical connections and suggesting new areas
of cooperation. The second section applies the ethics of virtue to
modern economic theory, delving into its current practices and
methodology to suggest areas for integration with moral philosophy.
Finally, the third section addresses specific topics such as
markets, profits, and justice in the context of virtue and vice,
offering valuable applications of virtue to economics. With
insights that are novel as well as rooted in time-tested ethical
thought, Economics and the Virtues will be of interest to
economists, philosophers, and other scholars in the social sciences
and humanities, as well as professionals and policymakers in the
fields of economics and finance, and makes an invaluable
contribution to the ongoing discussion over the role of ethics in
economics.
Economics is often defined as the science of choice or human
action. But choice and action are essentially mental phenomena, an
aspect rarely mentioned in the economics discourse. Choice, while
not always a conscious or rational process, is held to involve
beliefs, desires, intentions and arguably even free will. Actions
are often opposed to mere bodily movements, with the former being
in some sense only understandable in reference to mental processes
while the latter are understandable in entirely non-mental,
physical terms. While philosophers have long concerned themselves
with the connections between these concepts, economists have tended
to steer clear of what might appear to be an a priori debate. At
the same time, philosophers working on these important notions have
tended to not dirty their hands with the empirical, real-world
applications in which economists are specialized. This volume fills
these gaps by bringing economists and philosophers of mind together
to explore the intersection of their disciplines.
Economics is often defined as the science of choice or human
action. But choice and action are essentially mental phenomena, an
aspect rarely mentioned in the economics discourse. Choice, while
not always a conscious or rational process, is held to involve
beliefs, desires, intentions and arguably even free will. Actions
are often opposed to mere bodily movements, with the former being
in some sense only understandable in reference to mental processes
while the latter are understandable in entirely non-mental,
physical terms. While philosophers have long concerned themselves
with the connections between these concepts, economists have tended
to steer clear of what might appear to be an a priori debate. At
the same time, philosophers working on these important notions have
tended to not dirty their hands with the empirical, real-world
applications in which economists are specialized. This volume fills
these gaps by bringing economists and philosophers of mind together
to explore the intersection of their disciplines.
Upholding fair competition is a deeply engrained principle in the
legal and political structures of most liberal democracies and is
widely regarded as one of the foundations of a market economy. In
this book, Mark D. White disputes this common understanding of
competition and antitrust law. Drawing on concepts from economics,
philosophy and law, White argues that the pre-eminent status
accorded to the regulation of competition should be reconsidered by
any government that claims to support property rights. Despite its
populist origins, competition and antitrust law today is usually
understood in terms of economics, which provides a solid foundation
for the analysis of market competition. As this logic goes,
governments restrict firms from engaging in behaviour regarded as
uncompetitive or leading to a monopoly, to protect consumers, other
firms and competition itself. At the same time, however, this
neglects the fundamental property rights on which the market
economy is based, an unfortunate implication of the utilitarian
ethics at the heart of economics. As a result, firms are held
responsible for maximizing welfare and penalized for failures to do
so, even when their actions violate no recognized rights of
consumers or competitors, which goes against the presumption of
freedom of commerce in liberal societies. More generally,
competition or antitrust law treats firms as if they were agents of
the state rather than opportunities for individuals to interact in
a market that allows them to pursue their interests in an
environment where the rights of all are respected. As White
explains, competition or antitrust law serves as a prime example of
how economics privileges welfare and efficiency over rights and
justice, promoting the maximization of outcomes while ignoring the
rights of those generating them. Accessible and non-technical this
book assumes no background in economics, philosophy, or law. It
provides a fresh and thought-provoking perspective on
competition/antitrust law that will challenge readers from all
backgrounds and political stances to question the degree to which
its wisdom is taken for granted.
In Retributivism: Essays on Theory and Policy, Professor Mark D.
White and his contributors offer analysis and explanations of new
developments in retributivism, the philosophical account of
punishment that holds that wrongdoers must be punished as a matter
of right, duty, or justice, rather than to serve some general
social purpose. The contemporary debate over retributivist
punishment has become particularly vibrant in recent years,
focusing increasingly on its political and economic as well as its
philosophical aspects, and also on its practical ramifications in
addition to theoretical implications. The twelve chapters in this
book, written by leading legal scholars and philosophers, cover the
various justifications and conceptions of retributivism, its
philosophical foundations (often questioning conventional
understandings), and how retributivism informs actual criminal
justice procedures and practices.
This book explores the steady decline in the status of the
individual in recent years and addresses common misunderstandings
about the concept of individuality. Drawing from psychology,
neuroscience, technology, economics, philosophy, politics, and law,
White explains how and why the individual has been devalued in the
eyes of scholars, government leaders, and the public. He notes that
developments in science have led to doubts about our cognitive
competence, while assumptions made in the humanities have led to
questions about our moral competence. In this book, White goes on
to argue that both of these views are mistaken and that they stem
from overly simplistic ideas about how individuals make choices,
however imperfectly, in their interests, which are multifaceted and
complex. In response, he proposes a new way to look at individuals
that preserves their essential autonomy while emphasizing their
responsibility to others, inspired by the moral philosophy of
Immanuel Kant and the legal and political philosophy reflected in
the Bill of Rights to the U.S. Constitution. This book explains how
individuality combines both rights and responsibilities, reconciles
the popular yet false dichotomy between individual and society, and
provides the basis for a humane and respectful civil society and
government. This book is part of White's trilogy on the individual
and society, which includes The Manipulation of Choice and The
Illusion of Well-Being.
The use of measures of economic output to guide policymaking has
been criticized for decades because of their weak ties to human
well-being. Recently, many scholars and politicians have called for
measures of happiness or subjective well-being to be used to guide
policy in people's true interests. In The Illusion of Well-Being,
Mark D. White explains why using happiness as a tool for
policymaking is misguided and unethical. Happiness is too vague a
term to define, and too general a concept, to measure in a way that
captures people's true feelings. He extends this critique to
well-being in general and concludes that no measure of well-being
can do justice to people's true interests, which are complex,
multifaceted, and subjective. White suggests instead that
policymaking be conducted according to respect and responsiveness,
promoting the true interests of citizens while addressing their
real needs, and devoting government resources to where they can do
the most good.
The economic approach to law, or law and economics, is by far the
most successful application of basic economic principles to another
scholarly field, but most of the critical appraisal of the field
has been scattered among law reviews and economics journals.
Theoretical Foundations of Law and Economics is the first original,
book-length examination of the methodology and philosophy of law
and economics, featuring new essays written by leading legal
scholars, philosophers, and economists. The contributors take issue
with many of the key tenets of the economic approach to law, such
as its assumption of rational behavior, its reliance on market
analogies, and its adoption of efficiency as the primary goal of
legal decision-making. They discuss the relevance of economics to
the law in general, as well as to substantive areas of the law,
such as contracts, torts, and crime.
The economic approach to law, or "law and economics," is by far the
most successful application of basic economic principles to another
scholarly field, but most of the critical appraisal of the field
has been scattered among law reviews and economics journals.
Theoretical Foundations of Law and Economics is the first original,
book-length examination of the methodology and philosophy of law
and economics, featuring new essays written by leading legal
scholars, philosophers, and economists. The contributors take issue
with many of the key tenets of the economic approach to law, such
as its assumption of rational behavior, its reliance on market
analogies, and its adoption of efficiency as the primary goal of
legal decision-making. They discuss the relevance of economics to
the law in general, as well as to substantive areas of the law,
such as contracts, torts, and crime.
Upholding fair competition is a deeply engrained principle in the
legal and political structures of most liberal democracies and is
widely regarded as one of the foundations of a market economy. In
this book, Mark D. White disputes this common understanding of
competition and antitrust law. Drawing on concepts from economics,
philosophy and law, White argues that the pre-eminent status
accorded to the regulation of competition should be reconsidered by
any government that claims to support property rights. Despite its
populist origins, competition and antitrust law today is usually
understood in terms of economics, which provides a solid foundation
for the analysis of market competition. As this logic goes,
governments restrict firms from engaging in behaviour regarded as
uncompetitive or leading to a monopoly, to protect consumers, other
firms and competition itself. At the same time, however, this
neglects the fundamental property rights on which the market
economy is based, an unfortunate implication of the utilitarian
ethics at the heart of economics. As a result, firms are held
responsible for maximizing welfare and penalized for failures to do
so, even when their actions violate no recognized rights of
consumers or competitors, which goes against the presumption of
freedom of commerce in liberal societies. More generally,
competition or antitrust law treats firms as if they were agents of
the state rather than opportunities for individuals to interact in
a market that allows them to pursue their interests in an
environment where the rights of all are respected. As White
explains, competition or antitrust law serves as a prime example of
how economics privileges welfare and efficiency over rights and
justice, promoting the maximization of outcomes while ignoring the
rights of those generating them. Accessible and non-technical this
book assumes no background in economics, philosophy, or law. It
provides a fresh and thought-provoking perspective on
competition/antitrust law that will challenge readers from all
backgrounds and political stances to question the degree to which
its wisdom is taken for granted.
When we fail to achieve our goals, procrastination is often the
culprit. But how exactly is procrastination to be understood? It
has been described as imprudent, irrational, inconsistent, and even
immoral, but there has been no sustained philosophical debate
concerning the topic. This edited volume starts in on the task of
integrating the problem of procrastination into philosophical
inquiry. The focus is on exploring procrastination in relation to
agency, rationality, and ethics - topics that philosophy is
well-suited to address. Theoretically and empirically informed
analyses are developed and applied with the aim of shedding light
on a vexing practical problem that generates a great deal of
frustration, regret, and harm. Some of the key questions that are
addressed include the following: How can we analyze procrastination
in a way that does justice to both its voluntary and its
self-defeating dimensions? What kind of practical failing is
procrastination? Is it a form of weakness of will? Is it the
product of fragmented agency? Is it a vice? Given the nature of
procrastination, what are the most promising coping strategies?
While ethics has been an integral part of economics since the days
of Adam Smith (if not Aristotle), many modern economists dismiss
ethical concerns in favor of increasing formal mathematical and
computational methods. But recent financial crises in the real
world have reignited discussions of the importance of ethics to
economics, including growing calls for a new approach to
incorporating moral philosophy in economic theory, practice, and
policy. Ironically, it is the ethics of virtue advocated by
Aristotle and Adam Smith that may lead to the most promising way to
developing an economics that emphasizes the virtues, character, and
judgment of the agents it models. In Economics and the Virtues,
editors Jennifer A. Baker and Mark D. White have brought together
fifteen leading scholars in economics and philosophy to offer fresh
perspectives on integrating virtue into economics. The first
section covers five major thinkers and schools in the virtue
tradition, tracing historical connections and suggesting new areas
of cooperation. The second section applies the ethics of virtue to
modern economic theory, delving into its current practices and
methodology to suggest areas for integration with moral philosophy.
Finally, the third section addresses specific topics such as
markets, profits, and justice in the context of virtue and vice,
offering valuable applications of virtue to economics. With
insights that are novel as well as rooted in time-tested ethical
thought, Economics and the Virtues will be of interest to
economists, philosophers, and other scholars in the social sciences
and humanities, as well as professionals and policymakers in the
fields of economics and finance, and makes an invaluable
contribution to the ongoing discussion over the role of ethics in
economics.
Economics and ethics are both valuable tools for analyzing the
behavior and actions of human beings and institutions. Adam Smith,
the father of modern economics, considered them two sides of the
same coin, but since economics was formalized and mathematicised in
the late 1800s and early 1900s, the fields have largely followed
separate paths. The Oxford Handbook of Ethics and Economics
provides a timely and thorough survey of the various ways ethics
can, does, and should inform economic theory and practice. The
first part of the book, Foundations, explores how the most
prominent schools of moral philosophy relate to economics; asks how
morals relevant to economic behavior may have evolved; and explains
how various approaches to economics incorporate ethics into their
work. The second part, Applications, looks at the ethics of
commerce, finance, and markets; uncovers the moral dilemmas
involved with making decisions regarding social welfare, risk, and
harm to others; and explores how ethics is relevant to major topics
within economics, such as health care and the environment. With
esteemed contributors from economics and philosophy, The Oxford
Handbook of Ethics and Economics is a resource for scholars in both
disciplines and those in related fields. It highlights the close
relationship between ethics and economics in the past while and
lays a foundation for further integration going forward.
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