Barnett and Block establish that not only are fractional reserve demand deposits fraudulent and create an Austrian Business Cycle , but that a certain type of mismatching between time deposits and the period for which the depository institution relends the deposited funds are also contrary to libertarian law. The question we address in the present paper is whether or not this type of disconnect between the period for which the ultimate lender committed funds and the ultimate borrower gained possession (...) thereof also necessarily start an Austrian Business Cycle. Even though this does not constitute an increase in the stock of money, we answer in the affirmative. (shrink)

In Barnett and Block (J Bus Ethics 88(4): 711-716, 2009a), the present authors claim that borrowing short and lending long is fraudulent, and thus ought to be prohibited on legal grounds. Bagus and Howden (J Bus Ethics 90(3): 399, 2009) take issue with our ethical analysis. The present paper is our response to these authors; it is an attempt to defend Barnett and Block (J Bus Ethics 88(4): 711-716, 2009a) against the very interesting and important, although we believe, (...) erroneous, criticisms of Bagus and Howden (J Bus Ethics 90(3) : 399, 2009). (shrink)

We attempt in this paper to tie together several basic insights of praxeology, and several that are not at all that basic. These include the following: that gains from exchange are subjective; that this applies to profits and interest; that credit transactions can occur under barter; that interest arises from time preference even under a pure time preference theory of interest; and that productivity can, under disequilibrium conditions, affect the various rates of interest.

There are continuum problems in political economy. There are no objective non-debatable solutions to any of them. All answers to them are arbitrary. Responding to these challenges are, ideally, the responsibility of courts, juries, etc.

In Barnett and Block :711–716, 2009a), the present authors claim that borrowing short and lending long is fraudulent, and thus ought to be prohibited on legal grounds. Bagus and Howden :399, 2009) take issue with our ethical analysis. The present paper is our response to these authors; it is an attempt to defend Barnett and Block :711–716, 2009a) against the very interesting and important, although we believe, erroneous, criticisms of Bagus and Howden :399, 2009).

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

New Approaches to Monetary Economics brings together presentations of innovative research in the field of monetary economics. Much of this research develops and applies approaches to modelling financial intermediation, aggregate fluctuations, monetary aggregation and transactions-motivated monetary equilibrium. The contents of this volume comprise the proceedings of the second in a conference series entitled International Symposia in Economic Theory and Econometrics. This conference was held in 1985 at the IC2 Institute at the University of Texas at Austin. The symposia in this (...) series are sponsored by the IC2 Institute and the RGK Foundation. New Approaches to Monetary Economics, edited by Professors William A. Barnett and Kenneth J. Singleton, consists of five parts. Part I examines transactions-motivated monetary holding in general equilibrium; Part II, financial intermediation; Part III, monetary aggregation theory, Part IV, issues in aggregate fluctuation; and Part V, theoretical issues in the foundations of monetary economics and macroeconomics. (shrink)

Omnipresent calls for more women in university administration assume these women will prioritize using resources and power to increase female representation, especially in STEM fields where women are most underrepresented. However, empirical evidence is lacking for systematic differences in female versus male administrators’ attitudes. Do female administrators agree on which strategies are best, and do men see things differently? To answer this question, we explored United States college and university administrators’ opinions regarding policies, strategies, and structural changes in their organizations (...) designed to increase women professors’ representation and retention in STEM fields. A comprehensive review of past research yielded a database of potentially-effective, recommended policies (e.g., increasing emphasis on teaching, service, and administration during promotion reviews; stopping the tenure clock for childbearing; providing on-campus childcare; couples-hiring; sharing tenure lines; having more women chair search committees; setting gender quotas for promotion). A survey based on these recommended policies was sent to provosts, deans, associate deans, and department chairs of STEM fields at 96 public and private research universities (formerly called R1s) across the U.S. These administrators were asked to rate the quality and feasibility of each recommended policy; 474 provided data, of which 334 contained complete numerical data used in the analyses, so our results are based on a large, geographically diverse group of administrators at research universities. Our data revealed that female administrators perceived the 44 strategies to be higher in quality overall than did male administrators--but not higher in feasibility--with 9 policies perceived differently when rated by women versus men administrators, after imposing conservative statistical controls. There was broad general agreement on the relative rankings of the 44 policies in terms of their perceived quality. Overall, our national survey of U.S. administrators supported the assertion that placing women in administrative roles creates greater emphasis on the importance of enacting policies to attract and retain women in STEM. Topics of disagreement between women and men regarding strategy quality are important focuses of future policy and planning, because female administrators may have insights into how to retain women professors that male administrators do not share. (shrink)

The present article is a continuation of the debate two sets of authors have been engaging in regarding one type of maturity mismatching: borrowing short and lending long. All four authors had agreed that this practice can set up the Austrian Business Cycle; the present author denies that BSLL would be a legitimate commercial interaction in the free society; Bagus and Howden continue to maintain that it would be licit. Our main criticism of Bagus and Howden is a reductio ad (...) absurdum: that this opens them up to the charge of embracing the doctrine of market failure; this is something highly problematic for the two of them, since all four contributors to this debate are well-known supporters of laissez faire capitalism. (shrink)

"Annual General Meeting Members Lunch." Ethos: Official Publication of the Law Society of the Australian Capital Territory, (202), pp. 17.

Michael A. PetersBeijing Normal University, Beijing, PR China;There is an ecology of bad ideas, just as there is an ecology of weeds– Gregory Bateson (1972, p. 492)While there are classical anteced...

“Due process of law” is arguably the most controversial and frequently-litigated phrase in the American Constitution. Although the dominant originalist view has long been that Fifth and Fourteenth Amendment’s Due Process of Law Clauses are solely “process” guarantees and don’t constrain the “substance” of legislation at all, originalist scholars have in recent years made fresh inquiries into the historical evidence and concluded that there’s a weighty case for some form of substantive due process. In this Article, we review and critique (...) these findings employing our theory of good-faith originalist interpretation and construction. We begin by investigating the “letter” of the Due Process of Law Clauses — that is, the original meaning of their texts. Next, to develop doctrine by which this meaning can be implemented, we identify the clauses’ original function — their “spirit” — of barring arbitrary exercises of power over individuals that rest upon mere will rather than constitutionally proper reasons. We contend that the original letter and spirit of the “due process of law” in both clauses requires federal and state legislators to exercise their discretionary powers in good faith by enacting legislation that is actually calculated to achieve constitutionally proper ends and imposes a duty upon both state and federal judges to make a good-faith determination of whether legislation is calculated to achieve constitutionally proper ends. Finally, we confront hard questions concerning the scope of the states’ reserved powers, acknowledging the flaws in the “police-power” jurisprudence associated with the so-called “Lochner era” and we delineate an approach that will better safeguard all “person(s)” against arbitrary power. By so doing, we assist state and federal legislators by providing clarity concerning the constitutionally proper ends that federal and state legislators can pursue; aid state and federal judges by equipping them to review legislators’ pursuit of those ends; and help members of the public by enabling them to monitor the performance of their legislative and judicial agents. (shrink)

In Time Deposits, Dimension, and Fraud (2009), William Barnett and Walter Block argue that by borrowing short and lending long there is an over issuance of property rights. Their article, however, does not fully extend the consequences of their contribution. Once this is done, it becomes clearer that their argument suits a great impediment to banking, becoming a possible reason to support rather than to oppose fractional reserve banking. Bagus and Howden (J Bus Ethics 90(3):399–406, 2009) comment on (...) Barnett and Block (J Bus Ethics 88(4):711–716, 2009), the authors claim that while maintaining the illegitimacy of fractional reserve deposits, borrowing short and lending long it is actually not illegitimate. An extension on Bagus and Howden (2009) will show that their line of argumentation can be applied as a defense of fractional reserve banking as well. (shrink)

Ronald Barnett pursues this quest through an exploration of pairs of contending concepts that speak to the idea of the university such as space and time; being ...

Should we believe our controversial philosophical views? Recently, several authors have argued from broadly conciliationist premises that we should not. If they are right, we philosophers face a dilemma: If we believe our views, we are irrational. If we do not, we are not sincere in holding them. This paper offers a way out, proposing an attitude we can rationally take toward our views that can support sincerity of the appropriate sort. We should arrive at our views via a certain (...) sort of ‘insulated’ reasoning – that is, reasoning that involves setting aside certain higher-order worries, such as those provided by disagreement – when we investigate philosophical questions. (shrink)

مداخلة مترجمة عن الفرنسية للفيلسوف الفرنسي جيل دولوز.

Despite both positive and negative perceptions of the current state of higher education, the contemporary debate over what it is to be a university is limited. Most of all, it is limited imaginatively. The range of imagined options is narrow. The imagination has not been given anything even approaching a wide scope. As a result, our sense as to what a university could be and could become in the modern age is itself impoverished. If we are seriously to develop a (...) wide range of ideas of the university that is adequate to the challenges of the modern world, the imagination itself needs to be freed. Imagining the University seeks to address each of these sets of issues and will do so by first, identifying a very wide range of ideas of the university as it is now unfolding and could become; secondly, by evaluating those conceptions of the university with a classification of ideas of the university; and thirdly, by reflecting on the imagination itself, its current impoverishment and its possibilities. Whether studying, researching or deciding policy, this book is vital reading to all those involved in the planning and delivery of higher education. (shrink)

An internalist slogan says that justification depends on internal factors. But which factors are those? This paper examines some common motivations favoring internalism over externalism, and says they are compatible with including dispositional and even past mental states in the internal.

Self-verifying judgments like _I exist_ seem rational, and self-defeating ones like _It will rain, but I don’t believe it will rain_ seem irrational_._ But one’s evidence might support a self-defeating judgment, and fail to support a self-verifying one. This paper explains how it can be rational to defy one’s evidence if judgment is construed as a mental performance or act, akin to inner assertion. The explanation comes at significant cost, however. Instead of causing or constituting beliefs, judgments turn out to (...) be mere epiphenomena, and self-verification and self-defeat lack the broader philosophical import often claimed for them. (shrink)

The “scientific essentialist” doctrine asserts that the following are examples of a posteriori necessary identities: water is H2O; gold is the element with atomic number 79; and heat is the motion of molecules. Evidence in support of this assertion, however, is difficult to find. Both Hilary Putnam and Saul Kripke have argued convincingly for the existence of a posteriori necessities. Furthermore, Kripke has argued for the existence of a posteriori necessary identities in regard to a particular class of statements involving (...) proper names. Neither Kripke nor Putnam, however, has argued convincingly that sentences containing syntactically complex terms or descriptive phrases can express a posteriori necessary identities. I will argue by way of a hypothetical example that ‘water is H2O’ does not express a necessary identity. My argument is unique in that it attacks the relevant sufficiency claim needed to underwrite this putative necessary identity.1 That is, even if we grant that water is necessarily composed of H2O, we should not accept that H2O necessarily forms water. (shrink)

This collection is a festschrift prepared for Williams on his retirement from the White’s Professorship of Moral Philosophy at Oxford. The topics covered include equality, consistency, comparison between science and ethics, integrity, moral reasons, the moral system, and moral knowledge. Most of the chapters combine exegetical and critical ambitions. With contributions by J. E. J. Altham, Jon Elster, Nicholas Jardine, Ross Harrison, Christopher Hookway, John McDowell, Martin Hollis, Martha Nussbaum, Amartya Sen, and Charles Taylor, and replies by Bernard Williams.

I. Introduction Two kinds of remedies have traditionally been employed for breach of contract: legal relief and equitable relief. Legal relief normally takes the form of money damages. Equitable relief normally consists either of specific performance or an injunction – that is, the party in breach may be ordered to perform an act or to refrain from performing an act. In this article I will use a “consent theory of contract” to assess the choice between money damages and specific performance. (...) According to such a theory, contractual obligation is dependent on more fundamental entitlements of the parties and arises as a result of the parties' consent to transfer alienable rights. My thesis will be that the normal rule favoring money damages should be replaced with one that presumptively favors specific performance unless the parties have consented to money damages instead. The principal obstacle to such an approach is the reluctance of courts to specifically enforce contracts for personal services. The philosophical distinction between alienable and inalienable rights bolsters this historical reticence, since a right to personal services may be seen as inalienable. I will then explain why, if the subject matter of a contract for personal services is properly confined to an alienable right to money damages for failure to perform, specific enforcement of such contracts is no longer problematic. Finally, I shall consider whether the subject matter of contracts for corporate services is properly confined to money damages like contracts for personal services, or whether performance of corporate services can be made the subject of a valid rights transfer and judicially compelled in the same manner as contracts for external resources. (shrink)

Dimensions of the ethical work climate, as conceptualized by Victor and Cullen (1988), are potentially important influences on individual ethical decision-making in the organizational context. The present study examined the direct and indirect effects of individuals' perceptions of work climate on their ethical judgments and behavioral intentions regarding an ethical dilemma. A national sample of marketers was surveyed in a scenario-based research study. The results indicated that, although perceived climate dimensions did not have a direct effect on behavioral intentions, there (...) were significant moderating effects. Climates perceived as emphasizing social responsibility and rules/codes moderated the individual ethical judgment-behavioral intentions relationship such that individuals were less likely to say that they would engage in a questionable selling practice even when they themselves did not believe the practice to be unethical. Respondents were somewhat more likely to form intentions consistent with their judgment that the questionable practice was morally acceptable when the ethical climate was characterized by an emphasis on team/friendship. (shrink)

In what senses can the academy be said to be a site of culture? Does that very idea bear much weight today? Perhaps the negative proposition has more substance, namely that the academy is no longer (if indeed it ever was) a place of culture. After all, we live in dark times-of unbridled power, tyranny, domination and manipulation. Some say that we have entered an age of the posthuman or even the inhuman. It just may be, however, that in such (...) a world, the academic community is needed more than ever for it offers a culture of justified revelation. It is a culture that reveals the world to us in new ways, but in ways that are attested and contested; its judgements emerge out of a critical and unworldly pedantry. With some hesitancy, we can legitimately therefore speak of not just a culture of the academic community but, indeed, the culture of the academic community. (shrink)

Although the condition known as synaesthesia is currently undergoing a scientific resurgence, to date the literature has largely focused on the heterogeneous nature of synaesthesia across individuals. In order to provide a better understanding of synaesthesia, however, general characteristics need to be investigated. Synaesthetic experiences are often described as occurring ‘internally’ or in the ‘mind’s eye’, which is remarkably similar to how we would describe our experience of visual mental imagery. We assessed the role of visual imagery in synaesthesia by (...) sampling a large group of synaesthetes and found that they report experiencing more vivid mental images than controls. These findings have important implications for our general understanding of synaesthesia and, in particular, emphasize the need to control for visual imagery in behavioural and neuroimaging paradigms. (shrink)

On two standard views of vagueness, vagueness as to whether Harry is bald entails that nobody knows whether Harry is bald—either because vagueness is a type of missing truth, and so there is nothing to know, or because vagueness is a type of ignorance, and so even though there is a truth of the matter, nobody can know what that truth is. Vagueness as to whether Harry is bald does entail that nobody clearly knows that Harry is bald and that (...) nobody clearly knows that Harry is not bald. But it does not entail that nobody knows that Harry is bald or that nobody knows that Harry is not bald. Hence, the two standard views of vagueness are mistaken. (shrink)

Counterfactual Entailment is the view that a counterfactual conditional is true just in case its antecedent entails its consequent. I present an argument for Counterfactual Entailment, and I develop a strategy for explaining away apparent counterexamples to the view. The strategy appeals to the suppositional view of counterfactuals, on which a counterfactual is essentially a statement, made relative to the supposition of its antecedent, of its consequent.

This is the first critical study of The Logic of Sense, Gilles Deleuze's most important work on language and ethics, as well as the main source of his vital philosophy of the event.James Williams explains the originality of Deleuze's work with careful definitions of all his innovative terms and a detailed description of the complex structure he constructs. This reading makes connections to his ground-breaking work on literature, to his critical but also progressive relation to the sciences, and to his (...) controversial denial of the priority of standard logics, human values and 'meaning' in thinking.This book will open new debates and develop current ones around Deleuze's work in philosophy, politics, literature, linguistics, cultural studies and sociology. (shrink)

By the time of his death in 2003, Bernard Williams was one of the greatest philosophers of his generation. Ethics and the Limits of Philosophy is not only widely acknowledged to be his most important book, but also hailed a contemporary classic of moral philosophy. Presenting a sustained critique of moral theory from Kant onwards, Williams reorients ethical theory towards ‘truth, truthfulness and the meaning of an individual life’. He explores and reflects upon the most difficult problems in contemporary philosophy (...) and identifies new ideas about central issues such as relativism, objectivity and the possibility of ethical knowledge. This edition also includes a new commentary on the text by A.W.Moore and a foreword by Jonathan Lear. (shrink)

Roger White (2015) sketches an ingenious new solution to the problem of induction. He argues from the principle of indifference for the conclusion that the world is more likely to be induction- friendly than induction-unfriendly. But there is reason to be skeptical about the proposed indifference-based vindication of induction. It can be shown that, in the crucial test cases White concentrates on, the assumption of indifference renders induction no more accurate than random guessing. After discussing this result, the paper explains (...) why the indifference-based argument seemed so compelling, despite ultimately being unsound. (shrink)

Decision theory has had a long-standing history in the behavioural and social sciences as a tool for constructing good approximations of human behaviour. Yet as artificially intelligent systems (AIs) grow in intellectual capacity and eventually outpace humans, decision theory becomes evermore important as a model of AI behaviour. What sort of decision procedure might an AI employ? In this work, I propose that policy-based causal decision theory (PCDT), which places a primacy on the decision-relevance of predictors and simulations of agent (...) behaviour, may be such a procedure. I compare this account to the recently-developed functional decision theory (FDT), which is motivated by similar concerns. I also address potentially counterintuitive features of PCDT, such as its refusal to condition on observations made at certain times. (shrink)

Noted psychologist and philosopher develops his own brand of pragmatism, based on theories of C. S. Peirce. Emphasis on "radical empiricism," versus the transcendental and rationalist tradition. One of the most important books in American philosophy. Note.

By the time of his death in 2003, Bernard Williams was one of the greatest philosophers of his generation. Ethics and the Limits of Philosophy is not only widely acknowledged to be his most important book, but also hailed a contemporary classic of moral philosophy. Presenting a sustained critique of moral theory from Kant onwards, Williams reorients ethical theory towards ‘truth, truthfulness and the meaning of an individual life’. He explores and reflects upon the most difficult problems in contemporary philosophy (...) and identifies new ideas about central issues such as relativism, objectivity and the possibility of ethical knowledge. (shrink)

Starting out : ethics issues in beginning a practice -- Clinical practice -- Documentation and record keeping -- Dealing with third parties and protecting confidentiality -- Financial decisions -- Staff training and office policies -- Advertising and marketing -- Continuing professional development -- Leaving a practice -- Closing thoughts.

2015 Reprint of 1956 Printing. Full facsimile of the original edition. Not reproduced with Optical Recognition Software. Cybernetics is here defined as "the science of control and communication, in the animal and the machine"-in a word, as the art of steersmanship; and this book will interest all who are interested in cybernetics, communication theory and methods for regulation and control. W. Ross Ashby (1903-1972) was an English psychiatrist and a pioneer in cybernetics, the study of complex systems. His two books, (...) "Design for a Brain" and "An Introduction to Cybernetics," were landmark works. They introduced exact and logical thinking into the nascent discipline and were highly influential. Contents include: What is new -- Change -- The Determinate Machine -- The Machine with Input -- Stability -- The Black Box -- Quantity of Variety -- Transmission of Variety -- Incessant Transmission -- Regulation in Biological Systems -- Requisite Variety -- The Error-controlled Regulator -- Regulating the Very Large System -- Amplifying Regulation. (shrink)

Suppose you are on a commercial airplane that is flying at 35,000 feet. Next to you sits a man who appears to be sleeping. In fact, this man has been drugged and put upon the plane without his knowledge or consent. He has never flown on a plane before and, indeed, has no idea what an airplane is. Suddenly the man awakes and looks around him. Terrified by the alien environment in which he finds himself, he searches for a door (...) or window from which to make an escape. As luck would have it, he is seated right next to a window exit and he begins to pull the handle that will open the window. You are aware that opening the window exit at this altitude will cause the cabin to quickly depressurize and that this man, you, and probably several other passengers will be sucked out the window to your deaths. You desperately want to stop him from opening the window. Now assume that for some reason it is impossible to prevent him physically from performing the deadly act. Your only option is to rationally persuade him to leave the window exit alone. You cry out to him and, with both hands on the handles, he turns to face you and waits to hear what you have to say. What sort of argument would you make? (shrink)

A revised, expanded and fully up-to-date critical introduction to Deleuze's most important work of philosophyBy critically analysing Deleuze's methods, principles and arguments, James Williams helps readers to engage with the revolutionary core of Deleuze's philosophy and take up positions for or against its most innovative and controversial ideas.