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.

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.

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).

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)

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)

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)

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)

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)

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)

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)

We tend to suppose that the ancient Greeks had primitive ideas of the self, of responsibility, freedom, and shame, and that now humanity has advanced from these to a more refined moral consciousness. Bernard Williams's original and radical book questions this picture of Western history. While we are in many ways different from the Greeks, Williams claims that the differences are not to be traced to a shift in these basic conceptions of ethical life. We are more like the ancients (...) than we are prepared to acknowledge, and only when this is understood can we properly grasp our most important differences from them, such as our rejection of slavery. The author is a philosopher, but much of his book is directed to writers such as Homer and the tragedians, whom he discusses as poets and not just as materials for philosophy. At the center of his study is the question of how we can understand Greek tragedy at all, when its world is so far from ours. Williams explains how it is that when the ancients speak, they do not merely tell us about themselves, but about ourselves. _Shame and Necessity_ gives a new account of our relations to the Greeks, and helps us to see what ethical ideas we need in order to live in the modern world. (shrink)

Introduction: the advance of governmentality -- Foucault, power, and governmentality: introduction; what is governmentality?; beyond the microphysics of power?; from theory of the state to genealogy of the state; history of the art of government; pastoral power; raison d'état; liberal governmentality; five propositions on foucault and governmentality -- Governmentality 3.4.7.: introduction; governmentality after Foucault; governmentality and the political sciences; some problems in governmentality -- Foucault effect redux? some notes on international governmentality studies: constellation; a few preliminary observations; problems and debates (...) in international governmentality studies -- Reconnecting governmentality and genealogy: introduction; genealogy and governmentality; pluralizing genealogy; practicing genealogy; lines of descent: the family tree of power?; counter-memory and re-serialization; the retrieval of forgotten struggles and subjugated knowledges -- Conclusion: encountering governmentality: governmentality as a new cartography of power; from mapping to encountering; governmentality and politics. (shrink)

Former Google advertising strategist, now Oxford-trained philosopher James Williams launches a plea to society and to the tech industry to help ensure that the technology we all carry with us every day does not distract us from pursuing our true goals in life. As information becomes ever more plentiful, the resource that is becoming more scarce is our attention. In this 'attention economy', we need to recognise the fundamental impacts of our new information environment on our lives in order to (...) take back control. Drawing on insights ranging from Diogenes to contemporary tech leaders, Williams's thoughtful and impassioned analysis is sure to provoke discussion and debate. Williams is the inaugural winner of the Nine Dots Prize, a new Prize for creative thinking that tackles contemporary social issues. This title is also available as Open Access. (shrink)

Information can be public among a group. Whether or not information is public matters, for example, for accounts of interdependent rational choice, of communication, and of joint intention. A standard analysis of public information identifies it with (some variant of) common belief. The latter notion is stipulatively defined as an infinite conjunction: for p to be commonly believed is for it to believed by all members of a group, for all members to believe that all members believe it, and so (...) forth. This analysis is often presupposed without much argument in philosophy. Theoretical entrenchment or intuitions about cases might give some traction on the question, but give little insight about why the identification holds, if it does. The strategy of this paper is to characterize a practical-normative role for information being public, and show that the only things that play that role are (variants of) common belief as stipulatively characterized. In more detail: a functional role for “taking a proposition for granted” in non-isolated decision making is characterized. I then present some minimal conditions under which such an attitude is correctly held. The key assumption links this attitude to beliefs about what is public. From minimal a priori principles, we can argue that a proposition being public among a group entails common commitment to believe among that group. Later sections explore partial converses to this result, the factivity of publicity and publicity from the perspective of outsiders to the group, and objections to the aprioricity of the result deriving from a posteriori existential presuppositions. (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)

Drawing on a passage from Ramsey's Truth and Probability, we formulate a simple, plausible constraint on evaluating the accuracy of credences: the Calibration Test. We show that any additive, continuous accuracy measure that passes the Calibration Test will be strictly proper. Strictly proper accuracy measures are known to support the touchstone results of accuracy-first epistemology, for example vindications of probabilism and conditionalization. We show that our use of Calibration is an improvement on previous such appeals by showing how it answers (...) or sidesteps problems that have been raised for previous work in this area. (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)

In this provocative and engaging new book, Randy Barnett outlines a powerful and original theory of liberty structured by the liberal conception of justice and the rule of law. Drawing on insights from philosophy, political theory, economics, and law, he shows how this new conception of liberty can confront, and solve, the central societal problems of knowledge, interest, and power.

Bernard Williams's remarkable essay on morality confronts the problems of writing moral philosophy, and offers a stimulating alternative to more systematic accounts which seem nevertheless to have left all the important issues somewhere off the page. Williams explains, analyses and distinguishes a number of key positions, from the purely amoral to notions of subjective or relative morality, testing their coherence before going on to explore the nature of 'goodness' in relation to responsibilities and choice, roles, standards, and human nature. The (...) final chapters make a fascinating enquiry into what morality is about, looking beyond happiness to other human aims and ideals. This re-issue of a classic in moral philosophy includes a new foreword by the author. (shrink)

In the early 1970s, we and others in the economics profession became enamored with the notion of externalties—a cost or benefit imposed on or provided to others but not taken into account by the economic agents who generate the effect. We, and others, seemed to see external effects everywhere. There was polluted water and air, noise, urban blight, traffic congestion, and other features of modern life that seemed to call out for some form of corrective action. As the externalities revolution (...) unfolded, economists and other social scientists overlooked the importance of evolved legal and other institutions that formally and informally establish property and liability rules that cause decision makers to face the cost of their actions, including what otherwise could be external costs imposed on unwilling third parties. While markets seemed always to fail, political institutions were seen systematically as without blemish, or so it seemed. It was this two-pronged failure, 1) a failure to consider and state assumptions about background institutional arrangements and 2) a disregard for special interest politics, that became the Achilles Heel of the otherwise elegant externality arguments. Eventually, it was the modern institutionalists, scholars who focused on laws, regulation, and rules of the marketplace, who attempted to close the lid and drive the nails on the externality coffin. In this paper, we reach back to 1920 and trace the rise and decline of the policy importance of externalities theory. Beginning with A. C. Pigou and Alfred Marshall, our story includes some of the great figures in economic history of thought. But while theory was being built, institutions were overlooked. Pigou continues to be a dominant player in the story until the 1960s and 1970s when externalities theory was challenged by James M. Buchanan, Ronald Coase and other scholars. It is here in the twilight years of the externalities revolution that the prospects of government failure are raised as being more daunting than the likelihood of market failure. Finally, in the late 1970s and beyond, the externalities revolution is replaced by a property rights revolution. (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)

Discusses what is involved in describing a person as responsible: she has responsibilities that she is duty-bound to undertake, and may be held responsible when she fails to fulfill these. Considers why societies and organizations divide responsibilities between persons. Also considers how questions of responsibility arise in the spheres of morality, law, organizational life and politics, and how different modes of holding responsible may be appropriate in each. Concludes with a brief discussion of some questions about collective responsibility.

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)

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)