Individuals and businesses make numerous payments every day. They sometimes have choices about what forms of payment to make or accept, and at other times are effectively forced to use a particular form. Often there is an asymmetric power relationship between payer and payee that raises the issue of whether one side unfairly exploits the other. Is it unethical exploitation for an employer to pay employees with a fee-laden payroll card over other more convenient forms of payment? Does the fee (...) structure of payment networks such as Visa and MasterCard unfairly exploit merchants? The bitcoin payment system is an ethical as well as technological evolution as it was designed to be an electronic payment system that does not rely upon trust. Can an entire payment system like bitcoin be “evil,” as charged by Krugman? Payment tools as such are ethically neutral, but can be used in an ethical or unethical manner. (shrink)

I Foundations i Every account of Nietzsche is an interpretation. Perhaps students of him are inclined to forget the extent to which this is also true of ...

Recently there has been an outpouring of consumer frustration over rising food and energy prices. Many politicians railed against “speculators” who allegedly drove up the prices of key necessities. Is speculation unethical? This article reviews the traditional arguments against speculation. Many of the standard criticisms confuse speculation with gambling. In much the same way as ethicists now draw distinctions between usury and normal business interest, we draw a distinction between socially useful speculation and gambling. Gambling involves taking on risk with (...) no plausible expectation of making a profit. Gambling may provide entertainment value to some people, but like other addictive activities causes grave harm to a subset of users. Speculation involves taking on a business risk with a plausible expectation that a profit will result. Speculators provide an important risk bearing service by taking on risks that others do not want. They help markets to function better by helping to incorporate information into prices as well as providing liquidity. Speculators may actually reduce shortages by causing quicker price increases that motivate producers to increase production and consumers to conserve. But even socially useful speculation may have an ethical dark side. Does such speculation cause damage by adding excess volatility to prices? Speculators may contribute to price bubbles. At what point does legitimate speculation become odious “price gouging?” We also draw an ethical distinction between speculation, which seeks to benefit from changing prices, and manipulation, actions taken to push prices away from their economically appropriate levels. (shrink)

Psychopaths continue to be demonised by the media and estimates suggest that a disturbing percentage of the population has psychopathic tendencies. This timely and controversial new book summarises what we already know about psychopathy and antisocial behavior and puts forward a new case for its cause - with far-reaching implications. Presents the scientific facts of psychopathy and antisocial behavior. Addresses key questions, such as: What is psychopathy? Are there psychopaths amongst us? What is wrong with psychopaths? Is psychopathy due to (...) nature or nurture? And can we treat psychopaths? Reveals the authors' ground-breaking research into whether an underlying abnormality in brain development leaves psychopaths with an inability to feel emotion or fear. The resulting theory could lead to early diagnosis and revolutionize the way society, the media and the state both views and contends with the psychopaths in our midst. (shrink)

This paper examines the ethics of contemporary managerial compensation in the context of executive stock options. Economic considerations would dictate that executive stock options should be adjusted to eliminate the effect of overall stock market movements which are beyond the control of the executive. However, in practice, most executive stock options are not adjusted to control for these outside factors. Agency considerations are the most likely culprit. Adjusting for the influence of outside factors, such as a generally rising stock market, (...) from executive stock options sets a higher bar for managers to reach. Furthermore, traditional accounting standards permitted firms that did not adjust options to avoid reporting options as expenses. This presents CEOs and boards of directors with a major ethical dilemma. On the one hand, their duty to their shareholders and stakeholders dictates that executive stock options should be adjusted to eliminate outside noise from unrelated movements in the overall stock market. However, financial statements are presented in the language of accounting. If the overwhelming majority of the users of a language define a particular item in one way, then to deviate from the norm implies that the recipient of such a deviant statement may not properly interpret the statement. Likewise, if the standard practice is for firms to use unadjusted options and thus under-report expenses, to deviate from this industry norm risks that users of financial statements would not properly interpret the financial statements, with perhaps negative consequences for the shareholders. In short, if "everyone else does it," then it could be wrong for an individual firm to deviate from the norm as that would harm the shareholders. (shrink)

Empathy is a lay term that is becoming increasingly viewed as a unitary function within the field of cognitive neuroscience. In this paper, a selective review of the empathy literature is provided. It is argued from this literature that empathy is not a unitary system but rather a loose collection of partially dissociable neurocognitive systems. In particular, three main divisions can be made: cognitive empathy , motor empathy, and emotional empathy. The two main psychiatric disorders associated with empathic dysfunction are (...) considered: autism and psychopathy. It is argued that individuals with autism show difficulties with cognitive and motor empathy but less clear difficulties with respect to emotional empathy. In contrast, individuals with psychopathy show clear difficulties with a specific form of emotional empathy but no indications of impairment with cognitive and motor empathy. (shrink)

This book is available either individually, or as part of the specially-priced Arguments of the Philosphers Collection.

The controversy over short selling has continued unabated from the introduction of modern equity trading in Amsterdam in 1610 to the present day. Nevertheless, the business ethics literature has not really addressed short selling. Short sellers not only profit from the misery of others, they also create it through their selling activities. However, they also provide a socially useful service by making prices better reflect true values, protecting other investors from purchasing overpriced securities. Short sellers can also help to provide (...) liquidity in the markets. Recently, there has been a hue and cry against so called "naked" short selling, which involves not delivering the shares that have been sold. This gives manipulators a tool for depressing stock prices and deprives purchasers of voting rights and potential stock lending revenue. Naked short selling creates ethical issues for short sellers, buyers, brokers, market makers, and regulators. Is it ethical to exploit a legal loophole that permits sellers to sell stock and delay delivering shares indefinitely? (shrink)

_The Sceptics_ is the first comprehensive, up-to-date treatment of Greek scepticism, from the beginnings of epistemology with Xenophanes, to the final full development of Pyrrhonism as presented in the work of Sextus Empiricus. Tracing the evolution of scepticism from 500 B.C to A.D 200, this clear and rigorous analysis presents the arguments of the Greek sceptics in their historical context and provides an in-depth study of the various strands of the sceptical tradition.

We provide a justification for political liberalism’s Reciprocity Principle, which states that political decisions must be justified exclusively on the basis of considerations that all reasonable citizens can reasonably be expected to accept. The standard argument for the Reciprocity Principle grounds it in a requirement of respect for persons. We argue for a different, but compatible, justification: the Reciprocity Principle is justified because it makes possible a desirable kind of political community. The general endorsement of the Reciprocity Principle, we will (...) argue, helps realize joint political rule and relationships of civic friendship. The main obstacle to the realization of these values is the presence of reasonable disagreement about religious, moral, and philosophical issues characteristic of liberal societies. We show the Reciprocity Principle helps to overcome this obstacle. (shrink)

Philosophy &Public Affairs, Volume 47, Issue 1, Page 72-103, Winter 2019.

Political liberals ask citizens not to appeal to certain considerations, including religious and philosophical convictions, in political deliberation. We argue that political liberals must include a demanding requirement of intellectual modesty in their ideal of citizenship in order to motivate this deliberative restraint. The requirement calls on each citizen to believe that the best reasoners disagree about the considerations that she is barred from appealing to. Along the way, we clarify how requirements of intellectual modesty relate to moral reasons for (...) deliberative restraint. And we argue against attempts to weaken our requirement of intellectual modesty by emphasizing those moral reasons. (shrink)

In this paper I argue that human pattern recognition can be simulated by automata. In particular, I show that gestalt recognition and recognition of family resemblances are within the capabilities of sufficiently complex Turing machines. The argument rests on elementary facts of automata and computability theory which are used to explicate our preanalytic, informal concepts concerning gestalt patterns and recognition. The central idea is that of a machine which "knows" its own structure. Although the paper thus aims to support mechanism, (...) especially as a framework hypothesis for perception, it contains suggestions for philosophy of science and philosophy of language as well. Some of these suggestions are sketched in the final section. (shrink)

First published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 1992. Routledge is an imprint of Taylor & Francis, an informa company.

This study investigated the performance of boys with psychopathic tendencies and comparison boys, aged 9 to 17 years, on two tasks believed to be sensitive to amygdala and orbitofrontal cortex func- tioning. Fifty-one boys were divided into two groups according to the Psychopathy Screening Device (PSD, P. J. Frick & R. D. Hare, in press) and presented with two tasks. The tasks were the gambling task (A. Bechara, A. R. Damasio, H. Damasio, & S. W. Anderson, 1994) and the Intradimensional/ (...) Extradimensional (ID/ED) shift task (R. Dias, T. W. Robbins, & A. C. Roberts, 1996). The boys with psychopathic tendencies showed impaired performance on the gambling task. However, there were no group differences on the ID/ED task either for response reversal or extradimensional set shifting. The implications of these results for models of psychopathy are discussed. (shrink)

In this chapter, Hankinson discusses the sceptical attacks on dogmatic accounts of cause and explanation, beginning with the Eight Modes of Aenesidemus, before moving on to discuss Sextus Empiricus’ general attack on the very coherence of the notions of causation. Aenesidemus’ Eight Modes are a set of arguments of varying scope and power against the Aetiology of the Dogmatists; they demonstrate the fundamental difficulties in any attempt to investigate the hidden structures of things, and also raise methodological difficulties. Sextus Empiricus (...) argues that the very concepts of cause and effect are incoherent, and he also criticizes the notions of agent and patient, and the dogmatist account of sign‐inference. Hankinson also discusses the Modes of Agrippa, according to which an explanation is either circular, infinitely regressive, or arbitrary. The sceptical attacks on astrology and divination are also important in that they undermine the claims of pseudo‐science; such arguments, Hankinson adds, contribute to the understanding of the standards towards which genuine science must strive. (shrink)

In the Archaic Geek world of epic poetry, the causes of things are shrouded in divine mystery; the gods intervene in human affairs, and bring about events, in a cruel and capricious fashion, according to their whims; Apollo visits the devastating plague of Iliad 1 on the Greek host to avenge Agamemnon's ill-treatment of one of his priests; Poseidon shakes the earth and angers the sea, bringing to destruction those who have incurred his ire, as does Zeus himself with his (...) thunderbolts. The gods take on human shape and intervene in battle with devastating effect. In tragedy, the houses of Atreus and of Laius are brought low when men offend against the gods. This article focuses on the explorations of the fundamental concepts of reasons and causation, and the problems of explanation, and argues that it is indeed reasonable to see in Presocratic thought the foundations of Western scientific explanation. (shrink)

This study investigates the ability of individuals with psychopathy to perform passive avoidance learning and whether this ability is modulated by level of reinforcement/punishment. Nineteen psychopathic and 21 comparison individuals, as defined by the Hare Psychopathy Checklist Revised (Hare, 1991), were given a passive avoidance task with a graded reinforcement schedule. Response to each rewarding number gained a point reward specific to that number (i.e., 1, 700, 1400 or 2000 points). Response to each punishing number lost a point punishment specific (...) to that number (i.e., the loss of 1, 700, 1400 or 2000 points). In line with predictions, individuals with psychopathy made more passive avoidance errors than the comparison individuals. In addition, while the performance of both groups was modulated by level of reward, only the performance of the comparison population was modulated by level of punishment. The results are interpreted with reference to a computational account of the emotional learning impairment in individuals with psychopathy. (shrink)

David Hume (1711–1776) believed a ‘confederacy of authors’, brought together by the notoriously pugnacious William Warburton (1698–1779), were his most consistent and scurrilous critics. Warburton and his ‘School’ were Hume’s bêtes noires and embodied so much of what he fought against. Only there is reason to believe that the ‘Warburtonian School’ was more a useful fiction than a historical reality. The following deep dive into Humeana and the ‘stuff of anecdote’ digs up substantial conclusions about Hume’s philosophical project and context. (...) Any glorifying picture of Hume admirably ignoring sustained ‘Warburtonian’ name-calling is not an accurate description of the early reception of his writings. Hume did respond – at least, occasionally, privately and publicly. Moreover, the ‘Warburtonian School’ does not seem to exist – at least, it did not exist if it is taken to refer to a coherent group of writers, numbering more than two, concerned with attacking Hume. The response to Hume of ‘Warburtonians’ who can be identified was varied, disparate, and often positive. Warburton even came to like Hume’s historical writings. Hume’s claim that such a School existed may have led to the post hoc creation of the School in the minds of late eighteenth- and nineteenth-century commentators. (shrink)

This is the ideal book for anyone interested in Nietzsche's life and work who wishes to learn why he is such a significant figure for the development of modern ...

Recent concern over “high frequency trading” (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be “fair”? We first examine how high frequency trading is actually used. High frequency traders often implement traditional beneficial strategies such as market making and arbitrage, although computers can also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be viewed from the perspective of equal opportunity, in (...) which all market participants are treated alike. The same rules apply to HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial to other market participants, so one cannot categorically denounce the practice as unfair. Other strategies, for both high and low frequency trading, are not. It is thus important to distinguish between the technology and the use of the technology to make judgments on fairness. (shrink)