We examine the implications of the US government’s too-big-to-fail policy as it has been applied to banks. Using alternative measures of risk, we compare the risk-taking behavior of 11 TBTF banks, identified by the Comptroller of the Currency in 1984, to a number of non-TBTF banks. We provide both theory and new empirical evidence to support our argument that the TBTF policy leads management to significantly increase risk-taking, with no corresponding increase in performance. While prior studies have considered the effects (...) of the TBTF policy on limited, but risk-related aspects of bank behavior, such as the cost of funds, our study provides direct evidence about the risk-taking behavior associated with the TBTF policy. Our study has important implications for the current political debate regarding the too-big-to-fail policy. (shrink)

Der Philosoph Frane Petrić , widmet einen bedeutenden Teil seiner Studien über Ontologie und Kosmologie, insbesondere in seinen Hauptwerken Discussiones peripateticae und Nova de universis philosophia, einer höchst originellen Untersuchung des Lichtes und der Zeit, zwei Konzepten, die auch in Einsteins „Zur Elektrodynamik bewegter Körper“ eine wichtige Rolle spielen. Bei der Gegenüberstellung der Konzepte dieser zwei Philosophen kommt ihre Verwandtschaft in jedem der erwähnten Systeme zum Ausdruck. Sowohl für Patricius, als auch für Einstein besitzt das Licht eine einmalige, unveränderliche Funktion (...) im Universum. In seiner Analyse der Zeit und mit ihr verwandter Konzepte, beispielsweise der Dauer, entwickelte Patricius eine konzeptuelle Struktur, dynamisch genug, um ihre Konsistenz mit Einsteins Analyse von Zeit und Simultaneität erkennbar zu machen. (shrink)

The philosopher Frane Petriċ , particularly in his major works, Discussiones peripateticae and Nova de universis philosophia, devoted a significant part of his studies in ontology and cosmology to a highly original study of light and of time, two of the same concepts that play such an important part in Einstein’s paper of 1905, “The electrodynamics of moving bodies”. By juxtaposing these concepts in the two thinkers, it becomes clear that there is an affinity between the concepts in each of (...) the thinker’s systems. For Patricius, as for Einstein, light has a unique, unchanging function in the universe. And in his analysis of time and related concepts such as duration, Patricius developed a conceptual structure dynamic enough to find consistency with Einstein’s analysis of time and of simultaneity. (shrink)

Le philosophe Frane Petriċ a consacré, surtout dans ses æuvres principales Discussiones peripateticae et Nova de universis philosophia une grande partie de ses recherches sur l`ontologie et la cosmologie à une étude originale de la lumière et du temps, deux concepts ayant un rôle important dans l`ouvrage d`Einstein « Electrodynamique des corps en mouvement ». La confrontation de ces concepts des deux penseurs fait apparaître leur affinité dans chacun des systèmes. Pour Patricius, de même que pour Einstein, la lumière est (...) une fonction unique, constante dans l`univers. Dans son analyse du temps et des concepts relevant du temps comme la durée, Patricius a développé une structure conceptuelle suffisamment dynamique pour que soit révélée sa consistance avec l`analyse du temps et de la simultanéité d`Einstein. (shrink)

An edition of two manuscript essays found in the family archives of the descendants of the painter and writer Eugène Fromentin. These unpublished essays were submitted in 1840 by their author, Albert Aubert, to Fromentin and his friend Paul Bataillard, for comment and in part response to a question which they had posed, concerning the importance of ambition as a prerequisite for happiness. Les deux essais, publiés ici pour la première fois, datent de mars 1840. Leur auteur, Albert (...) Aubert, y répond, au moins partiellement, à une question que ses amis, Eugène Fromentin et Paul Bataillard, lui avaient posée : pour être heureux, l'homme doit-il avoir de l'ambition? Aubert passe en revue l'évolution de l'humanité, du spiritualisme métaphysique au spiritualisme laïc, et nous donne un témoignage sur l'histoire des mentalités sous la monarchie de Juillet : à l'individualisme et au libéralisme de 1789 a succédé la réhabilitation de l'intervention de l'État, afin de développer la solidarité au sein de la société. Ce débat évoque des questions qui sont d'une brûlante actualité, à une époque où nous éprouvons les limites du modèle démocratique, la crise de l'État-providence, l'essoufflement du modèle social-démocrate et la baisse d'efficacité des thérapeutiques keynésiennes. On peut y voir aussi les prémices de Dominique, le roman de 1862 quasi autobiographique de Fromentin, où la retraite souhaitée par le héros éponyme, qui se donne pour un premier venu, comporte néanmoins une vie intérieure active et intense. Texte établi, avec Introduction et notes, par Barbara Wright, professeur émérite de littérature française à Trinity College, Dublin. (shrink)

Many years ago, the esteemed patriarch of bioethics, Joseph Fletcher, spoke loud and clear in favor of rationality in reproduction. By rationality, he meant not merely limiting population growth, which he certainly favored, but bringing to bear human analytic and creative intelligence on the random and instinctive activities of sexual intercourse and procreation that we share with all mammals. In his 1974 book, The Ethics of Genetic Control: Ending Reproductive Roulette, he foresaw most of the issues that we are facing (...) today. He reflected on artificial insemination, prenatal diagnosis, cloning, eugenics, ectogenesis, ovum transfers, and genetic engineering. He examined these innovations to the extent that he felt that each of them represents a way of exercising rational and responsible control over life and reproduction. The subtitle of his book, “Ending Reproductive Roulette,” proclaims his faith. Dr. Fletcher's dedication to rationality led him to make the astonishing statement, “Man is a maker and the more rationally contrived and deliberate anything is, the more human it is. Therefore, laboratory reproduction is radically human compared to conception by ordinary heterosexual intercourse.”. (shrink)

Tuberculosis was clearly one of the most predominant diseases of the early twentieth century. At this time, Americans involved in the eugenics movement grew increasingly interested in methods to prevent this disease's potential hereditary spread. To do so, as this essay examines, eugenicists' attempted to shift the accepted view that tuberculosis arose from infection and contagion to a view of its heritable nature. The methods that they employed to better understand the propagation and control of tuberculosis are also discussed. Finally, (...) the essay explores the interpretative analyses of data that the Eugenics Record Office used in an attempt to convince contemporaries of the hereditary transmission of tuberculosis. (shrink)

Albert Einstein once made the following remark about "the world of our sense experiences": "the fact that it is comprehensible is a miracle." (1936, p. 351) A few decades later, another physicist, Eugene Wigner, wondered about the unreasonable effectiveness of mathematics in the natural sciences, concluding his classic article thus: "the miracle of the appropriateness of the language of mathematics for the formulation of the laws of physics is a wonderful gift which we neither understand nor deserve" (1960, (...) p. 14). At least three factors are involved in Einstein's and Wigner's miracles: the physical world, mathematics, and human cognition. One way to relate these factors is to ask how the universe could possibly be structured in such a way that mathematics would be applicable to it, and we would be able to understand that application. This is roughly Wigner's question. Alternatively, the way of the mathematical naturalist is to argue that we abstract certain properties from the world, perhaps using our bodies and physical tools, thereby articulating basic mathematical concepts, which we continue building into the complex formal structures of mathematics. John Stuart Mill, Penelope Maddy, and Rafael Nuñez teach this strategy of cognitive abstraction, in very different manners. But what if the very concepts and basic principles of mathematics were built into our cognitive structure itself? Given such a cognitive a priori mathematical endowment, would the miracles of the link between world and cognition (Einstein) and mathematics and world (Wigner) not vanish, or at least significantly diminish? This is the stance of Stanislas Deheane and Elizabeth Brannon's 2011 anthology, following a venerable rationalist tradition including Plato and Immanuel Kant. (shrink)

Future-bias is the preference, all else being equal, for positive states of affairs to be located in the future not the past, and for negative states of affairs to be located in the past not the future. Three explanations for future-bias have been posited: the temporal metaphysics explanation, the practical irrelevance explanation, and the three mechanisms explanation. Understanding what explains future-bias is important not only for better understanding the phenomenon itself, but also because many philosophers think that which explanation is (...) the correct one has implications for our evaluation of the normative status of future-bias. In this paper we focus on the connection between future-bias and the temporal value asymmetry. The latter refers to the fact that people tend to assign more value to a state of affairs when it is located in the future, as opposed to being equidistant in the past. All three candidate explanations offered for future-bias proceed by explaining the temporal value asymmetry, and then supposing that future-bias is simply a manifestation of that asymmetry. Recently, however, it has been argued that the conditions under which people display the temporal value asymmetry and future-bias are different, and that this is reason to doubt that the latter is a manifestation of the former. In this paper we empirically test one response to this argument against the manifestation thesis—the simulation response—according to which once we control for the degree to which people can simulate the object of their preference, we find that people display future-bias and the temporal value asymmetry in the same conditions. We find no evidence in favour of the simulation response. Moreover, our results support some previous research that suggests that the temporal value asymmetry is less robust than previously thought, and this in itself casts doubt on the idea that future bias is just a manifestation of this asymmetry. (shrink)

Body-environment (b-en) -- Functional cycle (fucy) -- An object -- The body and time -- Evolution, novelty, and stability -- Behavior -- Culture, symbol, and language -- Thinking with the implicit.

This book examines the social and philosophical attitudes in Western culture that relate to the environment including aesthetics, wildlife, and land use. Both the historical significance and a framework for further discussions of environmental ethics are discussed in the book.

In this major contribution to philosophy and rhetoric, Eugene Garver shows how Aristotle integrates logic and virtue in his great treatise, the _Rhetoric._ He raises and answers a central question: can there be a civic art of rhetoric, an art that forms the character of citizens? By demonstrating the importance of the _Rhetoric_ for understanding current philosophical problems of practical reason, virtue, and character, Garver has written the first work to treat the _Rhetoric_ as philosophy and to connect its (...) themes with parallel problems in Aristotle's _Ethics_ and _Politics._ Garver's study will help put rhetoric at the center of investigations of practice and practical reason. (shrink)

The most compelling arguments for ethical veganism hinge on premise-pairs linking the serious wrongness of factory farming to that of buying its products: one premise claiming that buying those products stands in a certain relation to factory farming itself, and one claiming that entering into that relation with a seriously wrong practice is itself wrong. I argue that all such “linkage arguments” on offer fail, granting the serious wrongness of factory farming. Each relevant relation is such that if it holds (...) between factory farming and buying its products, then it holds between some seriously wrong practice and economic transactions of an absurd number and breadth. Hence, all these premise-pairs would, if true, generate unacceptable moral overreach; each premise-pair contains at least one unacceptable member, and the linkage arguments for ethical veganism fail. (shrink)

_Nomad Citizenship_ argues for transforming our institutions and practices of citizenship and markets in order to release society from dependence on the state and capital. It changes Deleuze and Guattari’s concept of nomadology into a utopian project with immediate practical implications, developing ideas of a nonlinear Marxism and of the slow-motion general strike. Responding to the challenge of creating philosophical concepts with concrete applications, Eugene W. Holland looks outside the state to analyze contemporary political and economic development using the (...) ideas of nomad citizenship and free-market communism. Holland’s nomadology seeks to displace capital-controlled free markets with truly free markets. Its goal is to rescue market exchange, not perpetuate capitalism—to enable noncapitalist markets to coordinate socialized production on a global scale and, with an eye to the common good, to liberate them from capitalist control. In suggesting the slow-motion general strike, Holland aims to transform citizenship: to renew, enrich, and invigorate it by supplanting the monopoly of state citizenship with plural nomad citizenships. In the process, he offers critiques of both the Clinton and Bush regimes in the broader context of critiques of the social contract, the labor contract, and the form of the state itself. (shrink)

The book should be a gem for all those interested in the history and philosophy of science.

Life and the living (on Aristotelian biohorror) -- Supernatural horror as the paradigm for life -- Aristotle's De anima and the problem of life -- The ontology of life -- The entelechy of the weird -- Superlative life -- Life with or without limits -- Life as time in Plotinus -- On the superlative -- Superlative life I: Pseudo-Dionysius -- Negative vs. affirmative theology -- Superlative negation -- Negation and preexistent life -- Excess, evil, and non-being -- Superlative life II: (...) Eriugena -- Negation in the periphyseon -- The quaestio de nihilo: on nothing -- The quaestio de nihilo: superlative nothing -- Dark intelligible abyss -- Apophasis -- The apophatic logic -- Negation in Frege and Ayer -- Negation vs. subtraction in Badiou -- Negation and contradiction in Priest -- The dialetheic vitalism of negative theology -- Ellipses: Suhraward and the luminous void -- Univocal creatures -- On spiritual creatures -- Life as form in Aristotle -- The concept of the creature -- Univocity I: Duns Scotus vs. Aquinas -- Univocity in Aquinas' Summa theologica -- Univocity in Duns Scotus' Opus oxoniense -- The common nature of the creature -- Univocity II: Duns Scotus vs. Henry of Ghent -- Univocity in Henry of Ghent -- Negative vs. privative indetermination -- Absolute indetermination -- Univocity III: Deleuze's scholasticism three variations -- Spinoza et le problème de l'expression -- Différence et répétition -- Cours de Vincennes -- Univocal creatures -- Ellipses: Dgen and uncreated univocity -- Dark pantheism -- Everything and nothing -- Life as spirit in Aquinas -- The concept of the divine nature -- Immanence I: Eriugena's periphyseon -- Natura and the unthought -- Universal life -- Four statements on pantheism -- Immanence II: Duns Scotus' reportatio Ia -- Univocal immanence -- Actual infinity -- The pathology of the triple primacy -- Immanence III: Nicholas of Cusa's De docta ignorantia -- The coincidence of opposites -- The folds of life -- Absolute vs. contracted pantheism -- Speculative pantheism (Deleuze's interlocutors) -- Pantheism and pure immanence -- The insubordination of immanence in Deleuze -- Scholia I: the isomorphism of univocity and immanence -- Scholia II: the vitalist logic of common notions -- Scholia III: the life of substance -- Dark pantheism -- Ellipses: Wang Yangming and idealist naturalism -- Logic and life (on Kantian teratology) -- The wandering line from Aristotle to Kant -- Critique of life -- Spectral life and speculative realism -- Ontotheology in Kant, atheology in Bataille -- The night land. (shrink)