In light of recent doctrinal changes, we examine the confused state of U.S. insider trading law, identifying gaps that permit certain market participants to trade on the basis of material nonpublic information, and contrast U.S. insider trading doctrine with the European approach. We then explore the ethical implications of the status quo in the U.S., explaining why the dominant legal justifications for prohibiting classical insider trading and misappropriation—the fiduciary duty and property rights theories—fail to account for the wrongfulness of insider (...) trading by eavesdroppers and certain tippees. We refute common arguments for legalizing insider trading, including arguments that insider trading is a victimless crime and that the practice promotes efficiency. We explain why insider trading constitutes the moral wrong of cheating, grounding our theory in the legitimate expectations of market participants. Having considered Kantian deontology in other work, we find that virtue ethics theory offers a helpful albeit rough framework for assessing the morality of insider trading independent of its legality. We also find that social contract theories, with norms of equality of opportunity and moral desert, provide a compelling ethical basis for retaining, clarifying and broadening current legal prohibitions against insider trading. (shrink)

This paper argues for an intrinsic connection between Logic-Based Therapy (LBT) and empirical psychology, a connection that suggests the need to employ both philo­sophical and psychological theories in the clinical setting. This link is established by arguing that LBT is conceptually grounded in naturalized epistemology, the view introduced and defended by W. V. O. Quine in the aftermath of his attack on the Analytic-Synthetic dis­tinction. Naturalized epistemology places empirical psychology and logic on the same epis­temic foundation, and, it is argued, (...) it is this foundation that both supports the application of logic in the clinical setting and connects logic to empirical psychology. One consequence of this view is that LBT should be understood as providing a theoretical framework for other forms of philosophical counseling, an idea that establishes the logic-based approach to therapy as the sine qua non of the counseling enterprise. (shrink)

Though the word "atonement" does not appear in King Lear, the concept is present, along with related ones, like sin, justice, redemption, and sacrifice. Like other plays, Lear alludes to various atonement theories, setting them in dramatic conflict or cooperation and subjecting some to critique. Besides revealing the inadequacy of models based on payment or punishment, the play reinterprets the sacrificial theory of atonement by presenting sacrifice (especially that of Cordelia) as gracious and redemptive self-offering, not as a punishment or (...) payment that satisfies anger or offended honor. Though the play’s religious references, including to Christ, are pervasive, ultimately atonement takes place at a human level, in the healing of relationships and inner maladies. Yet such atonement involves what may be called “ethical transcendence,” a transcendence consisting not in an ascent beyond the human condition, but rather in the offering of oneself in relationship and service to others. (shrink)

These comments on Cohen’s paper (IJPP, this issue) focus on the question of whether Cohen’s attempt to derive antidotes from incompatible or contradictory philosophical camps— such as Hume’s subjective theory of beauty, on the one hand, and Augustine’s objectivist account—present a fatal problem for Cohen’s LBT. The paper concludes with suggesting a constructive way around the problem.

Does reliance on reason require an unreasonable faith in reason? In The Reasonableness of Reason, Professor Hauptli argues that naturalized epistemology enables us to explain the reasonableness of the rationalist commitment. Examining different forms of rationalism in turn, the author exposes their limitations. Traditional (justificatory) rationalists are indeed caught in a paradox, and those contemporary rationalists who simply affirm that we should be rational without attempting to argue for it (kerygmatic rationalists, as Hauptli terms them) cannot successfully defend rationalism. Another (...) school of rationalists (realistic rationalists) manages to avoid the paradox which besets justificatory rationalism but, Hauptli shows, this approach rests on a maxim as arbitrary as that of the kerygmatic rationalists. What of naturalized epistemology? A discussion of several naturalistic orientations yields the distinction between descriptive and explanatory naturalism. While descriptive naturalists are reduced to offering no more than an arbitrary commitment, explanatory naturalists can supply a satisfactory response to the challenges raised by conceptual diversity and change. They offer a therapy argument, designed to show how an understanding of our roles as theory-holders and theory-changers undercuts much of the force of traditional challenges to rationality. Explanatory naturalism can successfully defend the reasonableness of reason. (shrink)

In this capstone work of his career, Bruce W. Wilshire builds on William James's concept of the much-at-once to develop a holistic philosophy of the experiencing body, giving special attention to the importance of music, and engaging a rich array of thinkers and composers ranging from Jefferson and James to Beethoven and Mahler.

A study of Philo and Paul and the first-century sophistic movement.

Continuing his quest to bring American philosophy back to its roots, Bruce Wilshire connects the work of such thinkers as Thoreau, Emerson, Dewey, and James with Native American beliefs and practices. His search is not for exact parallels, but rather for fundamental affinities between the equally "organismic" thought systems of indigenous peoples and classic American philosophers. Wilshire gives particular emphasis to the affinities between Black Elk’s view of the hoop of the world and Emerson’s notion of horizon, and also (...) between a shaman’s healing practices and James’s ideas of pure experience, willingness to believe, and a pluralistic universe. As these connections come into focus, the book shows how European phenomenology was inspired and influenced by the classic American philosophers, whose own work reveals the inspiration and influence of indigenous thought. Wilshire’s book also reveals how artificial are the walls that separate the sciences and the humanities in academia, and that separate Continental from Anglo-American thought within the single discipline of philosophy. (shrink)

Two main questions are addressed: (1) What standard defines the nonmoral good for humans, the prudentially rational life? (2) How is this standard applied in guiding and in assessing lives? The standard presented is “The Worthwhileness Principle,” which asserts that if one’s life situation is sufficiently fortunate, the aim is to maximize worthwhileness, the net balance of benefits over costs; but if one’s life situation is chronically, and substantially unfortunate, the aim is to minimize nonworthwhileness, the net balance of costs (...) over benefits. The principle is based on a two-sided, positivity and negativity, or cost-and-benefit-centered viewpoint, rather than a one-sided, good-centered viewpoint. Specifically, it includes negative ends, harms to be avoided, negative means, resource costs to be minimized, and negative luck, misfortune, unfortunate lives.Regarding the second question, the standard is applied prospectively in guiding lives and activities by means of prudential deliberation, prudential habits, and prudential spontaneity. It is applied retrospectively in assessing whole or partial lives using the Worthwhileness Scale. (shrink)

Micheline Sauvage of the French National Scientific Research Centre traces for us the story of this great Athenian and great philosopher, as seen both by his contemporaries and by the European philosophers who followed after him.

Ranging chronologically from the twelfth to the fifteenth century and thematically from Latin to vernacular literary modes, this book challenges standard assumptions about the musical cultures and philosophies of the European Middle Ages. Engaging a wide range of premodern texts and contexts, from the musicality of sodomy in twelfth-century polyphony to Chaucer's representation of pedagogical violence in the Prioress's Tale, from early Christian writings on the music of the body to the plainchant and poetry of Hildegard of Bingen, the author (...) argues that medieval music was quintessentially a practice of the flesh. The book reveals a medieval world in which erotic desire, sexual practice, torture, flagellation, and even death itself resonated with musical significance and meaning. In its insistence on music as an integral part of the material cultures of the Middle Ages, the book presents a revisionist account of an important aspect of premodern European civilization. (shrink)

This work offers a critical examination of how Heidegger uses the concept of mood in his philosophy of being. The author focuses on a specific kind of mood, namely anxiety, distinguishing this authentic mood from inauthentic ones, and then extends the concept outward to encompass Rudolf Otto's phenomenology of religious feeling by providing a ground for that work.

If a sensationalist theory of knowledge takes upon itself the name of philosophic empiricism defined as "the theory that all knowledge is derived from sense experience," it must recognize that what may be called "the empirical temper" is a much wider and vaguer matter. As such it is close kin to common sense where the latter, as distinctively practical, signifies average or normal experience-a fund of experience commonly admitted without need of analysis to be unquestionably real. Within this common fund (...) one would find, on looking for it analytically, Descartes' subjective principle, at least when stated in the form that subjective experience is a real entity; something is going on in the experiencing subject... (shrink)