This book develops a liberal theory of justice in exchange. It identifies the conditions that market exchanges need to fulfill to be just. It also addresses head-on a consequentialist challenge to existing theories of exchange, namely that, in light of new harms faced at the global level, we need to consider the combined consequences of millions of market exchanges to reach a final judgment about whether some individual exchange is just. The author argues that, even if we accept this challenge, (...) the effect of it is minimal. For different reasons, normatively problematic collective market outcomes like externalities, monopolies, violations of the Lockean proviso, inequality, and commodification do not pose particular problems to the justice of market exchanges. He outlines the various conditions a market exchange needs to fulfill to be considered just from a liberal background and in light of the new harms. Ultimately, he shows, it is not the market which is to blame; if we want to tackle issues like global warming or global economic injustice, we should not blindly follow the intuition that we best restrain and regulate markets. Commutative Justice is unique in its focus on justice in exchange rather than on end-state distributive justice, and the way in which it addresses the new harms we are facing today. It will be of interest to researchers and advanced students in philosophy, politics, and economics who are working on questions of economic justice. (shrink)

ABSTRACTThis essay argues that in spite of the powerful arguments by Kolodny and Broome there is a reason to be rational. The suggested reason to be rational is that if an agent complies with ratio...

Debates that revolve around the topic of morality and fiction rarely explicitly treat virtual worlds like, for example, Second Life. The reason for this disregard cannot be that all users of virtual worlds only do the right thing while online—for they sometimes even virtually kill each other. Is it wrong to kill other people in a virtual world? It depends. This essay analyzes on what it depends, why it is that killing people in a virtual world sometimes is wrong, and (...) how different virtual killings are wrong in different ways. I argue that killing people online is wrong if it is an instance of deliberately and non-consensually evoking disagreeable emotions in others. Establishing this conclusion requires substantial conceptual work, as virtual worlds feature new kinds of fictional agency, particular emotional responses to fiction, and unique ways in which the fiction of the virtual world relates to the wrongness of the killing. (shrink)

Unlike exploitative exchanges, exchanges featuring externalities have never seemed to pose particular problems to liberal theories of justice. State interference with exchanges featuring externalities seems permissible, like it is for coercive or deceptive exchanges. This is because exchanges featuring negative externalities seem to be clear cases of the two exchanging parties harming a third one via the exchange—and thus of conduct violating the harm principle. This essay aims to put this idea into question. I will argue that exchanges featuring negative (...) externalities are not unjust in this straightforward way, i.e. because they would constitute an instance of wrongfully causing or risking a bodily or material harm. In fact, unless we are subscribing to particularly demanding variants of liberalism—e.g. perfectionist liberalism—or unless we are exclusively focusing on borderline cases of externalities—i.e. of effects of exchanges hardly to be called externalities—there is no liberal theory of how exchanges featuring externalities are unjust. (shrink)

This essay examines three potential arguments against high-frequency trading and offers a qualified critique of the practice. In concrete terms, it examines a variant of high-frequency trading that is all about speed—low-latency trading—in light of moral issues surrounding arbitrage, information asymmetries, and systemic risk. The essay focuses on low-latency trading and the role of speed because it also aims to show that the commonly made assumption that speed in financial markets is morally neutral is wrong. For instance, speed is a (...) necessary condition for low-latency trading’s potential to cause harm in “flash crashes.” On the other hand, it also plays a crucial role in a Lockean defense against low-latency trading being wasteful developed in this essay. Finally, this essay discusses the implications of these findings for related high-frequency trading techniques like futures arbitrage or latency arbitrage—as well as for an argument as to why quote stuffing is wrong. Overall, the qualifications offered in this essay act as a counterbalance to overblown claims about trading at high speeds being wrong. (shrink)

Ethical investors are widely thought of as having two main goals. The negative goal of avoiding their investments to be morally tainted. The positive goal to further a certain ethical value they embrace or some normatively laden idea they hold by investing their money in a certain company. In light of these goals, the purpose of this paper is to provide an account of how we can explicitly include investors’ intentions when conceiving of ethical investment. The central idea is that (...) an investor’s intentions may act as both a negative and a positive qualifier for making investing ethical. If we subscribe to this account, there are interesting upshots with respect to how ethical investing compares to ethical giving as effective altruists construe it. (shrink)

Judging on the basis of standard accounts of commodification, one might reasonably suggest that liberalism intrinsically lacks an adequate theory of commodification. Liberalism, with its commitment to individual choice and to neutrality as regards competing evaluation practices, seems conceptually incapable of identifying or abolishing many significant forms of commodification. This essay aims to refute this claim. It employs a strategy of appealing to the harm principle as grounds for a liberal anti-commodification theory. I claim that we are harmed when we (...) are denied ways to meaningfully engage in certain evaluative practices, ways that depend on evaluations shared with others with whom we stand in meaningful social relationships. Markets can crowd out these shared evaluations, and to this extent cause us psychological harm; this in turn supplies grounds for restrictions on certain markets within a liberal state. (shrink)

This essay examines a new way to exercise democratic control over the market. Instead of a democratic government interfering with a market’s outcomes (e.g. via taxes or minimum wages), we may also “democratize” the market by requiring that all relevant group agents who participate in that market (notably: firms) be democratically governed. This is what I call an agent-democratic market. The purpose of this essay is to argue for the claim that agent-democratic markets are a normatively viable way to democratize (...) the market – and potentially constitute a genuine alternative to the standard approach of subjecting market outcomes to democratic control. (shrink)

This article examines the conditions for responsibilizing corporations. When we responsibilize an agent, we hold him responsible for his choices – although we are aware that he is not yet fully fit to be held responsible – in order to induce in him the relevant characteristics for being fit to be held responsible at a later time. I find that the conditions of responsibilizability are not identical to the conditions for responsibilization we usually and reasonably apply. Typically, we only responsibilize (...) agents who do not only meet the comparably weak conditions of responsibilizability, but who also fulfil additional criteria, as for example having demonstrated first signs of normative reasoning. I argue that corporations do not only meet the minimum threshold of responsibilizability, but also a comparably higher threshold, which allows us to engage in particularly effective forms of responsibilization. Basically, we may permissibly responsibilize the overwhelming majority of corporations in the same way parents responsibilize their growing children. (shrink)

The purpose of this essay is to argue that not all instances of expressive language suffer alike from the problem of descriptive ineffability. Descriptive ineffability refers to the problem that speakers are never fully satisfied when they are asked to paraphrase sentences containing expressive terms such as ‘damn’ using only descriptive terms. It is commonly assumed that descriptive ineffability is an important feature of all kinds of expressive language – derogatory language just as commendatory or valorizing language. However, I find (...) that majoratives, i.e. the positive counterpart to negative expressives (pejoratives), do not exhibit the characteristic of descriptive ineffability. This finding is important both to clarify what kind of data competing theories of expressives have to explain and to shed further light on the wider phenomenon of ineffability. (shrink)

In this paper, I am concerned with what automation—widely considered to be the “future of work”—holds for the artificially intelligent agents we aim to employ. My guiding question is whether it is normatively problematic to employ artificially intelligent agents like, for example, autonomous robots as workers. The answer I propose is the following. There is nothing inherently normatively problematic about employing autonomous robots as workers. Still, we must not put them to perform just any work, if we want to avoid (...) blame. This might not sound like much of a limitation. Interestingly, however, we can argue for this claim based on metaphysically and normatively parsimonious grounds. Namely, all I rely on when arguing for my claim is that the robots we aim to employ exhibit a kind of autonomy. (shrink)

Friedrich August von Hayek war ein österreichischer Ökonom und Philosoph. In Wien in eine Familie von Akademikern hineingeboren, studierte Hayek zunächst Rechtswissenschaften an der Universität Wien, zeigte aber auch großes Interesse an Psychologie und Volkswirtschaftslehre. So nahm er regelmäßig an Seminaren von Ludwig von Mises Teil und wurde 1921 in Rechtswissenschaften und 1923 in Staatswissenschaften promoviert.

Der Libertarismus ist eine Variante des Liberalismus, die der individuellen Freiheit unter den Grundfreiheiten einen bevorzugten Platz einräumt. Obwohl es viele Spielarten des Libertarismus gibt, sind sich Libertäre über die charakteristische Stellung der individuellen Freiheit hinaus typischerweise noch bei den folgenden Punkten einig: dass die normative Stellung der individuellen Freiheit sich aus dem Prinzip des Selbsteigentums ableiten lässt; dass Eigentumsrechte und ökonomische Freiheiten von zentraler Bedeutung für die individuelle Freiheit sind; dass Freiheit im Wesentlichen formal und als negative Freiheit zu (...) verstehen ist; dass der Fokus bei der Forderung nach Gerechtigkeit auf Verfahrensgerechtigkeit liegen sollte ; dass soziale Ordnung individueller Freiheit nicht etwa entgegensteht, sondern sich spontan aus ihrer Ausübung entwickelt; und dass der Großteil der Staaten dahingehend kritisiert werden kann, dass sie zu weitgehende Eingriffe in die Sphäre der individuellen Freiheit vorgenommen haben bzw. vornehmen und damit die Freiheitsrechte der Bürger auf Teils eklatante Weise verletzen. (shrink)

This paper analyses the emergence and persistence of disorder due to bellicose (i.e. ‘conflict-kindling’) institutions. It does so relying on a novel empirical approach, examining the predatory and productive interactions of 400,000 users of a virtual world as well as its institutions. The paper finds that while there are many cases of spontaneous order in that virtual world, and while the users are not more conflict-loving as such, bellicose institutions sanctioning suicidal attacks in a supposedly safe region spontaneously emerged and (...) rigidly persist, thus upholding disorder (i.e. a particularly violent kind of ordered anarchy). (shrink)

This essay argues that prediction markets, as one approach for aggregating dispersed private information, may not only be praised for their epistemic accuracy. They also feature characteristics that are morally desirable from the point of view of epistemic justice. Notably, they are a promising approach when we are trying to address testimonial injustice. The impersonality of market transactions effectively tackles the issue of identity prejudice, which underlies many forms of testimonial injustice. This is not to say that prediction markets do (...) not pose challenges for epistemic justice of their own like the risk of excluding knowers based on ability to pay. Or, in light of identity prejudice’s systematicity, the risk of discouraging some knowers because of differences in education or social background that lead to a certain unease when faced with prediction markets. The essay discusses these challenges, concedes limitations but also offers countermeasures to certain worries – e.g. hosting prediction markets on a play-money basis. Throughout, the essay addresses the question of the potential scope of using prediction markets for epistemic purposes, notably by means of the practical example of a prediction market for monetary policy. (shrink)

Thick ethical concepts are characterized by having both a “world-guided”/descriptive and an “action-guiding”/prescriptive aspect. The purpose of this paper is to argue that if we conceive of rationality as a thick ethical concept we will be able to understand two things. First, why people are inclined to believe that rationality – even if defined in terms of rational requirements – actually is normative. The action-guiding aspect of the concept of ‘rationality’ is responsible for this. It is highlighted for example by (...) the fact that accusing somebody of behaving irrationally works as a stand-alone criticism of an action or actor. Second, we can also understand why those recent arguments by Broome and Kolodny trying to show just how rationality is normative fail. They are proceeding solely based on a world-guided definition of rationality. This does not lead to a misapplication of the concept stricto sensu; but to a thin concept which necessarily fails to grasp the evaluative force of the concept of ‘rationality’. This is particularly insightful for economists who often tend to use ‘rationality’ as a standard for judging behavior. (shrink)