The Efficient Market Hypothesis often seems to suggest only that most people cannot outguess the financial markets. But the originator of the hypothesis, Eugene Fama, made the stronger claim that people cannot outguess the financial markets because financial-market prices are correct: They incorporate all known information accurately. This view omits the role that human traders’ interpretations of information must play if the information is to prompt them to buy or sell. Buyers and sellers disagree about the meaning of current information, (...) so at least half of them must be wrong. Bringing in many more (but equally fallible) people to predict the future does not somehow make their (collective) answer “right.” This is a logical disproof of the Fama hypothesis, but the inherently speculative nature of financial markets makes its empirical falsification (or verification) ambiguous if not impossible. The hypothesis must therefore be considered an unscientific article of faith. (shrink)

The Efficient Market Hypothesis often seems to suggest only that most people cannot outguess the financial markets. But the originator of the hypothesis, Eugene Fama, made the stronger claim that people cannot outguess the financial markets because financial-market prices are correct: They incorporate all known information accurately. This view omits the role that human traders’ interpretations of information must play if the information is to prompt them to buy or sell. Buyers and sellers disagree about the meaning of current information, (...) so at least half of them must be wrong. Bringing in many more (but equally fallible) people to predict the future does not somehow make their (collective) answer “right.” This is a logical disproof of the Fama hypothesis, but the inherently speculative nature of financial markets makes its empirical falsification (or verification) ambiguous if not impossible. The hypothesis must therefore be considered an unscientific article of faith. (shrink)

This essay is the journal editor's introduction to part 3 of an ongoing symposium on quietism. With reference to writings of James Joyce, Francis Picabia, J. M. Coetzee, Charles Taylor, Alasdair MacIntyre, Elaine Pagels, and Karen King—and with extended reference to Jonathan Lear's study of “cultural devastation,” Radical Hope—Jeffrey Perl explores the possibility that the fear of anomie is misplaced. He argues that, in comparison with the violence and narrowness of any given social order, anomie may well be preferable, (...) and, in any case, may be no more than another name for quietism. (shrink)

This essay is the journal editor's introduction to part 3 of an ongoing symposium on quietism. With reference to writings of James Joyce, Francis Picabia, J. M. Coetzee, Charles Taylor, Alasdair MacIntyre, Elaine Pagels, and Karen King—and with extended reference to Jonathan Lear's study of “cultural devastation,” Radical Hope—Jeffrey Perl explores the possibility that the fear of anomie (“anomiphobia”) is misplaced. He argues that, in comparison with the violence and narrowness of any given social order, anomie may well be (...) preferable, and, in any case, may be no more than another name for quietism. (shrink)

MEDIEVAL LOGICS LAMBERT MARIE DE RIJK (ed.), Die mittelalterlichen Traktate De mod0 opponendiet respondendi, Einleitung und Ausgabe der einschlagigen Texte. (Beitrage zur Geschichte der Philosophie und Theologie des Mittelalters, Neue Folge Band 17.) Miinster: Aschendorff, 1980. 379 pp. No price stated. THE SEVENTEENTH CENTURY MARTA FATTORI, Lessico del Novum Organum di Francesco Bacone. Rome: Edizioni dell'Ateneo 1980. Two volumes, il + 543, 520 pp. Lire 65.000. VIVIAN SALMON, The study of language in 17th century England. (Amsterdam Studies in the (...) Theory and History of Linguistic Science, Series 111: Studies in theHistory of Linguistics, Volume 17.) Amsterdam: John Benjamins B.V., 1979.x + 218 pp. Dfl. 65. Theoria cum Praxi. Zum Verhaltnis von Theorie und Praxis im 17. und 18. Jahrhundert. (Akten des 111. Internationalen Leibnizkongress, Hannover, 12. bis 17.November 1977, Band 111: Logik, Erkenntnistheorie, Wissenschaftstheorie, Metaphysik, Theologie.) Wiesbaden: Franz Steiner Verlag, 1980. vii + 269 pp. DM 48. CLASSICAL AND NON-CLASSICAL LOGICS MICHAEL CLARK, The place of syllogistic in logical theory. Nottingham: University of Nottingham Press, 1980. ix + 151 pp. £3.00. A.F. PARKER-RHODES, The theory of indistinguishables. Dordrecht, Boston and London: D. Reidel Publishing Company, 1981. xvii + 216 pp. Dfl.90.00/$39.50. NICHOLAS RESCHER and ROBERT BRANDOM, The logic of inconsistency. Oxford:Basil Blackwell, 1980. x + 174 pp. f 11.50. MISCELLANEOUS J. ZELENY, The logic of Marx. Translated from the German by T. Carver. Oxford: Basil Blackwell, 1980. xcii + 247 pp. £12.50. FELIX KAUFMANN, The infinite in mathematics. Edited by Brian McGuinness. Introduction by E. Nagel. Translation from the German by Paul Foulkes. Dordrecht: Reidel, 1978. xvii + 235 pp. Dfl 85/$39.50 (cloth); Dfl 45/$19.95 (paper). PAMELA MCCORDUCK, Machines who think. San Francisco: W.H. Freeman and Company, 1979. xiv + 275 pp. $14.95. J. MITTELSTRASS (ed.), Enzyklopadie Philosophie und Wissenschaftstheorie Bd. 1 : A-G. Mannheim, Wien, Ziirich: Bibliographisches Institut, 1980. 835 pp. DM 128. (shrink)

On the relations of universals and particulars, by B. Russell.--Universals and resemblances, by H. H. Price.--On concept and object, by G. Frege.--Frege's hidden nominalism, by G. Bergmann.--Universals, by F. P. Ramsey.--Universals and metaphysical realism, by A. Donagan.--Universals and family resemblances, by R. Bambrough.--Particular and general, by P. F. Strawson.--The nature of universals and propositions, by G. F. Stout.--Are characteristics of particular things universal or particular? By G. E. Moore and G. F. Stout.--The relation of resemblance, by P. Butchvarov.--Qualities, by (...) N. Wolterstroff.--On what there is, by W. V. Quine.--Empiricism, semantics, and ontology, by R. Carnap.--The languages of realism and nominalism, by R. B. Brandt.--Grammar and existence: a preface to ontology, by W. Sellars.--A world of individuals, by N. Goodman.--Bibliographical notes (p. [307]-308). (shrink)

In lieu of an abstract, here is a brief excerpt of the content:BOOK REVIEWS 249 Girolamo Balduino: Ricerche sulla logica della Scuola di Padova nel Rinascimento. By Giovanni Papuli. (Bark Lacerta, Universith di Bari, Pubblicazioni dell'lstituto di filosofia, 12, 1967. Pp. 313. no price.) The philosophers at the University of Padua during the late Middle Ages and Renaissance arc attracting much renewed interest. This study makes accessible again the logical philosophy of Girolamo Balduino, professor at Padua during the second (...) quarter of the sixteenth century. Like other thinkers of his period, 13alduino follows the logic of Aristotle, and looks for progress within the ancient and mediaeval tradition, not for radically new doctrines. He continues the traditional interpretation of Aristotle by Averroes, for whom logic is only an instrumental habitus, a tool or method of demonstration. About the final contribution of the school of Padua to the improvement of Aristotelian logic was the doctrine of regressive demonstration, where demonstration terminates in or discloses the definition. Zabarella's well-known teaching on this point seems to be derived entirely from Balduino. Contrary to the interpretation of Cassirer, followed by Randall, this regressive demonstration is not a universal method of inquiry and is not at all like, and not the historical source of, the new method of Galileo. Papuli's book is solidly based on the original Latin texts, in notes, which are of great value in view of the fact that Balduino's works have been out of print since 1573. Not all of Papuli's interpretations are beyond criticism (e.g., p. 296), but he has done a service in enabling us to reestablish contact with one of the last significant commentators on Aristotle's logic. PAUL J. W. MILLER University of Colorado Documents sur la vie de Jules-Cdsar Vanini de Taurisano. By Emile Namer. (Bari: Adriatica Editrice, n.d.=Univcrsith degli Studi di Bari, Pubblicazioni delFIstituto di Filosofia, II serie, Testi e Documenti, I. Pp. 196+22 facsimile illustrations) Giulio Cesare Vanini (1585-1619) ranks with Giordano Bruno as a modern hero of freedom of philosophical expression. He was tortured and then burned at the stake in Toulouse at the age of thirty-four, because of the unorthodoxy of his views. For this reason, he has drawn more attention than is perhaps deserved on the basis of his rather mediocre writings, which are little more than a tissue of plagiarisms culled from Pomponazzi, Cardano, J. C. Scaliger, and others. In this volume, Emile Namer has collected the scattered documents dealing with Vanini's life and activities. This is a valuable service, for it should enable scholars to disentangle fact from fiction and reality from myth. There has been so much heated discussion regarding Vanini that it is now time that someone should attempt to establish the precise facts and to reevaluate Vanini's place in intellectual history. In the past, writings about him have been governed more often by emotion than by reason. Namer prints documents from Naples, London, Paris, Simancas, and Toulouse. Some of these have been printed before in various journal articles, but it is valuable to have them all together in a single volume. In addition, he prints relevant excerpts concerning--as one of them put it--le douzi~me apostre de Satan, including material from Mersenne, Garasse, and others. He also includes a series of facsimiles of sample pages from the documents which he prints. All in all Namer's work is competently 250 HISTORY OF PHILOSOPHY done, though perhaps a bit more annotation to put the documents in historical perspective would have been desirable. In any case this little volume must be one of the bases for any future serious biographical or interpretative studies dealing with Vanini. Moreover, it shouM also be useful for scholars dealing with more general questions of seventeenth-century intellectual, religious, and social history. Unfortunately, there is no index, nor bibliography of earlier literature on Vanini, and the Introduction is perhaps too brief to orient the reader who has little previous knowledge of Vanini. CHARLES B. SCHMITT University oJ Leeds Tommaso Campanella: Renaissance Pioneer o[ Modern Thought. By Bernardino M. Bonansea. (Washington: Catholic University of America Press, 1969. Pp. xi 421. $14.50) This excellent critical study of the life and... (shrink)

Charles Mills makes visible in the world of mainstream philosophy some of the crucial issues of the black experience.

This previously-unpublished essay by the late Charles W. Mills (1951–2021) seeks to demonstrate the racially-structured character of the universe created by J. R. R. Tolkien in The Hobbit and The Lord of the Rings. Written long before the popular film series, the essay critically examines Tolkien's novels and comments on the nature of fictional creation. Mills argues that Tolkien designs a racial hierarchy in the novels that recapitulates the central racist myth of European thought.

In few cases among modern religious ethicists are the contemporary issues concerning the problem of norms and of criteria more intriguingly brought to the fore than in the ethics of Martin Buber.

Harvey (philosophy, U. of Central Arkansas) argues that the phenomenology of German philosopher Edmund Husserl is a response to the dualisms that emerged from 17th c. philosophy. He sheds light on the relation classical phenomenology has to broad concerns in the history of philosophy. Annotation copyrighted by Book News, Inc., Portland, OR.

Foundations of the theory of signs.--Signs, language, and behavior.--Five semiotical studies.

In lieu of an abstract, here is a brief excerpt of the content:Place and the "Spatial Turn" in Geography and in HistoryCharles W. J. WithersI. IntroductionA few years ago, British Telecom ran a newspaper advertisement in the British press about the benefits—and consequences—of advances in communications technology. Featuring a remote settlement in the north-west Highlands of Scotland, and with the clear implication that such "out-of-the-way places" were now connected to the wider world (as if they had not been before), the (...) advert proclaimed "Geography is History." What the advert signalled to as the "end" of geography in the sense of the social gradients associated with space and distance is what is known, variously, as "time-space convergence" and "time-space distanciation."1 The terms embrace not just the "collapse" of geographical space given technical advances (in travel time and in communications—consequences of what Castells calls "the information age" and "the network society"2), but also the idea that the modern world has become [End Page 637] more homogenized. One place is now much the same as another. Further, given the likelihood of such technical and cultural changes continuing into the future, geographical distinctiveness, evident in the particularity of place, would be a thing of the past: geography would indeed be history. There is, of course, much evidence to the contrary: that, in the face of "globalisation," questions of locality, sense of place and of identity in place matter now more than ever. Even, then, as Francis Fukuyama cautioned against the "death" of liberal democratic politics as The End of History,3 geography—that is, geography understood as questions to do with place, and questions to do with where you are in the world as part of questions about how you are and who you are in the world—has had considerably heightened significance and for some places and people more than others.4These notions of place—as a particular location, and the character or sense of place—are only part of the meanings associated with place in geographical and in historical work. Like space, its regular epistemic dancing partner in geographical ubiquity and metaphysical imprecision, place is a widespread yet complex term. What follows is historiographical in focus and, of necessity, partial in range. I offer a historiographical survey of the term place, principally but not alone within recent work in geography. In more detail, and with reference to one of the strong senses in which place is used, namely that of locale, "the local," or localness, I trace here the connections between place, space, and the idea of the local as evident in recent work in history and in geography, especially within the history and the geography of science. Particular attention is paid in this context to the distinctive features of what we may think of as the "spatial turn" in the history of science by looking at the idea of place and space in recent work in Enlightenment studies. My argument is three-fold. Notions of place and space, much debated by geographers, have been as central a concern for intellectual historians and historians of science as for philosophers and others, but they have been differently expressed. There is, I shall argue, value in looking at these different views in order to understand that whilst place is a commonplace term it is not agreed upon: working with imprecision has been both opportunity and restriction. In relation to work within the history of science and in Enlightenment studies, consideration of the so-called "spatial turn," of place [End Page 638] as social practice and of placing as a process in accounting for the uneven movement of ideas over space and time may help provide some precision and strengthen connections between geography and history.II. Place (In Geography): A Partial HistoriographyPlace is one of the most fundamental concepts in human geography. It is also one of the most problematic.5 Place, or small-scale regional space, features as a subdivision within the Classical tripartite division of cosmography (the earth in relation to other planetary bodies), geography (the earth as a whole) and chorography (parts of the earth or regional geography). So, too, does the distinction between chorography and chronology as... (shrink)

This essay tries to develop a “black radical Kantianism”—that is, a Kantianism informed by the black experience in modernity. After looking briefly at socialist and feminist appropriations of Kant, I argue that an analogous black radical appropriation should draw on the distinctive social ontology and view of the state associated with the black radical tradition. In ethics, this would mean working with a (color-conscious rather than colorblind) social ontology of white persons and black sub-persons and then asking what respect for (...) oneself and others would require under those circumstances. In political philosophy, it would mean framing the state as a Rassenstaat (a racial state) and then asking what measures of corrective justice would be necessary to bring about the ideal Rechtsstaat. (shrink)

This book provides a timely, compelling, multidisciplinary critique of the largely tacit set of assumptions funding Modernity in the West. A partnership between Michael Polanyi and Charles Taylor's thought promises to cast the errors of the past in a new light, to graciously show how these errors can be amended, and to provide a specific cartography of how we can responsibly and meaningfully explore new possibilities for ethics, political society, and religion in a post-modern modernity.

Abstract:Therapeutic misconception (TM)—when clinical research participants fail to adequately grasp the difference between participating in a clinical trial and receiving ordinary clinical care—has long been recognized as a significant problem in consent to clinical trials. We suggest that TM does not primarily reflect inadequate disclosure or participants’ incompetence. Instead, TM arises from divergent primary cognitive frames. The researchers’ frame places the clinical trial in the context of scientific designs for assessing intervention efficacy. In contrast, most participants have a cognitive frame (...) that is personal and focused primarily on their medical problems. To illustrate this, we draw on interview material from both clinical researchers and participants in clinical trials. We suggest that reducing TM requires encouraging subjects to adjust their frame, not just add information to their existing frame. What is necessary is ascientific reframingof participation in a clinical trial. (shrink)

In this paper, I differentiate “two Enlightenments,” the mainstream Enlightenment and what I call the “radical Enlightenment,” that is, Enlightenment theory (rationalism, humanism, objectivism) informed by the fact of social oppression. Marxism can be seen as the pioneering example of radical Enlightenment theory, but it is, of course, relatively insensitive to gender and race issues, so we also need to include Enlightenment versions of feminism and critical race theory. I defend the radical Enlightenment against (on one front) the mainstream Enlightenment (...) criticism that it is either already included in the latter, or if excluded, justifiably so, and (on the other front) against anti-Enlightenment criticisms (poststructuralism and some multiculturalists) that in whatever form, Enlightenment theory cannot adequately address social oppression. (shrink)