This case study examines five dimensions of the 2007–2009 financial crisis in the United States: the devastating effects of the financial crisis on the U.S. economy, including unparalleled unemployment, massive declines in gross domestic product, and the prolonged mortgage foreclosure crisis; the multiple causes of the financial crisis and panic, such as the housing and bond bubbles, excessive leverage, lax financial regulation, disgraceful banking practices, and abysmal rating agency performance; the extraordinary efforts of the Federal Reserve, the Federal Reserve Bank (...) of New York, and the Department of the Treasury to stem the financial freefall triggered by the crisis and resuscitate financial institutions, the ethical implications of the unprecedented actions by government institutions to rescue financial institutions and drag the country back from the brink of global financial collapse, and the conduct of the various parties contributing to the financial crisis, such as the shoddy behavior of mortgage brokers, the massive securitization of mortgages into overly complex bonds, the excessive leverage of financial institutions, the disgraceful work of bond rating firms, the abysmal risk management systems employed by financial institutions, and the massive operations of the shadow banking and over-the-counter derivatives markets; and the major provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act signed into law to in response to the financial crisis and for the purpose of correcting the egregious conduct of major financial institutions. (shrink)

The term, “bioethics” was coined in 1970 by American cancerologist V. R. Potter. In the few decades since, the field of bioethics has emerged as an important discipline. The field has attained a remarkable degree of public recognition in a relatively short period of time. The “right to die” cases such as In re Quinlan placed bioethical issues on the front pages. Although the discipline is of recent vintage, the past quarter century has witnessed a flurry of scholarly activity, creating (...) a substantial body of bioethical literature. Moreover, the bioethics movement has manifested itself in institutional expressions. Universities and medical schools have added courses in bioethics to their curricula. In 1974, federal legislation and regulations mandated that federal grantees conducting human subjects research establish institutional review boards to safeguard subjects’ welfare, and even absent a legislative mandate numerous hospitals created ethics committees. Centers and institutes, devoted exclusively to the study of bioethical issues, have been founded. (shrink)

Britain's nineteenth-century railway companies traditionally play a central role in histories of the spread of standard Greenwich time. This relationship at once seems to embody a productive relationship between science and capitalism, with regulated time essential to the formation of a disciplined industrial economy. In this narrative, it is not the state, but capitalistic private commerce which fashioned a national time system. However, as this article demonstrates, the collaboration between railway companies and the Royal Greenwich Observatory was far from harmonious. (...) While railways did employ the accurate time the observatory provided, they were also more than happy to compromise the astronomical institution's ability to take the accurate celestial observations that such time depended on. Observing astronomical transits required the use of troughs of mercury to reflect images of stars, but the construction of a railway too near to the observatory threatened to cause vibrations which would make such readings impossible. Through debates over proposed railway lines near the observatory, it becomes clear how important government protection from private interests was to preserving astronomical standards. This article revises our understanding of the role of railway companies in the dissemination of standard time and argues that state intervention was essential to preserving Victorian British astronomical science. (shrink)

In the famous Correspondence with Clarke, which took place during the last year of Leibniz's life, Leibniz advanced several arguments purporting to refute the absolute theory of space and time that was held by Newton and his followers. The main aim of this book is to reassess Leibniz's attack on the Newtonian theory in so far as he relied on the principle of the identity of indiscernibles. The theological side of the controversy is not ignored but isolated and discussed in (...) the last three chapters, which deal with problems connected with the notions of omnipotence and omniscience. (shrink)

Although I am a molecular immunologist from another area of that wide discipline, for many years I have had a deep fascination with the whole topic of ancestral haplotypes. After recently reading an interesting article in this journal, “Reflections on the History and Ethics of the Proper Attribution and Misappropriation of Merit” , I was impelled to act and submit this essay for publication. The title of Gans’s article points to some of my own motivations. Gans outlines how many important (...) scientific discoveries are deliberately overlooked or inappropriately cited by contemporaries, or even completely misappropriated by undeserving scientists coming soon afterwards.It was Ceppellini and co-workers .. (shrink)

This collection of essays is designed to illustrate the variety, complexity and power of non-neoclassical economic thinking. The essays define the fundamental questions differently, employ different analytical tools and arrive at different conclusions. The two strands of non-neoclassical thinking that occupy most of the book are the neo-Keynesian and the neo-Marxian. The bulk of the book is composed of essays on microeconomics, macroeconomics, trade, comparative systems and welfare, with an unusual section on property rights and social hierarchy.

For the last century, economic analysis has been wedded to the idea of equilibrium, in spite of the evident fact that most economic relationships are in flux. The theory of transformational growth in this work replaces equilibrium with history. The role of the market is not to allocate resources, but to generate innovations, which are 'selected' by competition in an evolutionary process. These innovations in turn change the way markets work and how they adjust, thus creating new problems and new (...) kinds of pressures to innovate. Different historical periods can be distinguished with a new one perhaps on the horizon. In each a distinctive style of technology prevails, associated with corresponding institutions and patterns of market behavior. The core relationships provide the foundations for a theory of monetary circulation, which makes possible a revised Keynesian approach, based on Classical foundations. (shrink)

We discuss significant challenges to assumptions of exclusivity and highlight methodological and conceptual pitfalls in inferring deliberative processes from reasoning responses. Causes of normative–deliberative gaps are considered (e.g., disputed or misunderstood normative standards, strategy preferences, task interpretations, cognitive ability, mindware and thinking dispositions) and a soft normativist approach is recommended for developing the dual-process 2.0 architecture.

After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory (...) work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences. (shrink)

Bioethics mediators manage a wide range of clinical conflict emanating from diverse sources. Parties to clinical conflict are often not fully aware of, nor willing to express, the true nature and scope of their conflict. As such, a significant task of the bioethics mediator is to help define that conflict. The ability to assess and apply the tools necessary for an effective mediation process can be facilitated by each mediator’s creation of a personal compendium of sources that generate clinical conflict, (...) to provide an orientation for the successful management of complex dilemmatic cases. (shrink)

This historical analysis indicates that it is highly unlikely that the Nobel Prize winning research of Hermann J. Muller was peer-reviewed. The published paper of Muller lacked a research methods section, cited no references, and failed to acknowledge and discuss the work of Gager and Blakeslee that claimed to have induced gene mutation via ionizing radiation six months prior to Muller’s non-data Science paper :84-87, 1927a). Despite being well acclimated into the scientific world of peer-review, Muller choose to avoid the (...) peer-review process on his most significant publication. It appears that Muller’s actions were strongly influenced by his desire to claim primacy for the discovery of gene mutation. The actions of Muller have important ethical lessons and implications today, when self-interest trumps one’s obligations to society and the scientific culture that supports the quest for new knowledge and discovery. (shrink)

If beliefs are a map by which we steer, then, ceteris paribus, we should want a more accurate map. However, the world could be structured so as to punish learning with respect to certain topics—by learning new information, one’s situation could be worse than it otherwise would have been. We investigate whether the world is structured so as to punish learning specifically about moral nihilism. We ask, if an ordinary person had the option to learn the truth about moral nihilism, (...) ought she to take it? We argue, given plausible assumptions about ordinary human preferences, she should not. (shrink)

Possible worlds models of belief have difficulties accounting for unawareness, the inability to entertain (and hence believe) certain propositions. Accommodating unawareness is important for adequately modelling epistemic states, and representing the informational content to which agents have in principle access given their explicit beliefs. In this paper, I develop a model of explicit belief, awareness, and informational content, along with an sound and complete axiomatisation. I furthermore defend the model against the seminal impossibility result of Dekel, Lipman and Rustichini, according (...) to which three intuitive conditions preclude non-trivial unawareness on any possible worlds model of belief. (shrink)

In Daubert v. Merrell Dow Pharmaceuticals, Inc., the U.S. Supreme Court made its first major pronouncement on the evaluation of scientific evidence, calling on judges to act as gatekeepers for scientific knowledge and validity, despite lack of scientific training among judges. Daubert offers the science studies community a case study for examining how judges engage in boundary-work and construct scientific validity. In constructing scientific validity under Daubert, judges must evaluate the scientific method behind a particular scientific claim, and will look (...) to the parties' experts and the relevant scientific community for assistance. To combat the oft-cited problem of the battle of the experts, judges may be tempted to obtain assistance from court-appointed neutral experts, an inquisitorial system in the civil law tradition of many European countries. The judicial evaluation of scientific evidence, the resulting construction of scientific validity, and the push for a greater use of court-appointed experts reveal judges' desire to segregate "objective" scientific facts from aspects of the legal process that are infused with adversaries' values. Yet the scientific and judicial construction of validity mixes empirical results and research methods with the personal, political, and institutional values of judges and scientists. (shrink)

In Plan 21 of the Xunzi, the essay Dubs titles “The Removal of Prejudices”1 and Watson calls “Dispelling Obsession”2, there is a sentence one's eyes slide over rather easily until one tries to fit it into its context and that of the Xunzi generally. Dubs translates it “The mind is the ruler of the body and the master of the spirit” ; Watson shows a slight discomfort with the second clause when he gives “The mind is the ruler of the (...) body and the master of its god‐like intelligence” [whatever that is] Koester3 raises a few more doubts with his “Das Herz nimmt im Koerper die Stelle des Herrschers ein, es ist der Gebieter ueber die shen‐ming ”. Interestingly enough, the commentatorial tradition seems to have felt no difficulties: Yang Liang's comment is merely a paraphrase of the sentence following, and Wang Xian‐jian and Liang Qi‐xiong simply quote him4. (shrink)