Starting from MacIntyre’s virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care, and accuracy. We compare and contrast these codes of conduct with the actual behavior of banks that led to the credit crisis and find that in some cases banks did not behave according to the moral standards they set themselves. However, although banks (...) and the professionals working in them can be blamed for what they did, one should also acknowledge that the institutional context of the free market economy in which they operated made it difficult to live up to the core values lying at the basis of the codes of conduct. Given the neo-liberal free market system, innovative and risky strategies to enhance profits are considered desirable for the sake of shareholder’s interests. A return to the core virtues in the financial sector will therefore only succeed if a renewed sense of responsibility in the sector is supported by institutional changes that allow banks to put their mission into practice. (shrink)

Micro Credit (MC) programs lend money to poor borrowers using innovative mechanisms such as group lending under joint liability while successfully accounting for the presence of asymmetric information in underdeveloped financial markets. MC programs have achieved what the conventional financial institutions and the government have not been able to: lend to the poor, impressive loan recuperation, and a positive impact in poverty reduction. This article analyzes the performance of ALSOL, an MC program in Chiapas, México, for 2151 participants in urban (...) and rural areas for the time period between July 2000 and July 2001. While loan recuperation is high (95%), administrative costs also remain high. Socially responsible lenders and donors play a key role in providing continuous funding to MC programs and assisting in reducing the level of poverty. (shrink)

Starting from MacIntyre’s virtue ethics, we investigate several codes of conduct of banks to identify the type of virtues that are needed to realize their mission. Based on this analysis, we define three core virtues: honesty, due care, and accuracy. We compare and contrast these codes of conduct with the actual behavior of banks that led to the credit crisis and find that in some cases banks did not behave according to the moral standards they set themselves. However, although banks (...) and the professionals working in them can be blamed for what they did, one should also acknowledge that the institutional context of the free market economy in which they operated made it difficult to live up to the core values lying at the basis of the codes of conduct. Given the neo-liberal free market system, innovative and risky strategies to enhance profits are considered desirable for the sake of shareholder’s interests. A return to the core virtues in the financial sector will therefore only succeed if a renewed sense of responsibility in the sector is supported by institutional changes that allow banks to put their mission into practice. (shrink)

This article critically evaluates and contests the flagship benefit delivery system Universal Credit for lone mothers by focusing on some of the ethical challenges it poses, as well as some key implications it holds for social work with lone mothers and their children. Universal Credit was first introduced in the United Kingdom (UK) in 2008, and echoes conditionality-based welfare policies adopted by neoliberal governments internationally on the assumption that paid employment offers a route out of poverty for citizens. However, research (...) evidence suggests that the risks of conditionality polices for lone parents can often include increased poverty, a deterioration in mental health or even destitution posed by paternalistic sanctions or precarious low-paid employment, which can undermine parenting capacities and children’s well-being. The article also critically appraises and questions challenges posed by an increased reliance upon contractual ethics by governments, alongside the wider behaviour-modifying policies of the workfare-orientated state. This includes that working-class lone mothers can erroneously be stigmatised as representing a morally challenged dependent burden through activation policies and risk-averse social work practices. (shrink)

Ethical banking, microfinance institutions or certain credit cooperatives, among others, grant socially responsible loans. This paper presents a credit score system for them. The model evaluates social and financial aspects of the borrower. The financial aspects are evaluated under the conventional banking framework, by analysing accounting statements and financial projections. The social aspects try to quantify the loan impact on the achievement of Millennium Development Goals such as employment, education, environment, health or community impact. The social credit score model should (...) incorporate the lender’s know-how and should also be coherent with its mission. This is done using Multi-Criteria Decision Making. The paper illustrates a real case: a loan application by a social entrepreneur presented to a socially responsible lender. The decision support system not only produces a score, but also reveals strengths and weaknesses of the application. (shrink)

There is a commonly made distinction between two types of scientists: risk-taking, trailblazing mavericks and detail-oriented followers. A number of recent papers have discussed the question what a desirable mixture of mavericks and followers looks like. Answering this question is most useful if a scientific community can be steered toward such a desirable mixture. One attractive route is through credit incentives: manipulating rewards so that reward-seeking scientists are likely to form the desired mixture of their own accord. Here I argue (...) that this idea is less straightforward than it may seem. Interpreting mavericks as scientists who prioritize rewards over speed and risk, I show in a deliberatively simple model that there is a fixed mixture which is not particularly likely to be desirable and which credit incentives cannot alter. I consider a way around this result, but this has some major drawbacks. I conclude that credit incentives are not as promising a way to create a desirable mixture of mavericks and followers as one might have thought. (shrink)

To this day, many theorists regard the commodity theory and the credit theory as the two main rival accounts of the nature of money. Yet cryptocurrency has revolutionized the institution of money in ways that most commodity and credit theorists could hardly have anticipated. Given that cryptocurrency is a new form of money, the question arises whether the commodity and credit theories can adequately account for it. I argue that they cannot. I first offer an interpretation of the commodity and (...) credit theories according to which these theories uphold differing claims about the origin of money, the ontology of money, and the function of money. I then argue that thus understood, neither theory can accommodate cryptocurrency. Finally, I develop a novel hybrid hylomorphic account of money which draws on aspects of both the commodity and credit theories, and I argue that this hybrid account can accommodate cryptocurrency. (shrink)

American bankruptcy law has offered a "fresh start" in every state for over one hundred years. As a result, econometric studies of consumer bankruptcy often focus on one of the few aspects of the law that has varied significantly across time and across states: exemptions. Professors Gropp, Scholz and White published the first article to test the effect of exemptions on credit markets. Consistent with theory, they found that residents of states with larger exemptions pay higher interest rates than those (...) in states with lower exemptions and face an increased probability that they will be denied credit. These effects were most pronounced for poor households. This result is surprising because exemptions only allow a household to keep what it has. The difference between a $100,000 exemption and an exemption with no dollar limit should not matter if the household has little or no assets to exempt. This essay examines alternative explanations for why exemptions appear to have a disproportionate impact on the poor. Unfortunately, however, none of these alternative explanations proves entirely satisfactory. (shrink)

In this study, we accessed information about the university credits of all teachers born after 1971 in Sweden as a means of ascertaining the development of their subject knowledge. We examined the university credits they earned during pre-service and in-service training. Data comes from registers Gothenburg Educational Longitudinal Database and the teacher register. We linked GOLD to the teacher register in order to describe the knowledge development of teachers in compulsory school 1998–2014. Special focus was on Swedish language and mathematics. (...) Multiple regression and multilevel growth modeling were used as our main methods. Results show an increase in pre-service credits during the time period and more credits in Swedish language than in mathematics. To analyze teachers’ in-service training, we followed the development of their university credits over time. Teachers with higher prerequisites in terms of grade point average tended to gain more credits in-service. The study included discussions on ideas and the implications for future research. (shrink)

We draw on the phenomenon of caste-based discrimination in India and signaling theory to assess whether microfinance credit scores improve the odds of female micropreneurs from a lower caste receiving loans and whether visible business characteristics further improve the odds of receiving microfinance loans. In a sample of 3,144 female microfinance loan applicants at a female-focused microloan enterprise in India, females from a lower caste, relative to those from a higher caste, have lower odds of receiving loans when their credit (...) scores are below the mean. However, when females from a lower caste have credit scores higher than the mean, the odds of receiving a loan increase. The practical effect of size is small but meaningful. Loan applicants from a lower caste with a visible signal of business ability do not improve their chances of receiving a loan relative to those from a higher caste. (shrink)

According to credit theories of knowledge, S knows that p only if S deserves credit for truly believing that p. This article argues that any adequate credit theory has to explain the conditions under which beliefs are attributable to subjects. It then presents a general account of these conditions and defends two models of cognitive agency. Finally, the article explains how an agent-based approach rescues the credit theory from an apparent counterexample. The article's defense of the credit theory is qualified, (...) however, for one lesson that emerges is that credit theories are theories of subjective justification, not theories of knowledge. (shrink)

Taking credit is the process through which organizational members claim responsibility for work activities. We begin by describing a publically disputed case of credit taking and then draw on psychological, situational, and personality constructs to provide a model that may explain when and why organizational members are likely to take credit. We identify testable propositions about the credit-taking process, discuss ethical aspects of credit taking and suggest areas for research on credit taking in organizations.

The notion of credit plays a central role in virtue epistemology and in the literature on moral worth. While virtue epistemologists and ethicists have devoted a significant amount of work to providing an account of creditable success, a unified theory of credit applicable to both epistemology and ethics, as well as a discussion of the general form it should take, are largely missing from the literature. Our goal is to lay out a theory of credit that seems to underlie much (...) of the discussion in virtue epistemology, which we dub the Cake Theory. We argue that given the goals that virtue epistemologists and ethicists who discuss moral worth have, this theory is problematic, for it makes credit depend on the wrong facts. (shrink)

The history of Credit Rating Agencies [CRAs], commonly called Rating Agencies, has a long and distinguished trajectory marked by influence, reputation and power. Due to the ability of this field to instigate significant changes in market regulations and actions of economic actors, this subject is extensively debated within the literature. In economic sociology, while some studies have focused on perceptions of performativity and market devices to understand how the calculability of its methods influences the economy, others, along relational lines of (...) sociology, aim to understand them through a more complex constructive process. In this study, we attempt to fill a gap by exploring the complementarity between two theoretical approaches to sociology: theory of fields and performativity. Thus, we mobilize theory of fields to understand the inter-field relationship between the State and CRAs. Specifically, this paper sets out to i) analyze the co-constitution of the state and market fields with the field of CRAs; ii) describe the existing regulation and situate the CRAs and their classification devices in the broader history of the State and the market; iii) analyze how the legitimation of the CRAs by the State generates broader social contexts that assist in the performative work of the CRAs. Based on historical documentary research, we analyze some of the main milestones and regulatory events in the field of CRAs. This research reaffirms the assumption that even after credibility crises, the State is the most significant predictor of legitimacy, power, and influence that CRAs hold to date. The legitimacy of this power and influence has yet to be exhausted because the reputation of CRAs is rooted in the reputation of the State itself. This happens because the State provides essential actions (such as regulations) for the existence of the financial market. Thus, results suggest that the State, through regulatory measures, can engage several other fields to promote the legitimacy of performative work of the CRAs, whose purpose is to provide calculation tools to shape markets. (shrink)

A popular view is that you deserve credit for a successful performance only if you were aware in some way of what you were doing. It has been argued that some such cognitive condition on creditworthy performance must be true because it is the only way to ensure that one’s success is not an accident. In this paper, I argue against cognitive conditions on creditworthy performance: cognitive conditions are false because there are agents who deserve credit for their successful performances (...) even though they had no idea what they were doing. After presenting my argument and defending it against possible replies, I explore broader implications of the falsity of cognitive conditions in the philosophy of action and of moral worth. I then close by presenting an alternative account of creditworthy performance that explains why success can be non-accidental even if one was not aware of what they were doing. (shrink)

In 1948, when the State of Israel was founded, 125,000 people were members of credit cooperative societies, which provided over 20 percent of all market financing. For several years this number continued to rise, reaching a total of 250,000 members in more than 100 credit cooperative societies. Credit associations — part of the thriving cooperative movement of early Zionism — symbolized the attempt to create a new and just Jewish society by fusing socialist and capitalist ideals. From the mid-1950s, however, (...) in a rapid process of centralization of Israel’s capital market and financial institutions, almost all credit associations were absorbed into Israel’s commercial banks and dissolved. Today, Israel’s two largest banks control over 63 percent of credit provision, and 90 percent of credit is provided to less than 1 percent of borrowers. The official policy of the Bank of Israel is to rule out the establishment of credit associations, credit unions or other non-bank financial institutions. In the light of current renewed interest in "social businesses," i.e., innovative business models designed to achieve desired social outcomes, this Article traces the waning of credit associations in Israel, and the role law has played in that process. Their disappearance from the capital market marked not only a change in economic policy, but also the final abandonment of the ideals which underlay the provision of cooperative financial services: mutuality, partnership and solidarity. (shrink)

Discussion on financial ethics increasingly includes the problem of exclusion of the poorer segments of society from the financial system and access to credit. This paper explores the ethical dimensions surrounding the concept of a human right to credit. If access to credit is directly instrumental to economic development, poverty reduction and the improved welfare of all citizens, then one can proclaim, as Nobel Prize Laureate M. Yunus has done, that it is a moral necessity to establish credit as a (...) right. Arguments both supporting and opposing the concept of a right to credit are presented. While there may be general agreement that access to financial services may provide a pathway out of poverty, granting a universal right could induce perverse effects such as overindebtedness. Bearing in mind the ultimate goal of proponents of this right as well as the potential harmful consequences, this paper offers a new perspective on the question of access to credit based on a goal-right system. (shrink)

There is no well-built theory on credit risk measurement and decision analysis for financial big data, and an effective and scientific evaluation system for them has not been formed. A review of them can contribute to grasping the abovementioned topics, understanding current issues, analyzing research problems, mastering research challenges, and predicting future research directions. Besides, this paper points out four research directions of credit risk measurement and decision analysis for financial big data. Moreover, this paper can provide some guidance directions (...) and insights for practitioners, researchers, financial institutions, and government departments who have an interest in complex decision-making in big data. (shrink)

Using the promulgation of Green Credit Guidelines in China as the research setting, this paper exploits a quasi-natural experiment to examine the impact of green credit policy on the stock price crash risk of heavy-polluting firms. The results show that green credit policy significantly increases the risk of stock price crash of heavy-polluting firms. Such impact is transmitted through increased financial constraints and reduced information transparency. In addition, we find that the impact of green credit policy on the stock price (...) crash risk is more pronounced in firms with weak external governance and a small size. Our findings provide policy implications for mitigating corporate risks and promoting corporate sustainability. (shrink)

Theories of scientific rationality typically pertain to belief. In this paper, the author argues that we should expand our focus to include motivations as well as belief. An economic model is used to evaluate whether science is best served by scientists motivated only by truth, only by credit, or by both truth and credit. In many, but not all, situations, scientists motivated by both truth and credit should be judged as the most rational scientists.

This article uses the “Green Credit Guidelines” issued in 2012 as a quasi-natural experiment, using the statistics of A-share listed companies from 2008 to 2017, using the PSM-DID model to examine the effect and mechanism of green credit policies on the investment efficiency of heavily polluting companies, and taking into consideration the heterogeneous influence of the financial ecological environment on the relationship between the two. The research indicates that, after the Green Credit Guidelines were promulgated, the investment efficiency of heavy-polluting (...) companies has been slightly improved compared with non-heavy-polluting companies and that the impact is more obvious in regions with better financial ecological environment. The research conclusions confirm the beneficial effects of the Green Credit Guidelines policy on the prudent investment of companies that cause serious pollution to the environment and improve investment efficiency, a provision of empirical evidence for financial leverage to drive the green economy transformation. (shrink)

Financing guarantee is an important means and key link to solve the financing difficulties of small- and medium-size enterprises. However, while financial guarantees alleviate the financing difficulties of SMEs, the complex guarantee relationships also constitute a new channel for credit risk contagion in the financial guarantee network. In this paper, we construct a model of credit risk contagion process of guarantee network based on SEIR and analyse the equilibrium point and stability of the model. Then, we find the threshold value (...) of risk contagion and further simulate the SEIR model dynamically to analyse the influence of each parameter of the model. The results show that the risk of the financing guarantee network begins to be widely contagious only when risk contagion threshold is greater than 1, and the conversion rate of exposed enterprises, removal rate of infected enterprises, nodal enterprises degree, and risk contagion rate have significant effects on the changes of individual density of susceptible, exposed, infected, and recovered enterprises. Combining the above findings, it is of great theoretical and practical significance to propose relevant countermeasures for credit risk control of financial guarantee network. (shrink)

How is one properly to allocate credit for making a discovery in science or elsewhere where the conjoint effort of several individuals is involved? When a group of investigators cooperates in making a discovery, how should the credit for this achievement be apportioned among them to assure that everyone receives their proper share?The problem being considered here is not that of assessing importance—of determining how much credit there is to go around. That is something else again. The present problem, rather, (...) is that of how that credit, be it great or small, should be allocated to the parties responsible for the discovery at issue? It is, accordingly, not the amount of credit but its distribution that is at issue. (shrink)

Research into the causes of the 2008 financial crisis has drawn attention to a link between growing income inequality in the United States and high household indebtedness. Most accounts trace the U.S. idea of credit-as-welfare to the period of wage stagnation and welfare retrenchment that began in the early 1970s. Using France as a comparison case, I argue that the link between credit and welfare was not unique to the United States. Indeed, U.S. charitable lending institutions that emerged at the (...) beginning of the twentieth century were modeled in part on older French financial institutions. Three historical factors drove U.S. lenders and policymakers to push for expanded credit access for the working class. First, welfare reformers in the interwar period embraced private credit as an alternative to an expansive welfare state. Second, U.S. organized labor in the wake of World War II embraced credit access as a means to sustain industrial employment and finance strike actions. Third, commercial banks in the 1950s began offering revolving credit accounts as a means to attract new depositors at a time when banking regulation restricted the interest they could offer on deposits. (shrink)

According to robust virtue epistemology, the difference between knowledge and mere true belief is that in cases of knowledge, the subject’s cognitive success is attributable to her cognitive agency. But what does it take for a subject’s cognitive success to be attributable to her cognitive agency? A promising answer is that the subject’s cognitive abilities have to contribute to the safety of her epistemic standing with respect to her inquiry, in order for her cognitive success to be attributable to her (...) cognitive agency. Call this idea the contribution thesis. The author will argue that the contribution thesis follows naturally from virtue epistemological accounts of knowledge, and that it is precisely the contribution thesis that allows the virtue epistemologist to deal with a wide variety of objections. Nevertheless, the principal aim of this paper is to argue that virtue epistemological theories of knowledge that are committed to the contribution thesis are ultimately untenable. There are cases of knowledge where the subject’s cognitive abilities do not improve the safety of the subject’s belief. (shrink)

This article provides an Austrian overview of the inflation versus deflation debate which has captured the attention of the economics profession in the years following the US housing bust. Much of the Austrian analysis of this debate has focused on the massive expansion of the Federal Reserve’s balance sheet and attendant creation of new reserves. Several Austrian economists have predicted that the creation of new reserves will cause a massive increase in inflation. The money multiplier theory, on which these predictions (...) are based, is criticized and an overview of the Austrian business cycle theory is provided to explain why banks are reluctant to issue new credit. Finally, an analysis of the politics of deflation is provided and a class theory is presented to explain why a policy of controlled credit deflation is more likely than a policy that would result in mass inflation or hyperinflation. (shrink)

We take a fresh look at the concerns about credit card pricing and empirically investigate whether the Credit CARD Act of 2009 has been successful in addressing those concerns. The rational choice theory of credit card pricing, which posits that issuers use back-end fees to adjust the price of credit to reflect new information about borrowers’ credit risk, predicts that issuers will respond to the Act by using alternative ways to price risk. In contrast, the behavioral economics theory, which posits (...) that issuers use back-end fees because they are not salient to consumers, predicts that issuers will respond by increasing unregulated non-salient prices. If the market is competitive, we argue that the CARD Act should also result in increases in some salient, up-front prices. But we show that if issuers have market power, reductions in non-salient fees may not result in concomitant increases in salient charges. We test these predictions using two datasets on credit card contract terms before and after the CARD Act rules went into effect. We find that the rules have substantially reduced the back-end fees directly regulated by the Act, including late fees and over-the-limit fees. However, unregulated contract terms, such as annual fees and purchase interest rates, have changed little. Post-CARD Act, consumers continue to face high long-term prices and low short-term prices, and imperfectly rational consumers still find it difficult to understand the cost of credit card borrowing. We thus consider potential improvements to the regulatory framework. We argue that improved disclosures that present to consumers the aggregate cost of credit under the contract, based on information about the borrower’s likely use of credit, would improve consumer outcomes. Furthermore, we suggest that regulators, rather than focusing on prices that are “too high,” should consider limiting the ability of issuers to charge introductory teaser interest rates that are in a sense “too low. (shrink)

This paper contends that Marx develops in Volume III of Capital an incisive conceptual framework in which excessive credit creation, indebtedness and speculation play a critical and growing role in the reproduction of social capital on an extended basis; however, given the decentralised and anarchic nature of capitalist production, the credit system does so in a highly erratic and contradictory manner which only postpones the inevitable day of reckoning. The paper also highlights Marx's relatively neglected but highly important analysis of (...) the separation of ownership from management in the advanced capitalism of his day, England, and its modern-day implications for excessive risk-taking and debt-fuelled speculation up until the eve of the crash. More importantly, the paper argues that in Volumes II and III, Marx implicitly connected the expanding role of credit (which he associated with the development of capitalism) to a significant reduction in the turnover period of capital, thereby boosting the rate of surplus-value, and countering in a highly erratic and contradictory manner, the fall in the rate of profit. The growing role of credit has been relatively ignored in the Marxian literature as an important counteracting factor to the law of the declining rate of profit. It is not mentioned at all by Marx in his famous Chapter XIV, Vol. III of Capital where he discusses other important counteracting forces to the falling rate of profit, nor by Engels (in this particular context) who edited both Volumes II and III. (shrink)

Adding to contemporary debates about the relationship between financialization and neoliberalism, this article investigates their entanglement at the level of subjectivity. Primarily, the article argues that financialization and neoliberalism are converging to produce a new form of subjectivity, post-profit homo œconomicus, an always indebted but credit-seeking enterprise. The value of this approach, the article demonstrates, is that it provides theoretical tools capable of grasping the differential production of subjectivity across the uneven and unequal striations of contemporary neoliberal society, from precarious (...) workers of the gig economy to financial sector elites. The article examines two figures who have become central to public and academic debates about neoliberalism and financialization – the low-waged, precarious worker and the indebted student – to consider how neoliberal subjectivity is produced and distributed unevenly. It concludes that within these fragmentary socioeconomic positions are different instantiations of always indebted but credit-seeking human capital. (shrink)

In this paper, I show that Polleit and Mariano (2011) are right in concluding that Credit Default Swaps (CDS) are per se unobjectionable from Rothbard’s libertarian perspective on property rights and contract theory, but that they fail to derive this conclusion properly. I therefore outline the proper explanation. In addition, though Polleit and Mariano are correct in pointing out that speculation with CDS can conceivably hurt the borrowers’ interests, they fail to grasp that this can be the case only in (...) some peculiar circumstances that I identify. In other words, they miss the bigger picture, the one outside special circumstances, in which CDS trading has the opposite effect. That is, CDS facilitate debt accumulation, including government debt accumulation. Finally, I point out how this can precipitate the collapse of fiat money regimes. An incidental goal of the analysis is to provide a better account than Polleit and Mariano of recent government interventions in and around CDS markets. (shrink)

In the so-called “international credit market crisis,” which started in the second half of 2007 in the US subprime mortgage market, financial derivatives, most notably credit default swaps (CDS), have been publically blamed for having caused, or at least aggravated, the economic and monetary debacle. However, sound economic [...].

Should credit consumers always be deferred to? Dr Tom Sorell contributed to the British Open University Business School MBA programme, and is Head of the Department of Philosophy at the University of Essex.

This book develops a metaphysics which is missing when trust is ordered around economic theories and institutions.

We propose that local corruption distorts the allocation of government-controlled resources and impairs the contract environment, thereby reducing firms’ use or suppliers’ provision of trade credit. We use a sample of Chinese-listed firms from 2007 to 2020 to examine the role of local corruption in firms’ access to trade credit and find that the level of local corruption is negatively related to firms’ trade credit use. This effect is more pronounced in firms with weak (vs. strong) internal governance, slack (tight) (...) external monitoring and high (low) supplier concentration. The results of path analysis show that local corruption extends short-term bank loans as well as government subsidies and impairs firms’ accounting quality, thereby inhibiting firms’ demand for or suppliers’ provision of trade credit. Moreover, the post-2012 anti-corruption campaign in China plays a significant role in correcting the misallocation of trade credit caused by corruption. The results of this study illuminate the negative external effects of local corruption on trade credit. (shrink)

A widely accepted view in recent work in epistemology is that knowledge is a cognitive achievement that is properly creditable to those subjects who possess it. More precisely, according to the Credit View of Knowledge, if S knows that p, then S deserves credit for truly believing that p. In spite of its intuitive appeal and explanatory power, I have elsewhere argued that the Credit View is false. Various responses have been offered to my argument and I here consider each (...) of these objections in turn. I show that none succeeds in undermining my argument and, thus, my original conclusion stands—the Credit View of Knowledge is false. (shrink)

The paper begins by reviewing two problems for fallibilism: the lottery problem, or the problem of explaining why fallible evidence, though otherwise excellent, is not enough to know that one will lose the lottery, and Gettier problems. It is then argued that both problems can be resolved if we note an important illocutionary force of knowledge attributions: namely, that when we attribute knowledge to someone we mean to give the person credit for getting things right. Alternatively, to say that a (...) person knows is to say that she got things right due to her own abilities, efforts and actions, rather than due to dumb luck, or blind chance, or something else. (shrink)

This paper examines ordinary people’s responses to Jennifer Lackey’s Chicago Visitor case. In particular it examines responses regarding the case from participants with Taiwanese backgrounds and US backgrounds. The Chicago Visitor case is one of the most influential cases in epistemology in recent years and plays a significant role in a number of debates in epistemology. First, the case is used to suggest that the Credit View is mistaken. Second, the case seems to pose a problem for a virtue epistemological (...) account of the nature of knowledge. Our paper explores these points in relation to our survey results, which show that participants believe that the protagonist in the case does have knowledge and that the protagonist deserves some credit for his true belief. Our aim in this paper, however, isn’t only to discover evidence bearing on the discussion of the Chicago Visitor case and cross cultural differences related to that case, we are also interested in what else the case might tell us about epistemic agency. For this reason we also asked participants to tell us to what extent they thought that the protagonist would be at fault in a case in which their belief turned out to be false. Here most of the participants found that the protagonist would indeed bear some fault in such circumstances. Our survey results also show, however, that participants of US background tend to be likely to attribute less fault to the testimonial recipient in bad testimonial cases, than their Taiwanese counterparts. More generally, we explore what the result regarding fault can tell us about epistemic agency. (shrink)

Mainstream epistemologists have recently made a few isolated attempts to demonstrate the particular ways, in which specific types of knowledge are partly social. Two promising cases in point are Lackey’s dualism in the epistemology of testimony and Goldberg’s process reliabilist treatment of testimonial and coverage-support justification. What seems to be missing from the literature, however, is a general approach to knowledge that could reveal the partly social nature of the latter anytime this may be the case. Indicatively, even though Lackey (...) :345–361, 2007) has recently launched an attack against the Credit Account of Knowledge on the basis of testimony, she has not classified her view of testimonial knowledge into any of the alternative, general approaches to knowledge. Similarly, even if Goldberg’s attempt to provide a process reliabilist explanation of the social nature of testimonial knowledge is deemed satisfactory, his attempt to do the same in the case of coverage-support justification does not deliver the requisite result. This paper demonstrates that CAK can in fact provide, pace Lackey’s renunciation of the view, a promising account of the social nature of both testimonial and coverage-supported knowledge. Additionally, however, it can display further explanatory power by also revealing the social nature of knowledge produced on the basis of epistemic artifacts. Despite their disparities, all these types of knowledge count as partly social in nature, because in all these cases, according to CAK, the epistemic credit for the individual agent’s true belief must spread between the individual agent and certain parts of her epistemic community. Accordingly, CAK is a promising candidate for providing a unified approach to several and, perhaps all possible, instances of what we may call ‘weak epistemic anti-individualism’ within mainstream epistemology: i.e., the claim that the nature of knowledge can occasionally be both social and individual at the same time. (shrink)

One alleged advantage of credit theories of knowledge is that they are capable of explaining why knowledge is essentially more valuable than mere true belief. I argue that credit theories in fact provide grounds for denying this claim and therefore are incapable of overcoming the ‘value problem’ in epistemology. Much of the discussion revolves around the question of whether true belief is always epistemically valuable. I also consider to what extent, if any, my main argument should worry credit theorists.

Based on a unique data set on US direct microloans, we study the funding determinants of interest-free peer-to-peer crowdlending aimed at borrowers in the US. By performing logistic regressions on funding success and Tobit regressions on the reversed funding time, the existence of a social underwriting by a third-party trustee and information in the description texts fostering the investors’ trust are shown to be the main predictors of successful funding. Regarding social impact, the possibility to empower women and groups of (...) borrowers appeals to the investors, whereas empowerment of the family or community beyond the borrowers themselves appears to remain unappreciated. When examining the vulnerability of the borrowers as a predictor, the results manifest differences amongst the attitudes of the investors towards social impact. In the subsample of non-endorsed loans, the investors appear to prefer to support borrowers with an immigration background. In contrast, this is not the case with endorsed loans. (shrink)

We studied how people determine when they are in control of objects. In a computer task, participants moved a virtual boat towards a goal using a joystick to investigate how subjective control is shaped by (1) correspondence between motor actions and the visual consequences of those actions, and (2) attainment of higher-level goals. In Experiment 1, random discrepancies from joystick input (noise) decreased judgments of control (JoCs), but discrepancies that brought the boat closer to the goal and increased success (the (...) autopilot) increased JoCs. In Experiment 2, participants raced to the goal against a computer-controlled rival boat while varying levels of noise interfered with each boat. Participants reached the goal more often and rated their own control higher when the computer rival had good control. Subjective control over moving objects depends partly on consistency between motor actions and their effects, but is also modulated by perceived success and competition. -/- Keywords: Control; Action; Feedback; Competition . (shrink)

In a recent monograph, Sandy Goldberg argues that epistemology should be renovated so as to accommodate the way in which human beings are dependent on others for what they know. He argues that the way to accomplish this is to consider the cognition of others to be part of the belief-forming process for the purposes of epistemic assessment when radical dependence on others is in evidence. In this paper, I argue that, contrary to what one may expect, a credit theory (...) of knowledge is well positioned to make the sort of anti-individualistic move that Goldberg advocates. Furthermore, unlike Goldberg's extended process reliabilism, an extended credit theory has a theoretically motivated way of restricting the domain of epistemic evaluation to the cognitive. Finally, I argue that, although adopting the extended cognition hypothesis would help Goldberg's position, an extended credit theory would still have the advantage. (shrink)

In this paper we examine some of the economic and ethical consequences of different credit market regulations, including usury laws, complete prohibition of interest and providing ease to the borrower upon default. The references to these credit market regulations can be found in many religious and moral philosophy texts. We first examine the effectiveness of these regulations in deterring exploitative lending by developing a model that shows lending can be regulated through either act-based or harm-based regulations. We show that act-based (...) regulations which comprise usury laws and complete prohibition of interest deter lenders more than harm-based regulations which constitute bankruptcy laws. We then analyze that while the regulations may deter certain forms of lending behavior, they may also create certain externalities by contributing towards inequity and societal risk. We propose that a regulator’s choice of implementing credit market regulations maybe dependent on her ethical commitment towards growth and reduction of inequity. We suggest the usury laws are more ethical than bankruptcy laws; however, discouraging the use of debt contracts through prohibition of interest and encouraging the use of risk sharing contracts maybe the most ethical way to regulate the credit markets. (shrink)

Summary This article, in order to advance the debate about the nature of Roman money, sets out the strongest arguments in favour of the crucial importance of credit-money in the Roman economy. It invokes some texts that were not employed in previous discussions. The article also replies to the chief arguments of those scholars who have more or less maintained the traditional view that all, or almost all, Roman money consisted of coins. The most important question here concerns trust and (...) information: to what extent did Romans know enough about those who owed them money to accept payment in documentary form? On this question, the author takes the ‘optimistic’ view. (shrink)

A team of two brothers enters a baking contest. Their cake wins the first-place prize of £500. Will they demand £500 each? Of course not. Winners must split the prize. We often ignore this when we claim credit for team accomplishments. We take more credit than we deserve. I apply this idea to baking competitions and academic production but it applies equally to other arenas with teams of varying sizes.Export citation.