Individuals and businesses make numerous payments every day. They sometimes have choices about what forms of payment to make or accept, and at other times are effectively forced to use a particular form. Often there is an asymmetric power relationship between payer and payee that raises the issue of whether one side unfairly exploits the other. Is it unethical exploitation for an employer to pay employees with a fee-laden payroll card over other more convenient forms of payment? Does the fee (...) structure of payment networks such as Visa and MasterCard unfairly exploit merchants? The bitcoin payment system is an ethical as well as technological evolution as it was designed to be an electronic payment system that does not rely upon trust. Can an entire payment system like bitcoin be “evil,” as charged by Krugman? Payment tools as such are ethically neutral, but can be used in an ethical or unethical manner. (shrink)

This paper examines the ethics of contemporary managerial compensation in the context of executive stock options. Economic considerations would dictate that executive stock options should be adjusted to eliminate the effect of overall stock market movements which are beyond the control of the executive. However, in practice, most executive stock options are not adjusted to control for these outside factors. Agency considerations are the most likely culprit. Adjusting for the influence of outside factors, such as a generally rising stock market, (...) from executive stock options sets a higher bar for managers to reach. Furthermore, traditional accounting standards permitted firms that did not adjust options to avoid reporting options as expenses. This presents CEOs and boards of directors with a major ethical dilemma. On the one hand, their duty to their shareholders and stakeholders dictates that executive stock options should be adjusted to eliminate outside noise from unrelated movements in the overall stock market. However, financial statements are presented in the language of accounting. If the overwhelming majority of the users of a language define a particular item in one way, then to deviate from the norm implies that the recipient of such a deviant statement may not properly interpret the statement. Likewise, if the standard practice is for firms to use unadjusted options and thus under-report expenses, to deviate from this industry norm risks that users of financial statements would not properly interpret the financial statements, with perhaps negative consequences for the shareholders. In short, if "everyone else does it," then it could be wrong for an individual firm to deviate from the norm as that would harm the shareholders. (shrink)

Recently there has been an outpouring of consumer frustration over rising food and energy prices. Many politicians railed against “speculators” who allegedly drove up the prices of key necessities. Is speculation unethical? This article reviews the traditional arguments against speculation. Many of the standard criticisms confuse speculation with gambling. In much the same way as ethicists now draw distinctions between usury and normal business interest, we draw a distinction between socially useful speculation and gambling. Gambling involves taking on risk with (...) no plausible expectation of making a profit. Gambling may provide entertainment value to some people, but like other addictive activities causes grave harm to a subset of users. Speculation involves taking on a business risk with a plausible expectation that a profit will result. Speculators provide an important risk bearing service by taking on risks that others do not want. They help markets to function better by helping to incorporate information into prices as well as providing liquidity. Speculators may actually reduce shortages by causing quicker price increases that motivate producers to increase production and consumers to conserve. But even socially useful speculation may have an ethical dark side. Does such speculation cause damage by adding excess volatility to prices? Speculators may contribute to price bubbles. At what point does legitimate speculation become odious “price gouging?” We also draw an ethical distinction between speculation, which seeks to benefit from changing prices, and manipulation, actions taken to push prices away from their economically appropriate levels. (shrink)

The controversy over short selling has continued unabated from the introduction of modern equity trading in Amsterdam in 1610 to the present day. Nevertheless, the business ethics literature has not really addressed short selling. Short sellers not only profit from the misery of others, they also create it through their selling activities. However, they also provide a socially useful service by making prices better reflect true values, protecting other investors from purchasing overpriced securities. Short sellers can also help to provide (...) liquidity in the markets. Recently, there has been a hue and cry against so called "naked" short selling, which involves not delivering the shares that have been sold. This gives manipulators a tool for depressing stock prices and deprives purchasers of voting rights and potential stock lending revenue. Naked short selling creates ethical issues for short sellers, buyers, brokers, market makers, and regulators. Is it ethical to exploit a legal loophole that permits sellers to sell stock and delay delivering shares indefinitely? (shrink)

Recent concern over “high frequency trading” (HFT) has called into question the fairness of the practice. What does it mean for a financial market to be “fair”? We first examine how high frequency trading is actually used. High frequency traders often implement traditional beneficial strategies such as market making and arbitrage, although computers can also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be viewed from the perspective of equal opportunity, in (...) which all market participants are treated alike. The same rules apply to HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial to other market participants, so one cannot categorically denounce the practice as unfair. Other strategies, for both high and low frequency trading, are not. It is thus important to distinguish between the technology and the use of the technology to make judgments on fairness. (shrink)

What are the ethical obligations of the sellers of financial products to their customers? Stockbrokers in the U.S. have a legal and ethical requirement to recommend only “suitable” investments to their customers. This is a fairly weak standard. Currently, there are proposals to raise the standard to a fiduciary one in which the recommendations would have to be in the best interests of the clients. Brokers sell solutions to financial problems. Similar to an auto mechanic or a doctor, the product (...) often consists of both the professional advice and its implementation. There are numerous conflicts of interest between brokerage firms and their customers in that the products that pay the highest commissions may not be the best ones for the customers. The societal perspective adds complications, however. Society depends on modern financial markets to raise capital for productive enterprises and to spread risk. Issuers of financial products need distribution channels for their products just like the producers of any other products. Commissions create powerful incentives for the distribution channels, but at the same time produce conflicts of interest—a type of ethical pollution. Just as our society tolerates some pollution as a byproduct of other useful activities, it may be useful to tolerate some of these financial conflicts of interest. The nature of the relationship should govern the ethical standard. Those selling advice, regardless of how they label themselves, should adhere to a best-interest fiduciary standard. More limited relationships should be limited to the mandate involved in the relationship. (shrink)

Almost 40 years ago, scholars identified a “chilly climate” for women in college classrooms. To examine whether contemporary college classrooms remain “chilly,” we conducted quantitative and qualitative observations in nine classrooms across multiple disciplines at one elite institution. Based on these 95 hours of observation, we discuss three gendered classroom participation patterns. First, on average, men students occupy classroom sonic space 1.6 times as often as women. Men also speak out without raising hands, interrupt, and engage in prolonged conversations during (...) class more than women students. Second, style and tone also differ. Men’s language is assertive, whereas women’s is hesitant and apologetic. Third, professors’ interventions and different structures of classrooms can alter existing gender status hierarchies. Extending Ridgeway’s gender system framework to college classrooms, we discuss how these gendered classroom participation patterns perpetuate gender status hierarchies. We thus argue that the chilly climate is an underexplored mechanism for the stalled gender revolution. (shrink)

Clinical ethics consultation is largely outside the scope of regulation and oversight, despite its importance. For decades, the bioethics community has been unable to reach a consensus on whether there should be accountability in this work, as there is for other clinical activities that influence the care of patients. The American Society for Bioethics and Humanities, the primary society of bioethicists and scholars in the medical humanities and the organizational home for individuals who perform CEC in the United States, has (...) initiated a two‐step quality attestation process as a means to assess clinical ethics consultants and help identify individuals who are qualified to perform this role. This article describes the process. (shrink)

Objectives: Neuroplastic changes that drive recovery of shoulder/elbow function after stroke have been poorly understood. The purpose of this study was to determine the relationship between neuroplastic brain changes related to shoulder/elbow movement control in response to treatment and recovery of arm motor function in chronic stroke survivors.Methods: Twenty-three chronic stroke survivors were treated with 12 weeks of arm rehabilitation. Outcome measures included functional Magnetic Resonance Imaging (fMRI) for the shoulder/elbow components of reach and a skilled motor function test (Arm (...) Motor Abilities Test, AMAT), collected before and after treatment.Results: We observed two patterns of neuroplastic changes that were associated with gains in motor function: decreased or increased task-related brain activation. Those with significantly better motor function at baseline exhibited a decrease in brain activation in response to treatment, evident in the ipsilesional primary motor and contralesional supplementary motor regions; in contrast, those with greater baseline motor impairment, exhibited increased brain activation in response to treatment. There was a linear relationship between greater functional gain (AMAT) and increased activation in bilateral primary motor, contralesional primary and secondary sensory regions, and contralesional lateral premotor area, after adjusting for baseline AMAT, age, and time since stroke.Conclusions: Recovery of functional reach involves recruitment of several contralesional and bilateral primary motor regions. In response to intensive therapy, the direction of functional brain change (i.e., increase or decrease in task-related brain recruitment) for shoulder/elbow reach components depends on baseline level of motor function and may represent either different phases of recovery or different patterns of neuroplasticity that drive functional recovery. (shrink)

Two experiments were designed to test the hypothesis that the nature of the remember–know instructions given to participants influences whether these responses reflect different memory states or different degrees of memory confidence. Participants studied words and nonwords, a variable that has been shown to dissociate confidence from remember–know judgments and were given a set of published remember–know instructions that either emphasized know judgments as highly confident or as less confident states of recognition. Experiment 1 replicated the standard finding showing that (...) remembering and knowing were differently influenced by the word–nonword variable, whereas confidence responses were not. By contrast, Experiment 2 showed a similar pattern of data for remember–know and sure–unsure responses, thus demonstrating the importance of the instructions for interpreting the relationship between remembering and knowing and confidence. (shrink)

Where does the road to reality lie? This fundamental question is addressed in this collection of essays by physicists and philosophers, inspired by the original ideas of Sir Roger Penrose, the English mathematical physicist and philosopher of science. The topics range from black holes and quantum information to the very nature of mathematical cognition itself. *** Librarians: ebook available on ProQuest and EBSCO [Subject: Philosophy, Physics, Mathematics, Cosmology].

The ninth volume of the new edition of the Opera omnia of Erasmus is the third tome of the fourth ordo 'moralia continens' and entirely devoted to the edition of the Moriae encomium by Clarence H. Miller. It was Erasmus' own wish that the Moriae encomium should be published under this 'ordo'; v. Ep. I to Botzheim, 30 January 15 2 3, p. 40, II. 9-10; and Ep. 2283 to Boece, 15 March 1530, 1. 1°4. For the editorial principles (...) of the new Erasmus edition we refer the reader to the General introduction of volume 1,1 and to the Prefaces of the other volumes published until now. To our deep regret we have to report the death of Professor S. L. Greenslade, a member ofthe 'Conseil International', and of Professor Myron P. Gilmore. The passing away of these eminent scholars and devoted friends of our new edition is a heavy loss to our project. As new members of the 'Conseil International' were elected C. Augustijn, Amsterdam, Ch. Bene, Grenoble, V. Branca, Venice, Mrs. M. Cytowska, Warsaw, F. Heinimann, Basle. The editorial board was also enlarged; the new membres are: C. L. Heesakkers, Leyden, H. J. de Jonge, Leyden, J. Trapman, The Hague Ooint-Secretary). The editorial board and the editor of the present volume thank all libraries who put books, photostats, microfilms and bibliographical material at their disposal. Referring to the copyright notice on the verso of the title page, and to the agreements made with the authors, the editorial board feels bound to repeat that no part of the volumes which have appeared or will appear under its responsibility can be published without prior permission of the copyright owner. (shrink)

First published in Paris in 1511, _The Praise of Folly _has__enjoyed enormous and highly controversial success from the author’s lifetime down to our own day.__It has__no rival, except perhaps Thomas More’s _Utopia, _as the most intense and lively presentation of the literary, social, and theological aims and methods of Northern Humanism. Clarence H. Miller’s highly praised translation of _The Praise of Folly, _based on the definitive Latin text, echoes Erasmus’ own lively style while retaining the nuances of the original (...) text. In his introduction, Miller places the work in the context of Erasmus as humanist and theologian. In a new afterword, William H. Gass playfully considers the meaning, or meanings, of folly and offers fresh insights into one of the great books of Western literature. _Praise for the earlier edition:_ “An eminently reliable and fully annotated edition based on the Latin text.”—_Library Journal_ “Exciting and brilliant, this is likely to be the definitive translation of _The Praise of Folly _into__English.”—Richard J. Schoeck. (shrink)