The claim that managers have a fiduciary duty to shareholders to run the corporation in their interests is generally supported by two arguments: that shareholders are owners of a corporation and that they have a contract or agency relation with management. The latter argument is used by Kenneth E. Goodpaster, who rejects a multi-fiduciary, stakeholder approach on the grounds that the shareholder-management relation is “ethically different” because of its fiduciary character. Both of these arguments provide an inadequate basis for the (...) fiduciary duties of officers and directors of corporations. The basis is to be found, rather, in considerations of public policy, a point that was established in the Dodd-Berle exchange of the 1930s. This conclusion also shows the inadequacy of Goodpaster’s solution to the so-called stakeholder paradox, and an alternative solution to the paradox is presented. (shrink)

In this paper we shall answer some questions in the set theory of L, the universe of all sets constructible from the reals. In order to do so, we shall assume ADL, the hypothesis that all 2-person games of perfect information on ω whose payoff set is in L are determined. This is by now standard practice. ZFC itself decides few questions in the set theory of L, and for reasons we cannot discuss here, ZFC + ADL yields the most (...) interesting “completion” of the ZFC-theory of L.ADL implies that L satisfies “every wellordered set of reals is countable”, so that the axiom of choice fails in L. Nevertheless, there is a natural inner model of L, namely HODL, which satisfies ZFC.. The superscript “L” indicates, here and below, that the notion in question is to be interpreted in L.) HODL is reasonably close to the full L, in ways we shall make precise in § 1. The most important of the questions we shall answer concern HODL: what is its first order theory, and in particular, does it satisfy GCH?These questions first drew attention in the 70's and early 80's. (shrink)

Lewis white beck's "a commentary on kant's critique of practical reason" overlooks the fact that some of the ideas most important to kant's ethics are not presented in the second "critique". It also lacks a necessary emphasis on the notion of the highest good, The unifying theme of the work as a whole. The author traces the role of this concept throughout the second "critique" and shows how kant developed the content of the idea of the highest good in the (...) combined notions of perfection as the moral good and happiness as the natural good. (staff). (shrink)

Multi-voxel pattern recognition techniques combined with Hidden Markov models can be used to discover the mental states that people go through in performing a task. The combined method identifies both the mental states and how their durations vary with experimental conditions. We apply this method to a task where participants solve novel mathematical problems. We identify four states in the solution of these problems: Encoding, Planning, Solving, and Respond. The method allows us to interpret what participants are doing on individual (...) problem-solving trials. The duration of the planning state varies on a trial-to-trial basis with novelty of the problem. The duration of solution stage similarly varies with the amount of computation needed to produce a solution once a plan is devised. The response stage similarly varies with the complexity of the answer produced. In addition, we identified a number of effects that ran counter to a prior model of the task. Thus, we were able to decompose the overall problem-solving time into estimates of its components and in way that serves to guide theory. (shrink)

The argument is a dialectical one. It is not a direct proof that the mind is something more than a machine, but a schema of disproof for any particular version of mechanism that may be put forward. If the mechanist maintains any specific thesis, I show that [146] a contradiction ensues. But only if. It depends on the mechanist making the first move and putting forward his claim for inspection. I do not think Benacerraf has quite taken the point. He (...) criticizes me both for "failing to notice" that my ability to show that the Gödel sentence of a formal system is true "depends very much on how he is given. (shrink)

A comprehensive exploration of pragmatic themes emerging from neuroscientific research,illustrating why neurophilosophy should take this advancing pragmatist direction seriously.

Today’s international business environment is complicated by human rights abuses and social and economic repression in variouscountries. This paper introduces controversies with foreign investment in Burma to develop and describe alternative terms of global business engagement in ethically challenging settings. Two forms of engagement—unrestricted and constructive—and two forms of non-engagement—principled and sanctioned—are discussed. All four alternatives are examined for their ethical, social change, andcultural foundations. Additional considerations are posed in respect to constructive engagement, moral leadership by global businessexecutives, needs for (...) model building and evaluative research, and realities in the ethical context of global business. (shrink)

In the 1990s, the role of the chief executive officer (CEO) of major United States corporations underwent a profound transformation in which CEOs went from being bureaucrats or technocrats to shareholder partisans who acted more like proprietors or entrepreneurs. This transformation occurred in response to changes in the competitive environment of U.S. corporations and also to the agency theory argument that high levels of compensation by means of stock options helped to overcome the agency problem inherent in the separation of (...) ownership and control. Some critics charge that this new CEO role is objectionable for a variety of reasons, which may also be applicable to the current financial crisis in which CEO misconduct may have played a part. These objections are based largelyon a team production model of corporate governance, which is held by these critics to be superior to the standard agent-principal model. This article examines the objections offered by critics of the changed role of the CEO and argues that their negative assessment of this development and their use of the team production model to support their conclusions are not warranted. CEOs have changed from hired hands to co-owners, and this change may have contributed in some measure to the current financial crisis. However, in determining the morally preferable role of the CEO, care must be taken not to discard what is sound in the changed role. (shrink)

In this paper Lucas suggests that many of his critics have not read carefully neither his exposition nor Penrose’s one, so they seek to refute arguments they never proposed. Therefore he offers a brief history of the Gödelian argument put forward by Gödel, Penrose and Lucas itself: Gödel argued indeed that either mathematics is incompletable – that is axioms can never be comprised in a finite rule and so human mind surpasses the power of any finite machine – or there (...) exist absolutely unsolvable diophantine problems, and he suggest that the second disjunct is untenable; on the other side, Penrose proposed an argument similar to Lucas’ one but making use of Turing’s theorem. Finally Lucas exposes again his argument and considers some of the most important objections to it. (shrink)

PROFESSOR LEWIS 1 and Professor Coder 2 criticize my use of Gödel's theorem to refute Mechanism. 3 Their criticisms are valuable. In order to meet them I need to show more clearly both what the tactic of my argument is at one crucial point and the general aim of the whole manoeuvre.

Some decisions result in cognitive consequences such as information gained and information lost. The focus of this study, however, is decisions with consequences that are partly or completely noncognitive. These decisions are typically referred to as ‘real-life decisions’. According to a common complaint, the challenges of real-life decision making cannot be met by decision theory. This complaint has at least two principal motives. One is the maximizing objection that to require agents to determine the optimal act under real-world constraints is (...) unrealistic. The other is the precision objection that the numeric requirements for applying decision theory are overly demanding for real-life decisions. Responses to both objections are aired in the History section of this chapter. The maximizing objection is addressed with reference to work by Weirich and Pollock, while the precision objection is countered via a proposal by Kyburg and another by Gärdenfors and Sahlin. However, the Current Research section urges a different response to the precision objection by introducing a comparative version of decision theory. Drawing on Chu and Halpern’s notion of generalized expected utility, this version of decision theory permits many choices to be based on merely comparative plausibilities and utilities. Finally, the Further Research section undertakes an open-ended exploration of three of the assumptions upon which this form of decision theory (and many others) is based: transitivity, independence, and plausibilistic decision rules. (shrink)

Rent seeking by lobbying for government favors is generally thought to be wasteful. In view of this wastefulness, it is puzzling that rent seeking by corporations has not been criticized as a failure to be socially responsible or even as an unethical business practice. This article examines the compatibility of rent seeking with corporate social responsibility by utilizing Thomas Dunfee's idea of a marketplace with morality. This idea is useful for solving this puzzle because in considering whether rent seeking is (...) compatible with corporate social responsibility, it is necessary, first, to define rent seeking, which this article argues is a normative concept, and, second, to find some principled way of identifying rent-seeking behavior. It also solves the puzzle about rent seeking by revealing that the concept of rent seeking itself is of little use in determining whether certain conduct is or is not socially responsible since rent seeking activity cannot be identified without first evaluating which activity is rent seeking. (shrink)

This volume recreates the received notion of reflective equilibrium. It reconfigures reflective equilibrium as both a cognitive ideal and a method for approximating this ideal. The ideal of reflective equilibrium is restructured using the concept of discursive strata, which are formed by sentences and differentiated by function. Sentences that perform the same kind of linguistic function constitute a stratum. The book shows how moral discourse can be analyzed into phenomenal, instrumental, and teleological strata, and the ideal of reflective equilibrium reworked (...) in these terms. In addition, the work strengthens the method of reflective equilibrium by harnessing the resources of decision theory and inductive logic. It launches a comparative version of decision theory and employs this framework as a guide to moral theory choice. It also recruits quantitative inductive logic to inform a standard of inductive cogency. When used in tandem with comparative decision theory, this standard can aid in the effort to turn the undesirable condition of reflective disequilibrium into reflective equilibrium. (shrink)

I agree with much of Habermas's article ?The Language Game of Responsible Agency and the Problem of Free Will,? but concentrate on disagreements. (i) He is wrong to think the language game of neuroscience is somehow at odds with the language game of rational intentionality. I argue that they give different levels of description of the same system. He also has too narrow a conception of contemporary neurobiological research. (ii) He is mistaken in thinking there is a ?performative contradiction? in (...) engaging in research that presupposes free will in order to disprove free will. (iii) His ?epistemic dualism? is irrelevant to the issue. (iv) He has some misconceptions about the world in general, especially about ?downward causation.? He seems to think that the physical world is deterministic. It is not. Quantum indeterminacy pervades the entire universe. We have the illusion of determinism because in some systems the quantum indeterminacies cancel out at the macro level. Is the brain a deterministic system? Right now we do not know. (shrink)

The focus of this study is cognitive choice: the selection of one cognitive option (a hypothesis, a theory, or an axiom, for instance) rather than another. The study proposes that cognitive choice should be based on the plausibilities of states posited by rival cognitive options and the utilities of these options' information outcomes. The proposal introduces a form of decision theory that is novel because comparative; it permits many choices among cognitive options to be based on merely comparative plausibilities and (...) utilities. This form of decision theory intersects with recommendations by advocates of decision theory for cognitive choice, on the one hand, and defenders of comparative evaluation of scientific hypotheses and theories, on the other. But it differs from prior decision-theoretic proposals because it requires no more than minimal precision in specifying plausibilities and utilities. And it differs from comparative proposals because none has shown how comparative evaluations can be carried out within a decision-theoretic framework. (shrink)

Dewey is known for education theories to promote democracy, but what is democracy for? His philosophy advanced democracy as education itself, reaching higher levels of social intelligence. Praising community or promoting rights doesn't get to the heart of Dewey's vision, which seeks everyone's good in a social life that is intelligently lived.

Although enterprise risk management (ERM) has many benefits for corporations, there has been virtually no discussion of the extent to which its practice may be said to constitute corporate social responsibility. This article presents a prima facie case for the convergence of the two and examines this case through a consideration of four possible objections or challenges. The conclusion of this article is a tempered optimism that ERM has the significant, but as yet untapped, potential to constitute socially responsible activity, (...) which, if realized, would enable Adam Smith's invisible hand of the marketplace to have an expanded sweep. (shrink)

This paper revisits the Pinto case not merely for the purpose of demythologizing the case, but as an opportunity to examine the broader issue of the logic of blame, the ascription of legal and moral responsibility. Three issues are addressed in the contexts of fault and liability in tort, criminal liability and product liability: 1) To what extent can judgments of moral wrongdoing or blame be inferred from legal judgments? 2) What are the strengths and weaknesses of attempting to model (...) moral arguments upon legal ones? and, 3) What is the nature and role of judgments of risk evaluation in legal and moral judgments? (shrink)

One way to recast the problem of cultural explanation in historical inquiry is to distinguish two conceptualizations involving culture: cultural meanings as contents of signification that inform meaningful courses of action in historically unfolding circumstances; and cultural structures as institutionalized patterns of social life that may be elaborated in more than one concrete construction of meaning. This distinction helps to suggest how explanation can operate in accounting for cultural processes of meaning-formation, as well as in other ways that transcend specific (...) meanings, yet are nonetheless cultural. Examples of historical explanation involving each construct are offered, and their potential examined. (shrink)

This chapter explores arguments from analogy containing ethical predicates like 'just', 'courageous', and 'honest'. The approach is Wittgensteinian in a double sense. The role of paradigm cases in ethical discourse is emphasized, first of all, and the inductive logics to be employed spring from Wittgenstein's remarks on probability (1922). Although these logics rely on a semantic concept of range, they yield results for the ethical problems treated here only if grounded in certain kinds of pragmatic consensus.

Since ought implies can, i.e., one cannot be obligated to do what one cannot do, the question of corporate responsibility cannot be discussed intelligibly without an inquiry into the range of corporate or managerial discretion. Hence, the moral relevance of a theory of the firm. Within classical or neo-classical economic theory, for instance, firms which act other than to maximize profit are eliminated. They cannot do otherwise, and thus either have no obligations at all or only the duty to maximize (...) profit. The thesis of the Managerial Revolution, if true, establishes only that management is free from direct stockholder control. By asserting that corporations have responsibilities to do other than maximize profit, philosophers assume a wide degree of managerial discretion, without considering recent developments in the theory of the firm which suggest that new incentives and constraints radically restrict managerial liberty in a capitalist society. (shrink)

SummaryOn Kant's view, the moral individual cannot be “programmed” by sociological or educational techniques. To brainwash is to destroy freedom while to educate is to develop the capacity for freedom. Plato's proposal to invent mythic roots as incentives to moral conduct is not acceptable, since it involves not merely the propagation of falsehoods, but its success requires also a totalitarian state that destroys freedom. Not being concerned with mere legality, but with encouraging true morality, he has renounced forcing moral goodness.Marx, (...) Lenin, Stalin and Mao all proposed educational programs that put down the mythic roots of their secular religions. They project and indoctrinate into people's mind a new vision of society and man. The diabolical religion of National Socialism was inculcated by terror and totalitarianism.Kant's ethics has it mythic roots, too, which lie in Christian pietism. But his fully developed theory proscribes the use of any mythic religion not based on morality. (shrink)

Peter Geach has claimed that St. Thomas Aquinas's first and second ways are instances of composition arguments, which argue from the parts of a thing having a property to the whole thing having that property. Such arguments are not universally valid, but are valid fr some properties. The paper examines composition arguments and the literature on them, and argues that a valid composition argument can be given for the existence of an uncaused cause of all effects.

Recent experiments have renewed interest in nonlocal interpretations of quantum mechanics. The experimental observation of the violation of Bell's inequalities implies the existence of nonlocality. Bohm expressed the nonlocal connection between quantum particles through the wave function and the quantum potential. This paper shows that a similar connection exists in a relativistic dynamical theory known as parametrized relativistic quantum theory (PRQT). We present an introduction to PRQT, derive the quantum potential for a system of relativistic scalar particles, and discuss alternative (...) interpretations of nonlocality. (shrink)

Despite often being condemned for having a paradigmatically unrealistic or dangerous conception of power, Plato expends much effort in constructing his distinctive conception of power. In the wake of Socrates’ trial and execution, Plato writes about conventional, elitist, and radically unethical conceptions of power only to ‘refute’ them on behalf of a favoured conception of power allied with justice. Are his arguments as pathetic or wrong-headed as many theorists make them out to be – from Machiavelli to contemporary political realists, (...) from ‘political’ critics of Plato ranging from Popper to Arendt? And if not, has our understanding of power been impoverished? This question has been surprisingly unasked, and it is one I address by asking Plato and his critics: What are the dialectical moves Plato makes in refuting Socrates’s opponents and constructing his own conception of legitimate power? Exactly how does he interweave his conception of power with a kind of ethics? How does it compare to recent conceptions of political realism and the power-politics/ethics relationship – e.g., after Marx and Foucault? While addressing these questions I also attend to the issue of Plato’s historicity: to what extent do the limits of his language and world affect our reading of Plato and his political critics? Ultimately, I argue that and how Plato’s conception of power and its political dimensions realistically have much to teach us that we have not learned. (shrink)

The predominant influences on health are social or upstream factors. Poverty, inadequate education, insecure and toxic environments, and inferior opportunities for jobs and positions are inequitable disadvantages that adversely affect health across the globe. Many causal pathways are yet to be understood. However, elimination of these social inequalities is a moral imperative of the first order. Some physicians by word and deed argue that medical doctors should oppose the “structural violence” of social inequalities that greatly shorten lives and wreak so (...) much suffering. (shrink)

Defects of growth inhibitory pathways have an important role in disorders of cell growth and differentiation. The discovery of a mutation in one of the principle components of the transforming growth factor β (TGFβ) receptor system which is linked to a DNA repair defect(1) represents one possible mechanism of escape from negative regulatory influences acting upon cells. TGFβ is a pre‐eminent negative growth factor and this article discusses (1) the role of TGFβ in maintaining epithelial homeostasis; (2) how breakdown of (...) inhibitory pathways can promote neoplastic development; (3) the significance of a receptor defect in a negative signalling pathway; and (4) the potential therapeutic sequelae resulting from restoration of cellular responsiveness to TGFβ. (shrink)