This paper provides an examination of some problems caused by the concentration of influence in the capital markets of developed countries. In particular, I argue that large asset managers exercise quasi-political power that is not democratically legitimate. In section two, I will examine the economic driver behind the size and power of the big asset managers: the passive investing revolution. I will discuss several respects in which this revolution has fundamentally changed capital markets, most notably by making a large share (...) of investors universal owners. In the third section, I argue for my central analytical conjecture: asset managers exercise quasi-political power. They use their influence to shape the rules of the game in public capital markets in order to implement social and environmental policies that have traditionally been the exclusive purview of states. “Asset manager capitalism” is a recent term coined to refer to the contemporary system of corporate governance that succeeded the Berle and Means corporation with its dispersed ownership; the argument of this section is that asset manager capitalism is also a new political-economic regime. In the fourth section I defend my central normative claim: asset manager capitalism is an untenable and illegitimate political-economic arrangement, for at least two reasons. First, the power of asset managers is not checked by any institutional constraints, and is not rendered legitimate by any democratic process. More fundamental than this procedural critique is an argument that the interests of asset managers could not be aligned with the public interest, given the fact that the distribution of capital is highly unequal. I conclude by discussing several proposals to reform asset manager capitalism. (shrink)

Natural resources, especially land, play an important role in many economic problems society faces today, including the climate crisis, housing shortages and severe inequality. Yet, land has been either entirely neglected or seriously misunderstood by contemporary theorists of distributive justice. I aim to correct that in this paper. In his theory of original acquisition, Locke did not carefully distinguish between the value of natural resources and the value that we add by laboring upon them. This oversight led him to the (...) mistaken conclusion that labor mixing gives the laborer an entitlement to both the improvement and the resource. I explain how Locke's false belief that the proviso was satisfied in his time was the fundamental cause of this error, and I develop a novel reading of the proviso using the law of rent. Instead, we should think, following Henry George, that the community is entitled to the economic value of natural resources, because the community created the value of resources, not the individual improver. I discuss an argument from George's "Progress and Poverty" that self-ownership is actually inconsistent with (rather than the ground for, as Locke thought) private appropriation of natural resources. This is because a necessary condition of our equal rights as self-owners is having free access to natural resources. If we do not have such access, George argues that natural resource owners can extract surplus value from their users (though I show why Marx’s belief that capital owners can also extract surplus value is mistaken). Nozick’s infamous argument that taxation is morally on a par with forced labor proves too much for his purposes, since George shows that payment of economic rents to natural resource owners is also morally on a par with forced labor. I then develop my own view of original acquisition, inspired by George. The self-ownership of improvers gives them an entitlement to improvements that they create. But the self-ownership of everyone else precludes an entitlement to natural resources value. Natural resource rents should not be enjoyed by those who improve the resource, but rather, by all community members in proportion to the share of demand for natural resources they are responsible for. Finally, I move from ideal theory to the real world, and discuss how George’s land value tax could be implemented in practice, and what its beneficial effects would be. We should be interested in this policy for many reasons, not the least of which is the fact that the two countries that have implemented the most extensive suite of Georgist policies—Norway and Singapore—are the two wealthiest countries in the world (excluding micro-states and tax havens). Since the land value tax is not inefficient like other taxes, it is unique among social and economic policies in that it has the potential to both greatly increase and more fairly distribute society’s wealth. (shrink)

The experience machine poses the most important problem for hedonist theories of well-being. I argue that desire satisfactionism about well-being faces a similar problem: the desire machine. Upon entering this machine, your desires are altered through some minor neurosurgery. In particular, the machine causes you to desire everything that actually happens. The experience machine constructs a simulated world that matches your preexisting desires. The desire machine reconstructs your conative state to match the preexisting world. Desire satisfactionism recommends entering the desire (...) machine because you will then have more satisfied desires, but this seems wrong. -/- In this paper, I consider how desire satisfactionists might avoid the result that entering the desire machine increases one’s well-being. First, I further motivate why this problem arises. Second, I consider coherence-based norms of rational desire change. Finally, I argue that introducing a substantive account of fitting desire is the only plausible solution, but that this response requires abandoning pure subjectivism about well-being. (shrink)

In this paper I offer an argument for the view that every body of evidence rationalizes exactly one doxastic attitude to each proposition. This is the uniqueness thesis. I do this by identifying a family of explanatory demands facing permissivists, those who deny the uniqueness thesis. Permissivists have traditionally motivated their view by attempting to identify counterexamples to the uniqueness thesis. But they have not developed a more general account of when permissive cases arise, and why. Permissivists cannot explain why (...) permissive cases are permissive, or how permissive they are. The paper contains three sections. First, I identify the explanatory demands facing the permissivist. Second, I survey a few existing proposals in the literature for how these explanatory demands might be answered, and argue that they fail. In the third section, I consider how permissivists might “soften” these explanatory demands, by holding that the permissible range of attitudes has vague borders, or that we do not know where its borders lie. I argue against both options. To do this, I present a general argument that there cannot be vague deontic facts, by appealing to a dominance principle and basic principles of deontic logic. If there are no deontic facts, then the permissible range of attitudes could not have vague borders, so the explanatory demands facing the permissivist remain unanswered. (shrink)

Abstract: The topic for this paper is the phenomenon of apparent value incommensurability—two goods are apparently incommensurable when it appears that neither is better than the other nor are they equally good. I shall consider three theories of this phenomenon. Indeterminists like Broome (1997) hold that the phenomenon is due to vagueness: when two goods appear to be incommensurable, this owes to the fact that “better than” is vague. Incommensurabilists like Chang (2002) hold that some goods appear to be incommensurable (...) because they genuinely are, because it is determinately the case than neither is better than the other, nor are they equally good. I defend epistemicism, the view that the appearance of value incommensurability is due only to our ignorance of how goods compare. In reality, all goods are commensurable. I offer two arguments for epistemicism and against other views. First, epistemicists are committed to less unexplained axiological structure than are non-epistemicists, who must explain the extra structure that they posit. Second, only epistemicists have an adequate explanation of some facts about the scope of apparent incommensurability. Finally, I identify a class of putative counterexamples to the epistemicist’s analysis, and argue that these counterexamples do not succeed. If my arguments are sound, then, we have very good reason to think that for any two things that are good, either one is (determinately) better than the other, or they are (determinately) equally good. (shrink)

Desire satisfactionists are united by their belief that what makes someone well-off is the satisfaction of their desires. But this commitment obscures a number of underlying differences, since there are several theoretical choice points on the way to making this commitment precise. This article is about two of the most important choice points. The first concerns an epistemic requirement on well-being. Suppose that one's desire that P is satisfied. Must one also know (or believe, or justifiably believe) that one's desire (...) that P is satisfied in order to benefit from P? If so, there is an epistemic requirement on well-being. The second concerns the time at which one benefits. Well-being is a temporal phenomenon: given that one benefits from the satisfaction of one's desire that P, when does one benefit? Perhaps one benefits at the times at which one desires P, or the times at which P obtains, or both. I defend a view I call “concurrent awareness desire satisfactionism”: one benefits only at times at which both one desires P and P obtains (concurrence) and one benefits only if one is aware that one's desire is satisfied (awareness). I motivate this view by showing how it gives us solutions to many of the canonical problems facing desire satisfactionism. Then I put the two parts of the view together and explore some of its further implications. Ultimately, I conclude that well-being is an organic unity composed of a desiderative component, an epistemic component, and a worldly component, none of which are valuable on their own, but which are valuable when they are related in the right way. (shrink)