How important is luck in economic success? No question more reliably divides conservatives from liberals. As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics (...) columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success--and why that hurts everyone, even the wealthy. Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones--and enormous income differences--over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways. But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year--more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, uncontroversial steps. Compellingly readable, Success and Luck shows how a more accurate understanding of the role of chance in life could lead to better, richer, and fairer economies and societies. (shrink)

Robert Frank’s Microeconomics and Behavior covers the essential topics of microeconomics while exploring the relationship between economics analysis and human behavior. The book’s clear narrative appeals to students, and its numerous examples help students develop economic intuition. This book introduces modern topics not often found in intermediate textbooks. Its focus throughout is to develop a student’s capacity to “think like an economist.”.

In this book, I make use of an idea from economics to suggest how noble human tendencies might not only have survived the ruthless pressures of the material world, but actually have been nurtured by them.

At a minimum, a fiduciary is one who is entrusted to act for the benefit of others. But as the essays in this volume indicate, fiduciary relationships can be conceived or argued to be thicker and/or more robust. In addition to a relation of trust and action on behalf of another, fiduciary relationships are often thought to include some or all of the following additions: asymmetries of power, knowledge, skill or ability; discretion or reasonable judgment on the part of the (...) fiduciary; loyalty of the fiduciary to the interests of the trustor, or potential beneficiary; and the ethical obligation to act in good faith, with due care, or with professional or special knowledge in advancing the interests of the trustor. Due to the vulnerability of dependents, their trust in fiduciaries, and ethical obligations of trustees to act beneficently, fiduciary relationships lie at the heart of much ethical reflection, discourse and argumentation. This is especially so for professional fields in which fiduciaries have special knowledge and skill, and consequently special powers. Yet, apart from the specialized sub-disciplines of business ethics, legal ethics and medical ethics, fiduciary roles and relationships have not received much scrutiny and discussion in philosophy. In our view, this deficiency is best remedied by treating fiduciary ethics as a more general sub-field within ethics and deserving of attention in its own right. (shrink)

Explores different applications of Aristotle's hypothesis on the components of form, matter and pyschological states.

I. Causal Thesis: Dispositions have a causal basis. II. Distinctness Thesis: Dispositions are distinct from their causal basis. III. Impotence Thesis: Dispositions are not causally active.

Die ästhetische Bedeutung der Kraft mit ihren semantischen Nachbarn Intensität und Energie wird seit einigen Jahren verstärkt in der Literaturwissenschaft untersucht und findet innerhalb der philosophischen Ästhetik zunehmend Beachtung. Eine historische und interdisziplinäre Auseinandersetzung mit diesen zentralen Begriffen künstlerischer Produktion und Wirkung steht aber noch aus. Der vorliegende Band erkundet dieses kaum vermessene und reich profilierte Gelände. Die Beiträge gehen von der Annahme aus, dass die Beziehungen zwischen ästhetischen und naturphilosophischen Wissensfeldern, zwischen künstlerischen und naturwissenschaftlichen Modellierungen im Zeichen der Kraft (...) enger sind, als bisher vermutet wurde. (shrink)

"Amongst the human mind's proudest accomplishments is the invention of a science dedicated to understanding itself: cognitive science. ... This volume is an authoritative guide to this exhilarating new body of knowledge, written by the experts, edited with skill and good judment. If we were to leave a time capsule for the next millennium with records of the great achievements of civilization, this volume would have to be in it."--Steven Pinker.

It is not a particularly hard thing to want or seek explanations. In fact, explanations seem to be a large and natural part of our cognitive lives. Children ask why and how questions very early in development and seem genuinely to want some sort of answer, despite our often being poorly equipped to provide them at the appropriate level of sophistication and detail. We seek and receive explanations in every sphere of our adult lives, whether it be to understand why (...) a friendship has foundered, why a car will not start, or why ice expands when it freezes. Moreover, correctly or incorrectly, most of the time we think we know when we have or have not received a good explanation. There is a sense both that a given, successful explanation satisfies a cognitive need, and that a questionable or dubious explanation does not. There are also compelling intuitions about what make good explanations in terms of their form, that is, a sense of when they are structured correctly. (shrink)

We introduce two notions–the shadows and the shallows of explanation–in opening up explanation to broader, interdisciplinary investigation. The shadows of explanation refer to past philosophical efforts to provide either a conceptual analysis of explanation or in some other way to pinpoint the essence of explanation. The shallows of explanation refer to the phenomenon of having surprisingly limited everyday, individual cognitive abilities when it comes to explanation. Explanations are ubiquitous, but they typically are not accompanied by the depth that we might, (...) prima facie, expect. We explain the existence of the shadows and shallows of explanation in terms of there being a theoretical abyss between explanation and richer, theoretical structures that are often attributed to people. We offer an account of the shallows, in particular, both in terms of shorn-down, internal, mental machinery, and in terms of an enriched, public symbolic environment, relative to the currently dominant ways of thinking about cognition and the world. (shrink)

These essays draw on work in the history and philosophy of science, the philosophy of mind and language, the development of concepts in children, conceptual..

Is it better to be a big frog in a small pond or a small frog in a big pond? Here, economist Robert H. Frank argues that concerns about status permeate and profoundly alter a broad range of human behavior. He shows how status considerations affect the salaries people earn, the way they spend them, and even many of the laws, regulations, and cultural norms they adopt. Provocative and insightful, this book is sure to spark widespread and lively (...) debate in classrooms and boardrooms alike. (shrink)

Traces the history of human beliefs concerning the nature of the universe and offers profiles of the scientists most responsible for our current understanding of the universe and its origins.

When the first edition of Semantics appeared in 1976, the developments in this aspect of language study were exciting interest not only among linguists, but among philosophers, psychologists and logicians. Professor Palmer's straightforward and comprehensive book was immediately welcomed as one of the best introductions to the subject. Interest in Semantics has been further stimulated recently by a number of significant, and often contriversial, theoretical advances; and the publication of this second edition has enabled Professor Palmer to bring his survey (...) thoroughly up to date. There is also an important new chapter on 'Semantics and logic', showing clearly and simply the influence that logical models have had on the study of meaning. Professor Palmer always illustrates his argument with helpful examples, and his non-technical explanations will be readily intelligible to the interested layman as well as to beginning students of language and linguistics. (shrink)

We argue that it is a mistake to approach goodman's new riddle of induction by demarcating projectible from non-Projectible predicates and hypotheses, And put forward an alternative way of looking at the whole question.

The language we use over the course of conversation changes as we establish common ground and learn what our partner finds meaningful. Here we draw upon recent advances in natural language processing to provide a finer‐grained characterization of the dynamics of this learning process. We release an open corpus (>15,000 utterances) of extended dyadic interactions in a classic repeated reference game task where pairs of participants had to coordinate on how to refer to initially difficult‐to‐describe tangram stimuli. We find that (...) different pairs discover a wide variety of idiosyncratic but efficient and stable solutions to the problem of reference. Furthermore, these conventions are shaped by the communicative context: words that are more discriminative in the initial context (i.e., that are used for one target more than others) are more likely to persist through the final repetition. Finally, we find systematic structure in how a speaker's referring expressions become more efficient over time: Syntactic units drop out in clusters following positive feedback from the listener, eventually leaving short labels containing open‐class parts of speech. These findings provide a higher resolution look at the quantitative dynamics of ad hoc convention formation and support further development of computational models of learning in communication. (shrink)

In this paper a method is proposed for empirically determining simultaneity at a distance within the special theory of relativity. It is argued that this method is independent of Einstein's signalling method and provides a basis for denying the conventionality of distant simultaneity.

Indefinite probability statements can be analysed in terms of statements which attribute probability to propositions. Therefore, there is no need to find a special place in probability theory for them; once we have an adequate account of statements that straightforwardly attribute probability to propositions, we will automatically have an adequate account of indefinite probability statements.

Even in a regulated and competitive market economy the behavior of firms leaves much to be desired. Looking beyond the invisible hand of the market and the iron hand of the law, this chapter outlines and assesses arguments for the intangible hand of civil society. The central mechanisms in our model depend on the importance of social esteem and self-esteem. Such esteem depends on assessments of true intentions and dispositions for costly pro-social actions. Instrumental or reputation-shaping pro-social actions matter little (...) in the economy of esteem. What is required is a common belief that conformity to certain costly standards benefits all; and that conformity is observable and elicits social approval (and vice versa). We acknowledge and review why in the realm of competitive commercial organizations, the challenges may be considerable for the intangible hand model to take hold. Moralizing (or professionalizing) the firm’s agents, inducting the voice of affected parties in the deliberation of firms, public (if strategically delayed) disclosure of internal deliberations, and public commitments by senior leaders all offer promise in enacting an economy of esteem in the world of competitive commercial firms. (shrink)