New Approaches to Monetary Economics brings together presentations of innovative research in the field of monetary economics. Much of this research develops and applies approaches to modelling financial intermediation, aggregate fluctuations, monetary aggregation and transactions-motivated monetary equilibrium. The contents of this volume comprise the proceedings of the second in a conference series entitled International Symposia in Economic Theory and Econometrics. This conference was held in 1985 at the IC2 Institute at the University of Texas at Austin. The symposia in this (...) series are sponsored by the IC2 Institute and the RGK Foundation. New Approaches to Monetary Economics, edited by Professors William A. Barnett and Kenneth J. Singleton, consists of five parts. Part I examines transactions-motivated monetary holding in general equilibrium; Part II, financial intermediation; Part III, monetary aggregation theory, Part IV, issues in aggregate fluctuation; and Part V, theoretical issues in the foundations of monetary economics and macroeconomics. (shrink)

Michael A. PetersBeijing Normal University, Beijing, PR China;There is an ecology of bad ideas, just as there is an ecology of weeds– Gregory Bateson (1972, p. 492)While there are classical anteced...

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

We attempt in this paper to tie together several basic insights of praxeology, and several that are not at all that basic. These include the following: that gains from exchange are subjective; that this applies to profits and interest; that credit transactions can occur under barter; that interest arises from time preference even under a pure time preference theory of interest; and that productivity can, under disequilibrium conditions, affect the various rates of interest.

Omnipresent calls for more women in university administration assume these women will prioritize using resources and power to increase female representation, especially in STEM fields where women are most underrepresented. However, empirical evidence is lacking for systematic differences in female versus male administrators’ attitudes. Do female administrators agree on which strategies are best, and do men see things differently? To answer this question, we explored United States college and university administrators’ opinions regarding policies, strategies, and structural changes in their organizations (...) designed to increase women professors’ representation and retention in STEM fields. A comprehensive review of past research yielded a database of potentially-effective, recommended policies (e.g., increasing emphasis on teaching, service, and administration during promotion reviews; stopping the tenure clock for childbearing; providing on-campus childcare; couples-hiring; sharing tenure lines; having more women chair search committees; setting gender quotas for promotion). A survey based on these recommended policies was sent to provosts, deans, associate deans, and department chairs of STEM fields at 96 public and private research universities (formerly called R1s) across the U.S. These administrators were asked to rate the quality and feasibility of each recommended policy; 474 provided data, of which 334 contained complete numerical data used in the analyses, so our results are based on a large, geographically diverse group of administrators at research universities. Our data revealed that female administrators perceived the 44 strategies to be higher in quality overall than did male administrators--but not higher in feasibility--with 9 policies perceived differently when rated by women versus men administrators, after imposing conservative statistical controls. There was broad general agreement on the relative rankings of the 44 policies in terms of their perceived quality. Overall, our national survey of U.S. administrators supported the assertion that placing women in administrative roles creates greater emphasis on the importance of enacting policies to attract and retain women in STEM. Topics of disagreement between women and men regarding strategy quality are important focuses of future policy and planning, because female administrators may have insights into how to retain women professors that male administrators do not share. (shrink)

Barnett and Block establish that not only are fractional reserve demand deposits fraudulent and create an Austrian Business Cycle , but that a certain type of mismatching between time deposits and the period for which the depository institution relends the deposited funds are also contrary to libertarian law. The question we address in the present paper is whether or not this type of disconnect between the period for which the ultimate lender committed funds and the ultimate borrower gained possession (...) thereof also necessarily start an Austrian Business Cycle. Even though this does not constitute an increase in the stock of money, we answer in the affirmative. (shrink)

The present article is a continuation of the debate two sets of authors have been engaging in regarding one type of maturity mismatching: borrowing short and lending long. All four authors had agreed that this practice can set up the Austrian Business Cycle; the present author denies that BSLL would be a legitimate commercial interaction in the free society; Bagus and Howden continue to maintain that it would be licit. Our main criticism of Bagus and Howden is a reductio ad (...) absurdum: that this opens them up to the charge of embracing the doctrine of market failure; this is something highly problematic for the two of them, since all four contributors to this debate are well-known supporters of laissez faire capitalism. (shrink)

“Due process of law” is arguably the most controversial and frequently-litigated phrase in the American Constitution. Although the dominant originalist view has long been that Fifth and Fourteenth Amendment’s Due Process of Law Clauses are solely “process” guarantees and don’t constrain the “substance” of legislation at all, originalist scholars have in recent years made fresh inquiries into the historical evidence and concluded that there’s a weighty case for some form of substantive due process. In this Article, we review and critique (...) these findings employing our theory of good-faith originalist interpretation and construction. We begin by investigating the “letter” of the Due Process of Law Clauses — that is, the original meaning of their texts. Next, to develop doctrine by which this meaning can be implemented, we identify the clauses’ original function — their “spirit” — of barring arbitrary exercises of power over individuals that rest upon mere will rather than constitutionally proper reasons. We contend that the original letter and spirit of the “due process of law” in both clauses requires federal and state legislators to exercise their discretionary powers in good faith by enacting legislation that is actually calculated to achieve constitutionally proper ends and imposes a duty upon both state and federal judges to make a good-faith determination of whether legislation is calculated to achieve constitutionally proper ends. Finally, we confront hard questions concerning the scope of the states’ reserved powers, acknowledging the flaws in the “police-power” jurisprudence associated with the so-called “Lochner era” and we delineate an approach that will better safeguard all “person(s)” against arbitrary power. By so doing, we assist state and federal legislators by providing clarity concerning the constitutionally proper ends that federal and state legislators can pursue; aid state and federal judges by equipping them to review legislators’ pursuit of those ends; and help members of the public by enabling them to monitor the performance of their legislative and judicial agents. (shrink)

In Time Deposits, Dimension, and Fraud (2009), William Barnett and Walter Block argue that by borrowing short and lending long there is an over issuance of property rights. Their article, however, does not fully extend the consequences of their contribution. Once this is done, it becomes clearer that their argument suits a great impediment to banking, becoming a possible reason to support rather than to oppose fractional reserve banking. Bagus and Howden (J Bus Ethics 90(3):399–406, 2009) comment on (...) Barnett and Block (J Bus Ethics 88(4):711–716, 2009), the authors claim that while maintaining the illegitimacy of fractional reserve deposits, borrowing short and lending long it is actually not illegitimate. An extension on Bagus and Howden (2009) will show that their line of argumentation can be applied as a defense of fractional reserve banking as well. (shrink)

How is a legitimate state possible? Obedience, coercion and intrusion are three ideas that seem inseparable from all government and seem to render state authority presumptively illegitimate. This book exposes three fallacies inspired by these ideas and in doing so challenges assumptions shared by liberals, libertarians, cultural conservatives, moderates and Marxists. In three clear and tightly argued essays William Edmundson dispels these fallacies and shows that living in a just state remains a worthy ideal. This is an important book (...) for all philosophers, political scientists and legal theorists as well as other readers interested in the views of Rawls, Dworkin and Nozick, many of whose central ideas are subjected to rigorous critique. (shrink)

William Galston is a distinguished political philosopher whose work is informed by the experience of having also served from 1993–5 as President Clinton's Deputy Assistant for Domestic Policy. He is thus able to speak with an authority unique amongst political theorists about the implications of advancing certain moral and political values in practice. The foundational argument of this 2002 book is that liberalism is compatible with the value pluralism first espoused by Isaiah Berlin. William Galston defends a version (...) of value pluralism - liberal pluralism - and argues, against the contentions of John Gray and others, that it undergirds a kind of liberal politics that gives weight to the ability of individuals and groups to live their lives in accordance with their deepest beliefs about what gives meaning and purpose to life. (shrink)

Who is to be included in a political community and on what terms? William A. Barbieri Jr. seeks answers to these questions in this exploration of the controversial concept of citizenship rights—a concept directly related to the nature of democracy, equality, and cultural identity. Through an examination of the case of Germany’s settled “guestworkers” and their families, _Ethics of Citizenship_ investigates the pressing problem of political membership in a world marked by increased migration, rising nationalist sentiment, and the ongoing (...) reorganization of states through both peaceful and violent means. Although some of Germany’s foreign workers have gradually attained a degree of social and economic legitimacy, Barbieri explains how they remain effectively excluded from true German citizenship. Describing how this exclusion has occurred and assessing current attitudes toward political membership in Germany, he argues for a just and democratic policy toward the tax-paying, migrant worker minority, one that would combine the extension of the individual rights of citizenship with the establishment of certain group rights. Through a dissection of ongoing public “membership debates” over issues such as suffrage, dual citizenship, and immigration and refugee policy, Barbieri identifies a range of competing responses to the question of who “belongs” in Germany. After critiquing these views, he proposes an alternative ethic of membership rooted in an account of domination and human rights that seeks to balance individual and group rights within the context of a commitment to democracy and equal citizenship. Indispensable for scholars of German studies, _Ethics of Citizenship_ also raises questions that will attract moral philosophers, constitutional scholars, and those interested in the continuing, global problems associated with migration. (shrink)

Michael A. Petersa and Fazal Rizvib aBeijing Normal University, Beijing, PR China; bMelbourne University, Melbourne, Australia Our minds are still racing back and forth, longing for a return to ‘no...

Spectacular treatment disasters in recent years have made it clear that informal "let's-try-it-and-see" methods of testing new proposals are more risky now than ever before, and have led many to call for a halt to experimentation in clinical medicine. In this easy-tp-read, philosophical guide to human experimentation, William Silverman pleads for wider use of randomized clinical trials, citing many examples that show how careful trials can overturn preconceived or ill-conceived notions of a therapy's effectiveness and lead to a clearer (...) understanding of clinical anomalies. Because it gives careful guidance on setting up trials and avoiding conceptual pitfalls, this book will be of great interest to all epidemiologists and clinical statisticians, and to a wide varitey of clinicians, pharmacologists, and nurses. Since it requires no medical or statistical knowledge, it will also appeal to ethicists, lawyers, and the general public. (shrink)

Ronald Barnett pursues this quest through an exploration of pairs of contending concepts that speak to the idea of the university such as space and time; being ...

The purpose of the book is to attempt to ascertain the views of President Barack Obama related to the field of education. This is done by first studying his own personal education and then following his spoken and written comments as a social worker, college professor, and as a state and federal legislator. In addition, there is an analysis of the positions he has taken during his political campaigns. Following this, there is a description of the actions he has taken (...) thus far in the field of education during his presidency. Using this background the author seeks to suggest his likely initiatives in education during the remainder of his presidency. (shrink)

In Salvation in Writing , William Wright derives from Calvin’s theology of justification and sanctification a dialectical logic for writing truth that both rivals and mends those of Hegel and Derrida. The result represents a new program for academic theology.

Howard Van Till 's review of my book No Free Lunch exemplifies perfectly why theistic evolution remains intelligent design's most implacable foe. Not only does theistic evolution sign off on the naturalism that pervades so much of contemporary science, but it justifies that naturalism theologically -- as though it were unworthy of God to create by any means other than an evolutionary process that carefully conceals God's tracks.

Arguably, one of the most exciting recent advances in moral philosophy is the ongoing scientific naturalization of normative ethics and metaethics, in particular moral psychology. A relatively neglected area in these improvements that is centrally important for developing a scientifically based naturalistic metaethics concerns the nature and acquisition of successful moral agency. In this paper I lay out two examples of how empirically based findings help us to understand and explain some cases of successful moral agency. These are research in (...) moral internalization and aggression management. Using these examples, I sketch some lessons for investigating successful moral learning and moral action. My proposal reflects a common theme in scientifically based philosophy generally: the shift from the armchair methods of analyzing concepts and finding a priori foundations, the enterprise of first philosophy, to an effort to study the phenomena themselves, using empirical findings and theories to answer philosophical questions about these phenomena, an endeavor recently characterized as second philosophy. (shrink)

Recently I asked a well-known ID sympathizer what shape he thought the ID movement was in. I raised the question because, after some initial enthusiasm on his part three years ago, his interest seemed to have flagged. Here is what he wrote: An enormous amount of energy has been expended on "proving" that ID is bogus, "stealth creationism," "not science," and so on. Much of this, ironically, violates the spirit of science. The proof of the pudding is in the eating. (...) But on the other side, too much stuff from the ID camp is repetitive, imprecise and immodest in its claims, and otherwise very unsatisfactory. The "debate" is mostly going around in circles. The real work needs to go forward. There is a tremendous ferment right now in the "evo/devo" field, for instance. Some bright postdocs sympathetic to ID (and yes, I know how hard a time they would have institutionally at many places) should plunge right into the thick of that. Maybe they are at this very moment: I hope so! Every now and again we need to take a good, hard look in the mirror. The aim of this talk is to help us do just that. Intelligent design has made tremendous inroads into the culture at large. Front page stories featuring our work have appeared in the New York Times, L.A. Times, Wall Street Journal, San Francisco Chronicle, and so on. Television, radio, and weeklies like Time Magazine are focusing the spotlight on us as well. This publicity is at once useful and seductive. It useful because it helps get the word out and attract talent to the movement. It is seductive because it can deceive us into thinking that we have accomplished more than we actually have. (shrink)

In this international and interdisciplinary collection of critical essays, distinguished contributors examine a crucial premise of traditional readings of Plato's dialogues: that Plato's own doctrines and arguments can be read off the statements made in the dialogues by Socrates and other leading characters. The authors argue in general and with reference to specific dialogues, that no character should be taken to be Plato's mouthpiece. This is essential reading for students and scholars of Plato.

In this essay I advance major criticisms of recent work on the concept of liberty by, Among others, I berlin, G maccallum, H j mccluskey, S I benn, And f oppenheim. Emerging from these critical analyses is a new definition of 'liberty, In the spirit of negative liberalism', Which differentiates it from the related but distinct goods of human autonomy, Opportunity, Ability, Power, And self-Development.

In this paper I examine the feminist claim that non-epistemic values ought to play a role in scientific inquiry. I examine four holist arguments that non-epistemic values ought to play a role not only in the external aspects of scientific inquiry such as problem selection and the ethics of experimentation but also in its internal aspects, those that have to do with epistemic justification. In supporting their conclusion, I argue that they establish that the traditional external/internal distinction has served as (...) a marker for more fundamental distinctions between non-epistemic and epistemic values and between the means by which each are pursued. However, I also contend that these arguments do nothing to deny these distinctions between epistemic and non-epistemic values. Maintaining these distinctions, I argue for an epistemic holism suggesting ways in which both substantive claims about non-epistemic values and reliable processes/methods for the legitimization of non-epistemic values may also be truth-conducive, thereby serving the epistemic ends of scientific inquiry. (shrink)

As a broad concept, 'globalization' denotes the declining significance of national boundaries. At a deeper level, globalization is the proposition that nation-states are losing the power to control what occurs within their borders and that what transpires across borders is rising in relative significance. The Ethical Dimensions of Global Development: An Introduction, the fifth book in Rowman & Littlefield's Institute for Philosophy and Public Policy Studies series, discusses key questions concerning globalization and its implications, including: Can general ethical principles be (...) brought to bear on questions of globalization? Do economic development and self-government require a duty of care? Is economic destiny crucial to individual autonomy? This collection provides readers with current information and useful insights into this complex topic. (shrink)

Medicine is moving away from reliance on the proclamations of authorities to the use of numerical methods to estimate the size of effects of its interventions. But a rumbling note of uneasiness underlines present-day medical progress: the more we know, The more questions we encounter about what to do with the hard-won information. The essays in Where's the Evidence examine the dilemmas that have arisen as the result of medicine's unprecedented increase in technical powers. How do doctors draw the line (...) between "knowing" (the acquisition of new medical information) and doing" (the application of that new knowledge)? What are the long-term consequences of responding to the demand that physicians always do everything that can be done? Is medicine's primary aim to increase the length of life? Or is it to reduce the amount of pain and suffering? And who is empowered to choose when these ends are mutually exclusive? This engaging collection of essays will be of interest to professionals interested in the evidence-based medicine debate, including epidemiologists, neonatologists, those involved in clinical trials and health policy, medical ethicists, medical students, and trainees. (shrink)

Urban sprawl and aggressive driving are two problems that afflict many of America’s major cities. The two affect Atlanta to a notoriously high degree. The two problems are connected. Aggressive driving is not so much a symptom of “road rage” as it is an attempt to communicate with slower drivers. The aggressive driver tailgates other drivers with the intention of letting them know that they are impeding the flow of faster traffic. Aggressive drivers are engaged in what “New Chicago School” (...) legal theory calls “norm seeding.” These drivers are trying to get others to conform to a different norm than what the posted speed limit dictates. The posted speed limit, which is the legal norm, reflects legislative judgments based on concerns of safety and fuel economy. The higher, informal, speed limit reflects something else: the impatience many drivers feel as they drive larger distances and spend correspondingly greater amounts of time in traffic. (shrink)

Reinterpreting Galileo on the basis of his Latin manuscripts / William A. Wallace -- Aristotle, Galileo, and "mixed sciences" / James G. Lennox -- Galileo and the Oxford Calculatores : analytical languages and the mean-speed theorem for accelerated motion / Edith Dudley Sylla -- Galileo's astronomy / Owen Gingerich -- Galileo and scientific instrumentation / Silvio A. Bedini -- Reexamining Galileo's Dialogue / Stillman Drake -- The rhetoric of proof in Galileo's writings on the Copernical system / Jean Dietz (...) Moss -- Campanella's defense of Galileo / Bernardino M. Bonansea -- The methodological background to Galileo's trial / Maurice A. Finocchiaro. (shrink)

We examined the relationship between leader behavioral integrity and leader behavioral courage using data from two studies. Results from Study 1, an online experiment, indicated that behavioral manifestations of leader behavioral integrity and situational adversity both have direct main effects on behavioral manifestations of leader courage. Results from Study 2, a multisource field study with practicing executives, indicated that leader behavioral courage fully mediates the effects of leader behavioral integrity on leader performance and leader executive image. Implications of these findings (...) and future directions are discussed. (shrink)

The recent accounting scandals have raised concerns regarding the closeness of auditor–client relationships. Critics argue that as the relationship lengthens a bond develops and auditors' professional skepticism may be replaced with trust. However, Statement on Auditing Standards No. 99 states that auditors "should conduct the engagement with a mindset that recognizes the possibility that a material misstatement due to fraud could be present, regardless of any past experience with the entity and regardless of the auditor's belief about management's honesty and (...) integrity" (AICPA 2002, Statement on Auditing Standards No. 99, paragraph 13, p. 10). The purpose of this study is to investigate whether auditors develop trust in a client's management and whether this trust affects auditors' decisions. Specifically, this study examines whether auditors' satisfaction with a client's management during a prior audit engagement affects auditors' self-reported trust in that client's management and whether that trust affects their fraud risk assessment. The decision to trust a client's management should be an ethical decision because excessive trust may impair auditors' skepticism, which auditors are required to maintain by their professional responsibilities. We therefore also investigate whether auditors' trust is affected by their moral reasoning. An experimental case was completed by 89 professional auditors, all with experience assessing the risk of fraud. The results suggest auditors' satisfaction with the client affects their trust in the client (higher satisfaction associated with higher trust and lower satisfaction associated with lower trust). Further, after an overall unsatisfying experience, auditors' trust affects their fraud risk assessments. However, after an overall satisfying experience, their trust does not affect their fraud risk assessments. The results indicate auditors are able to maintain their professional skepticism after satisfying past experiences with the client regardless of their beliefs about the honesty and trustworthiness of the client's management. Lastly, auditors' moral reasoning was not related to their trust in the client's management. (shrink)

I want this morning to reflect with you on the Cross of Jesus. In first Corinthians, the Apostle Paul makes a remarkable claim about the Cross. He writes: I, brethren, when I came to you, came not with excellency of speech or of wisdom, declaring unto you the testimony of God. For I determined not to know any thing among you, save Jesus Christ, and him crucified. 1 Cor 2:1-2 Why did the Apostle Paul, in coming to the Corinthians, focus (...) so exclusively on the Cross? Why has the Cross played such a preeminent role in Christian theology? Even in the iconography of the Church, the Cross is absolutely central. Why is that? In the Cross, the eternal Son of God enters fully into the human condition, takes on himself the totality of human sin and 1 pain, and once and for all extinguishes the power of evil over our lives. To accomplish so great a redemption, the Lord Jesus paid the ultimate cost. Truly, there is no greater suffering than what Christ experienced on the Cross. But do we really believe that? Consider a diary entry by Anna Williams, a scientist active in the early part of the twentieth century. The Cross gave her no comfort. As she saw it, Jesus knew that his anguish would be momentary and that in exchange he would save the world. As she wrote in her diary, “This knowledge... if we were sure, oh! what would we not be willing to undergo.” [[See John Barry, The Great Influenza, p. 273]] How should we respond to Anna Williams? Does it help to note that the cross was the ultimate instrument of torture in the ancient world? Was Anna Williams therefore taking the sufferings of our Lord too lightly? As a cosseted ivory-tower intellectual, what did she know about suffering anyway? Didn’t Christ on the Cross suffer more than she ever did in her bourgeois little world? Instead of whining about the Cross not being enough, shouldn’t 2 she have gratefully accepted the redemption that could be hers only through the Cross? But this response misses the point. (shrink)

Why does anything happen? What is the best account of natural necessity? In this book, William A. Bauer presents and defends a comprehensive account of the internal structure of causal powers that incorporates physical intentionality and information. Bauer explores new lines of thought concerning the theory of pure powers, the place of mind in the physical world, and the role of information in explaining fundamental processes. He raises probing questions about physical modality and fundamental properties, and explores the possibility (...) that physical reality and the mind are unified through intentionality. His book will be valuable for researchers and students working in metaphysics, philosophy of science, and philosophy of mind. (shrink)

A. N. Williams examines the conception of the intellect in patristic theology from its beginnings in the work of the Apostolic Fathers to Augustine and Cassian in the early fifth century. The patristic notion of intellect emerges from its systematic relations to other components of theology: the relation of human mind to the body and the will; the relation of the human to the divine intellect; of human reason to divine revelation and secular philosophy; and from the use of the (...) intellect in both theological reflection and spiritual contemplation. The patristic conception of that intellect is therefore important for the way it signals the character of early Christian theology as both systematic and contemplative and as such, distinctive in its approach from secular philosophies of its time and modern Christian theology. (shrink)