Markets

This paper argues that commodification is a category error when applied to the central aesthetic value of art. The standard view treats market price as an imperfect proxy for artistic value. I argue instead that the problem is prior to mismeasurement. Commodity exchange presupposes a value that can be treated as transferable, comparable, and sufficiently specifiable for pricing. But the central aesthetic value of art is encounter-dependent, non-substitutable without remainder, and only partially pre-specifiable ex ante. It is therefore not the (...) kind of value commodity exchange captures when it prices what is transferred. On this basis, I distinguish the inherent features of a work from the fantasy that its realized value can be inherited intact across time, ownership, or transmission: what endures are conditions for renewed realization, not a settled possession of significance. I then show how this bears on artistic compensation. Payment may legitimately track labor, skill, rights, risk, and enabling conditions, but it does not purchase accomplished aesthetic value in advance. The commodity form, I conclude, approaches artistic value under the wrong description. (shrink)

Moral objections have been levied against the market system for as long as it has existed, but there has been relatively little systematic theorizing about what the requirements of a successful objection are. There are at least two strategies for constructing such a requirement. One strategy is to endorse one of the many moral or political theories on offer. But given persistent contestation over the right moral theory, any requirement produced by this strategy will likely be controversial. A second strategy (...) circumvents this problem, and has been pursued in recent work by Jaeggi (2016), Brennan & Jaworski (2022), and Robson (2023a; 2023b). These authors propose requirements which do not depend on any particular moral or political theory. In this paper, I evaluate these proposed requirements, rejecting most on the grounds that they are either too restrictive or unsystematic. (shrink)

The broader framework developed so far begins from a simple reversal: explanation should begin not with the agent in abstraction, but with the world the agent confronts. Terrainism makes this explicit by arguing that analysis should first classify the environment, then choose the lens, then measure, and only afterward intervene. Structural Economics sharpens the same move by treating the world as inherited, morphable terrain and by making deformation central: when terrain changes, accessibility changes. Fragility Economics then begins where Structural Economics (...) stops. It asks how beings move through such a world when some paths threaten irreversible loss. This note presents two early fruits of that broader architecture in capital markets. Neither is offered here as a finished formal theory. The underlying mathematics is still under construction. The aim for now is more modest: to show that once one begins from terrain, deformation, survivability, and posture rather than from smooth optimization, two well-known puzzles in finance become easier to think about. The first fruit concerns portfolio construction under uncertainty. The second concerns the so-called low-risk anomaly. Both are partial. Both are philosophical before they are fully mathematical. But both are already logically downstream of the broader framework. (shrink)

The fail-safe makes sure the fee is high enough to meet carbon emission reduction targets. The safeguard keeps the fee from getting any higher than needed. -/- One of the ways that we could account for the unpredictability of the price elasticity of demand for carbon would be to provide a fail-safe mechanism to ensure that we definitely stay on the carbon reduction schedule. If we keep Energy Innovation Act (HR 763) essentially as it is and scale up the annual (...) carbon fee increase by Number-of-Years-Behind-Schedule * 0.15. (shrink)

A Cultural Criticism --- Clearly there can be nothing more praiseworthy than conferring virtues on things. Then the most celebrated strand of ecstasy of communication can be identified as the factor responsible for conferring an extra virtue to an already virtuous. This is problematic because, according to Nietzsche, one virtue is more of a virtue than two, because it is more of a knot for one's destiny to cling to. Excessive communication is the antipode of authenticity. Because where there is (...) reinforcement there is lack. (For instance: talking much about oneself can also be a means to conceal oneself). (shrink)

How should we evaluate the economic environment we live in? Does anyone really believe in capitalism? How good are the philosophical judgments that inform the structures and habits of our economic lives? With David Schweickart, David Haslett, and Ronald Duska.

The most trending behavioral approach of mass people nowadays hovers to acquire a specific area to live on for their mental satisfaction. It is the person registered home to live on the next days of life. This issue has firmly increased due to the rapid and mostly uncontrolled increase of population within most of the countries. Now that, it is the conscious craving for men to settle up for a property that has the highest credential service and maintenance ease possibility; (...) it leads them to the housing provider with the highest product quality offering. The easiest way is to redirect them to go for a trustworthy name in the REM providers. Now, narrowing down to a developing country such as Sri Lanka, its Real estate developers have rewarded investors with strong returns post 2009. It is the time when Sri Lanka saw the end of the civil conflict. When the real estate sector has always been a major factor in the development of the economy in every country. Regionally, Sri Lanka remains attractive as an emerging market, when considering the ROI on Real Estate. For an effective discussion, this paper states the linkage of consumer behavior to the highest quality housing provider offers to them. The paper discusses all the necessary factors to prove the enhanced purchase of supreme quality property company dealers like Prime LnadPvt. Ltd is a leading real estate company in Sri Lanka. However, the valuation of property is most vital for the real estate industry. It depends on the type of artifact, the real estate sector offers to its clients. For this industry, infrastructure quality is the most important factor. All the contributing factors, analyses reveal this lesson. This truth is supported by many theories and analyses to lead today’s provider, meeting the original demand factor of the mass people. (shrink)

Attention is described as a “scarce commodity” that is traded in “a marketplace.” This, it is further claimed, contributes to a “widespread sense of attentional crisis.” But is there really an attention market, and if so, what, if anything, is wrong with it? We defend the claim that there are markets in attention. We provide an account of such attention markets and use that account to address what is morally wrong with them. Our account draws on knowledge of how attention (...) works and what roles it plays in the mind. The attention market trades in an ability to influence our attention – somewhat (though not exactly) like the labor market trades in an ability to influence how we use our capacity for work. Specifically, the commodity it trades in is attentional landscaping potential, viz. the ability to systematically influence patterns of attention by changes to the sensory environment individuals are exposed to. Attention markets thus, we argue, commodify influence over a human capacity that plays a central role in shaping individual experience, agency, and belief formation. This feature of attention markets makes them ethically problematic. As markets in access to external influence, attention markets pose a special threat to individual autonomy and escape the classical liberal defense of free markets. Those who value autonomy should worry about the attention markets that exist today. (shrink)

Recycling carbon revenues as Equal Per Capita Carbon Dividends (ECDs) is thought to neutralise the two main objections to carbon pricing, namely that it is regressive and that it hinders the poor from meeting basic needs. This article focuses on the waste objection to carbon pricing plus ECDs. If the rationale for ECDs is to protect the consumption of the worst off, why pay carbon dividends to the rich as well? I examine three different normative arguments in favour of ECDs. (...) First, the argument of common ownership of the atmosphere, which can be based on both libertarianism and isolationist egalitarianism. Second, the argument that the rich are net contributors to ECDs through their carbon taxes. Third, a consequentialist argument focusing on the pragmatic advantages of ECDs, especially in terms of social acceptability and low information costs. I conclude that none of these arguments can provide a normative justification for ECDs. (shrink)

Economic change can bring many benefits, but it can also upset the economic positions and prospects of individuals and communities by dramatically curtailing access to decent employment. This paper explores the question of how a society ought to address those left behind by economic change. The paper’s first goal is to defend the claim that the best way to frame the issue of access to decent employment is not just as an issue of economic policy but also as a public (...) health issue, a framing that it justifies, in part, through the case study of deaths of despair, a phenomenon famously explored by Anne Case and Angus Deaton. This framing clarifies the moral urgency of expanding access to decent employment. The paper’s second goal is to discuss the values at stake in the problem and in the possible solutions. I argue that 1) the state should implement policies friendlier to private sector employment and 2) the state should serve as an employer of last resort, at least when the work created is productive and doesn’t create out-of-control inflationary pressures. (shrink)

In this paper, I explore the normative underpinnings of ghosting in the job market. Ghosting involves the abrupt cessation of communication without prior warning or explanation, which can be done by prospective employers or job seekers at various stages of a hiring process. This is a common phenomenon in the job market. I argue that the moral wrongness of ghosting can be explained by a principle of communicative reciprocity, which yields a duty of transparency and a right to be adequately (...) informed for both parties. I further highlight the importance of corporate duties and corporate responsibility for ghosting done by organizations qua corporate moral agents. Organizations have corporate duties that require them to create and update relevant policies and infrastructure for conducting their hiring processes in a morally adequate manner. Finally, I reflect on why blame for ghosting in the job market is unlikely to be publicly expressed by both prospective employers and job seekers. (shrink)

In The Democratic Marketplace, Lisa Herzog offers a damning indictment of democratic capitalism. Among other things, she argues that capitalism has led to increased inequality, fosters an unhealthy culture of competition, that it is bad for the environment, and that it is ultimately bad for democracy itself. To save democracy we must pursue various reforms: we need to address economic inequality; we must abjure the unsustainable pursuit of economic growth and instead democratically determine the functions of the economy; and we (...) should give citizens more time for meaningful civic engagement. In this review essay I push back in defense of democratic capitalism, arguing that while Herzog overstates the negative aspects of capitalism, she also greatly understates its many benefits. Additionally, I show that her own distinctive proposals for how to democratize the economy face serious issues that should not be overlooked. Overall, expanding the scope of democratic politics is not as promising as many seem to think, while democratic capitalism is unjustifiably underappreciated. (shrink)

How should we evaluate the economic environment we live in? Does anyone really believe in capitalism? How good are the philosophical judgments that inform the structures and habits of our economic lives? With David Schweickart , David Haslett , and Ronald Duska.

Many scholars of organizations see social enterprise as a promising approach to advancing social justice but neglect to scrutinize the normative foundations and limitations of this optimism. This article draws on Rawlsian political philosophy to investigate whether and how social enterprises can support social justice. We propose that this perspective assigns organizations a duty to foster institutional capacity, a concept we define and elaborate. We investigate how this duty might apply specifically to social enterprises, given their characteristic features. We theorize (...) six different mechanisms through which social enterprises might successfully discharge this duty. These results affirm the value of conversation between organizational studies and political philosophy and shed new light on debates regarding social enterprise, institutional theory, and several other topics. (shrink)

What economic system does a Kantian ideal of freedom entail? In Living with the Invisible Hand, Waheed Hussain argues it entails intermediated capitalism. Here, I investigate these arguments within the framework of a Kantian theory of right. I sketch a Kantian theory of equal democratic government where we have the right to make together through equal democratic processes decisions that structure our rightful relationships with one another. I argue that any plausible Kantian view of the natural determinacy of property rights (...) justifies extensive government intervention in the economy, creating space to argue for alternative economic systems such as intermediated capitalism. (shrink)

Karl Marx rejected the ideal of equality as bourgeois. And yet, the most significant attempt in recent years to distinguish socialist theory from liberal egalitarian theory, G.A. Cohen's critique of John Rawls, relies almost entirely on an egalitarian principle. Although Cohen’s critique often seems to have a great deal of intuitive force, a number of Rawls’ defenders have argued, quite convincingly, that Cohen’s critique is unsuccessful. For those of us attracted to broadly socialist ideals, there does seem to be something (...) importantly right about Cohen’s criticisms of Rawls, and more substantively, something deeply problematic in the kinds of market-based leveraging of productive activities that would be permitted in a fully just Rawlsian society. My diagnosis is that Cohen has the right target, but the wrong fundamental value. I develop an alternative to these liberal egalitarian approaches in contemporary socialist ethics, building on the famous slogan: ‘from each according to their abilities to each according to their needs’. This alternative ideal of Caring Solidarity draws on rich socialist and feminist traditions, and emphasizes the importance of care, recognition, and solidarity in political and economic organisation. This alternative approach leaves a certain amount of inequality legitimately in place, whilst providing a moral framework for a radical reorganisation of production. (shrink)

Deliberative democratic theory has defended workplace democratization to render business decision-making more politically legitimate and of better epistemic quality. By disestablishing top-down hierarchical management in favor of a rational exchange of arguments over the common good of the firm, deliberative democrats hope to include rank-and-file workers in business decision-making. However, the actual implementation of workplace democracy involves much more conflict and non-deliberative tactics of opposition. Especially the division between managers and workers persistently troubles democratic workplaces. I argue that implementing workplace (...) democracy via consensus-oriented procedures risks encouraging ‘deliberative domination’, a condition where privileged workers use their organizational and social privileges to consistently overrule others. To avoid deliberative domination, we must pursue agonistic workplace democracy. The latter envisions workplace democracy as a struggle between opposing stakeholders over company strategy. Rather than requiring democratic workplaces to pursue a rational consensus among stakeholders, workplace democracy must facilitate power-sharing between fundamentally disagreeing stakeholders. (shrink)

In this article, I argue that instituting a form of economic democracy (ED) may offer a partial remedy to the ongoing ecological crisis. My argument proceeds in three steps. First, I contend that the ecological crisis largely stems from an under-responsiveness of current political and economic institutions to the interests of voiceless beings—in particular, future generations and non-human beings. Second, I draw on theoretical and empirical considerations, such as ED’s deliberative structure and adverse optimization pressures under capitalism, to argue that (...) ED is likely to be more responsive to voiceless interests than capitalism. Furthermore, ED is also more amenable to responsiveness-increasing reforms that directly represent voiceless interests in economic decision-making processes. Third, I explore whether this gives us reasons to subscribe to some forms of ED over others. Models of ED with a broad scope of democratic decision-making and an inclusive demos, I argue, are best suited to protecting the voiceless. Overall, the article provides some pro tanto reasons favoring ED based on its relative responsiveness to voiceless interests. This supplements common defenses of ED that appeal to non-domination, meaningful work, and the firm-state analogy. (shrink)

While moral arguments for limiting market expansionism proliferate, a fundamental question has been left unanswered: the moral limits of what, exactly? Moral Limits of Markets (MLM) theorists tend to employ different terms – markets, putting a price tag, buying and selling – interchangeably and inconsistently to describe the phenomenon they are troubled by. I clarify this ambiguity by offering a novel taxonomy of different dimensions of exchange I identify as the sources of the normative concerns of most MLM arguments: Alienation, (...) Commodification, Marketization, Privatization. This taxonomy allows us to better understand why and what about ‘markets’ should be limited. (shrink)

This essay mobilizes popular insights about the 'law of the jungle' to conceptualize and critique prevalent consumption and policy attitudes in urban environments, with a focus on residential infrastructure. A phrase used metaphorically to describe a given situation where competition, aggression, and 'survival of the fittest' prevail, it is here used in order to formulate a new characterization of contemporary cities as environments where there is minimal housing regulation or oversight (architectural occupation as survival-of-the-fittest battle), and where individual dwellers are (...) left to operate without significant constraints. In the first section of the paper, I introduce a commonplace interpretation of the 'jungle metaphor', commenting on sets of characteristics and values which are associated with it. In the second section of the paper, I paint a portrait of contemporary socio-economic environments, with a focus on urbanity and its distributive ordering of housing resources. I describe these environments as constructed (formal arrangements; architecture and urbanism) and policed (institutional arrangements; governments and state authorities) in manners which acutely—and problematically—emphasize market laissez-faire and self-interest. In the third section of the paper, I link this portrait of the contemporary city to survival-of-the-fittest jungle-like spaces, commenting on rivalrous competition between dwellers and, in the fourth and concluding section, I briefly propose one possible, normatively desirable form of urban market regulations. (shrink)

This paper discusses three theses of the neo-republican analysis of the market. According to the first, one of the advantages of the market is its impersonality, meaning that no one needs to be tied to others because there are multiple possible partners. If freedom is identified with the lack of personal dependence on the uncontrolled power of third parties, then the market promotes free and horizontal relations. According to the second thesis, market exchanges have something distinctive to preserve freedom because (...) they allow participants to operate through offers instead of penalties. The paper examines various possible meanings of ‘dependence' and ‘independence' and argues, against the traditional interpretation, that personal dependence and penalties are significant aspects but not necessary conditions for domination. We can be exposed to uncontrolled power, thus to domination, even if we have multiple partners to turn to and without anyone being able to threaten or penalise us into accepting a deal. Finally, the third thesis asserts that market competition can nullify domination. The paper argues that domination could exist even with perfect competition. Nevertheless, it concludes by claiming that while we cannot take the three discussed arguments at face value, we must recognise their grain of truth. The market could disperse decision-making capacity, generating new opportunities and efficiency; however, to put it in a slogan: no decentralisation suffices without the effective dispersion of power. (shrink)

James Stacey Taylor’s book – Markets with Limits: How the Commodification of Academia Derails Debate (New York: Routledge, 2022) – is excellent. He explores the errors that have derailed the discussion of the limits of markets, attempts to rerail the discussion through a clarifying taxonomy, and explains why the derailment occurred. He also argues that academic research should be governed by academic rather than market norms. The first part of his project succeeds. It is less clear whether the second and (...) third parts succeed. (shrink)

A wide variety of new forms of money have been developed in recent decades as a challenge or complement to the official, dominant currencies. LETS, Local Currencies, Carbon Currencies and Bitcoins are all examples of this new trend. These currencies are at the heart of a larger movement that questions the present state of money and argues that new currencies might help to build resilient economies and “warmer” social relations. -/- This book focuses on radical alternative proposals as well as (...) on small-scale experiments, and makes use of the analytical tools of philosophy and of economics, with one main question in mind: Can alternative currencies constitute desirable alternatives to the present monetary system? Overall, the book will raise serious doubts regarding the capacity of such currencies to deliver on their promises. In part, it will show that several arguments in favour of alternative currencies are lacking in consistency and clarity, and are thus in need of thorough revision. More fundamentally, it will argue that these currencies either fail to fulfil their objectives or that their fulfilment would entail significant conflicts with justice and economic efficiency. -/- This book is addressed to researchers in economics, politics, and philosophy of money, especially those working on alternative monetary systems. (shrink)

For as long as there have been markets, there have been complaints about market motives. For much of this history, the two sides have talked past one another. Optimists about markets have mostly addressed other optimists, and failed to take seriously the kinds of relational values that might be at stake and the range of possible alternatives to market-based production. Pessimists about markets have mostly addressed other pessimists, and failed to take seriously the full range of market-involving economic structures and (...) the different kinds of psychologies compatible with market interactions. Recently, there has been a break-through, on behalf of the optimists. According to the model of exchange as mutual assistance, an exchange can be perceived as a joint activity for mutual benefit - and needn't involve self-directed motives at all. This essay pushes back, on behalf of the market pessimists. The essay develops a contrast between exchange as mutual assistance and an ideal of production as caring solidarity, in which production is a joint activity of caring about one another. This alternative ideal draws on Marxist, socialist, feminist, and Christian traditions, and, in particular, on recent work on care, solidarity, and alienation. These two models – exchange as mutual assistance and production as caring solidarity – share key features, including an emphasis on reasoning from a ‘we-perspective’, on trusting one another, and on resisting a familiar self/other motivational dichotomy. Key differences are developed in detail. The essay concludes by discussing the implications for an economics of caring solidarity, with discussion of the limitations of various market socialist strategies. (shrink)

One aim of this chapter is to acquaint a reader unfamiliar with African philosophy with some prominent ethical perspectives, especially pertaining to ubuntu, as they bear on work. However, another aim is to make the case that prescriptions for the workplace that African moral philosophers have made (or could make, given more basic commitments) are worth taking seriously regardless of the reader’s background. The vitalist and communal strains of ethical thought prominent in the African tradition are relatively unknown in globally (...) influential discourses, but are revealing in the context of work. Central topics include: what the point of work is; how to distribute jobs; why there might be a right to work; and how to organize the production process. For each question, the chapter emphasizes respects in which African ethical thought offers answers that are both different from and plausible relative to what is dominant in English-speaking theory or practice. (shrink)

A citizens’ movement in Berlin advocates for the expropriation of housing corporations and has won a significant majority in a popular referendum in September 2021. Building on this proposal, this paper develops a general account of expropriation as a measure for corporate reform and thereby contributes to the ongoing debate on the democratic accountability of business corporations. It argues that expropriation is a valuable tool for intervention in a dire situation in some economic sector to enable a re-structuring of the (...) governance of the assets in question. Compared with other tools available, expropriation is a more forward-looking, genuinely political measure that does not depend on the legal assignment of guilt but rather proceeds in a pragmatic and problem-oriented manner. It also allows us to reconsider in how far the market mechanism should be employed in the administration of assets. Objections from private property rights against expropriation fail as corporations generally are privileged, quasi-public institutions that can justifiably be subject to democratic interventions. Expropriation is thus an important addition to the arsenal of corporate reform proposals, especially for those concerned with a broad democratization of the corporation. (shrink)

Business corporations hold an enormous amount of power towards employees, contractors, customers, and the general public and they do so largely without effective democratic control. Within the workplace democracy debate scholars have argued that this current state is unjustifiable and that corporations must be democratized. But what exactly does that mean? In my thesis, I explore three questions regarding the details of democratization. First, who should be enfranchised in a democratic business corporation? Second, what are plausible pathways towards democratic corporations? (...) And, third, how can we ensure that democratized business corporations last? I discuss these questions in the spirit of methodological realism, paying special attention to considerations of feasibility, ability, and motivation as well as empirical data and examples. I argue that democratization should involve a number of constituencies beyond workers, especially customers and local populations, because an all-affected principle of participation best captures what is distinctive about corporate power. I then offer a number of institutional innovations for the process of democratization. Building on the example of the Berlin expropriation campaign, I argue that expropriation policies can help circumvent the power of those opposed to democratization and provide a helpful path towards democratization. I suggest that a transitional democratic dictatorship modelled after Marx's dictatorship of the proletariat could solve problems of cooperation and sabotage for newly democratized corporations. And, finally, I propose a class-specific corporate tribunate and a right to strike for the democratic corporation to provide institutional counterpower in order to prevent elite capture and the degeneration of democratic corporations. (shrink)

Democratic politics in practice often lags far behind the democratic ideals that justify democracy in theory. Where democratic theory postulates the equality of citizens and the accountability of elected officials, democratic practice is often characterised by the absence of accountability and deep political inequality. This paper argues that, under these conditions, citizens have a moral right to engage in political strikes. Such a right can empower citizens to effectively hold officials accountable and prevent the worst excesses of elite capture. It (...) is therefore justified as a means of self-defense to protect basic democratic rights. The article defends this claim against the objections that this is an overly contestatory approach to politics and that political strikes distribute the burdens of political contestation unfairly. (shrink)

Capitalism is defined as the economic structure in which decisions over production are largely made by or on behalf of individuals in virtue of their private property ownership, subject to the incentives and constraints of market competition. In this paper, I will argue that considerations of long-term welfare, such as those developed by Greaves and MacAskill (2021), support anticapitalism in a weak sense (reducing the extent to which the economy is capitalistic) and perhaps support anticapitalism in a stronger sense (establishing (...) an alternative economic structure in which capitalism is not predominant). I hope to encourage longtermists to give anticapitalism serious consideration, and to encourage anticapitalists to pursue criticisms of capitalism’s efficiency as well as its injustices. (shrink)

Digital markets exhibit new pricing strategies. Goods and services now feature ‘personalized’ instead of uniform prices, aimed at extracting each consumer’s individual willingness-to-pay. This paper analyses the phenomenon of price discrimination in digital markets and discusses its moral relevance. It argues that personalized prices can ensure the equal treatment of consumers in the market more than uniform prices do, thus meeting a key demand of fairness in pricing.

The book develops a comprehensive and measured case that bitcoin is a net benefit to the world, despite its imperfections. Resistance Money is intended for all, from the clueless to the specialist, from the proponent to the die-hard skeptic, and everyone in between.

Marx says of alienated labor that it does not “belong” to the worker, that it issues in a product that does not belong to her, and that it is unfulfilling, unfree, egoistically motivated, and inhuman. He seems to think, moreover, that the first of these features grounds all the others. All of these features seem quite independent, however: they can come apart; they share no obvious common cause or explanation; and if they often occur together, this seems accidental. It is (...) not clear, then, how Marx’s concept of alienated labor could possess the strong unity that he takes it to have. This article defends a reinterpretation of the concept that explains this unity. The various features of alienated labor, the article argues, all follow from a single, hitherto underappreciated feature of its formal motivational structure: the fact that such labor is motivated not by its product but by an incentive. (shrink)

Modern macroeconomics owes much to the ideas of Keynes. Yet Keynes was a fantast whose highest ideals centered around a contemplative hedonistic life. His interest in economics was due to his desire to _abolish_ the economy and the active virtues, especially prudence and courage and their social counterparts. As soon as this "religion" is rejected, Keynes' theories are exploded. Part I of this book refutes General Theory and presents a vision of the market process, entrepreneurship, employment, interest, money, and the (...) business cycle. Part II examines textbook Keynesianism, IS-LM, alternative theories of business cycles, and related issues. Summa is a definitive demolition of the Keynesian school and should be grappled with by all economists. (shrink)

John Rawls was a major 20th-century political philosopher, and his work was animated by his loathing of the fact that many of the circumstances of human lives were due to fortune. Why should there be inequalities among men, he asked, that were produced by mere blind luck? To support his intuition, he came up with a version of social contract theory built around the device of the "original position." We imagine that people gather up for a discussion of what social (...) institutions are best, but they forget, in order not to be swayed by their own personal interests, who they are in the actual society. They do not know their religion, social position, wealth and income, their particular ends, or anything else that might prejudice their judgment. Under this veil of ignorance, they – or rather the philosopher who is shattered into numerous ghostly persons – seek to come to an agreement regarding the just basic structure of society. This book demolishes Rawls' every argument in support of his egalitarianism and shows that the original position, to the extent that it is not completely sterile, outputs libertarianism and laissez-faire capitalism. It defends the view of justice as either a virtue or a legal system that promotes harmony and progress in human affairs. (shrink)

A uniform carbon tax with equal per capita dividends is usually advocated as a cost-effective way of reducing greenhouse gas (GHG) emissions without increasing, and in many cases even reducing, economic inequality, in particular because of the positive balance between the carbon taxes paid by the worse off and the carbon dividends they receive back. In this article, I argue that a uniform carbon tax reform is unjust regardless of how the revenue is used, because it does not discourage the (...) rich from indulging in wasteful emissions. This is at odds with a normative account of the distribution of the GHG budget that I define as emissions limitarianism, which is a climate derivative of economic limitarianism. Emissions limitarianism holds that, under low GHG budget conditions, emissions permits should not be used to achieve functionings that over-consume the GHG budget without producing significant welfare gains relative to the achievement of alternative functionings. Accordingly, I argue that a uniform carbon tax should be complemented by a limitarian carbon tax, which restricts the capabilities of the rich to achieve wasteful emission-generating functionings. The article adopts a methodological multi-level perspective on capabilities as a measure of welfare, distinguishing between basic, secondary and tertiary capabilities. (shrink)