The rich have two defining capabilities: independence from and command over others. These make be... more The rich have two defining capabilities: independence from and command over others. These make being wealthy very pleasant indeed, but they are also toxic to democracy. First, I analyse the mechanisms by which the presence of very wealthy individuals undermines the two pillars of liberal democracy: equality of citizenship and legitimate social choice. Second, I make a radical proposal: if we value the preservation of democracy we must limit the amount of wealth any individual can have and still be a citizen of our polity.
Human development is meant to be transformational in that it aims to improve people's lives by en... more Human development is meant to be transformational in that it aims to improve people's lives by enhancing their capabilities. But who does it target: people as they are or the people they will become? This paper argues that the human development approach relies on an understanding of personal identity as dynamic rather than as static collections of preferences, and that this distinguishes human development from conventional approaches to development. Nevertheless this dynamic understanding of personal identity is presently poorly conceptualized and this has implications for development practice. We identify a danger of paternalism and propose institutionalizing two procedural principles as side constraints on development policies and projects: the principle of free prior informed consent, and the principle of democratic development.
In this brief essay I want to right a wrong by showing how deeply Adam Smith’s ethics was integra... more In this brief essay I want to right a wrong by showing how deeply Adam Smith’s ethics was integrated into his approach to economics. Smith saw economics as a branch of moral philosophy, and he saw capitalism as an ethical project whose success required political commitment to justice and freedom, not merely an understanding of economic logistics.
In a democracy people are free to express their opinions and question those of others. This is an... more In a democracy people are free to express their opinions and question those of others. This is an important personal freedom, and also essential to the very idea of government by discussion. But it has also been held to be instrumentally important because in open public debate true ideas will conquer false ones by their merit, and the people will see the truth for themselves. In other words, democracy has an epistemic function as a kind of truth machine. From this it follows that in a democracy there should be no dogma: no knowledge protected from public challenge and debate. Yet this whole argument is founded on embarrassing misconceptions of the nature of truth and of the working of democracy.
Handbook of the Philosophical Foundations of Business Ethics, 2013
Adam Smith is respected as the father of contemporary economics for his work on systemizing class... more Adam Smith is respected as the father of contemporary economics for his work on systemizing classical economics as an independent field of study in The Wealth of Nations. But he was also a significant moral philosopher of the Scottish Enlightenment, with its characteristic concern for integrating sentiments and rationality. This article considers Adam Smith as a key moral philosopher of commercial society whose critical reflection upon the particular ethical challenges posed by the new pressures and possibilities of commercial society remains relevant today. The discussion has three parts. First I address the artificial separation between self-interest and morality often attributed to Smith, in which his work on economics is stripped of its ethical context. Second I outline Smith‟s ethical approach to economics, focusing on his vigorous but qualified defence of commercial society for its contributions to prosperity, justice, and freedom. Third I outline Smith‟s moral philosophy proper as combining a naturalistic account of moral psychology with a virtue ethics based on propriety in commercial society.
Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an app... more Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially friendly of virtues. It is often supposed that if competitive markets are good, more competition must always be better. However, in the long run competition enhancing policies that neglect the nurturing and support of the bourgeois virtues may undermine the continued flourishing of modern commercial society.
This encyclopedia article focuses on the philosophical aspects of the Capability Approach and its... more This encyclopedia article focuses on the philosophical aspects of the Capability Approach and its foundations in the work of Amartya Sen. It discusses the development and structure of Sen’s account, how it relates to other ethical approaches, and its main contributions and criticisms. It also outlines various capability theories developed within the Capability Approach, with particular attention to that of Martha Nussbaum.
It is intended for university students and includes an annotated bibliography of work in the Capability Approach.
Erasmus Journal for Philosophy and Economics, Jul 2014
Michael Sandel's 'What Money Can't Buy' purports to demonstrate that markets corrupt - degrade - ... more Michael Sandel's 'What Money Can't Buy' purports to demonstrate that markets corrupt - degrade - the goods they are used to allocate. Therefore we as a society should deliberate together about the proper meaning and purpose of various goods, relationships, and activities (such as baseball) and how they should be valued. I don't think Sandel's critique of markets quite holds together. Nor do I find his communitarian political solution attractive. But the book does succeed as a provocation: it evokes a healthy attitude of critical resistance to what may be called rapacious capitalism.
Erasmus Journal for Philosophy and Economics, 2012
In this interview, Professor Davis discusses the evolution of his career and research interests a... more In this interview, Professor Davis discusses the evolution of his career and research interests as a philosopher-economist and gives his perspective on a number of important issues in the field. He argues that historians and methodologists of economics should be engaged in the practice of economics, and that historians should be more open to philosophical analysis of the content of economic ideas. He suggests that the history of recent economics is a particularly fruitful and important area for research exactly because it is an open-ended story that is very relevant to understanding the underlying concerns and concepts of contemporary economics. He discusses his engagement with heterodox economics schools, and their engagement with a rapidly changing mainstream economics. He argues that the theory of the individual is “the central philosophical issue in economics” and discusses his extensive contributions to the issue.
The rich have two defining capabilities: independence from and command over others. These make be... more The rich have two defining capabilities: independence from and command over others. These make being wealthy very pleasant indeed, but they are also toxic to democracy. First, I analyse the mechanisms by which the presence of very wealthy individuals undermines the two pillars of liberal democracy: equality of citizenship and legitimate social choice. Second, I make a radical proposal: if we value the preservation of democracy we must limit the amount of wealth any individual can have and still be a citizen of our polity.
Human development is meant to be transformational in that it aims to improve people's lives by en... more Human development is meant to be transformational in that it aims to improve people's lives by enhancing their capabilities. But who does it target: people as they are or the people they will become? This paper argues that the human development approach relies on an understanding of personal identity as dynamic rather than as static collections of preferences, and that this distinguishes human development from conventional approaches to development. Nevertheless this dynamic understanding of personal identity is presently poorly conceptualized and this has implications for development practice. We identify a danger of paternalism and propose institutionalizing two procedural principles as side constraints on development policies and projects: the principle of free prior informed consent, and the principle of democratic development.
In this brief essay I want to right a wrong by showing how deeply Adam Smith’s ethics was integra... more In this brief essay I want to right a wrong by showing how deeply Adam Smith’s ethics was integrated into his approach to economics. Smith saw economics as a branch of moral philosophy, and he saw capitalism as an ethical project whose success required political commitment to justice and freedom, not merely an understanding of economic logistics.
In a democracy people are free to express their opinions and question those of others. This is an... more In a democracy people are free to express their opinions and question those of others. This is an important personal freedom, and also essential to the very idea of government by discussion. But it has also been held to be instrumentally important because in open public debate true ideas will conquer false ones by their merit, and the people will see the truth for themselves. In other words, democracy has an epistemic function as a kind of truth machine. From this it follows that in a democracy there should be no dogma: no knowledge protected from public challenge and debate. Yet this whole argument is founded on embarrassing misconceptions of the nature of truth and of the working of democracy.
Handbook of the Philosophical Foundations of Business Ethics, 2013
Adam Smith is respected as the father of contemporary economics for his work on systemizing class... more Adam Smith is respected as the father of contemporary economics for his work on systemizing classical economics as an independent field of study in The Wealth of Nations. But he was also a significant moral philosopher of the Scottish Enlightenment, with its characteristic concern for integrating sentiments and rationality. This article considers Adam Smith as a key moral philosopher of commercial society whose critical reflection upon the particular ethical challenges posed by the new pressures and possibilities of commercial society remains relevant today. The discussion has three parts. First I address the artificial separation between self-interest and morality often attributed to Smith, in which his work on economics is stripped of its ethical context. Second I outline Smith‟s ethical approach to economics, focusing on his vigorous but qualified defence of commercial society for its contributions to prosperity, justice, and freedom. Third I outline Smith‟s moral philosophy proper as combining a naturalistic account of moral psychology with a virtue ethics based on propriety in commercial society.
Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an app... more Whether or not capitalism is compatible with ethics is a long standing dispute. We take up an approach to virtue ethics inspired by Adam Smith and consider how market competition influences the virtues most associated with modern commercial society. Up to a point, competition nurtures and supports such virtues as prudence, temperance, civility, industriousness and honesty. But there are also various mechanisms by which competition can have deleterious effects on the institutions and incentives necessary for sustaining even these most commercially friendly of virtues. It is often supposed that if competitive markets are good, more competition must always be better. However, in the long run competition enhancing policies that neglect the nurturing and support of the bourgeois virtues may undermine the continued flourishing of modern commercial society.
This encyclopedia article focuses on the philosophical aspects of the Capability Approach and its... more This encyclopedia article focuses on the philosophical aspects of the Capability Approach and its foundations in the work of Amartya Sen. It discusses the development and structure of Sen’s account, how it relates to other ethical approaches, and its main contributions and criticisms. It also outlines various capability theories developed within the Capability Approach, with particular attention to that of Martha Nussbaum.
It is intended for university students and includes an annotated bibliography of work in the Capability Approach.
Erasmus Journal for Philosophy and Economics, Jul 2014
Michael Sandel's 'What Money Can't Buy' purports to demonstrate that markets corrupt - degrade - ... more Michael Sandel's 'What Money Can't Buy' purports to demonstrate that markets corrupt - degrade - the goods they are used to allocate. Therefore we as a society should deliberate together about the proper meaning and purpose of various goods, relationships, and activities (such as baseball) and how they should be valued. I don't think Sandel's critique of markets quite holds together. Nor do I find his communitarian political solution attractive. But the book does succeed as a provocation: it evokes a healthy attitude of critical resistance to what may be called rapacious capitalism.
Erasmus Journal for Philosophy and Economics, 2012
In this interview, Professor Davis discusses the evolution of his career and research interests a... more In this interview, Professor Davis discusses the evolution of his career and research interests as a philosopher-economist and gives his perspective on a number of important issues in the field. He argues that historians and methodologists of economics should be engaged in the practice of economics, and that historians should be more open to philosophical analysis of the content of economic ideas. He suggests that the history of recent economics is a particularly fruitful and important area for research exactly because it is an open-ended story that is very relevant to understanding the underlying concerns and concepts of contemporary economics. He discusses his engagement with heterodox economics schools, and their engagement with a rapidly changing mainstream economics. He argues that the theory of the individual is “the central philosophical issue in economics” and discusses his extensive contributions to the issue.
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It is intended for university students and includes an annotated bibliography of work in the Capability Approach.
It is intended for university students and includes an annotated bibliography of work in the Capability Approach.