On Thursday 30 May, Dr Kara Tan Bhala from University of Kansas treated lecturees at St Cross to a crash course in Modern Finance Theory (MFT) and its limitations. Guiding listeners through weighty acronyms and weightier formulae spiked with Greek alphabetical symbols, she deftly dispatched MFT with the following:
- that economic agents are non-rational;
- that fairness plays a part in finance; and
- that in our post-financialised word, “homo economicus” (some kind of Thatcherite love-child I wondered idly?) is well and truly an endangered species.
She went state her self-admittedly “quixotic” mission for an altered financial theory which properly accounts for, or exposes an underlying ethics and morality. As she envisaged it, this mission is at once 1) an addition to MFT such that it also includes principles of ethics (let’s call this MFT-plus) and 2) the creation of a new financial theory which is based on MFT-plus and principles from two other theories, Islamic finance and behavioural finance. This would unite the forecasting functionality (such as it is) and ethics of MFT-plus, the “unapologetically ethical” and community-beneficial values of Islamic finance, and the psychological sensitivity of behavioural finance.
It is to Dr Tan Bhala’s credit that such a mission has led to her leaving her own presumably highly lucrative and powerful positions in the finance world, in order to set up a global think-tank, the Seven Pillars Institute for Global Finance and Ethics. However, there is clearly a lot to think about, as demonstrated by questions following the lecture.
She met with a passionate reception from a varied audience comprising ethicists, philosophers, financiers and associates of big pharma. The usefulness of Islamic Finance Theory was questioned given that its application in many Islamic states wreaks an apparent gaping inequality of wealth and power. So too, questioners were uncomfortable with the retention of MFT in Tan Bhala’s mission, it having been shown by Tan Bhala herself to be an inadequate quantitative and forecasting agent. It was unclear therefore whether her mission will be to bin MFT completely, or propose a radical alteration, but in either case it was clear the struggle will be gigantic (windmill-tilting, anyone?)
The discussion moved onto telos, with agreement that the free market economic model has not been allowed to express its natural purpose or telos, multiple financial crises having been patched by governments and thus persisting the current (dysfunctional) model. Questioners argued that until the telos of the free market is allowed true expression, and is allowed to fail, change will be highly difficult. When asked whether such change could be fomented by academia, the speaker’s own experience was disheartening: namely censorship by her institution of the teaching of novel financial theories.
With the speaker showing no sign of tiring, but the resonance of this sobering thought being felt, here ended the discussion. This blogger concludes that when moral and financial bankruptcy have the (market) freedom to collide, the field will be fertile for development of a value-enriched financial system. Until then it is up to organisations such as the Seven Pillars Institute to take to that field with all the chivalric heroism they can muster – may the sparring commence!
Audio file available here.
The St Cross Special Ethics seminars are hosted by the Oxford Uehiro Centre for Practical Ethics. They are held twice-termly at the college. For more details click here.
Stop killer robots now, UN asks: the UN special rapporteur on extrajudicial, summary or arbitrary executions Christof Heyns has delivered a report about Lethal Autonomous Robots arguing that there should be a moratorium on the development of autonomous killing machines, at least until we can figure out the ethical and legal issues. He notes that LARs raise far-reaching concerns about the protection of life during war and peace, including whether they can comply with humanitarian and human rights law, how to device legal accountability, and “because robots should not have the power of life and death over human beings.”
Many of these issues have been discussed on this blog and elsewhere, but it is a nice comprehensive review of a number of issues brought up by the new technology. And while the machines do not yet have fully autonomous capabilities the distance to them is chillingly short: dismissing the issue as science fiction is myopic, especially given the slowness of actually reaching legal agreements. However, does it make sense to say that robots should not have the power of life and death over human beings?
Cultural bias and the evaluation of medical evidence: An update on the AAP
Since my article on the American Academy of Pediatrics’ recent change in policy regarding infant male circumcision was posted back in August of 2012, some interesting developments have come about. Two major critiques of the AAP documents were published in leading international journals, one in the Journal of Medical Ethics, and a second in the AAP’s very own Pediatrics. In the second of these, 38 distinguished pediatricians, pediatric surgeons, urologists, medical ethicists, and heads of hospital boards and children’s health societies throughout Europe and Canada argued that there is: “Cultural Bias in the AAP’s 2012 Technical Report and Policy Statement on Male Circumcision.”
The AAP took the time to respond to this possibility in a formal reply, also published in Pediatrics earlier this year. Rather than thoughtfully addressing the specific charge of cultural bias, however, the AAP elected to boomerang the criticism, implying that their critics were themselves biased, only against circumcision. To address this interesting allegation, I have updated my original blog post. Interested readers can click here to see my analysis.
Finally, please note that articles from the Journal of Medical Ethics special issue on circumcision are (at long last) beginning to appear online. The print issue will follow shortly. Also be sure to see this recent critique of the AAP in a thoughtful book by JME contributor and medical historian Dr. Robert Darby, entitled: “The Sorcerer’s Apprentice: Why Can’t the US Stop Circumcising Boys?”
This is a brief note to alert the readers of Practical Ethics that research by myself, Anders Sandberg, and Julian Savulescu on the potential therapeutic uses of “love drugs” and “anti-love drugs” has recently been featured in an interview for the national Canadian broadcast program, “Q” with Jian Ghomeshi (airing on National Public Radio in the United States).
Readers may also be interested in checking out a new website, “Love in the Age of Enhancement” which collects the various academic essays, magazine articles, and media coverage of these arguments concerning the neuroenhancement of human relationships.
The first two weeks of 2013 were marked by a flurry of news articles considering “the new science” of pedophilia. Alan Zarembo’s article for the Los Angeles Times focused on the increasing consensus among researchers that pedophilia is a biological predisposition similar to heterosexuality or homosexuality. Rachel Aviv’s piece for The New Yorker shed light upon the practice of ‘civil commitment’ in the US, a process by which inmates may be kept in jail past their release date if a panel decides that they are at risk of molesting a child (even if there is no evidence that they have in the past). The Guardian’s Jon Henley quoted sources suggesting that perhaps some pedophilic relationships aren’t all that harmful after all. And Rush Limbaugh chimed in comparing the ‘normalization’ of pedophilia to the historical increase in the acceptance of homosexuality, suggesting that recognizing pedophilia as a sexual orientation would be tantamount to condoning child molestation.
So what does it all mean? While most people I talked to in the wake of these stories (I include myself) were fascinated by the novel scientific evidence and the compelling profiles of self-described pedophiles presented in these articles, we all seemed to have a difficult time wrapping our minds around the ethical considerations at play. Why does it matter for our moral appraisal of pedophiles whether pedophilia is innate or acquired? Is it wrong to imprison someone for a terrible crime that they have not yet committed but are at a “high risk” of committing in the future? And if we say that we can’t “blame” pedophiles for their attraction to children because it is not their “fault” – they were “born this way” – is it problematic to condemn individuals for acting upon these (and other harmful) desires if it can be shown that poor impulse control is similarly genetically predisposed? While I don’t get around to fully answering most of these questions in the following post, my aim is to tease out the highly interrelated issues underlying these questions with the goal of working towards a framework by which the moral landscape of pedophilia can be understood. Continue reading
Ulf suffers dementia and lives in a nursing home. He often interacts with Lena, who also has dementia. They seek each other out, invite each other to their rooms, hold hands and kiss. They can clearly express what they prefer (or not). The staff think they enjoy life and each other’s company. There is just one problem for the happy couple: Ulf is married, and his wife is not happy. She and their children strongly dislikes the relation between Ulf and Lena and asks the staff to keep them apart. They argue that if Ulf had been free of dementia he would not have desired contact with Lena; he might sometimes even be confused and think Lena is his wife.
The situation was posed as a question to the ethics committee of the National Board of Health and Welfare in Sweden, and it recently responded that the staff should not try to interfere in the relationship: the welfare and autonomy of Ulf is prior to the wishes of the family. An earlier question dealt with a somewhat similar case, where the cuckolded wife demanded that her husband be both separated from the other woman and medicated to “dampen” him. The committee found that it would be against the autonomy of the man to be medicated against his will, and the staff did not have a right (legally or morally) to prevent patients from seeing each other.
The interesting question is what to make of romances that come about due to dementia. Are they authentic? How do they relate to the interests expressed earlier in life?
“Treating” homosexuality in minors: Protected free speech or child abuse?
Should mental health providers be allowed to try to “cure” minors of their homosexuality?