by Miriam Ronzoni on February 9, 2018
Thank you to Ingrid for introducing me, and to all current members of the Crooked Timber for welcoming me on board. I am a long term fan of the Crooked Timber (since my days as a graduate student, in fact!) and therefore really excited to be joining the team.
I would like to kick off by elaborating on some thoughts that I have only briefly mentioned in a recent piece. The basic idea, in a nutshell, is the following: could it be that we sometimes have reason to be more radical under non-ideal circumstances than under ideal ones?
The reason why this might seem initially puzzling – it definitely is to me – lies in the fact that, by definition, non-ideal theory falls short of ideal theory in important ways. Sure, the suggestion is often made that our obligations of justice under non-ideal circumstances might become more demanding – simply because we might be required to compensate for the non-compliance of other duty bearers (although some people want to resist that thought ). This, however, is a point about the demandingness of our duties, not about how radically our aims should diverge from the status quo. When it comes to what we should be aiming at, rather than how much effort we should put into it, non-ideal theory is usually depicted at giving us targets that are closer to home. We should be more modest, we should not demand too much. We cannot have a truly egalitarian society, but we can maybe try and aim for a more humane one than the one we currently have. We cannot have gender equality, but we can maybe narrow the gap. We cannot put an end to capitalism, but maybe we can tame it just a little bit. The most obvious way in which this approach plays out is in the chase of the political centre by the mainstream left, which has been making social-democratic agendas ever more lukewarm over the last three decades.
However, the relationship between ideal and non-ideal theory does not always have to work that way. [click to continue…]
by Ingrid Robeyns on February 9, 2018
Good news, Folks! Miriam Ronzoni is joining the Crooked Timber Crew.
Miriam is a Reader in Political Theory at the University of Manchester. She has a background in both philosophy and politics and has worked in the UK, Germany, and Italy. She is interested in the interdependence between global and domestic justice, issues of domination across borders, feminism, the definition of the very concept of justice, and the methodology of constructivism. She lives in South Manchester with her husband Christian and their two children Francesco and Sara. She is a keen traveler and cyclist (kids allowing).
Miriam, welcome!
by John Q on February 9, 2018
I have a piece in the New York Times looking at the implications for the bitcoin bubble for economic theory and, in particular, for the (Strong) Efficient (Financial) Markets Hypothesis (EMH) which states that prices determined in financial markets reflect all the available information about the value of any asset. If that’s true then governments can’t improve on a policy of allocating investment to those assets with the highest market return, which can be achieved by letting private capital markets determine all investment decisions.
Bitcoins have no inherent usefulness, being a record of pointless calculations. They are useless as a currency (their putative purpose) and are now being promoted as a store of value on the basis of scarcity alone. This leaves supporters of the EMH with a dilemma.
If Bitcoins are indeed worthless, then financial markets should price them at zero. But the introduction of futures trading actually boosted the price in the short run. Even after recent declines, there’s no sign that prices will reach zero any time soon.
On the other hand, if Bitcoins are valuable simply because people value them, then asset prices are entirely arbitrary. The same argument can be applied to any financial asset.
Dean Baker at CEPR has a nice followup, making the obvious but crucial point that, since financial services are an intermediate input to production, we want the financial sector to be as small as possible, consistent with doing its essential tasks. As the experience of the mid-20th century shows, a market economy can function perfectly well with a financial sector much smaller than the one we have today. As Bitcoin shows, the massive expansion since then is nothing but wasteful speculation. The financial sector should be cut down to (a small fraction of its present) size.
[click to continue…]
by John Holbo on February 9, 2018
Adam Roberts has been fighting the good fight, keeping blogging real. He’s been reading his way through H.G. Wells’ collected works so you don’t have to. You can just piggy-back along for the ride. But all good things must end. He just published the post for Wells’ final work, Mind At The End of Its Tether. I’m no Wells scholar but I actually had read that one. It’s astonishingly pessimistic. Nigh-Lovecraftian. And it isn’t even supposed to be fiction. It’s what Wells was feeling in his last days. Here is the book’s opening: [click to continue…]