What is capital and income, and how have they evolved over time? How unequally are they distributed? And what are the moral implications of this? To answer these questions, in this seminar, we will study Thomas Piketty’s ‘Capital in the 21st Century’ and will put it into the context of the modern financial system. We … Continue reading Capital, finance and justice
We use epistemology, the study of knowledge and justified belief, to investigate decision making in social, political and financial situations. Against the backdrop of debates about financial bubbles, fake news and populism, we investigate what we can know and what we are justified in believing. We approach applied epistemology through two lenses: epistemic virtues (individual), … Continue reading What to believe now? Applied epistemology, information markets, and networks
Human decision makers are increasingly replaced by self-learning computer algorithms in economic decision making. Such algorithms use personal data (ranging from one’s post code to medical history and Facebook friends) to score and rank people. Such rankings, in turn, can determine who gets offered a job, who gets offered a loan and under what conditions … Continue reading The Ethics and Governance of Algorithmic Decision Making
In its most popular form, the efficient market hypothesis (EMH) is the claim that asset prices reflect all publicly available information. The EMH is an important cornerstone for most asset pricing models. But it is also highly controversial. Critics claim that models based on the EMH are to blame for the inability of predicting and … Continue reading The Efficient Market Hypothesis
Complexity science provides new ways of modelling the financial system as a complex system. It challenges dominant views of linearity, predictability, and responsibility in finance. On the philosophical side, this could have implications for how we think about morality in financial markets. On the policy side, the complexity approach could require a rethinking of how … Continue reading The Complexity Science Approach to the Financial System
How can we respond to sovereign debt crises in a fair way? In this seminar, we will tackle core philosophical and economic questions that arise in sovereign debt crises, with a special focus on Europe, and in particular on Greece. We’ll tackle the following normative issues: In what way are states morally bound by sovereign … Continue reading Debt and Democracy
The financial crisis has brought financial stability to the forefront of economic policy debates. New institutions with the mission to pursue financial stability have sprung up, financial regulation has been reformed, and a major stress test of European banks is under way to assess the resilience of the financial system. But what is financial stability, … Continue reading Achieving Financial Stability?