Philosophy of Science: An Introduction

by Thomas J. Hickey

2020 · eBookIt.com

This concise and accessible book is a synthesis of the basic principles of the contemporary realistic neopragmatist philosophy of science. It discusses the aim of basic science, the methods of scientific discovery, the criteria for scientific criticism, and the nature of scientific explanation. Included is a description of a newly emergent specialty called computational philosophy of science, in which computerized discovery systems create and test new scientific theories. It also examines the essentials of the underlying realistic neopragmatist philosophy of language that has made philosophy of science a coherent and analytical discipline, and that has given new meaning to such key terms as "theory", "observation" and "explanation".

Puzzles of Inflation, Money, and Debt: Applying the Fiscal Theory of the Price Level

by Thomas S. Coleman, Bryan J. Oliver, Laurence B. Siegel

2021 · CFA Institute Research Foundation

The fiscal theory of the price level (FTPL) provides an update and revision of monetary theory to address puzzles raised by the failure of both the new Keynesian theory (commonly used by central bankers) and neoclassical monetarism (in particular, the quantity theory of money as interpreted by Milton Friedman and Anna Schwartz)—puzzles such as the low inflation that followed the sustained expansionary monetary policies post-2008. We aim to summarize and explain the FTPL as developed by Eric Leeper, John Cochrane, and others. The FTPL builds on neoclassical monetarism by observing that government liabilities—bonds, notes, bills, and currency—derive their value from the assets that back these liabilities. These assets are chiefly the present value of future tax revenues, minus government spending other than that part of spending used to service the liabilities themselves. This net “profit” of the government is called the primary surplus. This primary surplus can be expressed in real terms (a quantity of goods and services, rather than a money amount). The total real value of the bonds is thus the total real value of the assets backing the bonds: the present value of all future real primary surpluses (which we shorten to PVFS, present value of future surpluses). In a very important sense, the FTPL harkens back to commodity-based theories of money, except now the “commodity” is the real value of future surpluses earned by the government. We can then solve for the price level. It is simply the nominal value of the bonds (the face value or number of bonds issued) divided by the real value of the bonds (the PVFS). If the nominal value of the bonds is held constant and the underlying asset (PVFS) becomes less valuable, prices go up. If the PVFS becomes more valuable, prices go down. We thus calculate the value of “money” (including government liabilities of all maturities) the way one would calculate the value of any security: through discounted cash flow analysis. Note that this approach is consistent with the QTM because, if money is defined in the traditional way as currency and demand deposits and we now hold the PVFS (the backing of the money) constant, then the price level is proportional to the amount of money in circulation. The FTPL is a more complete theory, however, because (1) it incorporates all government liabilities, not traditional money alone, and (2) because it is forward-looking and dynamic rather than considering only conditions in the present.

Jimmy Carter and the Anglo-American Special Relationship&quote;&quote;

by Thomas K. Robb

2016 · Edinburgh University Press

Robb Thomas draws upon a wealth of previously classified documents to reveal that relations between Britain and the United States of America during Carter's presidency were riven with antagonism and disagreement. Contrary to existing interpretations, even the most 'special' aspects of intelligence and nuclear cooperation were not immune to high-level political tension. Robb exposes the true competitive nature of the relationship during Carter's presidency, as well as providing an original understanding to how both countries approached the breakdown of superpower detente; the subject of international human rights promotion; the tackling of common economic and energy challenges and to the Anglo-American nuclear and intelligence relationship.

Beyond the Nixon Shocks

by Thomas Zeiler

2025 · Bloomsbury Publishing

In 1971 President Nixon shocked the world with a series of announcements and policies that changed the political landscape at home, and shifted the bases of international power abroad. From newly opened diplomatic channels with China to unilateral monetary and trade reforms, this book argues that the so called 'Nixon Shocks' transformed not only America but the international economic, security, political and cultural arenas. Zeiler shows how, along with events such as the release of the Pentagon papers and oil crises, the United States' foreign and domestic policies of the 1970s indicated the coming of a new world order. Providing a snapshot of these key moments, as the Cold War waned and new powers rose, Beyond the Nixon Shocks highlights America's role in this era of globalization, tumult and uncertainty, and explores how they were received on the global stage. This book helps us to understand not only the impact of the global 1970s on world affairs, but how events and policies made half a century ago have shaped our modern age.