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23. The Mutual Fund Theorem and Covariance Pricing TheoremsMutual reward theory - remarkable
It also brings together Western and Eastern ideas combining a particularly important aspect of Buddhist thought with new Western conceptions. It belongs to Buddhist thought with new Western conceptions. This book brings important new dimensions to the interface between contemporary Western science and accident Eastern wisdom. Here for the first time the concepts and insights of general systems theory are presented in tandem with those of the Buddha. Remarkable convergences appear between core Buddhist teachings and the systems view of reality, arising in our century from biology and extending into the social and cognitive sciences. The interdependence of all beings provides the context for clarifying both the role of meditative practice and guideline for effective action on behalf of the common good. About The Author Joanna R. Preface Encounters between modern Western thought and ancient Asian philosophies figure among the more fruitful features of the twentieth century. Buddhism, with its reliance on direct experience and its sophisticated, psychological abalysis, offers particulars rewards to Western inquiry. It reveals remarkable relevance to a major shift occurring in contemporary thought and science-the shift toward a dynamic, systemic, process view of reality. mutual reward theory
Overview Broadly speaking, Smith followed the views of his mentor, Francis Hutcheson of the University of Glasgowwho divided moral philosophy into four parts: Ethics and Virtue; Private rights and Natural liberty; Familial rights called Economics ; and State and Individual rights called Politics.
Sixth sense Hutcheson had abandoned the psychological view of moral philosophy, claiming that motives were too fickle to be used as a basis for a philosophical system. Instead, he hypothesised a dedicated "sixth sense" to explain morality. Experimental method Smith rejected his teacher's reliance on this special sense.
Starting in aboutSmith set on the task of using Hume's experimental method appealing to human experience to replace mutual reward theory specific moral sense with a pluralistic approach to morality based on a multitude of psychological motives. The Theory of Moral Sentiments begins with the following assertion: How selfish soever man may be supposed, there are evidently some mutual reward theory in his nature, which interest him in the fortunes of others, and render their happiness necessary to him, though he derives nothing from it, except the pleasure of seeing it. Of this kind is pity or compassion, the emotion we feel for the misery of others, when we either see it, or are made to conceive it in a very lively manner.
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That we often derive sorrow from the sorrows of others, is a matter of fact too obvious to require any instances to prove it; for this sentiment, like all the other original passions of human nature, is by no means confined to the virtuous or theogy humane, though they perhaps may feel it with the most exquisite sensibility. The greatest ruffian, the most hardened violator of the mutual reward theory of society, is mutual reward theory altogether without it. It was the feeling with the passions of others.
It operated through a logic of mirroring, in which a spectator imaginatively click here the experience of the person he watches: [4] As we have no immediate experience of what other men feel, we can form no idea of the manner in which they are affected, but by conceiving what we ourselves should feel in the like situation.
Though our brother is on the rack, as long mutual reward theory we ourselves are at our ease, our senses will never inform us of what he suffers. They never did, and never can, carry us beyond our own person, and it is by the imagination only that we can form any conception of what are his sensations.
Neither can that faculty help us mutkal this any other way, than by representing to us what would be our own, if we were in his case.
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It is the impressions of our own senses only, not those of his, which our imaginations copy. By mutual reward theory imagination, we place ourselves in mutual reward theory situation However, Smith rejected the idea that Man was capable of forming moral judgements beyond a limited sphere of activity, again centered on his own self-interest: The administration of the great system of the universe To man is allotted a much humbler department, but one much more suitable to the weakness of his powers, and to the narrowness of his comprehension: the care of his own happiness, of that of his family, his friends, his country But though we are Nature has directed us to the greater part of these by original and immediate instincts.
Hunger, thirst, the passion which unites the two sexes, and the dread of pain, prompt us to apply those means for their own sakes, and without any consideration of their tendency to those beneficent ends which the great Director of nature intended to produce by them. The rich only select from the heap what is most precious and mutual reward theory. They consume little more than the poor, and in spite of their natural selfishness and rapacity, though they mean only their own conveniency, though the sole end which they propose from the labours of all the thousands whom they employ, be the gratification of their own vain and insatiable desires, they divide with the poor the produce of all their improvements.]
Now all became clear, many thanks for an explanation.
What excellent topic
It — is impossible.
Better late, than never.