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A. J. Ayer: Language, Truth, And Logic
Ayer's logical positivism motivates his view on ethics, an empiricist approach to philosophy that was prevalent during the first half of the 20th century. Logical positivists thought that all significant statements could be divided into analytic and synthetic propositions. Analytic propositions are true (or false) solely in virtue of the meanings of the terms involved (e.g., "All bachelors are unmarried"). All propositions that are not analytic are synthetic. According to logical positivists, all synthetic statements are empirical hypotheses; that is, claims about actual or possible experiences. If a statement is neither analytic nor an empirical hypothesis, logical positivists maintain that it is meaningless.
Ayer considers several influential ethical theories: subjectivism, utilitarianism, and "absolutism" (the intuitionism of philosophers like Moore and Ross). Against subjectivism, Ayer claims that it would not be self-contradictory to say that some actions that are approved of are not right. Similarly, Ayer argues against utilitarianism by claiming that it is not contradictory to claim that it is sometimes wrong to do an action that would cause the greatest happiness. Ayer objects to absolutism on the grounds that it makes ethical claims empirically unverifiable, as different people have different intuitions about which acts are right or wrong. In light of this, Ayer claims that ethical statements are literally meaningless: They do not assert genuine propositions and are neither true nor false. Instead, that ethical statements serve the function of expressing our emotions, and of arousing similar feelings in others. Because on this view there is no truth in ethics, Ayer contends that it is impossible to argue about questions of value. We can try to persuade people to share our emotional reactions to things, but we cannot prove that our values are uniquely correct. Rather, "argument is possible on moral questions only if some system of values is presupposed."
-Ayer claims that no one ever really disputes about questions of value.
1933 Act
Also known as the Securities Act of 1933, this U.S. law was enacted to protect investors by requiring transparency in financial statements so investors can make informed decisions about investments.
Registration Statement
A set of documents, including a prospectus, filed with a securities regulatory agency (such as the SEC in the U.S.) by a company intending to go public, disclosing essential financial and management information.
Rule 10b-5
A regulation under the Securities Exchange Act of 1934 prohibiting any act or omission resulting in fraud or deceit in connection with the purchase or sale of any security.
1933 Securities Act
A federal statute enacted to govern the offer and sale of securities, aiming to ensure transparency and fairness in the securities market by requiring disclosures through registration of securities.
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