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Mackie first argues for a cognitivist interpretation of moral language. In other words, he argues that ordinary moral claims purport to describe facts about the world. In particular, ordinary moral language and thought purport to describe facts about objective moral values. What are objective moral values? They have two defining characteristics: (i) mind-independent existence (think of how chairs, trees, people, and electrons exist), and (ii) "intrinsic and categorical prescriptivity": that is, they are such that the mere apprehension of them will motivate a person to act in a certain way. The former characteristic is the source of their objectivity; the latter is the source of their normativity.
But, he claims, we have good reason to think that no such things exist. Mackie's fundamental worry about these putative objective values is that these things are especially "queer," that they are unlike any other things we have good reason to think exist. As I understand Mackie, underlying his worries about the queerness of these putative entities is his perception of a tension in their nature. He appears to believe that the objectivity of these putative entities is in tension with their intrinsic and categorical action-guidingness. That is, it is unclear to Mackie how something that exists as a mind-independent part of reality could have the sort of influence on human behavior that these objective values are supposed to have. It is unclear how something could be both objective and normative. The things that scientists study and that we encounter in the everyday world simply don't have this sort of categorical action-guidingness built into them. So, given the naturalistic conception of the world that Mackie favors, we have good a posteriori reasons to doubt the existence of objective moral values.
But, if Mackie is correct about the nature of ordinary moral thought and language, this commits us to regarding ordinary moral thought and language as involving a very fundamental sort of error, an error of presupposing that objective moral values exist. Mackie then completes his error theory by providing an explanation of our tendency to make this error, to mistakenly suppose that ordinary moral thought and language involve our successfully coming to know about the sorts of things he claims don't exist.
Mackie's book doesn't end here, however. Indeed, this is only the first chapter, and Mackie goes on to cover a wide range of territory in normative ethics and meta-ethics, along with a few issues in metaphysics (the existence of God and freedom of the will) that have some bearing on moral issues. In fact, despite his worries about the objectivity of morality, Mackie goes on to defend a substitute for morality, one that looks quite a bit like a broadly consequentialist moral theory, and he even weighs in on several controversial moral issues that are still with us. In short, in a little over two hundred pages of exceptionally clear prose, Mackie covers just about everything of interest in moral philosophy.
This book is, of course, essential reading for anyone interested in meta-ethics. Understanding some of the material and its importance may require some background knowledge, but enough of the book is more generally accessible that it also constitutes a good wide-ranging introduction to issues in both meta-ethics and normative ethics for a person with some background in philosophy (and perhaps for the general reader). Furthermore, the book, while not a work of history, is sufficiently informed about the history of the issues it discusses to provide the reader with an entry into study of the history of the subject.
If you're especially interested in Mackie's meta-ethical views, you should attempt to track down a copy of Morality and Objectivity (Ted Honderich, ed.), as it includes interesting and important reactions to Mackie's views by some major names (John McDowell, Simon Blackburn, R. M. Hare, Bernard Williams, et al.) in moral philosophy.
I personally am unconvinced by Mackie's arguments. For example, why should our ethical disagreements lead us to believe that there are no ethical facts? People disagree about lots of things that are objective if anything is (e.g., whether UFO's are space aliens). However, this is clearly one of the paradigmatic statements and defenses of "moral anti-realism."
For an alternative perspective to Mackie's, one might read Thomas Nagel's _The View from Nowhere_ (especially the chapters on ethics and value), or Alasdair MacIntyre's _After Virtue_.
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