Anecdotal evidence, in the form of inquiries from students here and elsewhere, suggests that there is a real desire for a good introductory text on metaethics, on the whole range of issues about the semantics, metaphysics, and epistemology of value (esp. moral value). There are, of course, some excellent anthologies, like Sayre-McCord's 1988 Essays on Moral Realism and Darwall, Gibbard & Railton's 1997 Moral Discourse and Practice, but what I have not seen is a text offering a comprehensive philosophical introduction to the issues.
Happily, a reliable introductory text is now available, thanks to Alex Miller , who has given us An Introduction to Contemporary Metaethics (Polity Press, 2003) (order it here). Miller, who has published widely in philosophy of language and mind, metaphysics, and metaethics, sent me the manuscript for the book some time ago, but I'm glad to see it is now out. It will clearly be the text for advanced undergraduates and postgraduates for the foreseeable future, and it has a lot to offer philosophers engaged in metaethical debate as well. Among the very attractive features are the scope of Miller's coverage (from Blackburn's quasi-realism, to the moral explanations literature, to sensibility theories, to the varieties of expressivism--no significant topic, in my view, is neglected), and its currency (literature and arguments from the early 2000s are discussed, and situated within the existing dialectics). If you're interested in metaethics, or trying to sort your way through the thicket of philosophical issues, you'll find this book very helpful.
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