Who is morally permitted to tell jokes about Jews? Poles? Women? Only those in the group? Only those who would be punching up? Anyone, since they are just jokes? All of the standard approaches are too broad or too narrow. In on the Joke provides a more sophisticated approach according to which each person possesses "joke capital" that can serve as "comic insurance" covering certain jokes in certain contexts. When Bob tells a joke about Jews, we can never know exactly what Bob is intending since we cannot see inside Bobs mind. But we could reasonably infer, if we knew Bob himself was Jewish, if he worked tirelessly for Jewish causes, or was a card-carrying Neo-Nazi. Each would affect his joke capital, and, in certain circumstances, we would have a moral standing to demand to see his ledger to see how much joke capital he had with respect to Jews. The permissibility of that joke depends upon four factors: the joke, the teller of the joke, the audience, and the setting. The view developed in In on the Joke is the only view that clearly explains how each of these components work together in an integrated, effective ethic of humor.