The Economist’s Oath

Abstract

Economists alter the course of economic affairs and thereby affect the life chances of current and future generations. They do this through their scholarship and teaching, and through their leadership of and staff-level positions in important government and multilateral agencies, consulting firms, investment banks and other economic institutions. And yet, the economics profession consistently has refused to explore the ethical aspects of its work. There is no field of professional economic ethics. As a consequence, economists are largely unprepared for the ethical challenges they face in their work. This book challenges the economic orthodoxy on the matter of professional ethics. It builds the case for professional economic ethics step by step—first by rebutting the economist’s arguments against and then by presenting an escalating positive case for professional economic ethics. The book surveys what economists do and demonstrates that this work is ethically fraught. It explores the principles, questions and debates that inform professional ethics in other fields, and identifies the lessons that economics can take from the best established bodies of professional ethics. The book demonstrates that in the absence of professional ethics, well-meaning economists have committed basic, preventable ethical errors that have caused severe harm for societies across the globe. The book investigates the reforms in economic education that would be necessary were the profession to recognize its professional ethical obligations; and it concludes with the Economist’s Oath that draws on the book’s central insights and highlights the virtues that are required of the “ethical economist.”