- The Oxford Handbook of Professional Economic Ethics
- Introduction, or Why This Handbook?
- The Skin-in-the-Game Heuristic for Protection Against Tail Events
- The Ethics of Economic Decision Rules
- In Praise of Imperfect Commitment: An Ethic of Power, Professionalism and Risk
- “Econogenic Harm”: On the Nature of and Responsibility for the Harm Economists Do as They Try to Do Good
- About Doing the Right Thing as an Academic Economist
- The Social Responsibility of Economists
- The Ethical Economist: Duty and Virtue in the Scientific Process
- Ethics in Relation to Economics, Ecology, and Eschatology
- Poisoning the Well, or How Economic Theory Damages Moral Imagination
- Economists’ Odd Stand on the Positive–Normative Distinction: A Behavioral Economics View
- The Complex Ethical Consequences of “Simple” Theoretical Choices
- Good, Evil, and Economic Practice
- Alternative Ethical Perspectives on the Financial Crisis: Lessons for Economists
- Economists’ Ethics in the Build-Up to the Great Recession
- Ethics and Advances in Economic Science: The Role of Two Norms
- The Meaning of Deceive in Experimental Economic Science
- Honesty and Integrity in Econometrics
- Lady Justice Versus Cult of Statistical Significance: Oomph-less Science and the New Rule of Law
- Balancing Risk and Benefit: Ethical Tradeoffs in Running Randomized Evaluations
- Conducting Ethical Economic Research: Complications from the Field
- The Unprincipled Randomization Principle in Economics and Medicine
- Professional Disequilibrium: Conflict of Interest in Economics
- Considerations on Conflict of Interest in Academic Economics
- Ethics, Economic Advice, and Economic Policy
- Neoclassical Economics as the New Social Engineering: The Debacle of the Russian Post-Socialist Transition
- The Ethics of Economic Development and Human Displacement
- How Can We Better Address the Gaps in our Knowledge about Development Effectiveness?
- Confessions of a Policy Analyst
- Ethics and the Government Economist
- The Ethics Problem: Toward a Second-Best Solution to the Problem of Economic Expertise
- First Tell No Untruth
- Ethical Issues in Forensic Economics
- Exposure and Dialogue Programs in the Training of Development Analysts and Practitioners
- Ethics and Learning in Undergraduate Economics Education
- Creating Humble Economists: A Code of Ethics for Economists
- Codes of Ethics for Economists, Pluralism, and the Nature of Economic Knowledge
- Author Index
Abstract and Keywords
This chapter analyzes the financial crisis from three ethical perspectives. It starts from utilitarianism, the ethical theory underlying neoclassical economics, which has partly driven the crisis. The best-known alternative is deontology, a rule-based ethics. This has failed to prevent the crisis because the dominant utilitarianism has undermined professionals’ belief in universal rules. The third approach is the ethics of care, a relational ethics grounded in moral commitments between people in their particular contexts, which emerged from research on families, households, and healthcare. There are two case studies that illustrate that the ethics of care is not necessarily limited to micro practices shaped by women’s traditional roles as caregivers. One case is on “caring finance” in Rabobank, and the other is on gender differences in financial behavior. They illustrate that the ethics of care deserves more attention from economists.
Irene van Staveren is Endowed Professor at the Department of Human Resources and Local Development, International Institute of Social Studies, Erasmus University Rotterdam.
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