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About Doing the Right Thing as an Academic Economist  

Erwin Dekker and Arjo Klamer

Print publication date:
Apr 2016
Online publication date:
Sep 2014
This chapter argues that the art of phronesis is central to doing the right thing as an economist. Phronesis, or practical wisdom, is what we practice when we deliberate, weigh values, take ... More

Balancing Risk and Benefit: Ethical Tradeoffs in Running Randomized Evaluations  

Rachel Glennerster and Shawn Powers

Print publication date:
Apr 2016
Online publication date:
Jul 2014
The increasing use of randomized evaluations in economics has brought an increase in discussion about ethical issues. We argue that while there are ethical issues specific to randomization, ... More

“Econogenic Harm”: On the Nature of and Responsibility for the Harm Economists Do as They Try to Do Good  

George F. DeMartino

Print publication date:
Apr 2016
Online publication date:
Dec 2014
Economists have long recognized that virtually all economic policy interventions that they advocate entail foreseeable and/or unforeseeable harm to some economic actors, even while ... More

Economic Justice  

Albino Barrera

Print publication date:
Feb 2014
Online publication date:
Mar 2014
Christianity has had a long-standing interest in economic justice, rooted in its Scriptures, especially Old Testament prophets and the New Testament Gospels. It was taken up by the Church ... More

Economists’ Ethics in the Build-Up to the Great Recession  

Robert H. Wade

Print publication date:
Apr 2016
Online publication date:
Sep 2014
This chapter argues that mainstream economists – mainly American and British contributed to the build-up of the financial fragility which tipped into the Great Recession through their ... More

Ethics and Advances in Economic Science: The Role of Two Norms  

Jingnan Chen, Angelina Christie, and Daniel Houser

Print publication date:
Apr 2016
Online publication date:
Sep 2014
We argue the remarkable increase in the use of experimental methods in economics, and the consequent advances in economic science, rely on two key norms that guide the design, analysis, and ... More

The Ethics of Economic Decision Rules  

Sven Ove Hansson

Print publication date:
Apr 2016
Online publication date:
Nov 2014
The purpose of economic decision rules is to guide decision makers who have competing goals or are uncertain about how their goals can be fulfilled. This chapter discusses the assumptions ... More

The Ethics of Economic Development and Human Displacement  

Des Gasper

Print publication date:
Apr 2016
Online publication date:
Oct 2014
Development projects have frequently brought clashes between claims for improvement for powerful groups and the rights of marginal groups in project-affected areas, leading to ruinous ... More

The Ethics Problem: Toward a Second-Best Solution to the Problem of Economic Expertise  

David M. Levy and Sandra J. Peart

Print publication date:
Apr 2016
Online publication date:
Sep 2014
The collective action problem of economic experts was diagnosed acutely by Knight and Pigou in the 1930s. The interest of economists as a group is in pursuing the public good of truth; the ... More

Ethics, Economic Advice, and Economic Policy  

Joseph E. Stiglitz

Print publication date:
Apr 2016
Online publication date:
Oct 2014
This chapter asks, What does it mean to be an ethical economic advisor? Answering this question entails an examination of widely held ethical precepts that ought to guide the conduct of ... More

Good, Evil, and Economic Practice  

Tomas Sedlacek

Print publication date:
Apr 2016
Online publication date:
Sep 2014
In claiming to be a “positive” science devoid of normativity, economics ignores a complex operation that involves personal, moral, and ethical assumptions; this chapter critically examines ... More

Honesty and Integrity in Econometrics  

Thomas Mayer

Print publication date:
Apr 2016
Online publication date:
Nov 2014
After considering the appropriate definitions of honesty and integrity the chapter uses a framework of behavioral economics to discuss plagiarism, its payoff, its frequency, and its risks. ... More

The Meaning of Deceive in Experimental Economic Science  

Bart J. Wilson

Print publication date:
Apr 2016
Online publication date:
Sep 2014
Deceiving someone in our everyday lives is a moral failing, one that we are adept at detecting and quick to judge in the words and actions of others. In our professional lives as economic ... More

The Skin-in-the-Game Heuristic for Protection Against Tail Events  

Nassim N. Taleb and Constantine Sandis

Print publication date:
Apr 2016
Online publication date:
May 2015
Standard economic theory recognizes the agency problem but not the compounding of moral hazard in the presence of informational opacity, particularly concerning high-impact events in ... More

Usury  

Ian Harper and Lachlan Smirl

Print publication date:
Feb 2014
Online publication date:
Mar 2014
Usury has a long and varied history. Originally the term referred to the charging of interest per se—that is, requiring a borrower to repay more than the principal sum borrowed from a ... More

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