Within the discussion of ethics and economics some have considered designing a code of ethics for economists. But the idea of such a code is potentially problematic from a pluralist standpoint. Some possibilities are discussed here to show that any code concerning the behaviour of economists presumes a particular view of human nature and thus of professionalism. Further, issues of socio-economic power in the profession pose problems for the interpretation and implementation of some possible principles, notably those referring to standards of competence and truth-seeking. It is therefore concluded that any code of ethics should take the form of general guidelines, with primacy given to the ethics of pluralism: tolerance, even-handedness and open-mindedness, on which the interpretation of all other ethical considerations rests.
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In presenting the case for professional economic ethics over the past two years, since the publication of
The Economist's Oath, I've encountered more scepticism among heterodox economists on the left than from those on the right. Left-leaning economists argue
inter aliathat the project to establish a field of professional economic ethics is
naïve, since economists are hardly to be dissuaded from doing wrong by the existence of a code of conduct;
off target, since professional ethics doesn't address the main failures of economics and economists; and as a consequence of all that, that professional economic ethics is
wrong-headed, at least for heterodox economists, since it deflects our attention away from the real problems in our profession.
The left's scepticism regarding professional economic ethics, while not lacking merit, is mistaken in central respects. Not least, heterodox economists hold too narrow a view of the scope of professional economic ethics; and they tend to conflate the field with a code of conduct. Once we correct these errors, we come to see that heterodox economists should be at the forefront of the push for professional ethics in economics. The paper concludes by examining what professional economic ethics might imply for economic pedagogy.
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