Towards a concept of responsibility for economics

Actors, including economists, carry a responsibility for their actions and the consequences thereof seems obvious. In economics and among large numbers of economists this notion that economists should be responsible for their actions and the consequences thereof is not shared widely, as the financial crisis of 2007–8 and its aftermath indicated. We address related issues: economics has not really allowed conceptual space for the concept of responsibility. Responsibility, as commonly understood, is a duty or obligation of one particular individual towards others, such as individuals or institutions including the state. Individuals can thus be ‘held responsible’ for how their (lack of) actions affect others in a broad sense. We define responsibility as one’s self-limiting and self-assumed obligation towards others to be aware of how one’s actions have consequences for others – consequences which one is obliged to factor in when deciding upon an action. In this sense, we build on the work of Young ([2006]. Responsibility and Global Justice – a social connection model. Social Philosophy and Policy, 23 (1), 102–130.). Failure to factor in the consequences of one’s actions on others trying to avoid damage to others, even more than seeking others’ benefit, is a failure to behave responsibly. We discuss what this entails for the discussion about a professional code of conduct for economists. A code of conduct (rather than a law), i.e. a set of agreed upon rules to guide preferred behaviours of economists about what it means to act responsibly, will only prescribe to the extent that economists choose to have it affect their behaviour.