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Financial Economists, Financial Interests and Dark Corners of the Meltdown: It’s Time to Set Ethical Standards for the Economics Profession

Author

Listed:
  • Gerald Epstein
  • Jessica Carrick-Hagenbarth

Abstract

Epstein and Carrick-Hagenbarth analyze the conflict of interest that exists when academic financial economists, acting in their roles as presumed objective experts in the media and academia on topics, such as financial regulation, fail to report their private financial affiliations. The authors analyze the linkages between academia, private financial institutions and public institutions of nineteen academic financial economists who are members of two groups who have put forth proposals on financial reform. In addition, they review media writings and appearances, as well as the academic papers of these economists between 2005 and 2009, to determine the portion of the time these economists identified their affiliations with private or public financial institutions when writing about or commenting on financial policy issues. The vast majority of the time, these economists did not identify these affiliations and possible conflicts of interest. In light of these and related findings the authors call for an economists’ code of ethics which would require academic economists to identify these connections in appropriate contexts. >> Download this paper as published in the January 2012 Cambridge Journal of Economics

Suggested Citation

  • Gerald Epstein & Jessica Carrick-Hagenbarth, 2010. "Financial Economists, Financial Interests and Dark Corners of the Meltdown: It’s Time to Set Ethical Standards for the Economics Profession," Working Papers wp239_revised, Political Economy Research Institute, University of Massachusetts at Amherst.
    • Handle: RePEc:uma:periwp:wp239_revised
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    Citations

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    Cited by:

    1. Ben Fine, 2013. "Economics: Unfit for Purpose," Review of Social Economy, Taylor & Francis Journals, vol. 71(3), pages 373-389, September.
    2. Martha Starr, 2012. "Contributions of Economists to the Housing-Price Bubble," Journal of Economic Issues, Taylor & Francis Journals, vol. 46(1), pages 143-172.
    3. Théret, Bruno, 2011. "Du keynésianisme au libertarianisme.La place de la monnaie dans les transformations du savoir économique autorisé," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.
    4. Peter Spiegler & William Milberg, 2011. "Methodenstreit 2011? Historical perspective on the contemporary debate over how to reform economics," Working Papers 1106, New School for Social Research, Department of Economics.
    5. Ben Fine, 2013. "Economics - Unfit for purpose: The Director's Cut," Working Papers 176, Department of Economics, SOAS University of London, UK.
    6. James Crotty, 2011. "The Realism of Assumptions Does Matter: Why Keynes-Minsky Theory Must Replace Efficient Market Theory as the Guide to Financial Regulation Policy," Working Papers wp255, Political Economy Research Institute, University of Massachusetts at Amherst.
    7. George DeMartino, 2013. "Professional Economic Ethics: Why Heterodox Economists Should Care," Economic Thought, World Economics Association, vol. 2(1), pages 1-4, April.
    8. Cesar Rodrigues van der Laan & André Moreira Cunha & Marcos Tadeu Caputi Lélis, 2017. "On the effectiveness of capital controls during the Great Recession: The Brazilian experience (2007–2013)," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(2), pages 203-222, April.
    9. Peter M. Spiegler & William Milberg, 2013. "Methodenstreit 2013? Historical Perspective on the Contemporary Debate Over How to Reform Economics," Forum for Social Economics, Taylor & Francis Journals, vol. 42(4), pages 311-345, November.

    More about this item

    Keywords

    Professional Ethics; Financial Regulation; Academic Economists; Codes of Ethics; conflicts of interest;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values

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