Monday, November 8, 2010

Ethics for Economists

Via Economix @ NYT.
Even more disturbing is an article Mr. Ferguson recently published in The Chronicle of Higher Education. He argues that the economics profession “has become so compromised by conflicts of interest that it now functions almost as a support group for financial services and other industries whose profits depend heavily on government policy.” Among those he lambastes is Lawrence H. Summers, former secretary of the Treasury and former president of Harvard.
Prof. Gerald Epstein, my colleague at the University of Massachusetts Amherst, has conducted research with Jessica Carrick-Hagenbarth on 19 prominent academic financial economists who played a key role in recent debates over financial reform and regulation. They report that 13 of these individuals owned stock in, advised or served on the boards of commercial financial institutions. 
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