Philosophy & Ethics

Since Aristotle the question about the potential relationship between economic inequality and democratic changes has been studied and debated – but scientifically our ability as researchers to assess and understand how such complex social phenomena may be related is much more limited than recognised.

How much does the standard theory of externalities and public goods really say?

News about a wonderful workshop, “Knowledge Transfer and Its Contexts”

Pernicious cultural norms inside American banks and regulatory agencies have crowded out fundamental moral principles. Ed Kane proposes an antidote.

Inequality, racism, and violence are the real killers in America.

How do we create a “change in culture”?

Most sociologists believe that formal and informal institutions are more critical in explaining the rising inequality observed in advanced economies. In this light, changing institutions such as the ascendance of shareholder-centered corporate governance model, finance-friendly policies since the late 70s, credentialism, and deunionization all contribute to the earnings dynamics at different parts of the distribution.

Can we learn something from philosophy students?

The current economic and financial crisis has given rise to a vigorous debate about the state of economics, and the training which graduate and undergraduates economics students are receiving. Importantly, among those arguing most strongly for a change in the way that young economists are trained are the ultimate employers of these students, in both the private and the public sector. Employers are increasingly complaining that young economists don’t understand how the financial system actually works, and are ill-prepared to think about appropriate policies at a time of crisis.

“You are now leaving the world as you know it.”

Friedrich von Hayek described the economist’s task as demonstrating how little we really know about what we imagine we can design

What happens when professionals lose touch with the people they’re supposed to serve?

what is economically correct must always be balanced with what is morally right.

Economic theories are powerful things, to be used and misused. Those who write economic theory and do economic policy need to be aware of the consequences of what they are doing.