Ethics and the Nobel Laureates in Economics

Jonathan Wight

I’ve compiled a list over the years of Nobel prize winners who’ve shown a willingness to engage in a discussion about ethics and economics.  Merely engaging is to be applauded—when this subject is so often considered taboo. 

My list is below—but I'm sure it needs editing.  Who would like to add or make corrections?  Thanks!

THE LIST:

•          Paul Samuelson (1970)

–        Altruism can exist independent of self-interest.

•          Kenneth Arrow (1972)

–        Virtues play a significant role in the operation of the economic system, particularly when there is asymmetric information.

•          Gunner Myrdal (1974)

–        Race relations and equity in development

•          F.A. Hayek (1974)

–        Social order depends upon complex ethical regularities – which for the most part we do not understand and hence we underestimate.

•          Milton Friedman (1976)

–        No society can be stable unless its citizens accept basic core values and institutions.  These values and institutions must be accepted without reliance on instrumental, cost-benefit calculations. 

•          Herbert Simon (1978)

–        Bounded rationality and “docility” unite to make ethical constructs successful.

•          James Buchanan (1986)

–        Individual behavior is morally-ethically constrained.

–        The standard cost-benefit reckoning (consequentialist) is not operative in this realm.

•          Robert Solow (1987)

–        Intergenerational justice and sustainability concerns should be addressed

•          Robert Fogel (1993)

–        Religious ethics promote social reforms (e.g., abolition of slavery).

–        The redistribution of spiritual resources is key concern for next generation (sense of purpose, self discipline, work ethic, thirst for knowledege).

•          Reinhardt Selten (1994)

–        Evolutionary game theory

•          Amartya Sen (1998)

–        The strict dichotomy between normative and positive economics is false.

–        The neoclassical utility maximization model is seriously deficient.

–        Role of commitment to others and to principles [Railway story]

•          Daniel Kahneman (2002): 

–        Psychology, bounded rationality, and concern for fairness (e.g., ethics?) permeates many economic relationships.

•          Elinor Ostrom (2009): 

–        Governance in local communities to solve tragedy of commons problems

 

Comments

[Mark D. White]

Great job, Jonathan! Wonderful idea too - let's hope the list deepens (and even widens).

[sandra j peart]

Vernon Smith on the Two Faces of Adam Smith and the importance of reciprocity for human action?