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September 2021 posts

Virtual Conference on "Teaching Ethics to Economists: Challenges & Benefits"

By Jonathan B. Wight

Conference Dates: October 21-22, 2021

Virtual Conference

LSBU Business School
&
London Centre for Business and Entrepreneurship Research

During the last 30 years, the conversation between economic theory and ethics has been restarted, after a period of interruption, generated by the positivist era in economics. We cannot ignore, in this revival, the role of the financial crisis, gender and racial inequality and now the divisions revealed by the unequal impacts of the pandemic. An important contribution has been the call for a professional economic ethics led by DeMartino (2011) and DeMartino and McCloskey (2016).

More recently, Dolfsma and Negru (2019) challenge the idea that ethics has no place in economics. Building on their ideas we ask: Is ethics important for the study of the economy and, if so, how should it be taught?

This two day conference will be of interest to lecturers and students in economics and business - and anyone with an interest in the future of the economics curriculum.

Link for the event & registration: 
https://www.eventbrite.co.uk/e/teaching-ethics-to-economists-challenges-benefits-tickets-170298187463 


Programme

Day One: Thursday 21 October

9.45am - Virtual housekeeping & Zoom functionality - Neil Hudson-Basing, Corporate Events Manager, LSBU

9.55am - Welcome Craig Duckworth, LSBU Business School, UK

10am - Introduction to the day. Economics and Ethics - what is the agenda?

10.30am - Revisiting the analytical relationship of Ethics and Economics María Isabel Encinar & Félix-Fernando Muñoz, Universidad Autónoma de Madrid, Spain

11.15am - Theoretical and ethical reductionism and the neglect of subjectivity in economics and economic education - Giancarlo Ianulardo, University of Exeter, UK

12pm - Lunch break

12.30pm - Keeping alive non-individualistic ethics in political economy: a review of concepts from Aquinas to Habermas Stefano Solari, University of Padua, Italy

1.15pm - Racism, the economy and ethics: where does it all begin? - Paolo Ramazzotti, University of Macerata, Italy

2pm - Teaching economic harm to economists - George DeMartino, University of Denver, USA

2.45pm - Comfort break

3pm - The fate of moral philosophy in the age of economic scientism: ethics and welfare economics in mainline economics - Peter Boettke, George Mason University, USA

3.45pm - Plenary: Reflections

4pm - End of Day One

______________________________________________________________________

Day Two: Friday 22 October

9.45am - Virtual housekeeping & Zoom functionality - Neil Hudson-Basing, Corporate Events Manager, LSBU

9.55am - Welcome and intro to Day Two Craig Duckworth, LSBU Business School, UK

10am - Managerial decision making: consequences and Consequentialism - Malcolm Brady & Marta Rocchi, Dublin City University, Ireland

10.45am - Economic curricular, pluralism and the Global South Michelle Groenewald, North- West University, South Africa

11.30am - Accounting as applied ethics: teaching a discipline - Wilfred Dolfsma, Wageningen University, Netherlands

12.15pm - Lunch break

12.45pm - Purusharthas: the human pursuit of wealth and welfare. The Indian approach to ethics and economics - V P Raghavan, Indira Gandhi National Centre for the Arts, India

1.30pm - Economics, ethics and deliberation

  • Ioana Negru, Lucian Blaga University of Sibiu, Romania
  • Imko Meyenberg, Anglia Ruskin University, Cambridge, UK
  • Craig Duckworth, LSBU Business School, UK

2.15pm - The kidney market debate: a retrospective on Becker and Elias - Jonathan Wight, University of Richmond, USA

3pm - Comfort break

3.15pm - Alfred North Whitehead on the education of the commercial class: its influence on Keynes Dennis Badeen, University of Hertfordshire, UK

4pm - Plenary: Reflections

4.15pm - End of Conference

*Times according to GMT

________________________________________________________________________________________________

This conference will be delivered virtually via Zoom. You will receive the joining instructions on the Monday before the event takes place.


On Edward Glaeser, urban economics, and economics-and-ethics

GlaeserBy Mark D. White

I'll start this post with an admission of ignorance: I've long had a casual interest in urban economics, although I've never had the opportunity to give the literature the attention it deserves. Given its policy focus, however, there would seem to be ample room for alternative ethical approaches, especially regarding property rights as well as the nature of welfare or well-being in an intrinsically and intensively social context. Whether or to what extent this is been done, however, I have no idea.

Evidence that such considerations are being addressed by urban economists comes from a feature on Harvard economist Edward Glaeser and his evolving views on the roles of the market and the state in the "life" of cities. (The piece was prompted by Glaeser's latest book, Survival of the City: Living and Thriving in an Age of Isolation, co-authored with his Harvard colleague, health economist David Cutler.) Whatever one may think of Glaeser's shift from his early libertarianism to his more recent endorsement of government intervention, his concern with not only growth, income, and employment, but also health, poverty, and well-being, suggests the kind of ethically nuanced approach the topic needs.

I find this very encouraging, and I look forward to investigating his work, and that of other urban economics, more in the future. (I do have to wonder, still, if more traditionally academic work in urban economics, by Glaeser or others, incorporates the same broader approach. If anyone knows of work along these lines, I would be more than happy to showcase it here.)


Symposium: Cost-Benefit Analysis at the Crossroads (LPE Project)

Lpe projectBy Mark D. White

The Law and Political Economy (LPE) Project recently launched a symposium that promises to examine cost-benefit analysis (CBA) under the critical lens of political science, law, and philosophy. The introductory post by legal scholar Frank Pasquale can be found here, and after surveying a number of the issues with CBA, summarizes the symposium's intent and future participants in its final paragraph:

The challenge to CBA is now clear. If it is to be a tool of policy evaluation worth supporting, we must embed it in political frameworks that make CBA just as prone to catalyzing regulation, as to derailing it. Moreover, the limits of quantification must be squarely addressed. Posts in this symposium demonstrate a way forward on both fronts, enriching CBA with both immanent and transcendent critiques of past OIRA missteps. We will be thrilled to welcome the symposiasts over the coming weeks: Beth Popp Berman, James Goodwin, Lisa Heinzerling, Zachary Liscow, Melissa Luttrell, Jorge Romano-Romero, Mark Silverman, Amy Sinden, and Karen Tani. Each has done important work in the field, and LPE Blog is honored to host their contributions.

The first full post, by legal scholar Lisa Heinzerling, discusses CBA in the context of the dual concerns of racial justice and climate change. She asks whether CBA can adequately appreciate the true benefits of action on these fronts, given its reliance on discounting of future benefits (which is highly sensitive to the specific discount rate chosen) and monetary valuation of benefits (which does not apply well to issues involving dignity and rights). She concludes by suggesting an alternative evaluative approach to these policy issues:

Discounting and monetary valuation are so central to the cost-benefit method that it is hard to imagine cost-benefit analysis without them. Happily, though, it is easy to imagine White House regulatory review without cost-benefit analysis. The vast majority of federal regulatory statutes do not require cost-benefit analysis. Many do not even allow it. Instead of evaluating major rules by asking whether they satisfy the test of formal cost-benefit analysis, the White House could ask whether the rules faithfully follow the relevant statutory framework and whether the agencies have rigorously analyzed the evidence in front of them. This simple reform would not only avoid the conundrums posed by cost-benefit analysis. It would also close the gap that has opened between the regulatory standards set by Congress and the cost-benefit metric that recent presidents have preferred.

This symposium is shaping up to be a valuable and fascinating survey of the numerous moral, legal, and political issues with cost-benefit analysis, and we'll likely be highlighting more contributions here as it continues.


A new Economics and Ethics, same as the old Economics and Ethics...

Small logoBy Mark D. White

Welcome to the new and improved, but basically the same, Economics and Ethics blog!

It's been nearly two years since this blog has featured any content, and for a long time up to that point Jonathan was carrying the ball on his own. (Thanks Jonathan!) But we have returned, spruced the place up a bit, and we're ready to get back to business.

As we slide back into "regular" posting again, we'll start by sharing any new books, articles, conference, and media that is relevant to economics and ethics—and I'm pleased to say there is a lot to share, if judging only by the number of tabs open on my browser at any given time.

Before long, I hope we can also resume offering short commentary and responses to new developments in the field, including longer discussions of academic work past and present—one goal is to have a bibliography or reading guide to complement Jonathan's teaching guide—as well as insights on real-world events from an ethically-informed economic perspective.

But Jonathan and I don't want to do this all by ourselves: We welcome contributions from interested and knowledgeable people from all backgrounds. I've reached out to some of very smart people—and again, I'm pleased to say I know a lot of them—but feel free to drop me a line at [email protected] if you want to be an occasional or regular contributor.

Also, this blog now has a dedicated Twitter account, @econandethics, which I hope you will follow and retweet when we've earned it.

Stay tuned...