Bretton Woods, Past and Present: 1. Ethics in Economics

The transcript discusses the role of economics as a legitimizing ideology for political changes since the 1970s, highlighting conflicts of interest within the field and comparing it to other professions. It explores the differences between policy-making and research in economics, emphasizing the need for conviction in policy implementation. The text also covers a Senate testimony involving financial regulation and the importance of ethical standards in economics, advocating for transparency and scientific rigor.

What has been the role of theoretical economics in political transformations over the last 30 years?

• To focus on social capital and connections

• To oppose market fundamentalism

• To legitimize political changes and market fundamentalism

• To provide a scientific basis for economic policies

How does the speaker compare the conflicts of interest in economics to those in other professions?

• Economists face more conflicts than other professions

• Economists face fewer conflicts than other professions

• Economists face similar conflicts as other professions

• Economists are free from conflicts of interest

What mindset is necessary for policy implementation according to the speaker?

• Skeptical and questioning

• Flexible and adaptable

• Confident and decisive

• Hesitant and unsure

What was the focus of the testimony before the Senate Finance Committee?

• The need for a new economic theory

• The importance of social capital

• The impact of market fundamentalism

• The role of economists in financial regulation

What potential conflict of interest is highlighted in the testimony?

• Economists avoiding any form of public testimony

• Economists working for government and private firms simultaneously

• Economists refusing to work with financial institutions

• Economists focusing solely on academic research

What is emphasized as crucial for economists in the debate on ethics?

• Mathematical rigor and consistency

• Political alignment and ideology

• Scientific rigor and real-world correspondence

• Financial backing and support

What challenge is associated with maintaining integrity in economics?

• Balancing academic and policy roles

• Avoiding financial backing

• Ensuring mathematical consistency

• Adhering to a strict code of ethics