Do Economists Have Social Responsibilities?

The video explores the concept of positive economics and its limitations, emphasizing the implicit social values in economic practices. It discusses the ethical responsibilities of economists, especially when they influence public policy. The dilemma of lying in economics is examined, using Ben Bernanke's actions during the 2008 financial crisis as a case study. The need for professional ethics in economics is debated, highlighting the difference between ethics and a code of conduct. Finally, the video addresses the limits of economic knowledge and the importance of acknowledging these limits in economic training.

What is the primary focus of positive economics?

• To create economic policies

• To evaluate economic theories

• To explore how the world is

• To prescribe how the world should be

What ethical responsibility arises when economists influence public policy?

• No responsibility

• Financial responsibility

• Legal responsibility

• Ethical responsibility

Why was Ben Bernanke's conduct during the 2008 financial crisis considered controversial?

• He resigned from his position

• He lied to Congress

• He increased interest rates

• He manipulated data

What is the difference between professional ethics and a code of conduct in economics?

• There is no difference

• A code of conduct is optional, ethics are mandatory

• Ethics involve legislation, while a code of conduct does not

• Ethics are about inquiry, not rules

What is the role of education in professional economic ethics?

• To limit economic research

• To promote understanding and debate

• To replace legislation

• To enforce a code of conduct

What is suggested as a necessary part of undergraduate economic training?

• Limits of economic knowledge

• Historical economic theories

• Global economic policies

• Advanced mathematical models

Why is it important for economists to acknowledge the limits of their knowledge?

• To enhance their reputation

• To avoid legal issues

• To improve public trust

• To gain more funding