Is Economics an Ethic free subject?

[Free Trade is managed by the invisible hand.]

I was just wondering because in the political debate forum me and someone else were discussing private prions, and normally the ethical implications of private prisons are more dominant than the issue of efficiency. Obviously the private prison industry is highly violative, and prone to various market conditions but perhaps the industry will stabilize one day. Until that day occurs I wonder how often an economist thinks about the ethical conundrums surrounding such an Industry. For example lets pretend that one our leading industries was the cornerstone of our economy, but was also highly unethical and thus one would have to make a trade off between efficiency and moral values.

[phk]

It depends on the economist.

I'm somewhat agnostic with regards to issues of who should get the maximum social welfare for example but a person whose interested in Law/Economics would be highly interested in the ethical implications of economics.

[Free Trade is managed by the invisible hand.]

It depends on the economist.

I'm somewhat agnostic with regards to issues of who should get the maximum social welfare for example but a person whose interested in Law/Economics would be highly interested in the ethical implications of economics.

could you send me some good links/papers on law/economics?

[k-onmmunist]

Depends. Most economicists see it that way unless they're socialist. For example, most economists support ending the minimum wage.

[ag]

As a citizen, an economist may have all sorts of ethical or social views. But economics itself is not about ethics (I am not talking about professional ethics - e.g., not falsifying data, not plagiarizing, etc.). The job of an economist is to explain the consequences of various policies. However, the policy objectives are usually exogenous. So, if the task is to provide healthcare to everyone, an economist may have an educated opinion on how best to achieve it. But whether to provide healthcare to everyone or not is a question not for an economist, but for a citizen, and one's answer to that question is, generally, independent from being an economist or not.

[phk]

It depends on the economist.

I'm somewhat agnostic with regards to issues of who should get the maximum social welfare for example but a person whose interested in Law/Economics would be highly interested in the ethical implications of economics.

could you send me some good links/papers on law/economics?

http://economics.ucsd.edu/facRes/resGroups/resGroups.aspx?fid=23

These 3 people at my school do research in Law/Economics.

Not something I'm that interested in though.

[○∙◄☻¥tπ[╪AV┼cVê└]

Just add ethical parameters to your cost function, and you should be set.

[Lief 🗽]

Economics is (supposed to be) a science. It (is supposed to) only describes how the world works, particularly how human beings react to the scarcity and alternate uses of resources. It is (supposed to be) like how physics describes how matter works or biology describes how living organisms work. Using the tools that the discipline of economics thus provides us to analyze and understand the world, we then make informed decisions, which may or may not be ethical.

[opebo]

Economics is (supposed to be) a science. It (is supposed to) only describes how the world works, particularly how human beings react to the scarcity and alternate uses of resources. It is (supposed to be) like how physics describes how matter works or biology describes how living organisms work. Using the tools that the discipline of economics thus provides us to analyze and understand the world, we then make informed decisions, which may or may not be ethical.

When 'the world' one is describing is merely a set of policies, it really cannot 'work' without 'ethics' - if by ethics we merely mean the political choice of selecting certain policies.

[Free Trade is managed by the invisible hand.]

If I was an economist I couldn't bring my self to advise a firm that is not treating workers right. I could lecture them all day about how employee moral is important for productivity, but if they continue to treat workers like crap than screw them!

[opebo]

If I was an economist I couldn't bring my self to advise a firm that is not treating workers right. I could lecture them all day about how employee moral is important for productivity, but if they continue to treat workers like crap than screw them!

It is the capitalist system which causes workers to be used in that way, HoffmanJohn, not any particular firm.  If we equalize power politically, there will be no more capacity for abuse.

Viewing one corporation as better than another is rather like saying "oh Massah John is a good massah - he don't beat us hardleh 'htall."

[k-onmmunist]

If you think capitalism comes even CLOSE to the evils of slavery, you need your head checking.

[MK]

If you think capitalism comes even CLOSE to the evils of slavery, you need your head checking.

Its a new way of slavery.

[k-onmmunist]

If you think capitalism comes even CLOSE to the evils of slavery, you need your head checking.

Its a new way of slavery.

I'm sorry, but individual enterprise isn't something that smacks to me of cotton plantations.

[Ban my account ffs!]

Cotton plantations were very much free enterprise!  The people found the cheapest of labor.  Free labor!  That's how they competed so well and kept other uppity people from starting their own plantations.

That is basically what we've come to today.  Our lives and property are, for the most part, not owned by us.. but we are indebted to employment in order to pay the bank in order to enjoy the property they have been kind enough to allow us to have.

The original saying was not "Life, liberty, and the pursuit of happiness".. no, that's a bunch of garbage.  In fact, the line was "life, liberty, and property."

Property is a right, not a privilege, as property is inherently necessary in a capitalist system in order to maintain liberty and freedom.

But instead, the bank owns the property and they can call in the loan at any time.  Sure makes me feel FREE!

Now if we could just get government off my back, I'm sure the bank would be willing to donate the property to me, that I might be free

[Filuwaúrdjan]

Slavery was, of course, critical to the process of industrialisation and the development of consumerism. Historical fact. Whether any moral or ethical lessons can be drawn from that is a matter of opinion.