The Tragedy of Economics

On the Nature of Economic Harm and the Responsibilities of Economists

Bibliographic Data

ID23617423
AuthorsGeorge Demartino (0000-0001-8718-783X, University of Denver, corresponding author), George F DeMartino (Economics, University of Denver)
Year2019
Pages474-495
Publication date2019-06-13
Peer ReviewedYes
Open AccessNo
TypeCHAPTER
VenueOxford Handbook of Ethics and Economics (SOURCE_BOOK)
PublisherOxford University Press (PUBLISHER • GB)
DOI10.1093/oxfordhb/9780198793991.013.29
OpenAlexW2971206975
ISBN9780198793991
LanguageEN
References cited22

Economists cause harm as they try to do good: that is the tragedy of economics. That claim is a non-normative description, not an indictment of the profession. Harm arises because of the uneven impact across society of most economic policy interventions, and because of the irreparable ignorance economists face in their work. But the profession gives inadequate attention to the harm its practice induces—a claim that is both positive and normative. Standard approaches to harm in economics present harms as fully reparable through monetary compensation, even though many harms are not in fact reparable or compensable. Given its prevalence and depth, economists should foreground economic harm in their assessment of economic systems. The paper offers one such approach: “economy harm profile analysis.”

Economics · Harm · Law and economics · Neoclassical economics · Political science · Positive economics · Public economics · Social science · Sociology · Tragedy (event) · Economic Theory and Institutions · Economic, financial, and policy analysis · Law

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