Key insights

• ⚖️ Economists engage in pro-social lying by deceiving the public about the economy for the greater good
• ⚠️ Deception for the greater good poses ethical dilemmas and has significant influence on the economy
• ⛓️ Central banker's strategic speaking during the 2008 financial crisis was deceptive but necessary to prevent the crisis from worsening
• ⚙️ The ethical complexity of central bankers' strategic speech, pro-social lying, dirty hands defense, and the lack of viable ethical standards
• 🔍 Economists often feel pressured to produce false or misleading reports, risking their own credibility and the trust of the public
• 📉 Deception in economics erodes trust and can lead to catastrophic consequences such as the pandemic
• 📊 The implications of economists' statements should not be taken as accurate economic forecasts
• 🔒 Deception is routine in the economics profession, leading to potential loss of legitimacy and trust

Q&A

• What are the consequences of deception in economics?

  Deception in economics erodes trust and can lead to catastrophic consequences such as the pandemic. The declining trust in economic experts and the unsustainable nature of pro-social lying in the long run emphasize the need to interpret economists' pronouncements with greater scrutiny.

• Why is deception considered routine in the economics profession?

  Deception is considered routine in the economics profession because economists often feel pressured to produce false or misleading reports, risking their own credibility and the trust of the public. This routine deception poses a significant risk to the profession's legitimacy and trust.

• What are the ethical complexities associated with central bankers' strategic speech?

  The strategic speech of central bankers poses ethical complexities due to the uncertainty of its effects on the economy. It raises questions about the ethical standards in economics and justifications for using deception as a means to achieve a more important social good.

• What is strategic speaking in economics, and why is it used?

  Strategic speaking, often used by central bankers, involves deceptive but necessary communication to prevent the worsening of a financial crisis. It serves as forward guidance to influence the economy and maintain stability during critical financial situations.

• Can you provide an example of pro-social lying in economics?

  The case of Ben Bernanke during the 2008 financial crisis exemplifies pro-social lying in economics. The author questions the ethical exceptionalism of economics and explores the ethical implications of using deception for the greater good.

• What is the ethical dilemma related to pro-social lying in economics?

  Deception for the greater good poses ethical dilemmas and has a significant influence on the economy. The paper questions whether this ethical exceptionalism is justified and examines the lack of viable ethical standards in the field of economics.

• Why do economists engage in pro-social lying?

  Economists may engage in pro-social lying to deceive the public for the greater good, especially in critical financial situations like the 2008 crisis. This deceptive behavior is aimed at preventing disruption to the financial system and maintaining stability.

• What is the research paper about?

  The research paper discusses how economists engage in pro-social lying by deceiving the public about the economy for the greater good, but emphasizes that the implications of their statements should not be taken as accurate economic forecasts.

• 00:00 The research paper discusses how economists engage in pro-social lying by deceiving the public about the economy for the greater good, but the implications of their statements should not be taken as accurate economic forecasts.
• 03:11 Economists may choose to lie or omit details for the greater good, especially in critical financial situations like the 2008 crisis. The author questions whether this ethical exceptionalism is justified and studies the case of Ben Bernanke, who exemplifies pro-social lying.
• 06:31 Central banker's strategic speaking during the 2008 financial crisis was deceptive but necessary to prevent the crisis from worsening. This strategic speaking serves as forward guidance to influence the economy.
• 09:57 The ethical complexity of central bankers' strategic speech, pro-social lying, dirty hands defense, questions about economist deception, and the lack of viable ethical standards.
• 13:18 Economists often feel pressured to produce false or misleading reports, risking their own credibility and the trust of the public. Deception is routine in the profession, leading to potential loss of legitimacy and trust.
• 16:34 Deception in economics erodes trust and can lead to catastrophic consequences such as the pandemic. The level of trust in economic experts is declining, and pro-social lying is unsustainable in the long run. There is a need to interpret economists' pronouncements with greater scrutiny.