The Professions

M. R. Griffiths and J. R. Lucas

Chapter Chapter 8 in Ethical Economics, 1996, pp 119-133 from Palgrave Macmillan

Abstract: Abstract Transactions with professional people differ in that they claim to be acting disinterestedly and not to be concerned to make a profit. Although it is difficult to give a completely satisfactory account of disinterestedness and benevolence in terms of the Theory of Games, it is clear that such conduct is possible. The professional ideal, however, is difficult to realise, in view of the fact that professional people are human, with human wants and needs, and only limited time and resources available to them. In a monetary economy they need to be paid, sometimes by providing them with a salary from outside sources, sometimes by their charging fees. Both methods have their disadvantages, and can in the course of time lead to a loss of professional idealism. There is a fundamental clash between the professional’s fiduciary role, doing what is best in his judgement for the client, patient, pupil, or parishioner, and identifying with the individual so completely as to do what he happens to want. Recent attacks on the professions have emphasized the importance of consumer choice, but failed to recognise the need for reliable guidance and the importance of the fiduciary role.

Keywords: Consumer Choice; Business Transaction; Financial Adviser; Business Profession; Monetary Payment (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-38995-3_8

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DOI: 10.1057/9780230389953_8

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