Reflections on Finance and the Good Society

Robert Shiller

No 1894, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: After the financial crisis that began in 2007 many have expressed renewed doubts about the basic goodness of the financial sectors, doubts related to deeply-held moral principles and traditions of larger society. We need to reconcile these doubts with financial practice. We must acknowledge the important principle of reciprocity. We must understand that there are natural human tendencies towards aggression and hoarding, which no financial institutions and codes of ethics can completely eliminate. We must appreciate the important role of professional organizations in moderating these tendencies. When these principles are made part of financial education we can expect better public acceptance of the important role that finance plays in our society.

Keywords: Business ethics; Religion; Reciprocity; Aggression; Hoarding; Repugnance; Speculation; Professional organizations; Dodd-Frank Act; Teaching; Business education (search for similar items in EconPapers)
JEL-codes: G0 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2013-05
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (24)

Published in American Economic Review, Papers and Proceedings (May 2013), 103(3): 402-405

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