The IMF and a Pledge for Economists

As dissatisfaction with the prevailing state of the economics profession continues, Finance & Development (F&D) - an International Monetary Fund publication - has raised the following question in its June 2024 edition: We entrust economists with the health of the world economy. Should they, like medical doctors, take an oath of ethics? In addition to the question posed, F&D has published "A Hippocratic Oath for Economists" proposed by a "Philosophical Theorist". The Oath/Pledge has addressed several issues related to people, planet, data, humility, diversity, truth, progress, pragmatism, stewardship, clarity, complexity, among others. In this Issue, Global Perspectives is reproducing the Pledge almost in its entirety for its readers.

A Hippocratic Oath for Economists

• As I dedicate myself to understanding our world and enhancing individual freedoms, informed by past wisdom and the universal principles that bridge human experiences, I pledge to set aside my fleeting urges and elevate my feelings, thoughts, actions toward wisdom, liberty, and services.
• I will always remember that behind the numbers and codes there are people with dreams, aspirations, and needs.
• In crafting policies, I will respect local traditions, yet be informed by universal freedoms, while ensuring that my values guide but do not dominate.
• With my imagination and curiosity, I will aim to uncover unseen layers of people, places, and ideas, valuing understanding over quick judgments.
• I will honor truths from diverse voices, regardless of background, eloquence, or identity.
• I will be honest about my personal leanings, politics, and ambitions while making a sincere effort to anchor my work and advice in objectivity.
• I commit to using data to uncover and measure the deeper truths of our economic lives, even before I look for cause and effect.
• I commit to continuously hone my expertise, learn from my missteps, and stay open to fresh insights, even those that question my core beliefs,
• Beyond the promotion of individual and national incomes, I vow to enhance progress rooted in human well-being and inclusive prosperity.
• I will communicate my insights clearly and without pretension so that complex ideas are both accessible and respected for their intricacy.
• Engaged with civil society, I will spur broader participation in economic dialogue, emphasizing our shared stake in the economic future.
• Real-world constraints may push me toward quick wins or voter-safe solutions, but I will strive for policies rooted in sound principles and social welfare.
• By guiding and inspiring future economists, I will ensure that the torch of wisdom and curiosity shines brighter across areas,
• I will endeavor to shape an economy that benefits the planet and future generations, placing suitable value on the distant rewards of sustainable growth.
• Aware of potential distortions from varying interests, I will remember the unrepresented, weighing visible benefits against unseen costs for silent stakeholders.
• Even in the absence of external rules or laws, my ethical stance will remain steady - advance progress or avoid harm and never forget my work's societal implications..

And the Oath ends like this:

With this pledge, I hold in my hearth a commitment to apply my knowledge and efforts for the greater good, ever conscious of my duty to people, planet, and progress.

Clonclusion

It is a good sign that the wind is blowing toward changes in economics as a profession and a discipline. It seems that the voices of the critics are finally being heard. Kudo to the International Monetary Fund (via Finance & Development) for its courage to publish the proposed "Economist's Pledge" because the decision to acknowledge misconceptions/missteps publicly, advocate for changes, and - more importantly - to change course of action is not an easy one to make. (This ovation, however, must not be construed as a tacit endorsement of all current IMF policies and all elements of the IMF Conditionality.) Kudo also to all those who have participated in the process, particularly the Philosophical Theorist for his/her invaluable input. Constructive criticism is a catalyst for changes. It must be nurtured, and its adherents should be embraced, not ostracized.

I hope that the World Bank Group - as the IMF's twin sister -will do the utmost not only to honor this Pledge but also to make it part of its curriculum at the WBG Academy.

P.S. Global Perspectives will not be published in August because the author will not be available. Enjoy the rest of the summer!!!