Ethics in economics and policy advice
Do ethics play a role in economics? To what extent should it play a role in advising politicians? These questions were discussed in mid-April by Prof. Dr. Bruno S. Frey (University of Basel), Prof. Dr. Clemens Fuest (Ifo Institute), Prof. Dr. Friedrich Heinemann (ZEW), Prof. Dr. Michael Hüther (IW Cologne), Prof. Dr. Dominika Langenmayr (Catholic University of Eichstätt-Ingolstadt), Prof. Dr. Dr. h.c. Margit Osterloh (University of Basel), Prof. Dr. Regina Riphahn (Friedrich-Alexander-Universität Erlangen-Nürnberg), Prof. Dr. Achim Wambach (ZEW) and Prof. Dr. Dr. h.c. Friederike Welter (University of Siegen/IfM Bonn) at the invitation of Prof. Dr. Nils Goldschmidt (University of Siegen) at the Global Ethic Institute in Tübingen.
According to Prof. Dr. Clemens Fuest, economics has a lot to do with ethics. He therefore argued that economics should "concentrate on analyzing interrelationships and help to make them understandable": "Academics should not present their own values as scientific findings, but rather transparently explain the consequences that different value orientations can have," said Fuest. Prof. Dr. Dr. h.c. Welter also emphasized that scientific analyses should form the indispensable basis for political advice. At the same time, however, she also emphasized that "the boundary to political positioning is crossed where advice is given without a sound scientific basis".
