The Economist's Quandary: Ethical Values

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Abstract
The purpose of this article is to suggest a solution to the quandary from which the economist appears unable or unwilling to extricate himself. The quandary is his own production. On the one hand, the economist is jealous of his position as scientist, a disinterested pursuer of the truth, and on the other hand, he has an irresistible urge to use his knowledge as an economist for the purpose of relieving society, and, indeed, civilisation of its social ills. To suggest how social ills may be cured is to define goals to be reached. To choose goals is to make value judgements. There is no quandary where the economist as economist simply makes value judgments and still adopts the posture of the scientist. Such dualism, however, incurs the displeasure of those of a critical turn of mind. It actually brings forth censure and suggestions that value judgments should be openly made.

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