The No harm principle, an ethical principle for economic policy advisors?
In a recent article in the New York Times, Harvard economics professor Gregory Mankiw points out that economic policy advice always relies on political-philosophical standpoints and, inspired by medical ethics, suggests that economists that give policy advice should apply the No harm principle rather than promote policy based on uncertain predictions and political-philosophical convictions. By applying his interpretation of this principle, he claims that economists should not endorse either the Affordable care act, or higher minimum wage because these are in fact policies that cause harm.
It is refreshing with an economist who recognises that there is no such thing as purely scientific, value-free economic policy advice, and it is interesting to consider whether ethical principles can be introduced to deal with biases inherent to policy advice and with uncertainties innate to economic predictions. However, Mankiw’s proposal is as biased as the policy advice he addresses, and his proposed version of the No harm principle is at best a poor re-articulation of his own ideological convictions.Read More »The No harm principle, an ethical principle for economic policy advisors?