Cameron M Weber Paper for GBRS Rome June 16 2016 DRAFT Comments Welcome Econogenic Harm Redress and Economic Health Paper is exploratory work builds upon recent work on econogenic or economic policyinduced harm especially George DeMartino 2014 in the ID: 556629
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Slide1
“Econogenic Harm, Redress and Economic Health”
Cameron M. Weber
Paper for GBRS Rome - June 16, 2016
DRAFT: Comments WelcomeSlide2
“Econogenic Harm, Redress and
Economic Health”
Paper is exploratory work, builds upon recent work on “econogenic” (or economic policy-induced) harm, especially George DeMartino 2014 in the
Oxford Handbook of Professional Economic Ethics
.
Slide3
“Econogenic Harm, Redress and
Economic Health”
Paper is heterodoxical in approach (non-mainstream, critique of orthodoxy) exploring unintended economic policy effects and subsequent psychological (immeasurable) harm, subjectively evaluating the actual results of overt policy announcements using economic reasoning (is a deductive not an empirical exercise, is form of “radical subjectivity”).
Slide4
“Econogenic Harm, Redress and
Economic Health”
Paper is explicit critique of utilitarianism, where experts are assigned the right to intervene into the economy with the assumption that these experts (with what knowledge? [education?] Hayek 1945) know better than individuals what is best for these individuals themselves.
Slide5
“Econogenic Harm, Redress and
Economic Health”
Under
analytical egalitarianism
(Peart and Levy 2011) methodological lens, where we assume everyone has the capacity to learn for themselves what is best for themselves, the assignment of paternalistic roles to the state reduces individual agency by creating a hierarchical (utilitarian) society.
Slide6
“Econogenic Harm, Redress and
Economic Health”
The economic rationale for the assignment of economic experts with a right to intervention is the assumption that experts have the knowledge to make interpersonal comparisons of individual subjective utility preferences.
Paper denies that this is possible, policy experts cannot know what’s best for people they do not know, to assume otherwise is a “pretense of knowledge” (Hayek 1974).
Point of paper is to contribute to “conversation” (discourse economics) around econogenic harm.
Slide7
“Econogenic Harm, Redress
and Economic Health”
Some forms of egonogenic harm are measurable in monetary terms (Slavery Abolition Act 1833).
Others are not, is psychological harm (based on sympathy), DeMartino makes a taxonomy (“usefully imprecise”) of econogenic harm.Slide8
DeMartino (2014) taxonomy of econogenic harm Slide9
DeMartino (2014) taxonomy of econogenic harm (cont.) Slide10
“Econogenic Harm, Redress and Economic Health”
Paper gives three specific examples of psychological, social and moral
harm, necessarily subjective to author, caused by economic policy.Slide11
“Econogenic Harm, Redress and Economic Health”
Summation
Paper shows specific examples of complex psychological harm induced by economic policy-making in the United States (with implications for other polities). This harm is not redressable in monetary terms because it is not quantifiable. Although we agree with George DeMartino (2014, 2015) in the existence of this harm, and that this harm is caused by economic policy experts, we disagree with DeMartino in that we believe this harm can be reparable. The first instance in redress of this harm is identifying this harm. This identification of harm as an act of civic virtue is itself an instance of reparability.