In this lead piece of our trilogy, the author argues that economists need to engage the ethics of what they do directly and actively. He presents four compelling propositions for why they must do so. Not least of these is that the economic sciences are uncertain. His intriguing case follows.

Perhaps economists would not need a professional ethics code if they knew with certainty what the outcomes of their policies would be. But they do not, and therefore they should abide by a higher standard of conduct.

A group of prominent international economists got together to develop an urgent call for change. As they say, the European Union became an Austerity Union. Their call for new policies includes a focus on growth and employment, reducing inequality, reforming banking, and new taxes and social...