Schumpeter | Economists and conflicts of interest
Conflicts of interest
Economists have a long tradition of conflicts of interest
By Schumpeter
ECONOMISTS have recently been debating whether to adopt a code of ethics, to deal with widespread worries about conflicts of interest. But dubious behaviour has a long history in a profession that is, by its nature, a magnet to people who are preoccupied by money. David Warsh recounts one of Paul Samuelson's favourite stories about David Ricardo and the huge profits he reaped after the Battle of Waterloo:
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