"When the Stanford business professor Darrell Duffie co-wrote a book on how to overhaul Wall Street regulations, he did not mention that he sits on the board of Moody’s, the credit rating agency.
As a commentator on the economy, Laura D’Andrea Tyson, a former adviser to President Bill Clinton who teaches in the business school at the University of California, Berkeley, does not usually say that she is a director of Morgan Stanley.
And the faculty Web page of Richard H. Clarida, a Columbia professor who was a Treasury official under President George W. Bush, omits that he is an executive vice president at Pimco, the giant bond fund manager.
...leaders of the American Economic Association, the world’s largest professional society for economists, founded in 1885, are considering a step that most other professions took a long time ago — adopting a code of ethical standards.
...Should economists be required merely to disclose who finances their research, as many academic journals already require?
Should they have to reveal which corporate clients they advise, consult for or give speeches to?
Should they even be allowed to serve as corporate directors and officers, as many business and finance professors do?
...Since economics emerged as a modern discipline in the late 19th century, its practitioners have resisted formal ethical codes...
...“Certainly the implication ...was that people were selling their academic reputations to further the interests of moneyed individuals and institutions.”
...many financial economists who weighed in on the Wall Street overhaul signed into law in July did not prominently disclose potential conflicts of interest."
SEWELL CHAN
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