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Full-Text Articles in Social and Behavioral Sciences
Reflections On Finance And The Good Society, Robert J. Shiller
Reflections On Finance And The Good Society, Robert J. Shiller
Cowles Foundation Discussion Papers
After the financial crisis that began in 2007 many have expressed renewed doubts about the basic goodness of the financial sectors, doubts related to deeply-held moral principles and traditions of larger society. We need to reconcile these doubts with financial practice. We must acknowledge the important principle of reciprocity. We must understand that there are natural human tendencies towards aggression and hoarding, which no financial institutions and codes of ethics can completely eliminate. We must appreciate the important role of professional organizations in moderating these tendencies. When these principles are made part of financial education we can expect better public …