Policy Article

New Ethics for Economics?

Kiel Policy Briefs, 60

In the wake of the global crisis, a new resentment against capitalism and the rules of our market economy has developed and has also influenced the economic mainstream. One particular aspect is whether an overemphasis of market rules could have had serious repercussions on people's behavior and on the internal balance of society. A new direction of economic thinking, the behavioral and psychological approach seems to confirm this view. However, no clear political conclusions can yet be drawn from the new findings. They show that a degree of morality is inevitable and possible for cooperation in a successful society.