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Professional ethical codes are not a new concept. Lawyers, judges, doctors, journalists, sociologists, archaeologists and many other professional disciplines have formal written codes regarding potential ethical dilemmas within their professions. The American Economic Association’s (AEA) vote to establish a special committee on the adoption of a professional code of conduct for economist seeks to address recent issues regarding conflicts of interests among economists. It is also an acknowledgment of the huge influence economists have in financial markets.

Conflict of Interest and Ethical Professional Responsibility

A conflict of interest is one of the shared ethical dilemmas that commonly arise within the professions. In the legal profession, one of the disclosure conflicts is potentially being retained by two clients with adverse or potentially adverse interests. An ethical consideration is whether the attorney has a duty to advise both parties about the existence of the other and the potential conflict? Is there an even greater duty to "conflict out" and offer a professional declination letter to one of the solicitations for services? In the U.S., the legal profession leaves such ethical rule-making to State regulators who also license attorneys. Unlike the legal and medical professions, however, economics is not a licensed profession.

One of the reasons conflicts of interest are formally addressed in professional codes of responsibility for lawyers is to leave no question in the mind of the practicing attorneys about the profession's expected standard of conduct on certain common ethical issues. Maintaining conflicts of interest without transparency can certainly distort the outcomes for the parties in ways, arguably, that they themselves should each be able to consider before retaining such professional services.

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