Economics and Morality: Paul Krugman’s Framing

by George Lakoff and Elisabeth Wehling

 

In his June 11, 2012 op-ed in the NY Times, Paul Krugman goes beyond economic analysis to bring up the morality and the conceptual framing that determines economic policy. He speaks of “the people the economy is supposed to serve” — “the unemployed,” and “workers”— and “the mentality that sees economic pain as somehow redeeming.


Krugman is right to bring these matters up. Markets are not provided by nature. They are constructed — by laws, rules, and institutions. All of these have moral bases of one sort or another. Hence, all markets are moral, according to someone’s sense of morality. The only question is, Whose morality? In contemporary America, it is conservative versus progressive morality that governs forms of economic policy. The systems of morality behind economic policies need to be discussed.