Every day three Australians die or suffer needlessly waiting for a transplant because we have poor organ donation rates. However, organ shortages are a universal problem. It has been estimated more than a million people are awaiting kidney transplants in the world.
Hurricane Harvey has wreaked havoc across the Southern United States, causing severe flooding and breakdowns in all sorts of essential infrastructure such as transport and communication. At some point, there seems to have been an erosion of the unwritten rules that form our social norms, and at the surface, it can appear that there are profiteers seeking to make a quick buck out of the desperate – price gouging.
Julie Nelson’s economic paper “Poisioning the well, or how Economic Theory Damages Moral Imagination” poses an interesting question: is there such a thing as ethical economics? Economic history and literature are embedded with an array of theories that have nothing to do with ethics or moral inclinations. For example, Adam Smith’s invisible hand insisted that the market itself would direct individual behaviour in the right direction.