Most professions, like lawyers, doctors, scientists, and sociologists adopted a code of ethics long ago but that could change soon for one of the lone holdouts, the curmudgeonly economists. Their big conference kicks off today in Denver. On the agenda is whether they should adopt such a code. A little movie called Inside Job might have something to do with it.
Here’s a grim economics lesson: In Alabama, there’s a law that allows the Sheriff to keep any money that’s left over after feeding the prisoners in the county jail. Can you guess what the result of this conflict of interest might be?
FTC head said she won’t recuse herself from the review of Google’s acquisition of the DoubleClick online advertising firm, despite petitions by some consumer groups alleging conflict of interest. [AP]