Skip to main content

The criminal responsibilities of … economists?

Using the events of L'Aquila and the subsequent convictions of Italian seismologists as a starting point, Dr Ioannis Oikonomou goes on to explore the extent to which economists could and should be held accountable for economic and financial turmoils.

In case you have missed it, a few months ago it was widely reported in the media that half a dozen Italian seismologists were convicted for manslaughter after being accused of not being able to predict (and giving false assurances prior to) the earthquake that struck L’Aquila and led to the death of 300 people. Reactions varied greatly: from the Royal Society and US National Academy issuing brief statements and simply condemning the decision of the Italian court, to individuals claiming we are moving back to “the medieval ages” and “the Spanish Inquisition model” to harshly worded articles claiming that scientists need to be held accountable : “those who claim the title “scientist”, be it natural or social, expect to combine the immunity of diplomats and the infallibility of popes.”

By now you are probably wondering what does any of this have to do with a finance-related blog and when will the economists mentioned in the title show up. Besides, unlike seismology or meteorology, finance and economics are hardly the scientific fields that can be connected to catastrophic events that may lead to the loss of human lives.

Or are they?

You can continue reading the article in full on the ICMA Centre's blog.

Published 4 February 2013

You might also like

The ICMA Centre Celebrates Cutting of the First Turf

4 July 2007
The ICMA Centre celebrated the start of work on the Centre's extension and the new University of Reading Business School building last week. The Commencement Ceremony which was followed by a champagne reception was attended by more than 200 guests, including businesses from the City and all over the world, as well as staff and alumni.

New Scholarships announced for 2014-15

19 March 2014
The ICMA Centre is pleased to announce six new additional scholarships for a total of £30,000 for outstanding students applying for a postgraduate masters. The new scholarships are available for 2014 entry at the ICMA Centre.

Third edition of the ICMA Centre Stock Market Competition a success

7 July 2014
Following last year’s success, the ICMA Centre at Henley Business School hosted the third annual Stock Market Competition in its world class trading rooms. Comprehensives, academies and independent schools all battled it out to win the competition and experience life on a trading floor.