Markets, morals and responsibility
Hardly a week without a new scandal. In the financial business, in consumer industries or in politics, ethical and legal boundaries are being crossed. During the financial crisis, fraud became part of the system - with global repercussions. The authors of the June issue of the WZB-Mitteilungen analyze different forms of fraud and corruption from historical, legal, and political perspectives.
These reflections are complemented by findings from behavioral economics. How can essential goods which are not available for money be allocated fairly and efficiently - like donor organs or school admissions? The criteria for distribution reflect a society´s moral values and priorities. Economic research can help creating procedures that may keep the balance between market efficiency and criteria of social equality and fairness.