Pitchfork Economics with Nick Hanauer How Economists Cause Harm Even as They Aspire to Do Good (with George DeMartino)
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Dec 30, 2025 Join George DeMartino, a Professor of Economics and author of "The Tragic Science," as he exposes the ethical failings within the economics profession. He argues that traditional economic theories often overlook real human suffering while presenting themselves as objective. Delve into the dangers of overconfidence among economists and the harmful consequences of misguided policies, such as shock therapy in post-Soviet Russia. DeMartino advocates for a new ethical framework in economics, emphasizing humility and diverse stakeholder engagement to prevent harm.
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Economics Adopted A 'Value-Free' Identity
- Economics modeled itself on physics and rejected ethics as muddying objective analysis.
- That history made economists treat moral questions as outside their professional duty.
Changing Demographics Could Broaden Economics
- The profession's demographics are shifting as more international students enter economics.
- DeMartino sees this as an opportunity to broaden perspectives beyond Cold War–era market fundamentalism.
Harms From Policy Are Often Avalanches, Not Ripples
- Economic policies inevitably create winners and losers, but economists treat harms as temporary ripples.
- George DeMartino argues many harms behave like avalanches that persist and cascade intergenerationally.
