I was at an interesting seminar this Friday and Saturday entitled "Ethics, Finance and Responsibility" organized by the Observatoire de la Finance in Geneva, who publish the financial ethics review "Finance & the Common Good" bilingually in English and French. The seminar started off with the awards for the Robin Cosgrove Prize, which promotes greater awareness among young people throughout the world of the benefits of ethics in finance. There was also a session honoring the memory of Professor Emilio Fontela who had shortly passed away. Otto Hieronymi summed up his view of Emilio's scholarship under the title "from econometrics to the social market economy", and mentioned that he worked towards a sustainable society of knowledge.
The session on incorporating ethics in economic and management education raised some interesting points. Prof. Christian Walter of Sciences Po in Paris floated the hypothesis that the scientific dimension of finance models the social world. The formulas and mathematical models need to be deconstructed. He suggested a philosophical teaching of financial theory history. By explaining the hypothesis of each financial model, and the ethical implications, one could hopefully find a better way to have an ethical impact.