Fitting Ethics to a Profession
People often cherry-pick ethical rules that suit their profession and self-interest, using optionality to avoid accountability. Journalists, academics, public officials, and others can manipulate ethical standards for personal gain.
THE IDEA
Fitting Ethics to a Profession
This concept builds on the misunderstandings of antifragility, asymmetry, and convexity, where some classes of people use hidden options to harm the collective without realizing it. The solution lies in forcing skin in the game. Here, we examine another form of optionality: how people can cherry-pick ethical rules to fit their actions, or how they use public office as a means to satisfy personal greed.
Examples
- Journalists often cite each other rather than original sources, avoiding intellectual effort and reinforcing consensus without critical evaluation.
- Peter Orszag, after the crisis, obtained a position with the Obama administration and later became vice chairman of Citibank, illustrating how individuals can move between public and private roles that benefit personally at taxpayer expense.
Implications
To deter "too big to fail" and prevent employers from taking advantage of the public, a company that is classified as potentially bailable out should it fail should not be able to pay anyone more than a corresponding civil servant. Such limitation would force companies to stay small enough that they would not be considered for a bailout.
There appears to be a survival advantage to small or medium-sized owner-operated or family-owned companies.
When to use it
A journalist selectively citing sources that align with their narrative while ignoring contradictory evidence.
A politician using public office to benefit private interests under the guise of serving the public.
A company claiming to be 'too big to fail' to justify risky behavior, expecting a bailout.
An academic citing only peers within their ideological bubble instead of original sources.
FROM THEORY TO EVERYDAY LIFE
In practice
Journalists Citing Each Other
Journalists often avoid reading original sources and instead rely on citing each other, which reinforces groupthink and allows them to shape narratives without accountability.
Public Office for Private Gain
The Orszag case highlights how individuals can use public office to secure lucrative private sector jobs, effectively exploiting the system for personal benefit while being perceived as public servants.
A MOMENT TO REFLECT
Put it to work.
In what ways might you be cherry-picking ethical rules that favor your own profession or position?
How can the principle of 'skin in the game' deter ethical cherry-picking?
Think of a situation where optionality allowed someone to avoid accountability for their actions.
Often confused with
CONTINUE THE CONVERSATION
Source texts
- Antifragile (Nassim Nicholas Taleb)