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London economists apologized to the Queen
By Lauren | July 28, 2009
The Observer newspaper reported over the weekend that a group of prominent British economists recently apologized for failing to predict the recession in a letter to Queen Elizabeth II. Apparently, the queen visited the London School of Economics back in November and asked the question that’s been on just about everbody’s mind concerning the economic crisis: “Why did nobody notice it?”
Thank you, Your Majesty. It’s about time we got an answer to that one.
The queen’s very sensible question was discussed at a June seminar of leading economists who ultimately prepared a three-page letter in reply. The letter reportedly confesses that “the failure to foresee the timing, extent and severity of the criss and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole.” In other words, the letter admitted, the experts who though they had an infallible system to protect the international financial markets were guilty of “wishful thinking combined with hubris.”
It can be very painful for celebrated professionals to acknowledge their human limitations, especially in writing and to a sitting monarch. (But then, it’s also dreadfully bad form to refuse when Queen Elizabeth herself asks for an explanation, or to deny her an apology when one is due.) The economists’ explanation really comes as no surprise - we’ve pretty much figured out already that the economic crisis was brought about by a mix of ethical lapses, unrealistic optimism and a large dollop of blind pride. Still, the economists should be commended for having the humility and honesty to apologize to the queen.
Now - would someone please apologize to the rest of us?
Topics: Apologies, Business Ethics, Personal Ethics, Professional Ethics, Social Ethics, business communications, corporate responsibility, ethics |