In the key of opinion: the crisis, from another perspective

The circle of Economics recently hosted a debate to discuss the financial crisis with which us breakfast and acostamos for a few months. The meeting was attractive as it announced a panel of presenters with a strong dose of grey mass: Jordi Gual in the Iese, Jordi Galí the Crei i José Luis Oller, moderate and guided by one of our best scientists of the economy, Dr. Andreu Mas Colell.

So I went to the circle and, as expected, was not disappointed but surprised. Because beyond the diagnosis and the causes that there they were, once submitted graphics and magnitudes, Galí and Gual tacked to a totally different approach to what they had read and heard up to that point.

The case is that the diagnosis of what happened in the world since the summer of 2007 - the crisis financial - can be done based on parameters and macroeconomic variables but also, from time to time, it is interesting to do down focus of observation to a level more micro andIf you will, by setting the analysis in certain individual behaviours.

If we do so, we realize that the current situation continues to be the addition of a set of personal decisions, of specific individuals, with names and surnames. And if that is true - it - is evident that the future will need review to fund some incentives policies. Policies that have proven to be harmful and that made possible far removed from orthodoxy and business ethics certain behaviors and decisions.

That was my surprise that afternoon in the circle of the economy. Well-known experts of science macroeconomic speaking, finally, of human values. Also is this: the ethics and attitudes of some. What if what it does to an individual with talent, training, and responsibilities, end deciding packing "crap" to sell it? And what is the reason for another individual, on the other side of the world, also with responsibilities, training and talent, decides to buy this 'mess'?

Much has been said in our West during this last decade of the crisis of values. In this sense, Jordi Gual, closed his speech with the reminder of a phrase spoken in 2007 by the CEO of a major international bank ", while it sounds like the music, keep dancing". Gual adding: "how much cynicism contains this phrase." "Without a doubt, these are not values that can be expected of a leader." Then I remembered another phrase that helped me to compare attitudes of leadership. Heard from the President of Banco Sabadell, a couple of years ago "you can make many speeches on CSR and publish splendid memories of sustainability, but none of that has value without the ethical behaviour of the people that make up the company." "This is the real corporate responsibility to society."

Maybe this is not a very glamorous reflection from the standpoint of the economic analysis and financial systems, but without a doubt, we'd to be wrong if the construction of a new order, at the time - which will reach-We forget that poorly designed incentives, based on the absence - or denial-of certain values, can lead to the error to the best of the 'managements' and that these errors, in a globalized world, the just paying everyone.