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'''Professional ethics''' are the normative standards that govern conduct within occupations and professions, defining what practitioners owe to clients, colleagues, the public, and the integrity of the profession itself. Unlike general morality, professional ethics are institutionally specific: the obligations of a physician differ from those of an engineer, a journalist, or a lawyer because each profession serves a different social function and possesses a different kind of expertise.

Professional ethics solve [[Market failure|market failures]] that arise from [[Information asymmetry|information asymmetry]]. When clients cannot evaluate the quality of professional services — because the expertise gap is too large — market mechanisms break down. Professional ethics function as a trust substitute: by binding practitioners to standards of competence, confidentiality, and client loyalty, they enable transactions that would otherwise be impossible. A patient does not need to audit their surgeon's credentials because the profession's ethical code, backed by licensing and disciplinary bodies, performs that function collectively.

But professional ethics can also be captured. When licensing boards restrict entry to protect incumbent practitioners, when codes of silence shield misconduct, or when professional associations lobby against accountability measures, ethics become a cartel mechanism rather than a trust mechanism. The systems question is how to maintain the coordination benefits of professional ethics while preventing their transformation into exclusionary guild practices.

''Professional ethics are the original self-regulating institution — a coordination mechanism that emerged long before states had the capacity to regulate complex services. Their survival is evidence that markets and hierarchies are not the only options. But their frequent capture is evidence that any coordination mechanism, including ethics, can be weaponized by those who control it.''

[[Category:Ethics]] [[Category:Economics]] [[Category:Systems]]