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Summary— The Moral Limits of Markets —ColEx

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Markets continue to expand into areas that were once governed by other mechanisms. But markets can be unfair and they can corrupt the goods allocated by them. Because markets have a moral dimension, their continued expansion means that economic reasoning must explicitly embrace moral reasoning. The structure of the summary does not mirror the structure of the book. Any faults there are my own. I recently read Michael Sandel’s What Money Can’t Buy: The Moral Limits of Markets (Sandel 2012). Now, I’ll summarize it. Next time, I’ll critique it. There is no alternative. Markets are inescapable. But markets now extend beyond the mere exchange of commercial products into “spheres of life once governed by nonmarket norms”. The book offers many, many (many) examples of this including: This expansion of markets isn’t morally neutral. In favor of markets, Sandel lists two moral arguments. The first is the libertarian, deontological argument about autonomy and liberty. This line of argument sugge

Summary— The Moral Limits of Markets Published on May 25, 2018 . Markets continue to expand into areas that were once governed by other mechanisms. But markets can be unfair and they can corrupt the goods allocated by them. Because markets have a moral dimension, their continued expansion means that economic reasoning must explicitly embrace moral reasoning. Contents Scope of markets The morality of markets For markets Against markets Trade-offs Economists: What do they know? Do they know things?? Let’s find out! I recently read Michael Sandel’s What Money Can’t Buy: The Moral Limits of Market

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