Economics, Econometrics and Finance
8 years ago

Market values eroding moral and civic goods, sparking urgent public debate.

The Journal of Economic Perspectives
Market Reasoning as Moral Reasoning: Why Economists Should Re-engage with Political Philosophy
Michael J. Sandel

Paper Summary

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Market values are taking over areas of life once governed by nonmarket norms, which can erode important moral and civic values. Economics alone is not enough to decide where markets should or shouldn't be involved; moral reasoning is needed. Mainstream economics needs to reconnect with moral and political philosophy to help determine when markets serve the public good and when they don't.