mccormick


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What Money Can't Buy by Mark Sandel

Recently, economics has found itself in the most unlikely places. Baseball is probably the best example of this. What used to be a sport of guts and instincts, baseball is now a sport where every microscopic detail is studied and valued.

And in a nutshell that is exactly what economics is, finding value. Professor Michael Sandel explores the idea of value in his book What Money Can’t Buy. Are there certain things in life that should not have a price tag? If so, why do certain things warrant no price while others do? Does pricing an item devalue it?

The ethical inquiry has been slow compared to hurried excitement over popular economics over the past couple of decades. There has been creation of new tools, processes, and market goods but there has been little examination of the morals behind each new innovation.

This book is extremely interesting, even though I felt like Sandel kept repeating the question with different scenarios.

In the end, he (and probably all his readers) agree that there is some moral limitation to the markets yet knowing them ahead of time may be a bit more difficult than we thought.