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WHAT MONEY CAN’T BUY: THE MORAL QUESTIONS OF MARKET SOLUTIONS

Mike Norman October 18, 2018 Mike Norman Economics

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Summary:
It looks good, but I've only watched the trailer.Example : Should airlines be allowed to have scantily dressed female flight attendants if it creates more revenue?I walked past a pub the other day which had a sign saying, 'Topless Barmaid', and I was appalled, but then I came to the conclusion it was the name of a band. The pub has live bands. Phew! (At least, I hope it was the name of a band).Conservatives embrace capitalism because of its work ethic, but it often goes against much of what they believe in, like family values, a civic society, saving money, and not living above your means.Capitalism tends to be very progressive ( in the way I often don't like). Peter Stringfellow, who runs a tasteless nightclub in Covent Garden - who banned fat women from entering his club - is a staunch

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It looks good, but I've only watched the trailer.

Example : Should airlines be allowed to have scantily dressed female flight attendants if it creates more revenue?

I walked past a pub the other day which had a sign saying, 'Topless Barmaid', and I was appalled, but then I came to the conclusion it was the name of a band. The pub has live bands. Phew! (At least, I hope it was the name of a band).

Conservatives embrace capitalism because of its work ethic, but it often goes against much of what they believe in, like family values, a civic society, saving money, and not living above your means.

Capitalism tends to be very progressive ( in the way I often don't like). Peter Stringfellow, who runs a tasteless nightclub in Covent Garden - who banned fat women from entering his club - is a staunch Conservative supporter.

Philip Soos, an Australian economist, says the One Percent - the bankers -  the capitalists - are encouraging mass immigration into Australia to lower wages, boost house prices, and increase GDP. They're getting rich out of it. Is this what conservatives want?

Against the backdrop of a society that rarely questions the perceived superiority of “market-based” solutions, Michael Sandel skillfully explores the intersection between markets and morality. In a six-part video series, Sandel teaches viewers a very important lesson: in practice, there is no consensus on what a free market is, and what outcomes are optimal.
The video series “What Money Can’t Buy,” produced by the Institute for New Economic Thinking, takes viewers on a journey which compels them to critically engage with a series of questions that challenge the common perception that untethered markets provide optimal solutions to all problems. While the questions cover a variety of topics, ranging from selling organs to discrimination based on looks, the common thread is to highlight this: in economic terms, what could be seen as an optimal outcome is often not a desirable outcome for society.
By watching the series, one thing becomes evident: there is no clear line that marks where markets should begin or end. Furthermore, each individual has a different understanding of what counts as an optimal outcome. As we come to terms with the lack of clear answers, the perception that unregulated markets always objectively provide a better outcome is shattered.
Economics textbooks teach students that households and firms act as if they are guided by an invisible hand that leads them to desirable market outcomes. As everyone seeks to maximize their own utility, free markets allow individuals and firms to engage in mutually beneficial exchanges, with supply and demand determining ideal price and output levels. Thus, one should simply let markets work their magic — no outside intervention necessary.
However, not even Adam Smith, to whom the “invisible hand” observation is attributed, believed that unregulated markets can lead to the best outcomes for society. As Harvard professor Amartya Sen points out, Smith was aware of the limitation of free markets. He knew resources would be drained and society’s ills would go unaccounted for in the absence of government.
Economic Questions
View the series here-
New Economic Thinking


Flying Lizzards - Money thats what I want 1979

The best things in life are free but you can give them to the birds and bees. I want money THAT'S WHAT I WANT that's what I want THAT'S WHAT I WANT Your lovin' give me a thrill but your lovin' don't pay my bill. Now gimme money THAT'S WHAT I WANT that's what I want THAT'S WHAT I WANT (Instrumental) Money don't get everything it's true. What it don't get I can't use. I want money THAT'S WHAT I WANT

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About Mike Norman
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.
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