Michael Sandel: "What Money Can't Buy"

Michael Sandel: "What Money Can't Buy"

Harvard professor Michael Sandel on whether there's something wrong with a world in which everything is for sale.

Harvard professor Michael Sandel on whether there's something wrong with a world in which everything is for sale.

Guests

Michael Sandel

professor of government, Harvard University.

Read An Excerpt

Excerpt from "What Money Can't Buy: The Moral Limits of Markets" by Michael Sandel. Copyright 2012 by Michael Sandel. Reprinted here by permission of Farrar, Straus and Giroux. All rights reserved.

Comments

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They say that a dog is the only love money can buy.

November 21, 2012 - 12:37 pm

You really got to wonder sometimes, Harvard or take your pick of any Ivy League school or any university for that matter that produce the likes of Michael Sandal. Socialism is one of those things that looks good on paper or in a fanciful mind experiment but has been proved to never work, yet here it is again all spit shined and polished. If socialism couldn't work when virtue and a strong work ethic were the norm, except for liberal lemmings, who thinks it could possibly work in these times of laziness, personal irresponsibility and decadence. Come to think of it, the aforementioned laziness, personal irresponsibility and decadence, are the product of our own dalliances with socialism, wealth redistribution and the welfare state.

November 27, 2012 - 11:12 am

Partisan writes :

" the aforementioned laziness, personal irresponsibility and decadence, are the product of our own dalliances with socialism, wealth redistribution and the welfare state."

Actually no, our laziness and personal irresponsibility relate directly to our over reliance on computer technology, capitalism and marketing. Too many young people sitting behind a computer screen .... whose thumbs have become their only "tools". They don't think critically, they don't reason, they scour the internet looking for more like them. They text and fiddle, staring into screens waiting to be entertained by games or distracted by the garbage of popular culture.

The youth of America are a lazy and decadent lot, due directly to having been coddled by technology and sold a steady diet of Madison Avenue hype and "branding"....and being told that money, wealth and aquisition are what makes a person happy.

It's no wonder that there is so much misery in America.

November 27, 2012 - 5:03 pm

Conventional economics is a form of brain damage.

“Economists say, if you clearcut the forests and put the money in the bank, you could make 6 or 7 percent. If you cut down the forests and put it into Malaysia or Papua New Guinea, you could make 30 or 40 percent. So, who cares whether you keep the forest, cut it down and put the money somewhere else! When those
forests are gone, put it in fish; when the fish are gone, put it in computers. Money doesn’t stand for anything, and money now grows faster than the real world.
“Economics is so fundamentally disconnected from the real world, it is destructive.”

~David Suzuki~

November 28, 2012 - 10:31 am

Capitalism is the only known workable remedy for the natural occurring phenomena of human financial dependency. Whether you are dependent on fawning baby boomer parents that created an atmosphere where no one is the loser or generations of welfare recipients that look to the government as the father of their children. Human beings need the sharp end of the stick on occasion to do whats right and their not getting it. The dependent generations are now attacking the goose that laid the golden egg (capitalism). Most of us on the right know it was the handouts that put Obama back in office and can do little to compete with it, at least not without abandoning our own sensibilities, we also know that the welfare state can't last. Since all dependent minded people eventually look to government for their handout, this can only end badly for everyone. The federal government is close to devouring 25% of our GDP to operate, the massive tax increases required on everyone to sustain this ever growing problem is totally unworkable. It should be insulting to everyone that the democrats solution to any of this is to get the "rich" to pay their "fair share", the sad fact is half of us are too ignorant to be insulted.

November 28, 2012 - 2:52 pm

partisan politics on November 27, 2012 @ 10:12 am wrote: “You really got to wonder sometimes, . . . .”

I wonder on what basis you declare this author advocates Socialism? Did you read the book (or even the excerpt posted on this page)? I know you haven’t heard the show - yet. So, is your opinion based on fact and reason, or is it just a typical knee-jerk, brain dead, conservative reaction to any suggestion that the “pure, perfect, sacred, and holy” marketplace shouldn’t necessarily control everything in our lives?

Consider this quote from page 3 of the excerpt, and tell us what about it strikes you as “Socialist”?

    As the cold war ended, markets and market thinking enjoyed unrivaled prestige, understandably so. No other mechanism for organizing the production and distribution of goods had proved as successful at generating affluence and prosperity.

And before you answer consider this: long ago one of our greatest Supreme Court Justices (Cardozo) warned against relying solely on “the morals of the marketplace”. He was no “Socialist”.

There are numerous examples of things we don’t allow to be “bought or sold”, to be subject to the marketplace. Slavery (mentioned in the excerpt) is one example. Prostitution is another. We don’t allow contract killing, blackmail, extortion, fraud, arson for profit, selling of body parts or organs. Are laws against these things “Socialist”? Was Lincoln nothing but a “dirty Commie”?

So, pray tell me on what basis you level that charge of Socialism? I expect you to evade and avoid this question, and simply respond (if at all) with the mindless and empty ideological rhetoric that is your stock in trade. But I hope you’ll disappoint me, for once.

November 29, 2012 - 1:20 am

partisan politics on November 28, 2012 @ 1:52 pm wrote: “Most of us on the right know it was the handouts that put Obama back in office . . . .”

No, most of those on the “right” hallucinate that’s the reason, rather than face the fact that a majority of those who voted did so for other reasons entirely (and Obama got a majority of the vote). Many other factors were involved.

Factors such as the Republican “war on women”, with mindless rhetoric about “legitimate rape” (as distinguished from what?), or pregnancy from rape being “divine will”, or calls for forced vaginal probes (from the Party of “small government”). Then there’s the hostility to gay rights, to Latinos and Hispanics, and the insistence that everyone who disagreed were either “moochers”, “Socialists!”, or just “too ignorant”. And this while trying to sell Americans on a man (Mr. Etch-A-Sketch) who changed his positions so frequently he made John Kerry look like the Rock of Gibraltar!

But please, continue to live in that fantasy. It will greatly assist the Democrats in retaking all of Congress in 2014, and keeping it and the White House in 2016 - by ever increasing margins!

November 29, 2012 - 1:36 am

Over-population and human nature, of course, are never seen as factors by those who always have all the answers to any problem.

November 29, 2012 - 9:32 am

Etaoin Shrdlu wrote: partisan politics on November 28, 2012 @ 1:52 pm wrote: “Most of us on the right know it was the handouts that put Obama back in office . . . .”No, most of those on the “right” hallucinate that’s the reason, rather than face the fact that a majority of those who voted did so for other reasons entirely (and Obama got a majority of the vote). Many other factors were involved."

As I have stated before, it is a lot easier on the ego to claim yourself the victim than it is to tell yourself and everyone else that life is to hard and I'm just not up to it, NOW GIVE ME!

November 29, 2012 - 10:05 am

Greed, wishful thinking, and delusion trump all. Money is god in the New World.

November 29, 2012 - 10:24 am

Hey folks...

Please ignore Mr. or Ms. "Partisan Politics," whose handle is sadly apt.

They always comment BEFORE the show has even aired.

Don't feed the troll!

November 29, 2012 - 10:43 am

Etaoin Shrdlu wrote: "I wonder on what basis you declare this author advocates Socialism?"

I read off site book reviews and other commentary.

You ignore the fact that there is an on going effort to call socialism by anything other than socialism. People that believe in it know the Soviet Union and Marxist connection and do everything they can to distance their beliefs and desires from it. You are of this ilk.

November 29, 2012 - 10:47 am

Uptight Citizen... wrote: Don't feed the troll!

up·tight/ˌəpˈtīt/Adjective: Anxious or angry in a tense and overly controlled way.

I have noticed that politically "right" early commentators get the "troll" label, but left wing early commentator zealots do not?

November 29, 2012 - 11:20 am

The problem with capitalism is that money is a contract that we treat as a commodity. An IOU for an ounce of gold, or whatever, is a contract. The value of a contract is largely determined by faith in the system supporting it, while the value of a commodity is determined by supply and demand. Banks manufacture money by issuing debt. Since there is an endless demand for money, regulation of supply has been allowed to deteriorate to the point there is enormous amounts of unsustainable debt, along with a large bubble of structured debt and derivatives, far exceeding the value of the entire economy. If people began to understand and treat money as the contract it is, they would appreciate it as a value that can only be sustained within logical limits and not try converting any tangible value into currency. This would mean keeping and storing value in the environment and social relations, rather than in a corruptible banking system.

November 29, 2012 - 12:07 pm

partisan politics wrote:

"Human beings need the sharp end of the stick on occasion to do whats right and their not getting it. "

Does this apply to the people known as a corporation or are they exempt? If they are not exempt, they certainly need a sharp stick, if they are exempt, aren't they made up of human beings that need the sharp stick?

November 29, 2012 - 12:17 pm

A great topic. But I wonder what's the difference between a woman selling her forehead which is weird but done, and woman selling her body. Why is prostitution wrong but these other things are accepted?

November 29, 2012 - 12:17 pm

My husband and I raised two beautiful daughters. When they asked for t-shirts and the like that displayed products or brands, I told them that those companies couldn't use their beautiful selves for free advertising.

November 29, 2012 - 12:18 pm

Diane:

I serve on an Institutional Review Board with the National Institutes of Health. We are the watchdogs for the protection of human subjects. We operate under 45 Code of Federal Regulations 46. When a subject is to be compensated for participation in an experiment we have to make sure that the amount offered is not coercive.

The Health and Human Services regulations state that “An investigator shall seek such consent only under circumstances that provide the prospective subject or the representative sufficient opportunity to consider whether or not to participate and that minimize the possibility of coercion or undue influence” (45 CFR 46.116).

Kate Reed

November 29, 2012 - 12:20 pm

Votes are for sale, Obama just proved it.

November 29, 2012 - 12:24 pm

Mr. Sandel seems to use "market" without attention to the differences in kinds of markets. What would he say to the suggestion that the matter of "freedom" depends upon the relative strength of the players in the market. Over the course of the last half-century, the major players have become huge corporations, far outsizing the sellers and buyers we used to think of as coming to a marketplace. Has the strength of this supersized corporate form warped the way markets work, and the role they play in what he's calling a "market society"?

November 29, 2012 - 12:26 pm

Can you speak about drug companies and the influence they have over doctors. When I enter an exam room, there are drug company names on the pens, paper, outlet covers, and even the stirup covers... makes me worry about that influence

November 29, 2012 - 12:32 pm

By paying children to read a book or clean their room, only encourages the child to do something for money. They learn that money is important and not the work. This in my opinion is where greed begins.

November 29, 2012 - 12:33 pm

Colleges pay students for their grades in the form of merit scholarships so why shouldn't parents teach their children at a young age that good grades will be rewarded?

November 29, 2012 - 12:34 pm

"What's for sale" isn't just doughnuts.
Money has social power. So we've gone from doughnuts to the source of most of the world's problems: The buying of governments, exploitation of labor and environment, the rewriting of the rules for the benefit of the few, the loss of civic attitude, the buying of our media and even opinions.
These things diminish us as people, they're unsustainable, and it's good to see people increasingly thinking about this.

November 29, 2012 - 12:43 pm

There are limits as to what pharmaceutical companies can provide as compensation to people who volunteer to participate in clinical trials. In addition, ethical pharmaceutical companies are extremely careful in monitoring for people who try to participate in more than one clinical trial. It is NO LONGER the way it once was.

November 29, 2012 - 12:44 pm

I personally feel that our freedom from advertisers and overbearing commercialism by the corporate world is not protected by the 4th amendment (more in line with the topic of your last guest this morning). My question for Michael Sandel is: can money buy us privacy enough to guard against being tracked endlessly by marketing groups? If so, how much is privacy worth and where do we sign up for the privilege?

November 29, 2012 - 12:47 pm

About the idea that students are learning citizenship in school, what influence do teachers really over students who do not see themselves as connected to the American society (they may be non citizens or have family members who are not citizens)?

Teachers are required to meet certain learning standards and their time and budgets are very limited by the school system's budget. Students are often disengaged and do not want to learn for the joy of learning because they do not get the opportunity to learn what they are interested in. Teachers have to 'perform' by making sometimes quite uninteresting information or difficult lessons accessible to all students. Would there be a problem in offering a reward for students who pass standardized tests, which are reflective (in our society) of a school's successfulness & a student's learning?

November 29, 2012 - 12:56 pm

This is JD Phillips, the author of The Firewall Sedition, a novel about Firewall Economics...the idea that markets should be restricted from dealing in necessities. That is the best way to draw the line. If you can't refuse to but it, then it should not be exposed to the profit motive. He used the term desperate necessity. I like that. It's a perfect description.

November 29, 2012 - 12:59 pm

Your show is one reason that WAMU is one of my favorite on line station I listen to on line. It has a great content and is not interrupted constantly or simply promoting the promotional item of the day. I live in Los Angeles and have been so disappointed how public radio has evolved
to an overtly commercial operation. Our station here constantly asks for contributions, promotes sponsors, reviews unwatchable movies, obscure books and music that you see promoted in commercial media everywhere, all the while claiming to be a public service, providing unique content. NPR appear to be a very successful operation. If there is a need for ever increasing funding it should be explained.

November 29, 2012 - 1:01 pm

I'd encourage some of you (libertarians) to take a look at the book Parenting with Dignity by Mac Bledsoe.

Motivation by money, in my opinion, is intellectually lazy. There are better methods of motivating kids to do chores and other things.

November 29, 2012 - 1:07 pm

The Diane Rehm Show is produced by member-supported WAMU 88.5 in Washington DC.