Wednesday, August 12, 2009

Market Limitations

Kai Ryssdal of NPR reported on the annual Aspen Ideas festival by re-broadcasting a speech delivered by Michael Sandel, professor of government at Harvard’s Kennedy School of Government. Professor Sandel’s speech discussed the limitations of markets and market logic. In particular, he discusses how applying free market logic to some policy problems results in perverse incentives. He also discusses how markets are unable to account for moral qualms with such matters as using market logic to regulate matters like asylum. It’s an interesting listen, check it out here.

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