Philosophy and the Markets, redux
May 26, 2012
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ProPhi mentioned a discussion of Michael Sandel’s (Harvard) view on this earlier. Now the Stanford News has an article about Stanford philosopher Debra Satz (Political Philosophy, Ethics, Philosophy of Social Science), which can be found here. Satz is the author of Why Some Things Should not be For Sale.
The free market concept fails when some participants lack basic information about the goods they are exchanging, when there are negative external effects on third parties or when some of the participants are “so poor that they will accept any term that is offered to them and when they have no alternatives to rely on,” said Satz.