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What's the good of the market? An essay on Michael Sandel's what money can't buy

Besley, Timothy (2013) What's the good of the market? An essay on Michael Sandel's what money can't buy. Journal of Economic Literature, 51 (2). pp. 478-495. ISSN 0022-0515

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Identification Number: 10.1257/jel.51.2.478

Abstract

This essay will discuss the criticisms of the economic approach to markets offered by Michael Sandel's What Money Can't Buy. After reviewing the main arguments, the essay looks at these from three main angles. First, it relates them to different traditions of thinking about markets and their achievements that have been developed by economists. Second, it discusses the idea that markets can change values as argued by Sandel in light of recent related literature in economics. Third, it discusses some of the literature on alternatives to using the market to allocate resources and the pros and cons of these.

Item Type: Article
Official URL: http://www.aeaweb.org/jel/
Additional Information: © 2013 The Author
Divisions: Economics
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HG Finance
JEL classification: G - Financial Economics > G0 - General
Sets: Departments > Economics
Date Deposited: 17 Jul 2013 08:29
Last Modified: 20 Jun 2019 01:48
URI: http://eprints.lse.ac.uk/id/eprint/51126

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