A Nobel Prize–winning economist shows us why we have to deal in trade-offs when we can't agree on what's right and what's wrong
Some of the most intractable controversies in our divided society are, at bottom, about what actions and transactions should be banned. Should women and couples be able to purchase contraception, access in vitro fertilization, and end pregnancy by obtaining an abortion? Should people be able to buy marijuana? What about fentanyl? Can someone be paid to donate blood plasma, or a kidney?
Disagreements are fierce because arguments on both sides are often made in uncompromising moral or religious terms. But in Moral Economics, Nobel Prize–winning economist Alvin E. Roth asserts that we can make progress on these and other difficult topics if we view them as markets-tools to help decide who gets what-and understand how those markets can be fine-tuned to be more functional. Markets don't have to allow everything or ban everything. Prudent market design can find a balance between preserving people's rights to pursue their own interests and protecting the most vulnerable from harms.
Combining Roth's unparalleled expertise as market design pioneer with his incisive, witty accounts of complicated issues, Moral Economics offers a powerful and innovative new framework for resolving today's hardest controversies. Alvin E. Roth is the Craig and Susan McCaw Professor of Economics at Stanford University and the George Gund Professor of Economics and Business Administration Emeritus at Harvard University. A pioneering expert in the field of market design, he was awarded the Nobel Prize in Economics in 2012. A member of the National Academy of Sciences and past president of the American Economic Association, he lives in Stanford, California.
