Sunday, April 13, 2014
What Is The Cost Of Moving From A Market Economy To A Market Society?
This session at INET raises a very serious question. We seem to conflating a passion for a market economy with a market society in which everything is for sale. In a market society there is no place for our notions of morality. Nobody would want an amoral society but we seem to be aimlessly drifting in that direction. For example, the US Supreme Court has decided that limits on campaign finance violate the rights of the super rich to purchase the favors of politicians. Freedom to spend is equated to free speech. Milton Friedman coined a phrase which captures this idea. He called it "Freedom to Choose". This INET video ought to be part of every introductory economics course.