A lively discussion is underway. Just like in

[C0rnholio]

There is a lively discussion going on at MarketWatch.com. Capitalism is being attacked, and Ayn Rand is being mis-quoted.

After reading the article and all the comments, the main characters appear as if they have just came to life from the pages of Atlas Shrugged and Fountainhead. These are the people that Ayn Rand warned us about: a Marxist professor and a socialist book critic. Enjoy!

Paul B. Farrell

Capitalism is killing our morals, our future

Commentary: In a Market Society, everything is for sale.

(review of the Harvard's Michael Sandel's book “What Money Can’t Buy: The Moral Limits of Markets”)

Edited April 30, 2013 by C0rnholio

[Hairnet]

Can we change? “The appeal of using markets to put a price on public values, is that there’s no judgment on the preferences they satisfy.” Debate is unnecessary. Markets don’t “ask whether some ways of valuing goods are higher, or worthier, than others. If someone is willing to pay for sex, or a kidney ... the only question the economist asks is ‘How much?’ Markets ... don’t discriminate between worthy preferences and unworthy ones.” Markets may never draw the line, but do politicians, in secret?

What is certain: Capitalism is eliminating moral values, as Nobel economist Milton Friedman and capitalism’s philosopher Ayn Rand had been preaching to the generation. As Sandel puts it: “Each party to a deal decides for him- or herself what value to place on the things being exchanged. This nonjudgmental stance toward values lies at the heart of market reasoning, and explains much of its appeal.

 

This is so pathetic. Mises tore this to pieces in the early twentieth century, and Hume and Menger in the early twentieth century.

Until these people can get around the is-ough dichotomy, they are full of shit.

[thenelli01]

Can we change? “The appeal of using markets to put a price on public values, is that there’s no judgment on the preferences they satisfy.” Debate is unnecessary. Markets don’t “ask whether some ways of valuing goods are higher, or worthier, than others. If someone is willing to pay for sex, or a kidney ... the only question the economist asks is ‘How much?’ Markets ... don’t discriminate between worthy preferences and unworthy ones.” Markets may never draw the line, but do politicians, in secret?

What is certain: Capitalism is eliminating moral values, as Nobel economist Milton Friedman and capitalism’s philosopher Ayn Rand had been preaching to the generation. As Sandel puts it: “Each party to a deal decides for him- or herself what value to place on the things being exchanged. This nonjudgmental stance toward values lies at the heart of market reasoning, and explains much of its appeal.

 

 

He doesn't seem to understand the difference between economic value and objective philosophical value. Economic value is simply the market price, as decided by supply and demand, and is determined democratically. Objective philosophical value is the objective benefit a good brings in raising the standard of living.

 

When he says "Markets...don’t discriminate between worthy preferences and unworthy ones" - he doesn't answer the question "worthy to who?" He wants to answer that question for you - he wants to decide what is worthy in your life and decide how you spend your money.

Edited April 30, 2013 by thenelli01