There are Free Lunches Statement of Intentions

There are Free Lunches: Behavioral Clues to Live Happy in the Economic World is a blog that intends to present updated and relevant information about the "hidden" and only recently uncovered dimensions of the economic science: the behavioral factors. With this blog we intend to promote in Europe and in the rest of the World, the top research articles and perspectives on behavioral economics, decision making, consumer behavior, and general behavioral science. We aim to be followed by journalists, academics, managers, civil servants, and everyone who wishes to improve their daily interaction with the economic world and consequently, their lives' happiness.

Thursday, 5 July 2012

CO2 #1 Michael Sandel: 'We need to reason about how to value our bodies, human dignity, teaching and learning (via The Guardian)

The political philosophy professor on his new book, What Money Can't Buy, and why economics needs to be seen not as a science but a moral philosophy.

Something curious happened when I tried to potty train my two-year-old recently. To begin with, he was very keen on the idea. I'd read that the trick was to reward him with a chocolate button every time he used the potty, and for the first day or two it went like a breeze – until he cottoned on that the buttons were basically a bribe, and began to smell a rat. By day three he refused point-blank to go anywhere near the potty, and invoking the chocolate button prize only seemed to make him all the more implacable. Even to a toddler's mind, the logic of the transaction was evidently clear – if he had to be bribed, then the potty couldn't be a good idea – and within a week he had grown so suspicious and upset that we had to abandon the whole enterprise.

It's a pity I hadn't read What Money Can't Buy before embarking, because the folly of the chocolate button policy lies at the heart of Michael Sandel's new book. "We live at a time when almost everything can be bought and sold," the Harvard philosopher writes. "We have drifted from having a market economy, to being a market society," in which the solution to all manner of social and civic challenges is not a moral debate but the law of the market, on the assumption that cash incentives are always the appropriate mechanism by which good choices are made. Every application of human activity is priced and commodified, and all value judgments are replaced by the simple question: "How much?"

Read the introduction to a book, because its' good and comes at the right time, I believe will be revolutionary: MoneyCant'Buy

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