Market Reasoning as Moral Reasoning

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The article titled, “Market Reasoning as Moral Reasoning: Why Economists Should Re-engage with Political Philosophy” was written and published by Michael J. Sandel in 2013. The author provides convincing arguments on how the domains of life that in the past were under the control of nonmarket norms are currently being influenced by market values and market reasoning. For example, money and markets play a significant role in civic life, political campaigns, military services, environmental protection, and so on (Sandel, 2013, p.121). This situation of monetizing every human activity erodes certain societal norms. As a result, the author asserts that it is imperative that the society holds a public debate and decides the extent at which the market mechanisms get to serve the public good.

The market reasoning is often confused for moral reasoning. According to Sandel (2013, p.122), people tend to think that economic efficiency represents the common good in any social setting. This assertion is a mistake because the common good cannot be assumed to be the act of providing goods to individuals with the willingness to buy them. However, market reasoning has certain...