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If I ruled the world: Michael Sandel

It is time to restore the distinction between good and gold

By Michael Sandel   October 2012

If I ruled the world, I would rewrite the economics textbooks. This may seem a small ambition, unworthy of my sovereign office. But it would actually be a big step toward a better civic life. Today, we often confuse market reasoning for moral reasoning. We fall into thinking that economic efficiency—getting goods to those with the greatest willingness and ability to pay for them—defines the common good. But this is a mistake.

Consider the case for a free market in human organs—kidneys, for example. Textbook economic reasoning makes such…

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