What Money Can't Buy: The Moral Limits of Markets

Imagine a world where almost everything you desire, from a faster commute to better medical care, can be bought. This is not a distant dystopia but the reality of our times. Markets have expanded beyond their traditional role of allocating goods and services to permeate nearly every aspect of life. Consider the growing trend of paying to jump queues: at airports, amusement parks, and even in government hearings. For example, some cities allow solo drivers to pay for access to carpool lanes, turning what was once a privilege earned by sharing rides into a commodity for the wealthy. Such shifts raise profound questions about fairness.

Think of the concierge doctors who offer same-day appointments and 24/7 access to their patients—for fees ranging from $1,500 to $25,000 annually. While this service offers convenience, it also means that those who cannot afford it face longer waits and less attentive care. This market logic extends to immigration, where foreigners investing half a million dollars can secure permanent residency, while others wait in long lines or face rejection. In this market society, money increasingly determines access to opportunities once considered public goods.

But why should we worry? After all, markets are efficient mechanisms that allocate resources to those who value them most. Yet this overlooks two critical concerns: inequality and corruption. When everything is for sale, those with wealth gain disproportionate advantages, deepening social divides. Moreover, putting a price on certain goods and social practices can degrade their intrinsic value. Some things lose their meaning when turned into commodities. For instance, paying to cut in line may erode the shared civic habit of fairness and patience.

These examples illustrate a key shift: from a market economy, where markets are tools for organizing production, to a market society, where market values seep into social relations and public life. This transformation demands that we ask: what kind of society do we want? Where should markets have a place, and where should they be kept at bay? These questions are not just economic but profoundly moral and political. As we move forward, understanding the limits of markets is essential for preserving fairness and the social fabric.

As we explore these themes, we will delve deeper into how incentives shape behavior, the ways markets crowd out morals, and the ethical dilemmas posed by commodifying life and death. Let us now turn to the power and pitfalls of incentives in shaping human actions.