A Quote by Michael Sandel
One of the appeals of markets, as a public philosophy, is they seem to spare us the need to engage in public arguments about the meaning of goods. So markets seem to enable us to be non-judgmental about values. But I think that's a mistake.
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I think that markets classically fail in cases where there are public goods that provide benefits that people cannot capture. The big debate is how big these public goods are, where they exist, things of that sort.
Markets are useful instruments for organizing productive activity. But unless we want to let the market rewrite the norms that govern social institutions, we need a public debate about the moral limits of markets.
Private equity capital in each of those markets Europe and Asia - while those markets have very different characteristics - fills a niche where either strategic investors or the public markets don't go, or don't want to go for some particular reason. I think that's going to continue to be the case going forward.
Americans have learned to trust free markets. Republican or Democrat, we believe the unimpeded exchange of goods and services will yield better solutions than five-year plans set by even the most well-meaning public servants.
The change in economic values created by the new markets for global public goods will reorient our global economy and under the right conditions can usher the satisfaction of basic needs of the present and of the future. This is what is needed right now.
Property is, after all, a social convention, an agreement about someone's exclusive right to use a thing in specified ways. However, we seem to have forgotten this. We seem to think that property belongs to us in some essential way, that it is of us. We seem to think that our property is part of ourselves, and that by owning it we therefore make ourselves more, larger, greater.
Since the dawn of civilization, markets have been ubiquitous. Many of us have benefited from their focus and efficiency. Yet two widely held beliefs - that markets are best left unregulated and that markets are inherently benign - are naive and outdated.
The invisible hand is not perfect. Indeed, the invisible hand is a little bit arthritic ... I'm a believer in free markets, but I think we need to be less naïve. We need to accept that markets give us pretty good solutions, but occasionally they will lock in something inferior.
Above all else, philosophy ought to aim for clarification - of the self, one's place in the world, and the ways we make meaning. Philosophy, when practiced well, can be useful. It can enable us to grapple in productive ways with questions about the meaning of life and who I am and how I want to be in the world.
Sometimes people stumble over this vastness in relation to the apparent insignificance of man. It does seem to make us infinitesimally small. But the meaning of this magnitude is not mainly about us. It’s about God… The reason for ‘wasting’ so much space on a universe to house a speck of humanity is to make a point about our maker, not us.
Most of us are flawed, complicated people, and we're all trying very hard to disguise that or hide it from the public. Ultimately, we respond to someone who's capable of doing heroic things but has issues or problems in their life that they can't seem to resolve. I believe audiences identify with that. All of us have those secrets and those things that we wish we could improve about ourselves. And when you have someone who's heroic and flawed, I think it makes us feel better about ourselves.
Some of my understanding of what philosophy and ethics is has changed very slowly. One thing that has changed is this for quite a long time I bought-into the idea that philosophy is basically about arguments. I'm increasingly of the view that it isn't. The most interesting things in philosophy aren't arguments. The thing that I think is underestimated is what I call a form of attending. I think that philosophy is at least as much about carefully attending to things as it is about the structure of arguments.
When you're public, you're at the mercy of the markets. You can be doing extremely well, but if the markets are in the tank or your industry is in the tank, you don't get rewarded for it.
Markets can't think about anything beyond about three months. This is very long-term for markets, which is why the important things in life have got to be taken outside of the marketplace.
My goal is first of all to promote a public debate about where markets serve the public good and where they don't belong. That's my first goal.
Markets cant think about anything beyond about three months. This is very long-term for markets, which is why the important things in life have got to be taken outside of the marketplace.
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