Is the Market Ethical?

Jan 12, 2010 • Demand, Supply, and Markets, Regulation • 109 Views    No Comments

Some people believe that government should control areas that we consider most valuable while others say precisely the opposite.
The “war” between government believers and market believers was evident in Saturday’s Wall Street Journal. Wherever kidneys are paid for through the market, more are available for those who will die without one. In the United States, 83,000 people are on the official transplant list. 16,500 people received a kidney and 5,000 died because they did not. Nobel winning economist Gary Becker estimated that $15,000 to living donors would minimize our shortage.
A government list or the market…Which solution is more ethical?

The Economic Lesson
The market: a system through which buyers create demand, sellers create supply, and an equilibrium price is established that optimizes benefits for buyers and sellers.

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