Books What Money Can't Buy: The Moral Limits of Markets  by Michael J. Sandel (Author

"What Money Can't Buy: The Moral Limits of Markets" by Michael J. Sandel is a thought-provoking exploration of the ethical boundaries that should limit the reach of market values in society. Sandel investigates how market mechanisms have expanded into areas of life that fundamentally alter or corrupt the nature of goods and social practices that money shouldn’t govern.

The book's central argument is that while markets can be efficient at allocating resources, applying market values indiscriminately leads to moral and social costs, including:

Commodification of goods and services that traditionally were governed by nonmarket values, such as public services, education, health, and civic duties.

Crowding out altruism and voluntary cooperation, as incentivizing some behaviors with money can diminish intrinsic moral motives (e.g., paying for blood donations reduces willingness to donate voluntarily).

Erosion of social norms and dignity by turning certain activities into transactions (such as paying to jump queues or financializing aspects of life and death).

The emergence of disturbing market practices like life insurance policies that bet on death, or commodification of honors and public goods, contributing to a coarsening of social relations.

Sandel calls for public debate and moral reflection on where markets belong and where they should be barred. He stresses that this is a question about how society wants to live, emphasizing the necessity to preserve certain civic and moral goods that money cannot or should not buy. The book challenges readers to consider limits to market logic in order to protect the integrity of social institutions and human dignity.