This week Michael C. Munger joins us to talk about voluntary transactions and questions of justice in market pricing.
What would everyone agree is truly voluntary? Are disparities in bargaining power coercive? What’s wrong with using the state to address these disparities? What about price gouging situations? What about sweatshops?
Show Notes and Further Reading
Dr. Munger’s 2010 paper “Euvoluntary or Not, Exchange is Just”.
Dr. Munger’s 2011 paper “‘Euvoluntary Exchange’ and the ‘Difference Principle’”.
Aristotle’s best-known work on ethics, The Nicomachean Ethics.
Harvard professor Michael Sandel’s 2013 book on coercion caused by circumstances, What Money Can’t Buy: The Moral Limits of Markets.
James Taylor’s 1979 song about working in a textile mill, “Millworker”.
A recently-rediscovered short essay by John Locke on the morality of price theory, “Venditio”.
Dr. Munger’s new co-edited textbook, Philosophy, Politics, and Economics: An Anthology (2015).