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Justice Today

Money, Markets, and Morals

Michael J. Sandel

Should you be able to buy a vote, citizenship, or college admission? Would you bet on someone else’s life—or, more accurately their death date? What about paying to see the exploitation of a person?

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Should you be able to buy a vote, citizenship, or college admission? Would you bet on someone else’s life—or, more accurately their death date? What about paying to see the exploitation of a person?

Competition, status, and greed often cause one’s moral compass to move in the wrong direction, but if there is a market to support these macabre sales, then the question to consider is this: Are there certain moral and civic goods, that markets do not honor, and money cannot buy?

Deciding case-by-case the ethical considerations to determine when and if people’s rights are violated, you will immerse yourself in videos from the Institute for New Economic Thinking, learning alongside a global cohort of peers—engaging in discussion and debating the moral dividing line.

Led by award-winning Harvard Professor Michael J. Sandel, professor of the popular HarvardX course Justice, you will explore topics that might sound familiar, like price gouging and human organ sales—but have you thought of linestanding, refugee quotas, or lookism? This course will take a deep dive into various “needs” and whether they abuse market mechanisms.

Should everything be for sale without limits?

What's inside

Learning objectives

  • The ways in which markets have crowded out non-market spaces and norms.
  • To reflect about the moral limits - if any - of market norms.
  • How “needs” are subjective, and place value on nontraditional goods and services.
  • How to clearly articulate a philosophical argument about the allocation of goods and the moral boundaries of markets in our societies.
  • How to develop and refine your own ethical framework to address challenging moral dilemmas.

Syllabus

1 - The Ethics of Supply and Demand: Linestanding
2 - The Ethics of Supply and Demand: Price Gouging
3 - Environmental Protection: The Walrus Quota
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4 - Consenting Adults: Organ Sales, Hard Jobs
5 - Betting on Life and Death: Life Insurance
6 - Betting on Life and Death: Death Pools
7 - Betting on the Housing Market
8 - Markets in Politics: Voting
9 - Markets in Politics: Refugee Quotas and Immigration
10 - Employment Discrimination: Lookism
11 - Employment Discrimination: Racial Discrimination and Base Desires
12 - Market, Incentives, and Norms

Good to know

Know what's good
, what to watch for
, and possible dealbreakers
Teaches how unregulated markets can become unethical and explores the impact of this on morality and civic goods
Examines timely, relevant, and provocative topics like price gouging and human organ sales
Led by award-winning HarvardX course instructor Michael J. Sandel
Provides a multi-modal learning experience with videos, discussions, and debates
Builds a strong foundation of ethical principles related to markets and how they impact society
Develops critical thinking and analytical skills through case-by-case analysis of ethical dilemmas

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Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Justice Today: Money, Markets, and Morals with these activities:
Review Pre-Course Texts
Review the text to provide foundational knowledge and familiarize yourself with the core concepts that will be explored throughout the course.
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  • Read Chapter 1: Introduction
  • Annotate and highlight key terms and arguments
  • Summarize the main points of each section
Real-Life Case Study Analysis
Apply the course concepts by critically analyzing real-world cases involving ethical dilemmas in markets.
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  • Select a recent case involving a market-related ethical issue
  • Research the case and gather relevant information
  • Identify the ethical principles at stake
  • Develop arguments for and against different perspectives
Online Discussion Forum Participation
Engage with fellow students in online discussions to deepen understanding of course topics and develop critical thinking.
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  • Read and reflect on the assigned discussion topics
  • Post thoughtful responses that contribute to the discussion
  • Respond to and engage with other students' posts
Three other activities
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Ethics Debate
Foster critical thinking and communication skills by engaging in moderated debates on key ethical issues related to markets.
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  • Prepare arguments and evidence to support your stance
  • Actively listen and engage with others' perspectives
  • Present a well-reasoned and respectful defense of your position
Ethical Market Analysis Blog Post
Demonstrate understanding of market ethics by analyzing a specific industry or company and proposing recommendations for ethical improvement.
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  • Choose an industry or company to focus on
  • Research ethical issues and challenges within the chosen industry
  • Analyze the ethical implications of the industry's practices
  • Propose specific recommendations for ethical improvement
Final Project: Market Ethics Simulation
Develop and conduct a simulation that demonstrates the ethical challenges of market interactions and policy decisions.
Show steps
  • Design a simulation that models a specific market situation
  • Establish ethical parameters and rules for the simulation
  • Collect data and analyze results to identify ethical dilemmas
  • Propose policy recommendations based on simulation findings

Career center

Learners who complete Justice Today: Money, Markets, and Morals will develop knowledge and skills that may be useful to these careers:
Professor of Law
Professors of Law teach law courses and conduct research in the field of law. This course may be useful for Professors of Law as it explores the moral limits of market norms and the ethical implications of various economic activities. The course content can help Professors of Law develop new perspectives and insights into ethical issues related to markets and economic systems.
Ethics Professor
Ethics Professors teach courses on ethical theories and principles, and they may also conduct research in the field of ethics. This course may be useful for Ethics Professors as it explores the moral limits of market norms and the ethical implications of various economic activities. The course content can help Ethics Professors develop new perspectives and insights into ethical issues related to markets and economic systems.
Economic Consultant
Economic Consultants provide expert advice to businesses and governments on economic matters. The syllabus of this course explores the ethical considerations surrounding the allocation of goods and services in the market, helping students develop a strong foundation in economic principles and ethical reasoning. This course is particularly relevant as Economic Consultants are often tasked with evaluating the potential economic and social impacts of various policies and regulations.
Lawyer
Lawyers advise clients on legal matters and represent them in court. This course can be useful as it delves into the ethical considerations surrounding various legal issues, such as employment discrimination. Understanding the moral implications of their work can help Lawyers provide more ethical and effective legal advice and representation to their clients.
Journalist
Journalists investigate and report on news and current events. This course can be useful for Journalists as it provides a deep understanding of the ethical considerations surrounding the allocation of goods and services in the market. The course syllabus covers topics such as price gouging, organ sales, and voting, giving Journalists insights into the complex interplay between economics, ethics, and public policy.
Economist
Economists study how individuals and societies make choices in the face of scarcity. This course can be useful as it explores the ethical implications of market norms, which can help Economists better understand the potential consequences of their research and policy recommendations. The course syllabus covers topics such as price gouging, organ sales, and voting, giving Economists insights into the complex interplay between economics and ethics.
Environmental Lawyer
Environmental Lawyers focus on the legal aspects of environmental protection and sustainability. This course can be useful as it delves into the ethical considerations surrounding environmental protection, such as the Walrus Quota. Understanding the moral and legal implications of environmental regulations is essential for Environmental Lawyers to effectively advocate for the protection of the environment.
Policy Analyst
Policy Analysts research and develop public policies. This course can be useful as it explores the ethical considerations surrounding the allocation of goods and services in the market. Understanding the moral implications of various policies can help Policy Analysts develop more ethical and effective policies that benefit society.
Risk Manager
Risk Managers identify, assess, and manage risks within an organization. This course can be useful as it provides a foundation in the ethical implications of market norms and how they can contribute to risk. Understanding the ethical considerations surrounding various economic activities can help Risk Managers make more informed and ethical decisions in managing risk.
Political Consultant
Political Consultants provide advice and guidance to political candidates and campaigns. This course may be useful as it delves into the ethical considerations surrounding markets and politics, such as voting and campaign finance. Understanding the moral implications of their work can help Political Consultants make more ethical and effective decisions in the political arena.
Market Researcher
Market Researchers study consumer behavior and market trends. This course may be useful as it provides a foundation in the ethical implications of market norms and how they can influence consumer behavior. Understanding these ethical considerations can help Market Researchers design more ethical and effective marketing campaigns.
Investment Banker
Investment Bankers provide advice and assistance to companies and governments on raising capital and managing their finances. This course can be useful as it delves into the ethical considerations surrounding various financial activities, such as betting on the housing market. Understanding the moral implications of their work can help Investment Bankers make more ethical and responsible decisions.
Compliance Officer
Compliance Officers ensure adherence to laws, legislations, and regulations. They build frameworks and methods to minimize non-compliance risks within the organization. This course can be useful as it helps build a foundation in the moral implications of market norms. As markets can often incentivize unethical or immoral behavior, the syllabus immerses students in various moral dilemmas, which will equip Compliance Officers with a better understanding of ethical reasoning and decision-making within a market economy. In the context of this course, students will engage in debates about the moral limitations of the market, which is a valuable skill for Compliance Officers who must navigate complex regulations and legal frameworks.
Financial Analyst
Financial Analysts evaluate and provide recommendations on investments and financial products. This course may be useful as it helps build a foundation in the moral implications of market norms, which can be valuable for Financial Analysts when making ethical investment decisions. The syllabus covers topics such as price gouging and betting on the housing market, providing insights into the potential ethical pitfalls associated with financial markets.
Development Officer
Development Officers identify, solicit, and manage donations from high-level donors and organizations. The skills learned in this course may be useful to those working in the non-profit sector as the course delves into the role of markets in crowding out non-market spaces and norms, such as charitable giving. Understanding these principles is essential for Development Officers to effectively advocate for their organization's mission and secure funding from donors.

Reading list

We've selected 15 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Justice Today: Money, Markets, and Morals.
Provides a historical overview of the ethical debates surrounding capitalism. It is helpful for understanding the different ways in which people have thought about the moral implications of markets and economic systems.
Examines the intersection of markets and morality. It explores the ways in which markets can promote or undermine moral values and how moral considerations can influence market outcomes.
Provides a defense of markets from a moral perspective. It argues that markets are essential for human flourishing and that they can promote moral values such as freedom, equality, and justice.
Examines the growing problem of inequality in the United States and around the world. It argues that inequality is not only a moral issue but also a threat to economic growth and social stability.
This Pulitzer Prize-winning novel tells the story of a group of people whose lives are intertwined with trees. It explores the complex relationship between humans and nature and the importance of protecting the environment.
Explores the relationship between humans and the natural world from an indigenous perspective. It offers insights into the importance of respecting the environment and living in harmony with nature.
Argues that science can provide a foundation for morality. It explores the ways in which our understanding of the natural world can help us to make better ethical decisions.
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Explores the two systems of thinking that our brains use: System 1, which is fast, intuitive, and emotional, and System 2, which is slow, deliberate, and logical. It explains how these two systems interact and how they can lead to biases in our thinking.
Uses economics to explore a variety of social issues, such as crime, education, and parenting. It challenges conventional wisdom and offers surprising insights into human behavior.
Provides a sweeping overview of human history from the Stone Age to the present day. It explores the major themes of human evolution and the challenges that we face as a species.

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