One common set of arguments against universal markets contends that the special status of certain goods (e.g., organs, reproductive services, or native artifacts) makes it inappropriate or wrong to compare their worth to the value of a commodity or to some amount of money. These arguments rest on the fear that market valuations would distort the way we value the goods in question rather than the fear that their sale could exploit or directly harm the people involved in the exchange. In this pape…
Read moreOne common set of arguments against universal markets contends that the special status of certain goods (e.g., organs, reproductive services, or native artifacts) makes it inappropriate or wrong to compare their worth to the value of a commodity or to some amount of money. These arguments rest on the fear that market valuations would distort the way we value the goods in question rather than the fear that their sale could exploit or directly harm the people involved in the exchange. In this paper I use behavioral economics to explain why these arguments persuade so many people despite the fact that we already engage in a wide range of economic valuations with respect to those contested domains. I conclude by identifying the implications this has for the broader debate over contested markets.