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Markets Within the Limit of Feasibility

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  • Kenneth Silver

    (Trinity College Dublin, The University of Dublin
    Trinity College)

Abstract

The ‘limits of markets’ debate broadly concerns the question of when it is (im)permissible to have a market in some good. Markets can be of tremendous benefit to society, but many have felt that certain goods should not be for sale (e.g., sex, kidneys, bombs). Their sale is argued to be corrupting, exploitative, or to express a form of disrespect. In Markets without Limits, Jason Brennan and Peter Jaworski have recently argued to the contrary: For any good, as long as it is permissible to give it for free, then it is permissible to give it for money. Their thesis has led to a number of engaging objections, and I leverage recent work on the nature of feasibility within political philosophy to offer a new challenge. I argue that feasibility offers a constraint on which markets can be permissibly implemented. Though it may be possible to create a morally acceptable version of an otherwise repugnant market, some of these markets may be infeasible, and so we are not permitted to implement them. After laying out this challenge, I consider several replies. They concern the relevance of feasibility, and whether any markets really are infeasible. This provides an opportunity to explore the dangers of pursuing the infeasible and with markets generally. I conclude by considering what might lead us to pursue these markets despite their infeasibility, or how knowledge of infeasibility may prove useful regardless.

Suggested Citation

  • Kenneth Silver, 2023. "Markets Within the Limit of Feasibility," Journal of Business Ethics, Springer, vol. 182(4), pages 1087-1101, February.
    • Handle: RePEc:kap:jbuset:v:182:y:2023:i:4:d:10.1007_s10551-021-04948-4
    DOI: 10.1007/s10551-021-04948-4
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    References listed on IDEAS

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    1. Hughes, Nick, 2018. "Guidance, Obligations and Ability: A Close Look at the Action Guidance Argument for Ought-Implies-Can," Utilitas, Cambridge University Press, vol. 30(1), pages 73-85, March.
    2. Brennan, Jason & Jaworski, Peter, 2021. "If you can do it for free, there's some way to do it for money," Journal of Institutional Economics, Cambridge University Press, vol. 17(1), pages 171-175, February.
    3. Nafsika Athanassoulis & Allison Ross, 2010. "A virtue ethical account of making decisions about risk," Journal of Risk Research, Taylor & Francis Journals, vol. 13(2), pages 217-230, March.
    4. Pablo Gilabert & Holly Lawford-Smith, 2012. "Political Feasibility: A Conceptual Exploration," Political Studies, Political Studies Association, vol. 60(4), pages 809-825, December.
    5. Wiens, David, 2015. "Political Ideals And The Feasibility Frontier," Economics and Philosophy, Cambridge University Press, vol. 31(3), pages 447-477, November.
    6. Satz, Debra, 2010. "Why Some Things Should Not Be for Sale: The Moral Limits of Markets," OUP Catalogue, Oxford University Press, number 9780195311594.
    Full references (including those not matched with items on IDEAS)

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