If you go back to Adam Smith, you find the idea that markets and market forces operate as an invisible hand. This is the traditional laissez-faire market idea. But today, when economics is increasingly defined as the science of incentive, it becomes clear that the use of incentives involves quite active intervention, either by an economist or a policy maker, in using financial inducements to motivate behavior. In fact, so much though that we now almost take for granted that incentives are central to the subject of economics.
Michael SandelI think the reason we might hesitate to pay cash to students for doing well on tests or getting good grades or reading books is that we sense that the monetary payment is an extrinsic reward.
Michael SandelWhat I really want for my children is that they be loved and that they be happy and that they lead a good life.
Michael SandelIn most of our lives, we are accustomed to aiming at mastery and control and dominion- - over nature, over our lives, over our jobs, over our careers, over the goods that we buy.
Michael Sandel