Today if you look at most economic textbooks, economics is not defined by subject matter. It's presented as a science of social choice that applies not only to material goods - not only to flat-screen televisions - but to every decision we make, whether it's to get married, or to stay married, whether to have children and how to educate those children, or how to look after our health.
Michael SandelVery often when we aim at the best, or what we may think is the best for our children, we aim really at lesser things, such as getting into a certain college.
Michael SandelIf 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 very often when we think we are aiming at the best for our children, what we are really doing is trying to position them for competitive success in an intensely driven kind of society. I'm not sure that always leads to the good life or to happiness.
Michael SandelWhether you're a libertarian liberal or a more egalitarian liberal, the idea is that justice means being non-judgmental with respect to the preferences people bring to public life.
Michael Sandel