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Whyweshouldn'ttrustmarketswithourciviclifeHere'saquestionweneedtorethinktogether:Whatshouldbetheroleofmoneyandmarketsinoursocieties?00:23Today,thereareveryfewthingsthatmoneycan'tbuy.Ifyou'resentencedtoajailterminSantaBarbara,California,youshouldknowthatifyoudon'tlikethestandardaccommodations,youcanbuyaprisoncellupgrade.It'strue.Forhowmuch,doyouthink?Whatwouldyouguess?Fivehundreddollars?It'snottheRitz-Carlton.It'sajail!Eighty-twodollarsanight.Eighty-twodollarsanight.Ifyougotoanamusementparkanddon'twanttostandinthelonglinesforthepopularrides,thereisnowasolution.Inmanythemeparks,youcanpayextratojumptotheheadoftheline.TheycallthemFastTrackorVIPtickets.01:14Andthisisn'tonlyhappeninginamusementparks.InWashington,D.C.,longlines,queuessometimesformforimportantCongressionalhearings.Nowsomepeopledon'tliketowaitinlongqueues,maybeovernight,evenintherain.Sonow,forlobbyistsandotherswhoareverykeentoattendthesehearingsbutdon'tliketowait,therearecompanies,line-standingcompanies,andyoucangotothem.Youcanpaythemacertainamountofmoney,theyhirehomelesspeopleandotherswhoneedajobtostandwaitinginthelineforaslongasittakes,andthelobbyist,justbeforethehearingbegins,cantakehisorherplaceattheheadofthelineandaseatinthefrontoftheroom.Paidlinestanding.02:04It'shappening,therecoursetomarketmechanismsandmarketthinkingandmarketsolutions,inbiggerarenas.Takethewaywefightourwars.Didyouknowthat,inIraqandAfghanistan,thereweremoreprivatemilitarycontractorsonthegroundthantherewereU.S.militarytroops?Nowthisisn'tbecausewehadapublicdebateaboutwhetherwewantedtooutsourcewartoprivatecompanies,butthisiswhathashappened.02:37Overthepastthreedecades,wehavelivedthroughaquietrevolution.We'vedriftedalmostwithoutrealizingitfromhavingamarketeconomytobecomingmarketsocieties.Thedifferenceisthis:Amarketeconomyisatool,avaluableandeffectivetool,fororganizingproductiveactivity,butamarketsocietyisaplacewherealmosteverythingisupforsale.It'sawayoflife,inwhichmarketthinkingandmarketvaluesbegintodominateeveryaspectoflife:personalrelations,familylife,health,education,politics,law,civiclife.03:28Now,whyworry?Whyworryaboutourbecomingmarketsocieties?Fortworeasons,Ithink.Oneofthemhastodowithinequality.Themorethingsmoneycanbuy,themoreaffluence,orthelackofit,matters.IftheonlythingthatmoneydeterminedwasaccesstoyachtsorfancyvacationsorBMWs,theninequalitywouldn'tmatterverymuch.Butwhenmoneycomesincreasinglytogovernaccesstotheessentialsofthegoodlife--decenthealthcare,accesstothebesteducation,politicalvoiceandinfluenceincampaigns--whenmoneycomestogovernallofthosethings,inequalitymattersagreatdeal.Andsothemarketizationofeverythingsharpensthestingofinequalityanditssocialandcivicconsequence.That'sonereasontoworry.04:38There'sasecondreasonapartfromtheworryaboutinequality,andit'sthis:withsomesocialgoodsandpractices,whenmarketthinkingandmarketvaluesenter,theymaychangethemeaningofthosepracticesandcrowdoutattitudesandnormsworthcaringabout.05:04I'dliketotakeanexampleofacontroversialuseofamarketmechanism,acashincentive,andseewhatyouthinkaboutit.Manyschoolsstrugglewiththechallengeofmotivatingkids,especiallykidsfromdisadvantagedbackgrounds,tostudyhard,todowellinschool,toapplythemselves.Someeconomistshaveproposedamarketsolution:Offercashincentivestokidsforgettinggoodgradesorhightestscoresorforreadingbooks.They'vetriedthis,actually.They'vedonesomeexperimentsinsomemajorAmericancities.InNewYork,inChicago,inWashington,D.C.,they'vetriedthis,offering50dollarsforanA,35dollarsforaB.InDallas,Texas,theyhaveaprogramthatofferseight-year-oldstwodollarsforeachbooktheyread.06:03Solet'sseewhat--Somepeopleareinfavor,somepeopleareopposedtothiscashincentivetomotivateachievement.Let'sseewhatpeopleherethinkaboutit.Imaginethatyouaretheheadofamajorschoolsystem,andsomeonecomestoyouwiththisproposal.Andlet'ssayit'safoundation.Theywillprovidethefunds.Youdon'thavetotakeitoutofyourbudget.Howmanywouldbeinfavorandhowmanywouldbeopposedtogivingitatry?Let'sseebyashowofhands.06:33First,howmanythinkitmightatleastbeworthatrytoseeifitwouldwork?Raiseyourhand.06:40Andhowmanywouldbeopposed?Howmanywould--06:43Sothemajorityhereareopposed,butasizableminorityareinfavor.Let'shaveadiscussion.Let'sstartwiththoseofyouwhoobject,whowouldruleitoutevenbeforetrying.Whatwouldbeyourreason?Whowillgetourdiscussionstarted?Yes?07:02HeikeMoses:Helloeveryone,I'mHeike,andIthinkitjustkillstheintrinsicmotivation,sointherespectthatchildren,iftheywouldliketoread,youjusttakethisincentiveawayinjustpayingthem,soitjustchangesbehavior.MichaelSandel:Takestheintrinsicincentiveaway.07:20Whatis,orshouldbe,theintrinsicmotivation?07:25HM:Well,theintrinsicmotivationshouldbetolearn.07:28MS:Tolearn.HM:Togettoknowtheworld.Andthen,ifyoustoppayingthem,whathappensthen?Thentheystopreading?07:36MS:Now,let'sseeifthere'ssomeonewhofavors,whothinksit'sworthtryingthis.07:41ElizabethLoftus:I'mElizabethLoftus,andyousaidworthatry,sowhynottryitanddotheexperimentandmeasurethings?MS:Andmeasure.Andwhatwouldyoumeasure?You'dmeasurehowmany--EL:Howmanybookstheyreadandhowmanybookstheycontinuedtoreadafte