TY  - BOOK
AU  - Ng, Yew-Kwang
TI  - Markets and morals: justifying kidney sales and legalizing prostitution
SN  - 9781316646571
U1  - 174.4 
PY  - 2019///
CY  - New York
PB  - Cambridge University Press
KW  - Capitalism--Moral and ethical aspects
KW  - Economics--Moral and ethical aspects
N1  - Table of Contents
Preface
Acknowledgements
1. Introduction
2. The well-known case of lateness fees
3. Extending economic analysis
4. The anti-market sentiment
5. The inequality/exploitation case against commodification is invalid
6. Repugnance? Similar to 'honour' killing
7. Crowding out or crowding in?
8. Market expansion is a mark of progress
9. The case for legalising kidney sales
10. Making presumed consent the default option
11. Blood donation
12. Prostitution Yan Wang and Yew-Kwang Ng
13. Conscription
14. Profiteering
15. Water: a typical case of under-pricing
16. Fines, imprisonment, or whipping?
17. Some specific areas
18. Concluding remarks
N2  - Considering efficiency, equality, and morality, this book argues for qualified market expansion, particularly in legalizing kidney sales and prostitution. Legalizing prostitution will benefit both men and women, as argued in a chapter jointly written with Yan Wang. Blood donation without monetary compensation can still result in adequate blood supply if schools educate children that blood donation can actually benefit a donor's health. As a society becomes more advanced, with higher incomes and a better educated populace, more activities can be subject to market exchange, with gradual popular acceptance. Without serious misinformation and irrationality, inequality/fairness as such cannot be a valid reason for limiting the scope of the market. The book supports the use of markets to increase efficiency while also increasing the effort to promote equality, making all income groups better off.

Explores how kidney sales and legalized prostitution in particular would significantly increase social welfare while considering efficiency, equality and morality
Extends economic analysis to include such effects as the possible crowding out of intrinsic motivation and morality in using the market, thus helping to reduce the anti-market sentiments that might be based on mistaken views
Argues that the progression of society through higher degrees of division of labor, higher incomes, better education, more liberalism, and more understanding of economics will typically allow a wider scope for using markets
ER  -