full transcript

From the Ted Talk by Michael Sandel: Why we shouldn't trust markets with our civic life

Unscramble the Blue Letters

Now, what this, even this brief debate, brings out is something that many eosnmiotcs oovrolek. Economists often assume that markets are inert, that they do not touch or taint the goods they exchange. Market ecxgnhae, they amusse, doesn't cgnahe the meaning or value of the goods being exchanged. This may be true enough if we're talking about material goods. If you sell me a flat screen television or give me one as a gift, it will be the same good. It will work the same either way. But the same may not be true if we're talking about nntamorieal goods and soical practices such as teaching and learning or engaging together in civic life. In those domains, bringing market mechanisms and cash incentives may undermine or crowd out nonmarket values and attitudes worth caring about. Once we see that markets and commerce, when extended beyond the material domain, can change the character of the goods themselves, can change the mienang of the social practices, as in the example of tiehnacg and learning, we have to ask where mrtkeas belong and where they don't, where they may actually undermine values and attuetids worth caring about. But to have this debate, we have to do something we're not very good at, and that is to reason together in public about the value and the meaning of the social praccites we prize, from our bodies to family life to personal relations to hatelh to teaching and learning to civic life.

Open Cloze

Now, what this, even this brief debate, brings out is something that many __________ ________. Economists often assume that markets are inert, that they do not touch or taint the goods they exchange. Market ________, they ______, doesn't ______ the meaning or value of the goods being exchanged. This may be true enough if we're talking about material goods. If you sell me a flat screen television or give me one as a gift, it will be the same good. It will work the same either way. But the same may not be true if we're talking about ___________ goods and ______ practices such as teaching and learning or engaging together in civic life. In those domains, bringing market mechanisms and cash incentives may undermine or crowd out nonmarket values and attitudes worth caring about. Once we see that markets and commerce, when extended beyond the material domain, can change the character of the goods themselves, can change the _______ of the social practices, as in the example of ________ and learning, we have to ask where _______ belong and where they don't, where they may actually undermine values and _________ worth caring about. But to have this debate, we have to do something we're not very good at, and that is to reason together in public about the value and the meaning of the social _________ we prize, from our bodies to family life to personal relations to ______ to teaching and learning to civic life.

Solution

  1. change
  2. exchange
  3. health
  4. social
  5. economists
  6. markets
  7. assume
  8. overlook
  9. attitudes
  10. meaning
  11. teaching
  12. nonmaterial
  13. practices

Original Text

Now, what this, even this brief debate, brings out is something that many economists overlook. Economists often assume that markets are inert, that they do not touch or taint the goods they exchange. Market exchange, they assume, doesn't change the meaning or value of the goods being exchanged. This may be true enough if we're talking about material goods. If you sell me a flat screen television or give me one as a gift, it will be the same good. It will work the same either way. But the same may not be true if we're talking about nonmaterial goods and social practices such as teaching and learning or engaging together in civic life. In those domains, bringing market mechanisms and cash incentives may undermine or crowd out nonmarket values and attitudes worth caring about. Once we see that markets and commerce, when extended beyond the material domain, can change the character of the goods themselves, can change the meaning of the social practices, as in the example of teaching and learning, we have to ask where markets belong and where they don't, where they may actually undermine values and attitudes worth caring about. But to have this debate, we have to do something we're not very good at, and that is to reason together in public about the value and the meaning of the social practices we prize, from our bodies to family life to personal relations to health to teaching and learning to civic life.

Frequently Occurring Word Combinations

ngrams of length 2

collocation frequency
market thinking 4
civic life 3
worth caring 3
cash incentive 3
market mechanisms 2
market economy 2
market values 2
cash incentives 2
good grades 2
stopped paying 2
social practices 2
attitudes worth 2

ngrams of length 3

collocation frequency
attitudes worth caring 2

Important Words

  1. assume
  2. attitudes
  3. belong
  4. bodies
  5. bringing
  6. brings
  7. caring
  8. cash
  9. change
  10. character
  11. civic
  12. commerce
  13. crowd
  14. debate
  15. domain
  16. domains
  17. economists
  18. engaging
  19. exchange
  20. exchanged
  21. extended
  22. family
  23. flat
  24. gift
  25. give
  26. good
  27. goods
  28. health
  29. incentives
  30. inert
  31. learning
  32. life
  33. market
  34. markets
  35. material
  36. meaning
  37. mechanisms
  38. nonmarket
  39. nonmaterial
  40. overlook
  41. personal
  42. practices
  43. prize
  44. public
  45. reason
  46. relations
  47. screen
  48. sell
  49. social
  50. taint
  51. talking
  52. teaching
  53. television
  54. touch
  55. true
  56. undermine
  57. values
  58. work
  59. worth