Morality, money and markets

What should — and shouldn’t — be for sale?In this episode of Econ To Go, Neale Mahoney sits down with Stanford economist and Nobel laureate Alvin Roth to explore “moral economics,” the subject of his new book and the idea that markets are not just driven by prices, but shaped by human values. From debates over “repugnant transactions” like surrogacy and prostitution to the real-world design of kidney exchange systems, Roth unpacks how markets evolve, where they break down, and why thoughtful design and social support are essential to making them work. Along the way, we cover several key topics, including:(01:33) Markets as human artifacts(03:25) The moral boundaries of markets and trade(08:14) The economics of kidney exchange(19:03) Why markets need social support (and thoughtful regulation)(22:40) Designing markets — from prostitution to UberEcon To Go brings Stanford economics into your everyday life — served with a side of coffee. Hosted by economist and director of the Stanford Institute for Economic Policy Research (SIEPR), Neale Mahoney, the show takes you on a walk across campus with leading thinkers as they unpack the ideas shaping our economy, public policy, and daily lives. Smart, curious, and conversational — it’s Stanford economics, to go.The Stanford Institute for Economic Policy Research is a nonpartisan research center that brings together scholars, policymakers, and industry leaders to solve pressing economic challenges and inform better public policy.Never miss an episode. Subscribe to Econ To Go on Spotify, Apple Podcasts, Amazon, YouTube, or wherever you get your podcasts. Plus follow SIEPR on LinkedIn or X/Twitter for episode updates and research highlights, or explore more at siepr.stanford.edu.Today’s guest, Alvin Roth, a Nobel laureate, is the Craig and Susan McCaw Professor of Economics at Stanford University and a senior fellow at the Stanford Institute for Economic Policy Research (SIEPR). A pioneer in market design, his work has helped shape systems like kidney exchange, improving how scarce resources are allocated in practice. His research focuses on how markets can be designed to function more effectively, especially in areas where traditional markets fall short. To learn more about his work and these ideas, explore the following:Book: Moral Economics (available for purchase)Sex, drugs & surrogacy: When morality and markets clashThe Visible Hand