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No matter how much people are willing to pay, three will never be the square root of six. Similarly, segregation is a national curse and the fact that we are willing to pay for it does not make it better, but only us worse. ... What separates these questions from those for which markets are appropriate is that they involve matters of knowledge, wisdom, morality, and taste that admit of better or worse, right or wrong, true or false, and not mere economic optimality. Surely environmental questions—the protection of wilderness, habitats, water, land, and air as well as policy toward environmental safety and health—involve moral and aesthetic principles and not just economic ones. (en) |
