Assuming that no one is forced to participate in any of these markets, what arguments can you make for or against these repugnant markets? Can you use the concepts of consumer, producer, and total surplus we learned in this chapter to your argument?

March 26, 2019

1. A Current Affairs broadcast by BBC Radio 4 in December 2007 focused on “repugnant markets.” The program discussed markets for kidneys, prostitutes, and human cannonballs. For example, many people donate a kidney to a friend or relative, or earmark their kidneys for donation upon death, actions which are considered noble. But a market for kidneys -where people sell one of their kidneys for money -seems to disgust and outrage many of us. Because it is universally illegal to buy or sell kidneys, shortages result, and many people die each year for lack of a donation.

The program also provided the less dramatic example of Manuel Wackenheim, a “professional human missile.” He is a dwarf who made his living being” hurled around for public entertainment.” When a French government entity banned his performances, he pursued the case in court, eventually to the UN Commission on Human Rights. He argued that the essence of human dignity is “having a job and this is my job.” The human cannonball lost. It was just too repugnant an occupation for the Commission.

Assuming that no one is forced to participate in any of these markets, what arguments can you make for or against these repugnant markets? Can you use the concepts of consumer, producer, and total surplus we learned in this chapter to your argument?
2. Please read
America and the world: Trade, at what price? (Links to an external site.)Links to an external site.
It’s neat that your textbook author, Paul Krugman, is mentioned (who, by the way, is a Nobel prize winner).

Then answer the following questions:
1. Who are the winners from trade? Who are the losers from trade?
2. Can you explain the benefits and costs of trade in terms of consumer surplus, producer surplus, and total surplus?
3. Do you think trade is an opportunity or a threat? Why?
4. Do you oppose protectionism or redistribution? Why?
5. What suggestions, if any, would you give to policy makers to make the best of trade?
6. What about this article was surprising to you? Why?
7. What questions do you have about what is discussed in the article?
Though this provides only one of the perspectives (I had a hard time finding an article on the other side; please share with us if you find one!), it offers some concrete points on the effects of a protectionist stance: Why a Protectionist Shock Would Do More to Harm Than to Help the Job Market. (Links to an external site.)Links to an external site.

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