Pre-publication review of Moral Economics from Publisher's Weekly

Another small adventure in publishing:) 

Here's the pre-publication review of Moral Economics from Publisher's Weekly. "

TL;DR "Bringing balanced, evidence-based analyses to emotionally fraught debates, Roth reveals the power of markets to inspire solutions. This is trailblazing"

 

Moral Economics: From Prostitution to Organ Sales, What Controversial Transactions Reveal About How Markets Work

Alvin E. Roth. Basic Venture, $35 (368p) ISBN 978-1-5417-0201-1

"Nobel Prize–winning economist Roth (Who Gets What—and Why) delivers a stimulating study of morally contested products and services, such as abortion, assisted suicide, and marijuana. He refers to these as “repugnant transactions,” as they spark objections primarily on religious or moral grounds but don’t cause easily measurable harms to those seeking to ban them. Viewing these transactions as markets, or systems that can be designed to “allocate scarce resources efficiently and equitably,” can help people make progress on challenging topics, he argues. For example, analyses of legal prostiution show it can increase the market for paid sex but can also reduce rape and the spread of sexually transmitted disease. Another topic discussed is kidney donation. There is a nearly universal ban on compensating donors based on the concern that payments might lead to poor or vulnerable people being coerced into selling their organs. Meanwhile, there is an extreme shortage of donors, and loved ones are often incompatible with those they want to help (kidney disease runs in families). Roth and his colleagues designed a kidney exchange, in which incompatible patient-donor pairs exchange kidneys with other such pairs. Because no money changes hands, the problem of paying donors can be avoided. Bringing balanced, evidence-based analyses to emotionally fraught debates, Roth reveals the power of markets to inspire solutions. This is trailblazing. (May) 

 

 

Moral Economics: Book cover and jackets

 Getting a book out involves some tedium (e.g. trying to proofread the index) as well as many small excitements: here's the full book cover and jackets for Moral Economics:) 

 

 

 

Moral Economics: back-cover blurbs

 I now know what blurbs will likely be on the back cover of Moral Economics when it comes out in May. They are by Peter Singer, Abhijit Banerjee & Esther Duflo, Claudia Goldin, and Paul Milgrom & Bob Wilson, all people whose work I admire more than I can say.

    “Alvin Roth received the Nobel Prize for work in economics that has saved thousands of lives. In Moral Economics, Roth applies his open-minded, evidence-based thinking to controversial issues at the intersection of markets and morals, where his way of thinking could save even more lives.”
    Peter Singer, author of Ethics in the Real World

    “A surprising large part of economics is about things money can't buy, for many good and bad and complicated reasons. This wonderful book by the leading scholar in that area of economics is something else that just money could never buy. It's a labor of love, a testament from a lifetime of thought and research.”
    Abhijit V. Banerjee and Esther Duflo, Nobel laureates and authors of Poor Economics

    “With clarity and compassion, Al Roth explores the transactions society cannot escape—surrogacy, the purchase of body parts, the sale of sex, and a host of ‘repugnant’ relationships. What should be regulated? What should be banned? What are the limits of using price in the marketplace? Be prepared to think in new ways and gain from the insights of a great market designer.”
    Claudia Goldin, Nobel laureate and author of Career and Family

    “From the right to sell a kidney to the cost of a surrogate birth, our sense of ‘right and wrong’ shapes the economy more than we realize. Nobel laureate Alvin Roth—the world's leading ‘philosopher-economist’—unpacks the hidden moral codes that govern our most intimate transactions. This is a clear-eyed guide to understanding where the market ends, where morality begins, and how we can design a world that honors both.”
    Paul Milgrom and Robert Wilson, Nobel laureates, Stanford University
 

Spam invitation to be featured in a book club

 As the author of a forthcoming book (Moral Economics) I now get book-related emails from publicists, podcasters and others.  But I suspect I was the first human to see the email below, inviting me to be featured in a book club, which began with this sentence:

"I’m writing because "The Nash solution and the utility of bargaining" has stayed with me, thoughtful, layered, and resonant in a way that invites real conversation. It felt like the kind of book our readers would want to spend time with."

 It purported to come from the organizer of an apparently real book club (Bellatrist), but alas the return email didn't pass the smell test (despite coming from such a perceptive reader of the paper below...)

 Roth, Alvin E. "The Nash solution and the utility of bargaining." Econometrica (1978)

 Abstract: "It has recently been shown that the utility of playing a game with side payments depends on a parameter called strategic risk posture. The Shapley value is the risk neutral utility function for games with side payments. In this paper, utility functions are derived for bargaining games without side payments, and it is shown that these functions are also determined by the strategic risk posture. The Nash solution is the risk neutral utility function for bargaining games without side payments."

 

Thoughtful, layered and resonant.   

Yuck! and the long journey to a book title

 

As I mentioned in yesterday's post, I'm working on the galleys of my forthcoming book, Moral Economics. This has reminded me of the long journey to a book title.

 

For one thing, the British title isn't exactly  the same as the American title--they have different subtitles. British readers will have to open the book to discover that prostitution and organ sales are among the topics covered, while American readers can see this on the cover.

 

  

My original, working title was "Controversial Markets and Repugnant  Transactions," based in part on my 2007 article  "Repugnance as a Constraint on Markets".  But I soon realized that when non-economists heard me mention that a transaction was repugnant, they thought I meant that I didn't like it and that they shouldn't either, when what I did mean was merely that some people object to it, often on moral grounds.

So for a while my working title became "Controversial Markets and Morally Contested Transactions." 

That's descriptive, but clunky.  So I didn't resist too much when my publisher suggested "Moral Economics," although I worried that was too cryptic, so a sub-title would be needed.

And all of this is stored in a folder with the title "Yuck" that I opened on my hard drive when I first started to think about writing a book on repugnant transactions. 

New book! Moral Economics: From Prostitution to Organ Sales, What Controversial Transactions Reveal About How Markets Work--forthcoming!

 

 I have a forthcoming book, (at long last) and it now even has a cover. (Note the halo:)  I'm reading the galleys right now...

 

Moral Economics: From Prostitution to Organ Sales, What Controversial Transactions Reveal About How Markets Work    forthcoming – May 12, 2026

also available to preorder at other fine bookstores. (I'll be happy to autograph pre-orders that are mailed to me, btw...)

 

"A Nobel Prize–⁠winning economist shows us why we have to deal in trade-offs when we can’t agree on what’s right and what’s wrong

"Some of the most intractable controversies in our divided society are, at bottom, about what actions and transactions should be banned. Should women and couples be able to purchase contraception, access in vitro fertilization, and end pregnancy by obtaining an abortion? Should people be able to buy marijuana? What about fentanyl? Can someone be paid to donate blood plasma, or a kidney?

"Disagreements are fierce because arguments on both sides are often made in uncompromising moral or religious terms. But in Moral Economics, Nobel Prize–winning economist Alvin E. Roth asserts that we can make progress on these and other difficult topics if we view them as markets—tools to help decide who gets what—and understand how those markets can be fine-tuned to be more functional. Markets don’t have to allow everything or ban everything. Prudent market design can find a balance between preserving people’s rights to pursue their own interests and protecting the most vulnerable from harm.

"Combining Roth’s unparalleled expertise as market design pioneer with his incisive, witty accounts of complicated issues, Moral Economics offers a powerful and innovative new framework for resolving today’s hardest controversies. "