The beginning of August nears and time to gear up for Fall classes. This is also a time I get to read more of the news. One story floating out there is the New Jersey corruption case that snared several public officials and even some Rabbis. The interesting part of the case (yes, political corruption has become too common to be interesting) is the black market that has developed for kidneys. It seems that we have a simple supply and demand problem – a growing demand for transplanted kidneys and a paltry supply. As usual, laws on the books have helped create the black market rather than make it easier for getting needed kidneys.
But this is one is a tough issue from an ethical point – do we want to create business markets for human organs? Should people be compensated for giving away their kidneys? Even a market person like me sees problems with this. I like the idea of good Samaritans donating, rather than this become a mercenary trade.
Yet, because demand has grown out of step with supply (or if supply has been artificially depressed), a potentially bigger problem has developed—a black market for organ trafficking. Consider that the demand for organs is very inelastic regarding price: those that need an organ transplant will be willing to pay just about anything as described by a Dr. Satel, who herself received a kidney transplant. Dr. Satel said had not a friend stepped up to donate her kidney she would have been desperate enough to pay the six-figure amount in the black market.
This might be a good current event for an economics class – or ethics (or at least a good report for a student to write about!). Honestly, I don’t know what the right answer is on this one. Dr. Satel makes a case of compensating organ donors but how do you set a price on something that is priceless?
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