Are markets simply economic mechanisms, or do they shape the quality of our democracy? What responsibilities do experts have in democratic societies? And how can citizens make informed decisions in an increasingly complex world where knowledge is often concentrated in the hands of a few?

Lisa Herzog is Professor of Political Philosophy at the University of Groningen and Director of the Centre for Philosophy, Politics, and Economics. Her research lies at the intersection of political philosophy, economics, and democratic theory, exploring the ethical foundations of markets, the philosophy of work, professional ethics, and the role of expertise in democratic societies. She is the author of Citizen Knowledge: Markets, Experts, and the Infrastructure of Democracy, which examines how democratic societies can better equip citizens to participate in complex political and economic decisions.

In this episode, we explore what happens when economics is viewed through the lens of philosophy. Lisa argues that understanding markets requires more than mathematical models. It requires asking normative questions about what economic systems are for, whose values they reflect, and how they should serve society. We discuss the history of economic thought, the assumptions embedded within economic theories, and why understanding the origins of these ideas is essential for evaluating their relevance today.

Our conversation also examines the relationship between expertise and democracy. As societies become increasingly specialized, citizens must rely on experts while still retaining meaningful democratic agency. Lisa explores how institutions can foster informed participation without undermining public trust or concentrating power. This episode invites listeners to rethink the relationship between economics, philosophy, and education, and asks how democratic societies can cultivate citizens capable of engaging thoughtfully with the complex systems that shape modern life.