This article investigates the moral outlooks and obligations that are intertwined in the teaching and learning processes of the traditional folk music community in Norway and how moral aspects affect the development of professional identities. Theoretically, we combine the concept of a community of practice with a moral economy perspective. This allows us to see that professional folk musicians are positioned between two different moral economies, one that builds on voluntary values and gift exchange and another that builds on professional ideals of the market-based economy of the music industry. In this way, we extend existing knowledge on teaching and learning processes by specifying the moral content that is learnt by participating in the practices of the folk music community. Being socialised into the moral outlook of the Norwegian folk music community means internalising specific norms and values that create moral obligations and shape social contracts.