Call me a Johnny One Note, but the primary reason I became an economist was to help demonstrate to others the human suffering that results from socialism and the incredible material progress that results from free markets. The better material progress we make, the more time and energy we can devote to leisure pursuits, including prayer, spiritual reading, going to daily Mass, etc.
This message isn... More
Hal Roach the Irish comedian would tell a joke that went like this (read it in your best Irish brogue):
Father Murphy was in rare form in the pulpit on Sunday, exhorting his parishoners to be more generous. “If ye have an excess, share with those who have naught,” he said. “It is the Christian thing to do.” To make an example of one of the exemplary local farmers he asked O... More
I doubt James Buchanan is well-known among Catholics but he should be, especially if we are interested in pursuing political means for particular ends. Buchanan won the Nobel prize in Economics in 1986 “for his development of the contractual and constitutional bases for the theory of economic and political decision-making.” Sans jargon, Buchanan was a pioneer of the theory of public ch... More
I know what you’re thinking: “Just three?”
I love graphs as much as the next guy, but I’ve squished what you need to know about the labor market into three graphs, courtesy of the St. Louis Fed’s FRED database.
I’ve said before that it annoys me when the single piece of data the news media uses to assess the economy is the unemployment rate, which is subject to ... More
I hadn’t. Through three years of undergrad and four years of graduate-level economics, I had never heard of distributism. Not that I was sheltered from the odder theories from days past. Marx, the utopian socialists, Henry George, the Austrians; they are just the weird, crazy uncles in the family of economic thought, displaying an occasional modicum of sanity but mostly just being avoided de... More
I’m used to being told I am wrong, but in an internet discussion I’m not used to my critics being respectful and actually reading what I’ve written. Perhaps Dan’s recent post is a forerunner of a wave of combox civility and reason; huzzah! It’s also beyond question that Dan, Bishop Blaire, and Catholic social theorists throughout history have the noblest of intentions... More
There are many data points we could rest on to legitimize that headline, but today’s installment is his notion about how businesses come into being and success is built.
Thus he spake:
[L]ook, if you’ve been successful, you didn’t get there on your own. You didn’t get there on your own. I’m always struck by people who think, well, it must be because I was just so smart. There a... More
Very notable news, via Vatican expert Sandro Magister, following the aftermath of the Justice & Peace’s ill-advised white paper (emphasis mine):
Precisely when the G20 summit in Cannes was coming to its weak and uncertain conclusion, on that same Friday, November 4 at the Vatican, a smaller summit convened in the secretariat of state was doing damage control on the latest of many mom... More
I can’t believe I didn’t make this connection earlier.
It took this story out of Canada to help me connect the dots:
Organizers of the Occupy Vancouver movement almost took over the Holy Rosary Cathedral in downtown Vancouver on Sunday morning.
Vancouver Police stopped the protesters from disrupting Mass at the Catholic church. A spokesman for the group, which renamed itself Occupy ... More
Many, many good people have weighed-in on this week’s news that the Pontifical Council for Justice and Peace has released a White Paper on international finance and development.
My thoughts about it are here and here.
Here’s the best of what I’ve read from others on the topic.
Mark Brumley, Editor of Ignatius Press:
If the Pontifical Council for Justice and Peace is trying to mak... More