Acton Institute Powerblog

Let the Market Work

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Check out this exchange, involving Tony Blankley from The Washington Times, Pat Buchanan of MSNBC, and Eleanor Clift of Newseek, from last week’s McLaughlin Group about President Bush’s call for people to conserve gasoline in their daily activities:

MR. BLANKLEY: Let me make a quick point. Free-market prices maintain equilibrium of supply and demand. Let the price go up. People will make individual decisions.

MR. MCLAUGHLIN: Right.

MR. BLANKLEY: And they will cut back. They did when the prices went up. Some did; some didn’t. The idea of hortatory calls for conservation never work.

MR. BUCHANAN: John, they are all buying Eleanor Clift Priuses and they’re not buying my Navigators anymore.

MS. CLIFT: Right. (Laughs.)

MR. BUCHANAN: The market is working. People will not drive when the price goes up —

MR. MCLAUGHLIN: So you agree —

MR. BUCHANAN: — but they’ll put investment and money into oil.

Jordan J. Ballor Jordan J. Ballor (Dr. theol., University of Zurich; Ph.D., Calvin Theological Seminary) is a senior research fellow and director of publishing at the Acton Institute for the Study of Religion & Liberty. He is also a postdoctoral researcher in theology and economics at the VU University Amsterdam as part of the "What Good Markets Are Good For" project. He is author of Get Your Hands Dirty: Essays on Christian Social Thought (and Action) (Wipf & Stock, 2013), Covenant, Causality, and Law: A Study in the Theology of Wolfgang Musculus (Vandenhoeck & Ruprecht, 2012) and Ecumenical Babel: Confusing Economic Ideology and the Church's Social Witness (Christian's Library Press, 2010), as well as editor of numerous works, including Abraham Kuyper Collected Works in Public Theology. Jordan is also associate director of the Junius Institute for Digital Reformation Research at Calvin Theological Seminary.

Comments

  • Also from last week’s McLaughlin Group, Mort Zuckerman from U.S. News & World Report makes the important point that rising costs of gasoline greatly impact the poorest and most vulnerable populations.

    MR. ZUCKERMAN: …It is very difficult in Am