Category: Economics

Conservatives are known for arguing about the ill effects of over-regulation, reminding us how it stifles innovation, cramps entrepreneurship, and harms small businesses. Where we’re less effective is connecting this reality to the more fundamental abuses it wields on human dignity in general and the poor and vulnerable in particular.

In a 45-minute talk given at Heritage Action, Senator Ben Sasse of Nebraska offers a detailed critique of over-regulation in America.

Pointing first to the proper scope of regulatory policies, Sasse proceeds to note the increasing overreach of the federal government and the range of reasons to oppose it. Watch an excerpt here:

Although arguments about over-regulation and taxation are bound to involve in depth discussions about numbers and econometrics, Sasse reminds us that our focus must remain on the preservation of freedom and human dignity. (more…)

Original caption: Joseph Alois Schumpeter (1883-1950), Czech-born economist and professor at Harvard University. His theories on the development of capitalism made him famous Undated photograph. --- Image by © Bettmann/CORBIS

Today is the 133 birthday of the late Austrian-born economist, Joseph A. Schumpeter. A Finance Minister of Austria and later Harvard professor, Schumpeter coined the term “creative destruction” in explaining how capitalism delivers progress:

The opening up of new markets, foreign or domestic, and the organizational development from the craft shop to such concerns as U.S. Steel illustrate the same process of industrial mutation—if I may use that biological term—that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism.

Although a messy process, creative destruction was, according to Schumpeter, often necessary for innovation. As Joseph Klesney noted in an Acton Commentary in 2001:

Blog author: jcarter
Thursday, February 4, 2016

jesus_was_a_socialist_poster-ra50dbe5fff854b98ad170860c4976c88_wvg_8byvr_324The resurgence of socialism in America, especially among the young, seems to be based on a widespread form of wishful thinking and historical ignorance. Most people who support Bernie Sanders, for instance, do not realize that most of his ideas have been tried already—and discarded as unworkable.

Similarly, many Christians who support Sanders don’t realize that for centuries socialism has been considered incompatible with Christianity. Since the mid-1800s every Catholic pontiff—from Pius IX to Benedict XVI—has forthrightly condemned socialism. Protestants don’t have a single leader to make that judgment call, of course, but we too have determined that based on Scripture socialism is incompatible with biblical principles.

Yet despite the obvious disconnect between Christianity and socialism some people go even further and claim that Jesus himself was an advocate of socialism.

A solid, thorough rebuttal to this baffling notion can be found in Lawrence W. Reed’s essay, “Rendering Unto Caesar: Was Jesus A Socialist?


What do we care about? How does the economic system affect our purpose in life? How can it enhance our purpose?

Those are the questions Arthur Brooks, president of the American Enterprise Institute, tackles in his presentation before the Aspen Institute.

Blog author: jcarter
Friday, January 22, 2016

If the goal is to improve the economic fortunes of the least-advantaged workers and families, says economist Don Boudreaux in this short animated video, then the minimum wage is a terrible idea. On his blog, Boudreaux adds:

The minimum wage yields unfair advantages to families, such as mine, with teenagers who hail from middle- and high-income households, who are well-educated, whose parents and other relatives have social and business connections, and who have their own personal means of transportation. These advantages come at the expense – cruelly so – of minority and inner-city teens, of low-skilled immigrants, and of other workers who are poorly advantaged yet who, in most cases, need employment more than do those advantaged workers who manage to find jobs at the higher, minimum wage.

detroit-neighborhood“The Bible has a rich desert theology…He will cause rivers to flow, even in desert conditions.” –Christopher Brooks

Pastor Christopher Brooks and Evangel Ministries have demonstrated a unique model of urban ministry in Detroit, focusing not just on meeting immediate needs through traditional channels, but on fostering a vision of long-term, whole-life discipleship.

In a talk for the Oikonomia Network, Brooks offers invaluable perspective from his years of ministry, concluding that the gospel has the power to bring economic flourishing to impoverished communities. Poor communities are very similar to deserts, Brooks explains, where people feel trapped by the elements and desperate from the thirst. “These feelings of fear and vulnerability, and feeling overwhelmed, is exactly what the poor feel on a daily basis,” he says.

The good news is that Christ brings life and liberty to all people and in all places. “We preach a gospel that tells people they don’t have to relocate in order to experience the blessing and flourishing that comes from being in Christ,” Brooks says. “In other words, you shouldn’t have to change zip codes for the gospel to work for you.”

Thus, Brooks and his church have sought not only to meet temporal needs, but to help communities see the gifts and resources they already have, harnessing and connecting them accordingly. This isn’t to say that it’s as easy as strolling into these communities and peeling open a Bible. It begins and continues with close and attentive relationships. (more…)

bernie-sandersWhile many politicians tend to avoid the labels “liberal” or “progressive,” Democratic presidential candidate and Vermont Senator Bernie Sanders proudly self-identifies as a “socialist.”

While at the University of Chicago in the early 1960s, Sanders joined the Young People’s Socialist League, the youth affiliate of the Socialist Party of America, and has remained a outspoken advocate for socialism ever since.

But exactly what kind of socialist is Sanders?

Faced with the prospect, albeit unlikely, that an avowed socialist may actually become the Democrat’s nominee for president, I thought it would be helpful for Americans to understand the particular brand of socialism advocated by Sanders.

My intention is to summarize his views in a way that is not only fair, but that Sanders himself would agree with. In order to do that I’ve attempted to use his own words as much as possible and to avoid directly stating what I find objectionable about his views (I’ll save that for another day).

Here’s what you should know about the socialism of Bernie Sanders: