Category: Economics

Blog author: ehilton
posted by on Wednesday, February 19, 2014

The much-maligned 1%. Websites are devoted to getting them to spread their wealth. They are called self-pitying, greedy…just all-around bad folk.

Really?

In today’s Wall Street Journal, James Piereson says the 1% are actually hard-working people like the rest of us. They have jobs. They earn their money. Maybe they earn more money that most of us, but they do earn it; they aren’t trust fund babies or spoiled heirs. (more…)

Rev. Robert A. Sirico, president of the Acton Institute, joins Drew Mariani on Relevant Radio’s Drew Mariani Show to discuss the problem of Global Poverty and the seemingly counterintuitive solutions that have been lifting people out of poverty over the last few decades, as well as how more conventional “solutions” like government-to-government aid often have disastrous effects for those who are the intended recipients of the aid. You can listen to the interview via the audio player below.

列印Why do liberal and conservative evangelicals tend to disagree so often about economic issues? This is the fifth and final entry in a series of posts that addresses that question by examining 12 principles that generally drive the thinking of conservative evangelicals when it comes to economics. The first in the series can be found here; Part 2 can be found here; and Part 3 can be found here; Part 4 can be found here. A PDF/text version of the entire series can be found here.

11. Free markets are information systems designed for virtuous people.

All self-identified evangelicals share at least one trait in common: we self-identify with the information system that goes by the name of evangelicalism. That tautology – the people who self-identify as evangelicals are the people who self-identify with evangelicalism – may not be very useful, but it can be helpful for us to recognize that evangelicalism is an information system that we share in common.

To claim that evangelicalism is an information system is merely to say that (whatever else it may be) evangelicalism provides a systematic means of creating, collecting, filtering, processing, and distributing information about a particular form of Christianity.
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JMM_16 2The most recent issue of the Journal of Markets & Morality, vol. 16, no. 2, has been published online at our website (here). This issue’s articles explore a range of subjects from biblical understandings of poverty, Islamic scripture, John Locke, the ills of apathy, an Eastern Orthodox view of the family and social justice, and much more.

In addition, this issue includes our regular symposium of the papers from the Theology of Work Consultation at the Evangelical Theological Society’s 2012 conference.

2013 marked several important anniversaries, as executive editor Jordan Ballor points out in his editorial, (more…)

Blog author: jsunde
posted by on Friday, February 14, 2014

heart mosaic1In the spirit of Valentine’s Day, I offer this wonderful bit from Jennifer Roback Morse’s transformational book, Love and Economics, in which she observes a particular vacancy in modern discourse and policymaking:

Economics has been a successful social science because it focuses on things that are true: human beings are self-interested and have the capacity for reason. But it is equally true that we have the capacity to love. This capacity is no less human, and no less defining of who we are. Too much of our public discourse has proceeded as if these two great realities of the human condition, reason and love, were in conflict with each other. The Right favors the cold, calculating, tough-minded approach of the intellect: man is essentially a Knower. The Left favors the warm, fuzzy, emotional approach of the heart: man is essentially a Lover. Yet the Left at its most extreme has given us the cold, impersonal state and its bureaucracy as the answer to social problems. At the same time, the Right at its most extreme has given us the irrationality of trying to reduce man to the sum of his bodily needs…

…It is time to cross this divide in the sphere of public discourse as well. The consequences of going off the deep end into either the direction of Love or Reason and ignoring the other can be grim indeed.

Noting the French Revolution’s bloody altar to the “Goddess of Reason,” and, somewhat inversely, the Russian Revolution’s chaotic attempt to unite humanity under “one giant family,” Morse argues that the American Revolution was distinct because it preserved the “underlying social and cultural order.” It unleashed the powerful forces of freedom and individualism, but did so in a way that kept love for the other in focus. (more…)

Pope Francis

Pope Francis

Kishore Jayabalan, Director of Istituto Acton in Rome, recently interviewed with the BBC to discuss Pope Francis’ views on poverty and economics as the pope enters the second year of his papacy. Enjoy the report via the audio player below.

Blog author: dpahman
posted by on Thursday, February 13, 2014

Finding the right pastor or priest for a congregation can be a trying ordeal. It is stressful for the candidates, stressful for committees, stressful for elders and bishops (where applicable).

In some cases, qualified ministers have no church, and churches have no permanent minister. What accounts for the disconnect between what sort of candidates are vying for churches and the sort for which churches are actually looking? In economic terms, why is there seemingly a dissonance between supply (ministers) and demand (congregations)?

In order to get a better look at the problem, I have designed a brief survey (1-2 minutes, just 10 questions), asking the question, “What do you look for in a pastor/priest?”

If you are interested in discovering trends that might give a better picture of the source of the problem, please consider taking this survey and passing it on to friends and fellow church members.

I’ll keep the survey open for a month and post the results after that, as well as further follow up surveys if necessary.

You can access the survey here. Thank you!

shovel_and_dirt_No2Why do liberal and conservative evangelicals tend to disagree so often about economic issues? This is the fourth in a series of posts that addresses that question by examining 12 principles that generally drive the thinking of conservative evangelicals when it comes to economics. The first in the series can be found here; Part 2 can be found here; and Part 3 can be found hereA PDF/text version of the entire series can be found here.

9. Social mobility — specifically getting people out of poverty — is infinitely more important than income inequality.

In his recent State of the Union address, President Obama signaled that income inequality will be his domestic focus during the remainder of his term in office. The fact that the president considers income inequality, rather than employment or economic growth, to be the most important economic issue is peculiar, though not really surprising. For the past few years the political and cultural elites have become obsessed with the issue.

That was not always the case. In 1990, a Nobel-winning economist wrote:

One reason that action to limit growing income inequality in the United States is difficult is that the growth in inequality is not a simple picture. Old-line leftists, if there are any left, would like to make it a single story–the rich becoming richer by exploiting the poor. But that’s just not a reasonable picture of America in the 1980s. For one thing, most of our very poor don’t work, which makes it hard to exploit them. For another, the poor had so little to start with that the dollar value of the gains of the rich dwarfs that of the losses of the poor.

The economist who wrote that was none other than Paul Krugman, who more recently said, “the president was right. Inequality is, indeed, the defining challenge of our time.”

The reason for Krugman’s change of opinion has less to do with economics than with political partisanship. In the apparent absence of other real economic problems, some progressives have decided to allow covetousness to drive their political agenda.
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schoolchoicesignWhy do liberal and conservative evangelicals tend to disagree so often about economic issues? This is the third in a series of posts that addresses that question by examining 12 principles that generally drive the thinking of conservative evangelicals when it comes to economics. The first in the series can be found here. Part 2 can be found hereA PDF/text version of the entire series can be found here.

7. The best way to compensate for structural injustice is to increase order and individual freedom.

As it relates to economics, structural injustice could be defined as occurring when outside forces unjustly limit some person’s opportunities to enact their morally legitimate plans. Almost all evangelicals – whether liberal or conservative — agree that structural injustices still exist and that they must be opposed. Where we disagree is about what forms of structural injustice are most pervasive in 2014 and how they should be corrected.

We tend to think of structural injustices as macro-level phenomena (such as racism) that affect the actions, practices, beliefs, and laws of a large region (such as the Jim Crow laws that that codified racial segregation and discrimination). That has historically been the case in America. But today, structural injustices are usually created on the micro-level and affect a smaller area. Take, for example, the issue of poverty. In 2014, the two factors that are most likely to create structural boundaries that keep a child in poverty are their parents and their local community.
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A recent report from the CBO contains an appendix detailing updated estimates of the labor market effects of the Affordable Care Act (ACA). Pundits for and against the ACA have wasted no time in putting their own particular spin on the projections. Republicans and some other opponents have seemingly celebrated the idea that these estimates may show that the ACA is “a job-killing, economy-crushing villain,” while Democrats and some other supporters have claimed that in times of high unemployment, it’s “an economic benefit” that some will be voluntarily reducing hours or dropping out of the labor force because that means greater demand for labor — those currently unemployed would therefore have more options.

So who’s right? These are mutually contradictory claims, or so it appears. The report is ultimately limited and mixed, but nevertheless raises some serious concerns, caused, in part, by the polarization of Congress both when the law was passed and up to the present. (more…)