Category: Economics

money-heartI think it is important to keep in mind that it is not the world of economics that is critical to human life on earth. When I left the field of economics for what I still believe to be a more important life agenda, it was because I regarded economics as driving cross-country at 80 mph with my eyes firmly fixed on the rear-view mirror.

We do, in fact, live in a world defined by economic and political realities, just as a fish lives in water. But that economic world has existed for less than 300 years and it will not last forever. When we talk of poverty or the benefits of living above poverty, it’s easy to think that the miseries of poverty are true miseries. But that misery is often only the economic part of the story. Poverty of mind, of person, and, worst, of soul are the true poverties. Comfortable affluence addresses the less important parts of being human.

I wrote my book, Integrated Justice and Equality, to rebuke the current supremacy of the trendy idea about income redistribution. But is income really the point of life? If I had not focused on biblical integration, my work would have just been a commentary on economic well-being without an anchor. (more…)

“Stewardship is far more than the handling of our money. Stewardship is the handling of life, and time, and destiny.” –Lester DeKoster and Gerard Berghoef

Faithful in All God's HouseStewardship as a term is tossed around rather widely and routinely, and even (or especially) in church settings, its presumed definition is often surprisingly narrow. Though often used in reference to tithing, fundraising, or financial management (and rightly so), we mustn’t forget that at a more basic level, stewardship is simply about our management of God’s house. All of his house.

“God makes man the master of his temporal household,” write Lester DeKoster and Gerard Berghoef in Faithful in All God’s House. “Like all stewards, man is not the owner. He is the overseer…The quality of stewardship depends on obedience to the Master’s will.”

As Evan Koons learns in Episode 1 of For the Life of the World: Letters to the Exiles, our various earthly economies— or the “modes of operation that God has designed us to work within” — include our families, jobs, governments, schools, charities, and institutions. Each area has its own distinct role, its own distinct “sound,” its own mode of operation. But each was meant to played in harmony with others. God calls us to be stewards across all of life, and assuming that responsibility begins with expanding our imaginations.

Over at Oikonomia, the Acton Institute’s new blog at the Patheos Faith and Work Channel, the first chapter of Faithful in All God’s House is offered in full, helping lay a basic foundation on how we might consider the reach of these things. (more…)

_70189222_464_unemployedSeries Note: Jobs are one of the most important aspects of a morally functioning economy. They help us serve the needs of our neighbors and lead to human flourishing both for the individual and for communities. Conversely, not having a job can adversely affect spiritual and psychological well-being of individuals and families. Because unemployment is a spiritual problem, Christians in America need to understand and be aware of the monthly data on employment. Each month highlight the latest numbers we need to know (see also: What Christians Should Know About Unemployment).

Positive news is marked with the plus sign (+) while negative employment data is marked with a minus sign (-). No significant change is marked by (NC).
(more…)

heart-exchangeThe subject of contracts is not particularly romantic, which is part of the reason I’d like to talk about contracts—and how we might reach beyond them.

In some ways, we’ve come to overly ignore, downplay, or disregard contracts. Across the world, we see grandmaster politicians and planners trying to impose various “solutions” with the flicks of their wands, paying little attention to core features like trust and respect for property rights. Here in America, our government is increasingly bent on diluting or subverting our most fundamental agreements, whether between husband and wife or foreclosed Billy and his bank.

In other ways, however, we are excessively contract-minded, particularly when it enables us to slack off or lead predictable, controllable lives. We want guarantees to ensure the maximum reward for the minimum amount of work. We want legislation that protects our jobs and locks in our wages and retirement. We want to put in our 40, return to our couches, grab one from the cooler, and say, “that’s that.” We want to give our effort insofar as we receive our due, insulating ourselves from risk, sacrifice, and discomfort wherever possible.  (more…)

aimthesolution“You have never met a mere mortal.” – C.S. Lewis

God has called each of us to redemptive stewardship, crafting us in his own image that we might assume this calling in boldness and love. Thus, as we approach complex issues of poverty alleviation and seek to empower others on this path, we must be careful that our efforts affirm the dignity and destiny of the human person.

As noted in the Acton Institute’s core principles, “the human person, created in the image of God, is individually unique, rational, the subject of moral agency, and a co-creator,” possessing “intrinsic value and dignity, implying certain rights and duties both for himself and other persons.” A brief perusal of Genesis 1 will confirm as much, yet far too often we distort and confuse this framework, defining those in severe need according to their present station and developing our “solutions” in turn.

Such attitudes can manifest subtly (our vocabulary) or severely (coercive measures), even or especially among the boots on the ground and the “experts” that fuel them. “Anti-poverty(!)” programs and policies may indeed abound (even the Millennium Development Goals nod to “human dignity”), but little of that matters if the promoters or measures themselves treat others as inferior, incapable, or altogether dispensable. (more…)

The most recent issue of the Journal of Markets & Morality, volume 17, no. 2, has been published. The full content is available online now to subscribers and will be in the mail in the next few weeks. This issue features another fine slate of scholarship on the morality of the marketplace and Christian social thought more broadly.

As is our custom, this issue’s editorial by executive editor Jordan Ballor is open access (here), as are the first two installments of our Controversy section (here and here). This issue’s controversy centers on the role of labor unions in a free and flourishing society.

Our Reviews section features reviews of 16 books in the categories of Christian Social Thought, Ethics and Economics, and History and Philosophy of Economics.

This issue also features a Scholia translation of a selection from the Danish Lutheran theologian Niels Hemmingsen, “On the Law of Nature in the Three States of Life,” including an important introduction by E. J. Hutchinson and Korey D. Maas on Hemmingsen’s influence on the development of the Lutheran natural law tradition.

Lastly, for those looking to peruse the past year of scholarship in the Journal of Markets & Morality, this issue also includes the volume 17 index, which is also open access (here).

For those of you interested in an individual or institutional subscription, detailed instructions explaining how to subscribe through our website can be found here.

 

Arthur Brooks

Arthur Brooks

Arthur Brooks is not the first to notice the demographic deterioration of Europe (Acton’s Sam Gregg wrote about it in his book, Becoming Europe), but Brooks points out that Europe isn’t just getting old, but “dotty” as well. Brooks writes in The New York Times about Europe’s aging population, and its loss of vibrancy.

As important as good economic policies are, they will not fix Europe’s core problems, which are demographic, not economic. This was the point made in a speech to the European Parliament in November by none other than Pope Francis. As the pontiff put it, “In many quarters we encounter a general impression of weariness and aging, of a Europe which is now a ‘grandmother,’ no longer fertile and vibrant.”

But wait, it gets worse: Grandma Europe is not merely growing old. She is also getting dotty. She is, as the pope sadly explained in an earlier speech to a conference of bishops, “weary with disorientation.”

(more…)

Cuba-food-vendorRemember when you bought that first thing – a car, maybe – with your own first income? Remember the feeling of pride it gave you? You’d scrubbed pots and pans in the diner kitchen all summer. Or maybe you were the “go-to” babysitter for everyone in your church. You earned that money, and  you bought yourself something.

Now imagine living in a world where that could never happen. You are told by the government that they will care for your every need, no need to pay for anything. Everyone will get the same things, and all will be well. We call this place “Cuba,” and that system has not worked. (See also, Soviet Russia, Bay-area communes and Shakers.)

With the U.S. sanctions against the island nations now lifted, Cuba is beginning to see economic life again. The Communist government also recently changed laws about self-employment.

Joan Perez-Garcia has always had a job – the government guaranteed him one – but he’s never made much money. That is changing. (more…)

coins_ladderOne holdover from 2014 into the new year is the cry for an increase in the minimum wage. President Obama pledged (in a December 2014 speech) to bump the minimum wage up to $9/hour nationally. Many believe that this move will help stimulate the still-sluggish economy.

Michael R. Strain, at  the American Enterprise Institute, isn’t wholly against raising the minimum wage, but he’s not wholeheartedly for it, either. He thinks we are asking the wrong question. Do we need to raise the minimum wage, or do we need to increase employment?

The labor market for young and low-skill workers is in terrible shape. More than 14 percent of workers aged 16–24 are unemployed. The situation is even worse if you look only at teenagers, over 1 in 5 of whom are unemployed. The unemployment rate for high-school dropouts over the age of 24 is 10.8 percent — a two-decade high — and only 4 people out of every 10 in that group have jobs. And there are still a staggering 4.1 million unemployed workers who have been looking for a job for six months or longer, many of whom are young or low-skill. (more…)

china-christiansFor the past three decades China has been the world’s fastest-growing major economy, with growth rates averaging 10 percent a year for 30 years. As Brian J. Grim, founder and president of the Religious Freedom & Business Foundation, notes, there are many reasons for the growth, such as market mechanisms, modern technology and Western management practices. But one factor that is often overlooked is the role of Christianity:
(more…)