Archived Posts 2013 - Page 14 of 239 | Acton PowerBlog

“There is only one effective solution to world poverty,” says theologian Wayne Grudem in a recent lecture on his latest book, The Poverty of Nations, co-authored with economist Barry Asmus. That solution, he argues, is a rightly ordered free market, and such a solution, he goes further, is “consistent with the teachings of the Bible about productivity, property, government, and personal moral values.”

Watch the whole thing here:

Grudem’s primary question, “What causes wealth or poverty in the world?,” is not new, but he approaches it from a distinctly Christian perspective. Assessing the question from three distinct angles — a nation’s economic system, government, and cultural beliefs and values — Grudem and Asmus propose 79 factors that “will help nations escape from poverty and move toward prosperity.”  (more…)

Blog author: jcarter
Tuesday, December 10, 2013

Is Religious Freedom in Peril?
Kevin Allen, Ancient Faith Radio

GetReligion blogger and newspaper columnist Terry Mattingly and Fr. Hans Jacobse, founder of the American Orthodox Institute and an Acton University lecturer, join host Kevin Allen in a wide ranging conversation about “the complex issues surrounding religious freedom as well as the prospects of losing it.”

71 Christians Killed In Nigeria In November

At least 71 Christians were killed in November in Nigeria as a result of attacks on Christian villages by the nomadic Fulani people and the Boko Haram militants.

The economic benefits of childbearing
Nicole M. King, MercatorNet

When American parents take on the burden of bearing and rearing a child, they deliver a huge dividend to society.

How To Choose a Career: Advice From a Puritan Pastor
Jeff Haanen

Richard Baxter, a 17th century Puritan pastor, answered just such questions about calling from his flock. But he didn’t answer them the way we would.

An icon of Christ as the Divine Sophia, the Wisdom of God (See Proverbs 8) by Eileen McGuckin

This past Friday, I attended the Sophia Institute annual conference. I am a fellow of Sophia and presented a short paper there on Orthodox Christian monastic enterprise. The theme of the conference this year was “Monasticism, Asceticism and Holiness in the Eastern Orthodox World.” In addition to my paper, the subjects of the keynote addresses may interest readers of the PowerBlog. (more…)

Samuel Gregg, Director of Research at the Acton Institute and author of Becoming Europe: Economic Decline, Culture, and How America can Avoid a European Future, and more recently Tea Party Catholic:The Catholic Case for Limited Government, a Free Economy, and Human Flourishing, delivered a lecture on November 7th in the Acton Building’s Mark Murray Auditorium focusing on the subject of his latest book as part of the 2013 Acton Lecture Series. We’ve embedded the video of his lecture below; if you’re interested in Gregg’s lecture on his earlier book, you can find that one after the jump.


occupy pennJames Lott is in the fabled “1%”: the folks the Occupy Wall Street movement says are those who are “writing the rules of an unfair global economy” because of massive inequality of income. But Lott doesn’t feel particularly rich or powerful.

I definitely don’t see myself as rich,” says Lott, who is saving to purchase a downtown luxury condominium. That will be the case, he says, “the day I don’t have to go to work every single day.”

Did Lott inherit a great family fortune or earn a CEO’s salary at the expense of workers in a multinational company? Not exactly. (more…)

Rush Limbaugh kicked up some controversy over the past week with his analysis of Pope Francis’ Evangelii Gaudium:

…the pope here has now gone beyond Catholicism here, and this is pure political.  I want to share with you some of this stuff.

“Pope Francis attacked unfettered capitalism as ‘a new tyranny’ and beseeched global leaders to fight poverty and growing inequality, in a document on Tuesday setting out a platform for his papacy and calling for a renewal of the Catholic Church. … In it, Francis went further than previous comments criticizing the global economic system, attacking the ‘idolatry of money.'”

I gotta be very careful.  I have been numerous times to the Vatican.  It wouldn’t exist without tons of money.  But regardless, what this is, somebody has either written this for him or gotten to him.  This is just pure Marxism coming out of the mouth of the pope.  Unfettered capitalism?  That doesn’t exist anywhere.  Unfettered capitalism is a liberal socialist phrase to describe the United States.  Unfettered, unregulated.

You can read his complete critique at the link above. The Catholic Channel on Sirius XM Satellite Radio responded by calling upon Acton President Rev. Robert A. Sirico to provide a critique of Limbaugh’s statements. You can listen to that interview via the audio player below:

minimum_wage_custom-8614e5bd8d516fbadd22d4a09fff441a70ba1596-s6-c301. Both sides of the debate believe they are arguing in defense of the poor. Most people who support or oppose minimum wage laws and/or increases share a common objective — helping the working poor. Because both sides have noble intentions, the merits of the debate over minimum wage laws and minimum wage increases should be based on empirical evidence that it will actually help, rather than harm, the poor.

2. Economists disagree about the effects of small increases in minimum wages. It’s true that economists disagree about the effects of the minimum wage on employment and the living standards of minimum wage earners. But almost all of the disagreement is about relatively small increases (less than 20%). Almost all economist agree that significant increases to the minimum wage or attempts to bring it in line with a “living wage” (e.g., $12-15 an hour) would lead to significant increases in unemployment. (President Obama’s proposal would only increase the federal minimum wage by $1.75 an hour.)

3. The primary argument for minimum wage increase is that is increases the value of the worker’s labor. — The efficiency wage theory of labor holds that higher real wages improve labor productivity by reducing worker turnover and the associated costs of hiring and training new workers, by reducing the incentive for workers to unionize, and by increasing the opportunity cost of being fired—thereby giving the worker incentive to be more productive. Under this view, small increases to the minimum wage will have no deleterious employment effects.

4. The primary argument against minimum wage increases is that it discriminates against those who have low-skills. Milton Friedman once described the minimum wage as a requirement that “employers must discriminate against people who have low skills.” As Anthony Davies explains, “the minimum wage prevents some of the least skilled, least educated, and least experienced workers from participating in the labor market because it discourages employers from taking a chance by hiring them. In other words, workers compete for jobs on the basis of education, skill, experience, and price. Of these factors, the only one on which the lesser-educated, lesser-skilled, and lesser-experienced worker can compete is price.”

5. The minimum wage redistributes wealth from the low-skilled poor to the more skilled working poor and middle class. Many supporters of minimum wage increases mistakenly believe that increases in wage rates are transfers of wealth from employers and investors to the workers. But as Anthony Davis explains, the money to pay for the increased wage must come from at least one of four places: higher prices for consumers, lower returns to investors, lower prices to suppliers, or a reduced work-force. Empirical research has shown that the primary effect of minimum wage increases is reduced employment, which essentially transfers the wealth (in unearned wages) from the less skilled to the more skilled working poor and middle-class teenagers.