Month: August 2016

August 30, 2016

Berman on Law and Economics

In his magisterial Law and Revolution, Berman includes these incisive observations in his conclusion: Law is as much a part of the mode of production of a society as farmland or machinery; the farmland or machinery is nothing unless it operates, and law is an integral part of its operation. Continue Reading...
August 29, 2016

John Locke: ‘Father of Liberalism’

On this day in 1632, one of the greatest champions of liberty and  someone often referred to as the “Father of Liberalism,” John Locke, was born.  Although Locke’s philosophy played a crucial role in the American founding, there is still much that we can learn from his writings today.  Continue Reading...
August 29, 2016

What Christians can learn from Adam Smith’s ‘paradox of value’

In a new video from TED Ed, Akshita Agarwal provides a quick lesson on Adam Smith’s “paradox of value” and the differences between “value in use” and “value in exchange.” For Christians, there’s a crucial lesson here about the best way to meet human needs in the economic order, whether through trade policy, reducing price controls, or any number of other areas.  Continue Reading...
August 29, 2016

Does the Catholic Church oppose the free market?

Modern Catholic social teaching has been articulated, as the U.S. Conference of Catholic Bishops notes, through a tradition of papal, conciliar, and episcopal documents. These documents developed a number of themes related to economic and social policy, such as the option for the poor and vulnerable and the dignity of work and the rights of workers. Continue Reading...