The latest topic of The City podcast is the higher education bubble, featuring Cate MacDonald, Dr. John Mark Reynolds, and Dr. Holly Ordway. Reynolds makes the point that bubbles can arise when things are overvalued, but that it is important to determine whether that thing is relatively overvalued or absolutely overvalued. That is, to speak of a higher education bubble is to recognize that higher education is relatively more expensive than it is worth, but that it isn’t therefore worth nothing. The challenges facing higher education are various and multi-faceted, and one of the key issues is the necessity of determining how college education ought to be valued.

Read more on The Various Challenges of the Higher Education Bubble…

Over at Ricochet, Peter Robinson broaches the oft asked question about intellectuals and their disdain and rage against capitalism. Robinson unearthed Robert Nozick’s, “Why Do Intellectuals Oppose Capitalism?” Nozick declared,

The schools, too, exhibited and thereby taught the principle of reward in accordance with (intellectual) merit. To the intellectually meritorious went the praise, the teacher’s smiles, and the highest grades. In the currency the schools had to offer, the smartest constituted the upper class. Though not part of the official curricula, in the schools the intellectuals learned the lessons of their own greater value in comparison with the others, and of how this greater value entitled them to greater rewards.

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Encyclopedia Entry: “Arts”
Tyler Cowen. The Concise Encyclopedia of Economics. 2d ed. Indianapolis: Liberty Fund, 2007.

General economic principles govern the arts. Most important, artists use scarce means to achieve ends—and therefore recognize trade-offs, the defining aspects of economic behavior. Also, many other economic aspects of the arts make the arts similar to the more typical goods and services that economists analyze.

Read more on ResearchLinks – 11.02.12…

Socialism, despite its deficiencies, still has its fans. “Visit the philosophy and English departments on most college campuses, and you will still find intellectuals waxing eloquent on the glories of socialist theory. Students are still encouraged to imagine that it could work,” says Fr. Robert Sirico, in Crisis Magazine.

Read more on Sirico: The Great Lie of Socialism…

Today I’m at the Caring For the Common Good: Why It’s Important To Integrate Faith, Work, and Economics one-day symposium at Cedarville University. As I have opportunity, I will blog regarding the lectures and panel discussion.

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I’m at the “Whole Life Discipleship: Integrating Faith, Economics, and Work” conference today at Regent University. As I have the opportunity today, I’ll blog (and tweet) some of the lectures. First up is Stephen Grabill of the Acton Institute, and here are some highlights:

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Even philosophers can be entrepreneurial when economic reality comes crashing in, creating an existential crisis. That’s one lesson from this intriguing Washington Post story (HT: Sarah Pulliam Bailey), “Philosophical counselors rely on eternal wisdom of great thinkers.”

Read more on Philosopreneurs and ‘Creative’ Destruction of Higher Ed…

Paul Krugman made the mistake of over-sharing this past weekend when he told CNN’s Fareed Zakaria he thinks that the United States economy would benefit from a military build-up to fight made-up space aliens. He’s been defended as being fed up with Republican obstructionism, being desperate to make a point, or even being wholly and completely correct. He’s entirely wrong though, and his thinking (what there is of it) is an example of the kind of depersonalized economics that has cost this country so much.

Read more on Krugman: Aliens Worth More to Economy than Men and Women (VIDEO)…

In a recent Reuters opinion column, Mark Thoma faults academic economists for their failure to predict the housing crash. He says their failure can be attributed to the disconnect between academia and economic forecasters. I don’t agree with Thoma, but I do think he gets it right when he says the failure of modern day economics,

Read more on The Number One Failure of Modern Economics…

Immigration is never a light topic to discuss, and even the proposition of a solution to the effects caused by immigration might well be considered radical. The idea of a harmonious multicultural society is idealistic, but in reality, is very difficult to achieve.

Read more on Immigration, the Free Market, and the Importance of Human Dignity…