A practical man?

On the American Spectator, Acton Research Director Samuel Gregg examines the baleful influence exerted on economic thought and public policy for decades by John Maynard Keynes. Gregg observes that “despite his iconoclastic reputation, Keynes was a quintessentially establishment man.” This was in contrast to free-market critics of Keynes such as Friedrich Hayek and Wilhelm Röpke who generally speaking “exerted influence primarily from the ‘outside’: not least through their writings capturing the imagination of decidedly non-establishment politicians such as Britain’s Margaret Thatcher and West Germany’s Ludwig Erhard.” Perhaps not so surprisingly, many of Keynes’ most prominent devotees are also “insider” types:

Read more on Samuel Gregg: The Madness of Lord Keynes…

Director of Research Samuel Gregg’s thoughts on the debate are up at The Corner. He sees a parallel between the Italian crisis unfolding across the ocean and the problems facing the United States — particularly in Michigan, where this debate was held. The collapse of Italy would certainly be a dramatic illustration of the shortcomings of crony capitalism, and Gregg thinks a candidate could find a majority of voters who don’t want that to happen.

Read more on Samuel Gregg: Free Market Stars in Debate…

I can always find common ground with the Distributists I meet. We want to replace the government-corporate cronyism that characterizes so much of our current economic system. And we want our culture to raise up young people with the skills, virtues and freedom to accumulate productive capital and invest it in ways that promote human flourishing for themselves and others.

Read more on Belloc, Distributism and Political Power…

Acton director of research Samuel Gregg offers his thoughts on last night’s GOP Roundtable in this NRO Symposium. Gregg thinks the debate offered an important alternative to the government-driven economy talk that fills the news every other night of the week.

Read more on Samuel Gregg on the GOP Roundtable…

Roger Scruton has written an excellent piece on the moral basis of free markets; it’s up at MercatorNet. He begins with the Islamic proscriptions of interest charged, insurance, and other trade in unreal things:

Read more on Roger Scruton: No Escaping Morality in Economics…

A friend of mine preached a sermon last week from the gospel text of the Parable of the Workers in the Vineyard, with the title, “Brother, Can You Spare a Denarius?” You can check out the video here. One of the things Rev. Eichinger highlights is what a gift the ability to work and earn a living truly is.

Echoing Martin Luther’s famous dictum Wir sein pettler (“We are all beggars”), Rev. Eichinger says, “It is God demonstrating his grace when he provides us with work and vocation so that we can provide for ourselves and our family.” The hymn following the sermon was, “Hark, the Voice of Jesus Calling.” Here’s the first stanza:

Hark, the voice of Jesus calling,
“Who will go and work today?
Fields are white and harvests waiting,
Who will bear the sheaves away?”
Loud and long the master calls you;
Rich reward he offers free.
Who will answer, gladly saying,
“Here am I. Send me, send me”?

In God’s Yardstick, their book on stewardship, Lester DeKoster and Gerard Berghoef note that it is our habit to “take for granted all the possibilities which work alone provides. And we become aware of how work sustains the order which makes life possible when that order is rent by lightning flashes of riot or war, and the necessities which work normally provides become difficult to come by.”

The way in which God’s providential care for us extends to providing us the regular means to earn our daily bread was the theme in a brief reflection on President Obama’s jobs speech a few weeks ago. In the meantime, Baylor University released a survey that found some correlation between faith in God, work, and government. According to Christianity Today, the survey “found that nearly three-quarters of Americans agree that ‘God has a plan for all of us.’ Those who agreed more strongly were more likely to see financial success as the result of hard work and ability. As a result, they were also least supportive of government programs that help those out of work.” Below the break is a full story courtesy ENI that explores the Baylor study. For a heart-breaking glimpse into what uncritically sharing a “denarius” with a stranger can do, read this story.
Read more on Providence and Prosperity: We Are All Beggars…

If modern distributists would like to identify themselves as agrarians, they may, and line up behind John Crowe Ransom, Robert Penn Warren, and the rest of the contributors to I’ll Take My Stand. Then they would be making a super-catechetical argument and we should not take issue with them on this blog. Their claim, however, is to offer the only modern economic theory which is fully in line with Church teaching, and that we cannot allow to go unchallenged.

Read more on Distributist Fantasies…

Distributism is not a new idea—it wasn’t conceived by G.K. Chesterton and Hilaire Belloc. As Belloc explains in The Servile State, their idea was a return to certain economic principles of medieval Europe—a guild system, wider ownership of the means of production, etc.—in order to right the injustices of capitalism. But distributism goes back further than that, to Tiberius and Gaius Gracchus in the second century B.C., and the theory’s proponents would do well to learn from the tragic failures of the Gracchi.

Read more on Distributists Ignore the Lessons of History…

“More and more, I find Catholics dividing themselves into capitalist and distributist camps,” writes Bernardo Aparicio García, president of the Catholic journal Dappled Things. To help readers establish “a firm foundation” for thinking about economic questions, García opened up the pages of his journal to Robert T. Miller, for capitalism, and John C. Médaille, for distributism. The result is a lengthy exchange “On Truth and Trade: Economics and the Catholic Vision of the Good Life.”

Read more on Debate: Capitalism vs Distributism…

Director of Research Samuel Gregg has a piece in Public Discourse today as part of a series on the 2012 presidential election. “Fix America’s Economy: Two Principles for Reform” explains why limited government is better government, and how the principle of subsidiarity can guide regulation that governments undertake. From the essay:

Read more on Gregg: Two Principles Candidates Must Hold Dear…