Acton Institute Powerblog Archives

Post Tagged 'Economic ideologies'

Economist Richard Fuller To Pope: Don’t Blame Capitalism For Environmental Woes

Lake Karachay, Russia, often referred to as the most polluted lake on Earth At The Federalist, a round-table discussion brought up several issues regarding the encyclical, Laudato Si’. A quick reading of the discussion sees several themes emerge: the pope shouldn’t be writing about science, this encyclical comes down too heavily against free markets, and that modernity has much to offer in the way of solving humanity’s many problems. Continue Reading...

Every Market Form in a Single Chart

Reading through the German economist Walter Eucken’s work The Foundation of Economics (1951), I came across one of the most helpful charts for economic analysis I have yet to find. In it, Eucken gives every possible form of market in a single table: The Foundation of Economics, p. Continue Reading...

David Brat’s Religious Virtues

In a piece today for the NYT Magazine, economics reporter Binyamin Appelbaum examines David Brat’s fusion of faith and free-market economics. Appelbaum finds that mixture problematic, to say the least, but it’s hard to sort out whether it is the religious faith or the free-market sympathies that Appelbaum finds more troubling. Continue Reading...

Marx Redivivus?

Ross Douthat (a scheduled plenary speaker at this year’s Acton University) has a noteworthy piece this week about the revival of sorts of Karl Marx: “Marxist ideas are having an intellectual moment, and attention must be paid.” He looks at Marxism among Millennials, who perhaps can be excused for not knowing any better given their relative youth and the education many have received. Continue Reading...

Orthodoxy and Ordoliberalism

Today at Red River Orthodox, I offer a brief introduction to the liberal tradition for Orthodox Christians living in the West: Liberalism, historically, is a broad intellectual tradition including a large and disparate group of thinkers. Continue Reading...

Liberating Our Labor

“I don’t build in order to have clients. I have clients in order to build!” At Slate Miya Tokumitsu writes that the motto “Do What You Love” really functions as a kind of capitalism-supporting opiate: “In masking the very exploitative mechanisms of labor that it fuels, DWYL is, in fact, the most perfect ideological tool of capitalism.” While Tokumitsu singles out Steve Jobs, perhaps Howard Roark might agree. Continue Reading...

Trickle-Down Welfare Economics?

Over at NRO, Thomas Sowell takes on what he calls the “lie” of “trickle-down economics.” Thus, writes Sowell, “the ‘trickle-down’ lie is 100 percent lie.” Sowell cites Bill de Blasio and Barack Obama as figures perpetuating the “lie,” along with writers in “the New York Times, in the Washington Post, and by professors at prestigious American universities — and even as far away as India.” But we should also note that “trickle-down theories” get a mention in Evangelii Gaudium, too: “some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world.” In the midst of his discussion, Sowell asks the following penetrating questions: Why would anyone advocate that we “give” something to A in hopes that it would trickle down to B? Continue Reading...