Posts tagged with: economics

On February 18th, the Acton Institute was pleased to welcome Jay Richards and Joseph Pearce to our Mark Murray Auditorium for an exchange on two distinct ideas on economics: Distributism vs. Free Markets. The gentleman’s debate was moderated by Acton Institute President Rev. Robert A. Sirico.

Joseph Pearce, writer in residence at Aquinas College in Nashville, Tennessee, and Director of the college’s Center for Faith and Culture, argued in favor of distributism; Jay Richards, Assistant Research Professor School of Business and Economics at The Catholic University of America, a Senior Fellow at the Discovery Institute, and Executive Editor of The Stream, defended free markets. It was a lively exchange, and we’re pleased to present the video of the event below.

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The Heritage Foundation and Wall Street Journal recently released the 2016 Index of Economic Freedom. Despite modest gains in economic freedom worldwide, Americans have, for the eighth time in a decade, lost economic freedom. The global average score is 60.7, “the highest recorded in the 22-year history of the Index” with more than thirty countries including Burma, Vietnam, Poland, and others, received “their highest-ever Index scores.” 74 countries’ ranks declined, but they improved for 97.

The least free countries included North Korea with an abysmal score of 2.3, Cuba (29.8), Venezuela (33.7), and Zimbabwe (38.2).

Index Co-editors, Terry Miller and Anthony B. Kim, explain what the Index has proved in its two decades: (more…)

JMM_18.2Our most recent issue of the Journal of Markets & Morality, vol. 18, no. 2, has now been published online and print issues are in the mail.

In addition to our regular slate of articles examining the intersections between faith, freedom, markets, and morality, this issue contains the text of the Theology of Work Consultation symposium at the 2014 conference of the Evangelical Theological Society. The subject was “The Economics of the Theological Vocation.” The entire symposium, as well as executive editor Jordan J. Ballor’s editorial on the subject, is open access.

In addition, associate editor Hunter Baker’s review essay on Kevin M. Kruse’s One Nation Under God and Timothy E. W. Gloege’s Guaranteed Pure is also open access. In it, Baker seeks to answer the question, “Is Christian America Invented? And Why Does It Matter?”

One last highlight: We are pleased to include a republication of a rare 1941 essay by German economist Wilhelm Röpke, “A Value Judgment on Value Judgments.” Samuel Gregg, director of research at the Acton Institute and a scholar of Röpke’s work, authored the introduction, “A Value Judgment on ‘A Value Judgment on Value Judgments.'”

Read the entire issue here.

Subscription instructions to access all of our content can be found here.

JMMIt’s a new year, and I’ve had occasion to do some retrospection on various things, including the Journal of Markets & Morality. The Fall 2015 issue is at the printers, and that marks the completion of 18 years of articles, reviews, essays, translations, and controversies. (Subscribe today to get your copy!)

Here are the top 5 most downloaded articles from the JMM website (which went live in 2012):

1) Svetozar Pejovich, “The Effects of the Interaction of Formal and Informal Institutions on Social Stability and Economic Development,” Journal of Markets & Morality 2, no. 2 (Fall 1999): 164-181.

Abstract
The purpose of this paper is to develop a testable theory—the interaction thesis—capable of explaining why there are differences in economic stability and growth rates between various countries; or, stated negatively, why less efficient countries do not duplicate the economic policies of more successful ones. The interaction thesis identifies the interplay of formal and informal rules as a principal factor affecting economic stability and growth rates. Furthermore, the thesis also sheds light on how the method of choosing formal rules is a major circumstance upon which the interplay of formal and informal rules depends.
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The final Acton Lecture Series event of 2015 took place on December 10th as the Acton Institute joined with our friends at the Mackinac Center to welcome Lawrence Reed, the president of the Foundation for Economic Education.

Reed is always a favorite ALS speaker, and once again he did not disappoint; his address was entitled “Excuse Me, Professor: Challenging the Myths of Progressivism”, and was based on his recently released book of the same title. Reed’s lecture is available to view below, and be sure to check out Reed’s interview on Radio Free Acton if you haven’t done so already.

It's_a_Wonderful_Life[Note: This is the final post in a series highlighting some of the financial aspects and broad economic lessons of Frank Capra’s holiday classic, It’s a Wonderful Life. You can find part one here and part two here.]

Economist Don Boudreaux recently outlined ten foundational lessons that should be learned in every well-taught principles of economics course. Examples of nearly all of the ten lessons can be found in Capra’s Christmas classic, but for the sake of brevity I’ll merely highlight two of them.

Principle 1: The world is full of both desirable and undesirable unintended consequences – consequences that are largely invisible but that even a course in ‘mere’ principles of economics gives us great vision that enables us to “see”.

This holiday film may be attributed to Frank Capra, but it could have just as easily been called “Frederic Bastiat’s ‘It’s a Wonderful Life’.” The central theme of the film is a creative example of Bastiat’s “That Which is Seen, and That Which is Not Seen”—which is (as both Boudreaux and I claim) the most important essay in economics.

In the opening line of his essay, Bastiat writes,

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On October 21st, the Acton Institute celebrated its 25th Anniversary with a dinner at DeVos Place Convention Center in Grand Rapids, Michigan. The keynote address for the evening was delivered by Acton President and Co-Founder Rev. Robert A. Sirico, who reflected on how the world has changed in the quarter century since he and Kris Mauren founded the Institute, and on what challenges those of us committed to a free and virtuous society face as Acton embarks upon its next twenty-five years. We’re pleased to present the video of Rev. Sirico’s address below.