Posts tagged with: economics

JMM_19 1Our most recent issue of the Journal of Markets & Morality, vol. 19, no. 1, 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 a new entry in our Scholia special feature section: “Advice to a Desolate France” by Sebastian Castellio. Writing in 1562, Castellio was one of the first early modern defenders of freedom of religion on the basis of freedom of conscience, in the midst of a turbulent time of conflict between Roman Catholics and Protestants in sixteenth-century France. His insights should still be valuable today, both to scholars and others who value that same freedom.

As is our usual custom, this issue’s editorial, “Self-Interest and Moral Contexts,” is open access. In it, I examine the necessity of context for determining the morality of the choices of market actors:

The economic idea of self-interest as the driving motivator of economic (and other) behavior is as widely accepted by economists as it is criticized by others. The critics, generally, object to the assumption that “widespread and/or persistent human behavior can be explained by a generalized calculus of utility-maximizing behavior,” to quote George Stigler and Gary Becker. Is not that selfishness? And is not selfishness immoral? And do not people, at least sometimes, act morally? Furthermore, should not they be encouraged to act altruistically instead of only thinking of their own interests?

In reality, context complicates such moralisms.

The full editorial can be read and downloaded here.

Read the entire issue here.

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

LessiusCover-01In his famous work, History of Economic Analysis, economist Joseph A. Schumpeter gives a favorable nod to the works of Leonardus Lessius (1554–1623), sparking a fair amount of interest in the 16th-century Jesuit moral theologian.

CLP Academic has now published On Sale, Securities, and Insurance, a selection from Lessius’ most influential contribution to early modern economics, ethics, and law. The book offers the first full English translation of key sections of the second book (On Justice) of Lessius’ treatise On Justice and Right (De iustitia et iure), specifically chapters 21 (On Sale-purchase) and 28 (On Suretyship, Insurance, Pledge, and Mortgage).

Based at the Jesuit College in Louvain, Lessius earned the reputation as “Oracle of the Netherlands” for the advice and analysis he offered to local merchants, jurists, and political rulers regarding matters of conscience, duty, and justice.

As translator Wim Decock writes in the introduction: “Though dwelling on the virtues of prudence, fortitude, and temperance too, the better part of the treatise includes a systematic treatment of the virtue of justice and, particularly, of property, torts, and contract law.” (more…)

Acton Institute Director of Research Samuel Gregg was a guest on Thursday’s edition of Kresta in the Afternoon on the Ave Maria Radio Network; his conversation with host Al Kresta touched on Europe’s current struggles with Islamic terrorism, with a focus on this week’s attacks in Brussels, Belgium, and then shifted to a preview of Sam’s upcoming Acton Lecture Series address on Pope Francis, Poverty, and the Economy. If you’d like to attend that lecture here at the Acton Building on March 30, click here to register.

You can listen to the full interview via the audio player below.

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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