Posts tagged with: economics

pope in crowdIn today’s Roll Call, Acton Institute president Rev. Robert Sirico comments on Pope Francis’ September visit to the U.S. and what may be part of the dialogue when the pope is here. While the media tabulates the pontiff’s popularity on certain topics, Sirico says there are more important things to note.

Popularity ratings may be important for politicians but not for a pope believed to be the successor to St. Peter and the Vicar of Christ on earth.

His job is to preserve the truths of the Faith, not put them up for a vote.

The Church is not a democracy, whereby some polling data could alter the content of the Church’s doctrine the way McDonald’s might alter the ingredients in a Big Mac.

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francis 4With only a few weeks before Pope Francis makes his first U.S. visit, the media frenzy is already beginning. At Crux, the observation is made that “pet projects” of Catholics across the nation will be vying for Vatican attention. However, the pope likely has his own agenda.

With his encyclical, Laudato Si’, still fresh in people’s minds, Pope Francis will certainly speak to the environment. Also, the World Meeting of Families in Philadelphia is on his schedule. But with stops in New York City and Washington, D.C., talk will also likely turn to business and economics. And that, says Acton Institute President Rev. Robert Sirico, is concerning.

[Pope Francis] has an allergy to economics, that he doesn’t quite get it, that he’s never really studied it,” Sirico said, referring to the pope’s admission that economics isn’t his forte. (more…)

Acton’s Director of Research Samuel Gregg made an appearance over the weekend on the Real Clear Radio Hour with Bill Frezza to discuss the relationship between economic and religious liberty, and the role that a Christian worldview plays in building the type of world that prefigures the Christian idea of the next life.

The interview runs for 25 minutes, and you can listen to it via the audio player below.

Unemployment-0306Series Note: Jobs are one of the most important aspects of a morally functioning economy. They help us serve the needs of our neighbors and lead to human flourishing both for the individual and for communities. Conversely, not having a job can adversely affect spiritual and psychological well-being of individuals and families. Because unemployment is a spiritual problem, Christians in America need to understand and be aware of the monthly data on employment. Each month highlight the latest numbers we need to know (see also: What Christians Should Know About Unemployment).

Positive news is marked with the plus sign (+) while negative employment data is marked with a minus sign (-). No significant change is marked by (NC).
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Radio Free ActonIn this edition of Radio Free Acton, we speak with John Horvat, author of Return to Order: From a Frenzied Economy to an Organic Christian Society, about what’s gone wrong with our economy and culture and how to fix it. John’s book was featured this year at Acton University (you can pick up a copy for yourself at the link above), and he writes about his AU experience in this post on his blog:

…the students really cared. It was hard not to be impressed by the unified “diversity” that characterized those in the course. Dispelling the myth that diversity is only on the left, some eighty countries were represented, including sizable delegations from Africa and Latin America. At the same time, people from all ages were enrolled providing that delicate balance between wisdom and enthusiasm. Acton proves year after year that young people are attracted to free markets and moral values.

We also look into the latest on Greece’s financial problems and how Europe is trying to save its common currency, with analysis of the situation by Acton Institute Director of Research Samuel Gregg. As he notes, Europe’s economic troubles run much deeper than just the Greek debt crisis.

You can listen to this week’s podcast via the audio player below:

Soviet-era Moscow apartments

Soviet-era Moscow apartments

When it comes to urban planning, nobody beats the Soviets. First, they wanted to plan: no mish-mosh, haphazard cities, towns and burgs sprouting up like in the decadent West. Of course, structures had to address equality. No fancy neighborhoods in one area, and low-rent housing in another. And then there was functionality. Workers needed to be close to work. This eliminated the need for unnecessary and costly transportation. Soviet academic Alexei Gutnov described the planning this way:

Ideal conditions for rest and privacy are offered by the individual house situated in the midst of nature. But this is an expensive kind of well-being. . . . The villa
is the traditional retreat of the leisured minority at the top of the bourgeois society. The attempt to make the villa available to the average consumer means
building a mass of little houses, each on a tiny piece of land …’

In their rejection of the American model of suburban sprawl, Gutnov’s team specifically notes its unfeasibility in a society premised on equality.

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Blog author: ehilton
Thursday, July 9, 2015
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greece-bandaidGreece’s economic problems are so vast, comprehension is difficult. Over at NPR, Greg Myre breaks it down for us.

25: The unemployment rate, and that’s probably low-balling. For those under the age of 25, the unemployment rate hovers around 50 percent.

92: The average income earned by a typical citizen is under-reported by 92 percent, on average, to the government.

Tax evasion is endemic in Greece and a major contributor to the government’s budget shortfalls. Creditors are demanding this be addressed in return for a new rescue package.

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BuyLocal.inddOver the past few decades buying locally produced goods and services over those produced farther away has become increasingly fashionable. However, this “modern” trend is really a reversion to an earlier period when most all products were produced and bought from people in a localized area. For most of human history, “buying local” was the only option.

There may be many reasons we may want to buy local goods and services—but improving the local economy is not one of them. As economist Don Boudreaux explains in the video below, there are many reasons why it’s foolish to ‘buy local’ if your goal is to improve the economy of the locale in which you live.

Coal power plant Datteln 2 Crop1Today at The Federalist I explore “Why Big Oil Wants A Carbon Tax.” Perhaps such advocacy isn’t just made out of a sense of global citizenship and environmental stewardship.

On the surface such advocacy may seem counter-intuitive. Why on earth, other than out of selfless benevolence, would a firm (or group of firms) advocate for higher taxes on their products? But on reflection, it makes some sense, and the reasoning is similar to why an online retailer like Amazon might be in favor of the collection of sales tax at the state level.

As Adam Smith famously put it, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”

Companies are often happy to raise prices if it hurts their competition or provides them with a competitive advantage. And in the case of carbon taxes, it’s important to recognize that not all fossil fuels are equally carbon-intensive, just as not all renewable sources are equally sustainable and resilient.

This is one of the economic realities that I wish Pope Francis had recognized more clearly in Laudato Si’, although I may have more to say about this later. For now, David Brooks expresses a similar desire in his column, “Fracking and the Franciscans.”

george horrifiedIn today’s Public Discourse, Acton’s director of research, Samuel Gregg, discusses the enormous debt crisis the U.S. and many nations currently face. While debt crises are hardly new, Gregg states, America’s current debt situation is frightening.

America’s public debt amounts to approximately 105 percent of GDP. Since 20 January 2009, America’s total outstanding public debt has grown from $10.626 trillion to $18.152 trillion as of May 8 this year. Such an increase reflects a consistent disparity between government revenues and expenditures that has long plagued America’s public finances.

What’s driving this debt? Gregg’s response: the welfare state. (more…)