Posts tagged with: economics

Over at Fieldnotes Magazine, Matthew Kaemingk offers a good reminder that in our social solutions-seeking we needn’t be limited to thinking only in terms of market and state. By boxing ourselves in as such, Kaemingk argues, Christians risk an overly simplistic, non-Biblical view of human needs and human destiny:

When presented with almost any social problem (education, health care, poverty, family life, and so on), today’s leaders typically point to one of two possible solutions—a freer market or a stronger state. But in opposition to these rather myopic solutions, I think there is a more complex and biblical lens through which leaders can consider the social eco-system and the people who move around in it.

Instead of simplistic descriptions of human beings as either clients of the state or competitors in the market, the Christian Scriptures present humanity in a refreshingly complex way. We find a complex creature with a wide variety of gifts, abilities, interests, aspects, loyalties, and solidarities. Created in the image of God, human beings in the Bible are anything but simple. They are musical, communal, religious, artistic, familial, charitable, scientific, literary, moral, athletic, fun, and funny. The robust anthropology found in the Bible depicts a creature that could never be fully defined, controlled, content, or nourished by the market or the state alone—thank God.

This perspective ties in well with Rev. Robert Sirico’s final chapter in his book, Defending the Free Market, where he criticizes the popular notion of homo economicus, from which plenty of bad economic policy and market decision-making has been generated:

Any man who was only economic man would be a lost soul. And any civilization that produced only homines economici to fill its markets, courts, legislative bodies, and other institutions would soon enough be a lost civilization. Familial love, voluntary dedication to philanthropy and faith, the creation of art and music would be at their most minimal level, and whole sectors of life would completely vanish. Focusing the whole of life on the acquisition of quantifiable goods does not bring true happiness or peace, as almost everyone knows. We all have material appetites, but we do not (pray God) always feed them…Human beings find ultimate fulfillment not in acquisition but in developing, sharing, and using their God-given creative capacities for good and giving themselves to others. (more…)

480px-Candlemas_(Greece,_Benaki,_17_c.)In the most recent issue of Theosis (1.6), Fr. Thomas Loya, a Byzantine Catholic priest, iconographer, and columnist, has an interesting contribution on the upcoming feast of the Presentation of Christ at the Temple (also known as Candlemas or the “Meeting of the Lord”). For many, February 2nd is simply the most bizarre and meaningless American holiday: Groundhog Day. However, for more traditional Christians, this is a major Christian feast day: the commemoration of the forty day presentation of Christ at the Temple in Jerusalem (December 25 + 40 days = February 2; for the biblical account, see Luke 2:22-40).

In his installment on “Applied Byzantine Liturgy” (pp. 54-56), Loya writes regarding this feast that it, like all liturgy, transforms our vision and thereby ought to be “applied to every aspect of life.” He writes,

When we say, “applied to every aspect of life” we really, really meant it: the economy, the environment, politics, education, healthcare, marriage, family, sexuality, law, work, unions, management, etc, etc. Did you notice how many of the words in this last sentence were some of the “hot button” words of our day? Have you also noticed how none of the areas that these words denote is functioning well today? There is one reason—lack of the correct vision and the application of the correct vision. (more…)

Blog author: ehilton
Wednesday, January 23, 2013
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The wildly-popular BBC production, “Downton Abbey” has offices buzzing on Monday mornings. Like the “Upstairs, Downstairs” of old, “Downton” provides the viewer with two distinct lifestyles in one house: that of Lord and Lady of the manor and of the staff that runs the place.downtonabbey

Despite the lavish lifestyle of the fictitious Grantham family, Great Britain in the 1920s was economically stagnant. One percent of the nation held two-thirds of the nation’s wealth, but weren’t investing it. The ruling elite was financially idle – giving and attending parties, while thinking they were doing their part by employing scads of household servants. Running an actual business?  Actually creating jobs? Beneath one’s station in life. (more…)

Author of “Becoming Europe” and Acton’s Director or Research, Samuel Gregg, will be at The Heritage Foundation on Thursday, February 7 to speak on “Economic Decline, Culture, and How America Can Avoid a European Future.” The event can be attended in person or viewed online. Visit the Heritage events page for more details.

Read an excerpt of “Becoming Europe” and purchase the book here.

Registration is now open for Acton University, planned for June 18-21, 2013. Courses for this year’s conference (subject to change) include Theology of Work, Social Entrepreneurship, Rise and Fall of the European Social Market, Fertility’s Impact on the World Economy, and Islam, Markets and the Free Society. (A full course listing can be seen here.)

If you’re new to Acton, or would like to share the Acton University experience with someone, please enjoy Acton Institute Presents: Acton University.

collaborative consumptionNew rental markets are popping up all over the place, as detailed by a recent Wall Street Journal article. The trend is beginning to drive a larger movement labeled by some as “collaborative consumption,” wherein “sharing” is pushed as a way of “reinventing old market behaviors.”

Over at Carpe Diem, Mark J. Perry provides a helpful round-up on the phenomenon, pointing to the already mentioned WSJ article, a new Collaborative Consumption Hub web site, and a host of relevant products and services:

[W]e’re increasingly becoming more of a “rental economy,” where people can now rent just about anything they need from somebody else: their bathroom, their couch for an overnight stay, designer neckties (and bow ties and cufflinks), their driveway, their private automobiles, their toys, their clothing/costumes/maternity clothing/accessories/jewelry, party/event equipment, fine art, household items and tools (vacuum cleaners, iPads, tents, printers) etc. and the list goes on and on…

Perry also references a review on a leading book on the subject, What’s Mine Is Yours: The Rise of Collaborative Consumption. In the review, Reason Magazine’s Greg Beato helps illuminate some on the broader social and economic implications of such a shift:

Just a few years ago, President George W. Bush was still touting “the ownership society” as the surest path to prosperity and personal autonomy. But that was before we could easily search our cellphones for the nearest power drills, sedans, and spacious Manhattan closets for rent. What we really want, sharing evangelists suggest, is access, not ownership. And when we can use the mobile Web to pinpoint sharable goods, the burdens of ownership—which include maintenance, storage, and eventual disposal—begin to outweigh the benefits in many cases…. (more…)

I rather like Serene Jones’ piece in Huffington Post, “Economists and Innkeepers.” Jones got some things right. She knows that Christian Scripture teaches many economic lessons, like subsidiarity and stewardship (although she doesn’t use those terms.) She says, “Economic theory is replete with theological and moral assumptions about human nature and society” and that is correct. As Istituto Acton’s Kishore Jayabalan reminds us,

Things like the rule of law, a tradition of equality for the law, which should cut down on corruption, which give people the confidence and security in the future to take some risks and to develop the goods that they have either personally or socially, and use them for the good of all.

We make economic, legal and moral decisions that affect others every day, in ways large and small. Jones is practically defining subsidiarity when she says, “I would argue that rather than being merely faceless economic units, we all have a moral responsibility for the care of each other.” (more…)

It’s no secret that certain parts of the world have been losing population for some time. The tightly-controlled Chinese birthrate is the first thing that comes to most minds regarding this topic. However, large parts of Asia, Europe and now even the United States are beginning to see clear danger signs when it comes to economies and low birth rates.

Taiwan’s birthrate is “dropping like a stone…” says an editorial in the Taipei Times. The majority of people realize there is a demographic problem. It could hardly be otherwise, since the total fertility rate—the number of children per woman—is an anemic 0.9. Few are motivated to do anything about it, however. Taiwan is now heavily urbanized, and city folk tend to have very small families. When asked, younger Taiwanese say that they are not interested in having children because they cost too much money, or take too much time. Women are more motivated to get a college degree and seek professional employment than to marry and have children. In this highly secularized society, children are not seen not as a blessing, but as a burden tying down the women who bear them. Goodbye, Taiwan.

(more…)

G. K. Chesterton
(one of the founding fathers of distributism)

Today at Ethika Politika, in response to a few writers who have offered, in my estimate, less-than-charitable characterizations of capitalism, I ask the question, “Which Capitalism?” (also the title of my article). I ask this in seriousness, because often the free economy that people bemoan bears little resemblance to the one that many Christians support. In particular, I ask, “Which Capitalism?” in reference to the following from Pope John Paul II, who outlines in his encyclical Centesimus Annus (no. 42) two different forms of capitalism as follows:

The first is “an economic system which recognizes the fundamental and positive role of business, the market, private property and the resulting responsibility for the means of production, as well as free human creativity in the economic sector” that “is the victorious social system” since the fall of the Soviet Union and that “should be the goal of the countries now making efforts to rebuild their economy and society.” The second is “a system in which freedom in the economic sector is not circumscribed within a strong juridical framework which places it at the service of human freedom in its totality, and which sees it as a particular aspect of that freedom, the core of which is ethical and religious.”

All three of the authors I take issue with are Roman Catholic and two of them have voiced their support for distributism as an alternative to capitalism. However, I ask with all sincerity, “[S]hould not distributists be asking whether distributism is a form of capitalism, rather than setting it up as an alternative to capitalism?” Given the high praise given by Pope John Paul II to capitalism, rightly understood as the free economy, ought not distributists simply be arguing that they, perhaps, have some valuable insights for supporters of capitalism, rather than opposing distributism to capitalism, uncharitably understood? (more…)

On Nov. 28, the Canada-based Fraser Institute released the eighth edition of its annual report, Economic Freedom of North America 2012, in which the respective economic situation and government regulatory factors present in the states and provinces of North America were gauged.

Global studies of economic freedom, such as the Heritage Foundation’s 2012 Index of Economic Freedom and the Fraser Institute’s Economic Freedom of the World 2012, rank the United States and Canada as two of the most economically free countries in the world. But, as data from the North America report shows, not all sections of the countries are experiencing an equal level of economic freedom and it is important to look at areas in which this falters.

States and provinces were evaluated and ranked within three categories: 1) Size of Government; 2) Takings and Discriminatory Taxation; and 3) Labor Market Freedom. The Canadian province, Alberta, claimed the top spot as most economically free, followed closely by Delaware. New Mexico placed 59th, making it the least economically free state, followed by Prince Edward Island of Canada, notching the rank of least economically free area in North America (between the United States and Canada).

The Economic Freedom of North America 2012 report draws a clear link between prosperity and economic freedom, through a comparison of states and provinces. “In the United States, the relatively free Georgia does much better than the relatively unfree West Virginia. In Canada, British Columbia, where economic freedom has been increasing in recent years, has been experiencing considerably greater growth on a per-capita basis than Ontario, where economic freedom has been decreasing in recent years.” (more…)