Posts tagged with: economics

Blog author: jcarter
Friday, February 8, 2013
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In this abridged version of the video series Economics for Everybody, R.C Sproul Jr. explains why it’s important for Christians to understand economics. Economics Has Consequences pulls together some of the key aspects of the original series into one film, including introductions to such basic principles of economics as stewardship, civil government, work, wealth, and entrepreneurism. The second section explores the impact of government intervention on education, the money supply, welfare, depressions, markets, and more.

The video shows why economic freedom is directly related to religious freedom, and that the loss of one inevitably leads to the loss of the other.

JMM_15.2_WebThe newest issue of the Journal of Markets & Morality has been published. The issue is available in digital format online and should be arriving in print in the next few weeks for subscribers. This issue continues to offer academic engagement with the morality of the marketplace and with faith and the free society, including articles on economic engagement with Pope Benedict XVI’s encyclical letter Caritas in Veritate, biblical teaching on wealth and poverty, schools as social enterprises, the Reformed philosopher Herman Dooyeweerd’s economic theory, and much more.

As we have done in the past, Jordan Ballor’s editorial is open access, even to non-subscribers. In “Between Greedy Individualism Editorial and Benevolent Collectivism” he examines the enduring impact of Michael Novak’s The Spirit of Democratic Capitalism, writing,

At the time of its publication, Novak’s work must have been like a window thrust wide open in a dank room, introducing a breath of fresh air and the sanitizing rays of sunlight. Against ideologies that posit state power as a neutral or even benevolent force arising of necessity against the rapaciousness of the market, Novak observed instead that it was democratic capitalism that arose first as a system designed to check the invasiveness of state tyranny. The “founders of democratic capitalism,” wrote Novak, “wished to build a center of power to rival the power of the state.” Indeed, “they did not fear unrestrained economic power as much as they feared political tyranny.” Still more would they fear the union of economic and political power that we find all too often today in corrupt and cronyist regimes.

You can read his full editorial here. (more…)

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.

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