A number of comments have been floating around the blogosphere related to the news coming out of Colorado last week that a professor at Colorado Christian University was terminated because “his lessons were too radical and undermined the school’s commitment to the free enterprise system.”

Read more on Confessing Evangelical Economics…

No doubt feeding the fears of those who believe that global corporations pose the greatest threat to the future flourishing of humanity, such multi-nationals are beginning to hire their own economists, much like governments have their own financial and economic experts.

Read more on Marketing is the New Finance…

A new film titled “Things of the Spirit,” takes a fresh look at the life and presidency of Calvin Coolidge. Coolidge, understandably, received renewed interest during the Reagan era of American politics. Coolidge is perhaps best known for his laissez-faire economic policies and the famed moniker, “Silent Cal.” What makes “Things of the Spirit” different is that it’s produced by a self avowed “liberal filmmaker,” John Karol.

Read more on Keep Cool with Coolidge…

Chuck Colson locates the perennial problem of human unhappiness with the inability to perceive where happiness truly comes from. There’s the economic argument that while “increased prosperity can’t make you happy, it can, ironically, contribute to unhappiness,” an argument which Colson says, “doesn’t tell us anything about what makes people happy in the first place. Thus, it can’t tell us why increased prosperity doesn’t translate into increased happiness.”

Read more on Economics and Happiness…

I have argued for many years now that free markets are intrinsically good. I have tried to engage this issue with Christians but many are either not interested or do not see any importance in the pursuit. I know markets can become bad masters when people lack virtue. I also know that the alternatives to free markets have littered the twentieth century with more death than any single cause in human history. (Think socialism, fascism and Marxism.) And representative democracy, a republic of just laws, is not perfect either but it sure beats the alternatives. Shared power is always better than control by the one or the few. Social engineering and economic planning by an elite and powerful few strips us of both human dignity and true freedom.

Bryan Caplan, an economics professor at George Mason University, is the author of a new book, The Myth of the Rational Voter: Why Democracies Choose Bad Politics, that has a significant bearing on how we should think about the political side of economic concerns in America. Professor Caplan concludes, in words that are not at all comforting to me personally, that most Americans cast their votes on the basis of irrational biases about economics. This, he reasons, is why candidates who oppose free markets, free trade, profits and immigration win. Sadly, I am quite sure that he is right about this point.

Creators Syndicate writer John Stossel, in reviewing the professor’s new book, says: "People tend to acquire wrong opinions about economic policy packaged in worldviews they inherited while growing up." Since people resist, and often strongly, having their own worldview challenged or changed they will vote for those candidates who make them feel good. Stossel concludes that this means "They will vote irrationally." I have long sensed that this was true on an intuitive level but the professor’s argument tends to fortify what I had only sensed but not quite had a handle on how to argue my case well. Simply put, most voters see no compelling reason to vote otherwise since their choices in elections bear no direct consequence on their lives, at least as they understand their lives. Gloomily Stossel concludes, "When irrationality is free, people will indulge their biases." Read more on Markets and Their Importance to the Electorate…

In a recent CT column, David P. Gushee, Graves Professor of Moral Philosophy at Union University, writes, “I am becoming convinced that creation care and what we evangelicals usually call “stewardship” are basically the same thing.” That’s precisely why Acton prefers the term “environmental stewardship” to “creation care.”

Read more on Connecting ‘Creation Care’ and Economics…

Clement of Alexandria, Who is the Rich Man That Shall Be Saved?, trans. William Wilson, ch. XIV:

Riches, then, which benefit also our neighbours, are not to be thrown away. For they are possessions, inasmuch as they are possessed, and goods, inasmuch as they are useful and provided by God for the use of men; and they lie to our hand, and are put under our power, as material and instruments which are for good use to those who know the instrument. If you use it skilfully, it is skilful; if you are deficient in skill, it is affected by your want of skill, being itself destitute of blame. Such an instrument is wealth. Are you able to make a right use of it? It is subservient to righteousness. Does one make a wrong use of it? It is, on the other hand, a minister of wrong. For its nature is to be subservient, not to rule. That then which of itself has neither good nor evil, being blameless, ought not to be blamed; but that which has the power of using it well and ill, by reason of its possessing voluntary choice. And this is the mind and judgment of man, which has freedom in itself and self-determination in the treatment of what is assigned to it. So let no man destroy wealth, rather than the passions of the soul, which are incompatible with the better use of wealth. So that, becoming virtuous and good, he may be able to make a good use of these riches. The renunciation, then, and selling of all possessions, is to be understood as spoken of the passions of the soul.

Wealth, like liberty, is not an ultimate end in itself. Wealth is the good product of a rightly ordered economic system. Liberty is the result of a properly functioning political structure. These are both penultimate realities.

Read more on The Instrumentality of Wealth…

Speaking of Milton Friedman, here’s a link to a paper that looks interesting: “Transcendental Commitments of Economists: Friedman, Knight, and Nef” (HT: Organizations and Markets).

Acton president Robert A. Sirico’s reflection on Friedman’s legacy last year noted, “Friedman was a true Enlightenment disciple and feared that truth claims could lead to coercion.”

Read more on Speaking of Milton Friedman……

A contingent from Austria that attended last year’s Acton University produced a video on their experiences:

Read more on Austrians at Acton University 2006…

Despite strong overall growth, a number of internal problems, including excessive regulation, continue to limit wealth creation throughout Latin America, reports Samuel Gregg. The regulations Dr. Gregg examines include those on starting a business and on banking.

Read more on Banking: Latin America’s Achilles Heel…