Acton Institute Powerblog Archives

Post Tagged 'economics'

What Christians can learn from Adam Smith’s ‘paradox of value’

In a new video from TED Ed, Akshita Agarwal provides a quick lesson on Adam Smith’s “paradox of value” and the differences between “value in use” and “value in exchange.” For Christians, there’s a crucial lesson here about the best way to meet human needs in the economic order, whether through trade policy, reducing price controls, or any number of other areas.  Continue Reading...

The Harmful Effects of Protectionism

What is the biggest economic problem that the U.S. is currently facing? Depends who you ask.  Some social justice warriors would tell you that capitalism is ruining our economy, yet many who have studied and understand economics would argue the opposite. Continue Reading...

Protectionism leads to turmoil, strife, and disorder

Proponents of protectionism often ground their support in a quasi-nationalism; trade should be restricted for the benefit of the nation. Economically, the argument holds little weight. The benefits of more trade, like more and cheaper goods, outweigh the costs, like some temporary unemployment that results from the closing of a factory that couldn’t compete with foreign companies. Continue Reading...

Overproduction and stewardship

Overproduction, simply put, is supply in excess of demand. It is the production of more goods and services than those in the market would like to purchase. Overproduction, in a well functioning market economy, should be temporary.  Continue Reading...

The immorality of tariffs

The benefits of free trade are vast, and enjoyed throughout the world.  The alternative — trade restricted by protective tariffs and quotas — concentrates benefits to a protected few who profit due to less competition from foreign competitors. Continue Reading...