Posts tagged with: economics

The Fraser Institute has released the tenth edition of their annual report on economic freedom in North America. The report considers how such factors as size of government, takings and discriminatory taxation, and labor market freedom affect people’s freedom to choose how to produce, sell, and use their own resources, while respecting others’ rights to do the same. Read the report below to see where your state ranks.

If corruption were a global industry, it would be the third largest, accounting for 5 percent of the global economy.

In many parts of the world, bribery and corruption are simply considered the price of doing business. However, corruption (both in business and in politics) undermines people’s trust in these institutions. Corruption also forces many people and businesses out of the marketplace and out of the political arena: those with more money are always at an advantage. Transparency International is a German-based organization that works to end corruption. Their video explains what corruption is and how it can be stopped.

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o-man-taller-facebookFor most of my life I was, at 5-foot-10, of exactly average height. But in the span of one day in 1989 I became freakishly tall.

While I hadn’t grown an inch upward, I had moved 6,000 miles eastward to Okinawa, Japan. Since the average height of native Okinawans was only 5-foot-2, I towered over most every native islander by 8 inches. It was the equivalent of being 6-foot-6 in the United States.

Unfortunately, when I would leave the towns of Okinawa and step back onto the military base I instantly shrunk back to average height. My height advantage only lasted as long as I got to choose my point of reference.

Where did the truth lie? Was I truly tall or only of average height? The answer was completely dependent on my point of reference. Height, after all, is just a statistical artifact.

While this example may seem silly and rather obvious, it highlights how we our choice of what is a relevant standard of comparison can shape our thinking on important matters of economic policy. Take, for instance, the issue of poverty and income inequality. As Robert Higgs explains,
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071016_schoen_middleClass_hmed5p.grid-6x2In the latest edition of his monthly newsletter, Economic Prospect, John Teevan offers three keys to cultivating a flourishing middle class, as excerpted below:

  1. Income and Jobs: America looks at jobs and incomes alone and can only explain fading middle class by blaming rich people. We can do better than just focus on money. Isn’t life more than your job and what it will buy? …
  2. Marriage and Family. The middle class would swell and poverty would be decimated if all people were married. The endless single-parent homes are poor almost by definition. It’s practically a rule that you can’t be middle class if you have a child and are not married. Marriage makes it possible to attain other middle class values such as upward mobility, a house…filled with “nice” things, along with pleasant home life, free time, and feeling successful. Whether you ask CNBC’s Larry Kudlow or Rainbow Coalition’s Jesse Jackson they agree: the one thing that would help individuals and the nation with respect to poverty is for most people to get married. Kudlow recently said that, “…marriage gives people a reason to work, a home one hopes is stable, and children for whom two parents feel responsible” (Nov 11,2014 T-U).
  3. Values and Morals. Middle class morals and values may seem like a quaint topic, but you can’t have a middle class without them. At one time the middle class was divided between blue and white collar jobs. What’s crucial is that (a) both collars valued work for income and also as proof of competence and responsibility. (b) The middle class values education. Literacy was essential in 1900, by 1950 it was a high school degree, and now you need at least an Associate’s Degree to have the education needed for joining the middle class. (c) A sense of civic responsibility is another middle class value so that parents are involved in their children’s schooling, local government, church, and other not-for-profits. Shouting NIMBY at a zoning meeting does not count. (d) Decency. Decency didn’t mean that there was no bad behavior but that bad behavior was not considered the norm; decency was the norm, but no longer. You can have an income of $25,000 or 85,000, but without these values you are not middle class. Why do middle class people tend to be decent, moral, educated and civic? Because it makes a real difference to them and their families.

Integrated Justice - front cover (1)Echoing some of the key themes of his latest book, Integrated Justice and Equality: Biblical Wisdom for Those Who Do Good Works, Teevan proceeds to critique the modern tendency to focus only on #1 (income and jobs) to the detriment of family and values/morals.

As Teevan explains, “a robust and even biblical view of life unites work, ethics, and family into a life that thrives and is worth living both at work and home”:

We can’t have a middle class just by juicing incomes; it takes middle class values as lived out in families as well. Is this obsolete thinking? The alternative is to wonder if the middle class itself is obsolete. And what if it is? Then the world will be divided into well-educated high income people and all others who do basic service, construction, transportation, retail and manufacturing. One drawback of our high focus on business and economics is that it is accompanied by the idea that ethics and family are secondary or even optional. A robust and even biblical view of life unites work, ethics, and family into a life that thrives and is worth living both at work and home.

For more of Teevan’s views on inequality and justice, see his book, Integrated Justice and Equality: Biblical Wisdom for Those Who Do Good Works, which is now available from Christian’s Library Press, an imprint of the Acton Institute.

The above excerpt is from Teevan’s monthly email, Economic Prospect, which you can subscribe to by sending him a request.

Roberty P. Murphy at the 2014 Acton Lecture Series

Roberty P. Murphy at the 2014 Acton Lecture Series

On this edition of Radio Free Acton, we talk about sound money with economist and author Robert P. Murphy. What is money? Why does it have value? What happens when a government detaches the value of money from gold or other commodities? We look at these questions, find out what our dollars are really worth, and look at ways to restore the value of our money.

You’ll recall that Murphy was a guest of Acton a few weeks ago and delivered an address as part of the 2014 Acton Lecture Series. You can check out the video of his talk at that link, and listen to the Radio Free Acton podcast via the audio player below.

hLOcRIn case you hadn’t noticed, “manly Christianity” has become somewhat of a thing. From the broad and boilerplate Braveheart analogies of John Eldredge to the UFC-infused persona of the now embattled Mark Driscoll, evangelical Christianity has been wrestling with how to respond to what is no doubt a rather serious crisis of masculinity.

Such responses vary in their fruitfulness, but most tend to only scratch the surface, prodding men to spend more time with the wife and kids (good), provide more steadily and sacrificially for their household (also good), spend more time in God’s creation (also good, I suppose), and eat more chicken wings and do more Manly Things™ (debatable).

Yet as Alastair Roberts artfully explains in a beautifully written reflection on the matter, the fundamental problem is, well, a bit more fundamental. (HT)

Due to a complex web of factors, some more controllable than others, society and culture have increasingly promoted a full-pronged infantilization of modern man, driven by or paired with its increasingly hollow philosophy of love and life. Thus, Roberts concludes, “The recovery of Christian masculinity will only occur as we commit ourselves to the restoration of biblical Christianity and the recovery of the weight and stakes of its moral universe.”

I have routinely written about the challenges of raising kids (particularly boys) in an age where economic prosperity, convenience, and a host of other newfound privileges make it easier than ever to insulate ourselves from external risks and skip past formative processes that were once built-in features of existence (e.g. manual labor). When it comes to the cultivation of the soul, our character, and the human imagination, what do we lose in a world wherein work, service, and sacrifice have been largely replaced by superficial pleasures and one-dimensional modes of formation? (more…)

Denny's Offers Free Breakfast In Effort To Aggressively Promote SalesIf you’re blessed, your job is more than just a paycheck. It’s a structure for your life, it’s a place of friendship and camaraderie, and a sense of purpose. At least, it was for Stacy Osborn.

Osborn had been working at Tastes of Life, a Hillsdale, Michigan, restaurant that also supported a residential program, Life Challenge of Michigan. The restaurant was owned by Pastor Jack Mosley and his wife, Linda.

Mosley explained that, unlike a typical business that might fire a chef with a hot temper “who breaks dishes,” Tastes of Life managers were more long-suffering and wanted to help employees polish their life skills.

“Life has issues,” Mosley said. “This was a place to shore them up, and help them cope and get through.”

So why isn’t Osborn working there anymore? Because Tastes of Life couldn’t afford to stay open after the state of Michigan raised its minimum wage. Mosley said he figured he’d have to bring in 200 more customers a week in order to stay open. (more…)

Blog author: jcarter
Wednesday, November 12, 2014
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The most persecuted and victimized people in the world today are Christians in the Middle East. Middle East expert Raymond Ibrahim lays out the grim details, and wonders why this human rights tragedy of our time is largely ignored by the Western media.

On Tuesday, Acton welcomed economist and author Robert P. Murphy to the Acton Building’s Mark Murray Auditorium as part of the 2014 Acton Lecture Series. He spoke on the topic of The Importance of Sound Money, providing a solid lesson in the history of currency in the United States and other major countries, and an overview of the problems that have resulted from our government’s abandonment of sound monetary policy.

Murphy’s presentation is available for viewing below.

We’ve developed a bit of a backlog of audio to release over the course of the summer and fall, so today we begin the process of shortening that list by sharing some recent lectures from the 2014 Acton Lecture Series with you.

On August 26, Acton was pleased to welcome Ron Blue to Grand Rapids for an address entitled “Persistent Generosity.” Ron has spent almost 50 years in the financial services world and the last 35 working almost exclusively with Christian couples. What he has observed is that those who are long term consistent in their generosity exhibit three characteristics that have nothing to do with money: they are content, confident, and able to communicate with each other, their children, and advisors if they use them. In this address, Ron shares his personal experience and impressions drawn from 50 years in the financial sector, gives unique financial advice from a faith-based perspective, and shares the two questions that must be answered and one decision that must be made in order to exhibit the characteristics of persistently generous people.

On October 2, we welcomed Gerard Lameiro to the Mark Murray Auditorium to address an audience on the topic of “Renewing America and Its Heritage of Freedom: What Freedom-Loving Americans Can Do to Help.” In his address, Lameiro commented on what freedom is and what it is not, and then walked through a substantial, solid, and moral case for freedom, acknowledging that God is the author of all liberty and that truth, human dignity, and morality are inextricably linked to freedom. You can find more information on Lameiro and pick up a copy of his latest book (which shares the title of his lecture) at his website, and you can listen to him on the Radio Free Acton podcast right here.