Economic historian Brian Domitrovic has an interesting post up at his Forbes blog, Past & Present, on the proximate causes of the 2008 meltdown. According to Domitrovic, uncoordinated, even “weird” fiscal and budgetary policy in the early 2000s kept investors on the sidelines, and then flooded the system with easy money. The chickens came home to roost in 2008 (and they’re still perched in the coop).
Read more on How to Deliver a Recession: Cut Brake Lines, Accelerate Toward Cliff…
If modern distributists would like to identify themselves as agrarians, they may, and line up behind John Crowe Ransom, Robert Penn Warren, and the rest of the contributors to I’ll Take My Stand. Then they would be making a super-catechetical argument and we should not take issue with them on this blog. Their claim, however, is to offer the only modern economic theory which is fully in line with Church teaching, and that we cannot allow to go unchallenged.
“More and more, I find Catholics dividing themselves into capitalist and distributist camps,” writes Bernardo Aparicio García, president of the Catholic journal Dappled Things. To help readers establish “a firm foundation” for thinking about economic questions, García opened up the pages of his journal to Robert T. Miller, for capitalism, and John C. Médaille, for distributism. The result is a lengthy exchange “On Truth and Trade: Economics and the Catholic Vision of the Good Life.”
Director of Research Samuel Gregg has a piece in Public Discourse today as part of a series on the 2012 presidential election. “Fix America’s Economy: Two Principles for Reform” explains why limited government is better government, and how the principle of subsidiarity can guide regulation that governments undertake. From the essay:
Read more on Gregg: Two Principles Candidates Must Hold Dear…
Noted NYU law professor and free-market advocate Richard Epstein has written a provocative piece titled “How is Warren Buffett like the Pope? They are both dead wrong on economics.” Here’s the money quote:
My contribution to today’s Acton News & Commentary. Sign up for the free weekly Acton email newsletter here.
By John Couretas
One of the disturbing aspects of the liberal/progressive faith campaign known as the Circle of Protection is that its organizers have such little regard – indeed are blind to — the innate freedom of the human person.
Is Islam a religion of extremes? It certainly can appear to be. Muslim women in certain areas of the world cannot appear in public uncovered or without male escort nor are they are not permitted to drive a car. Just last fall, we saw a Christian Pakistani woman sentenced to death by stoning for allegedly blaspheming the prophet Muhammad. Throw in terrorist factions like Al-Qaeda who have hijacked the name of Islam and an understandable wariness sets in. The question arises: can a religion connected with such extremism be reconciled with the principles of human freedom, justice, and liberty? In his book, Islam Without Extremes, Turkish journalist and devout Muslim Mustafa Akyol earnestly addresses this pointed question that has undoubtedly become one of the central issues of the modern world.
Read more on Book Review: “Islam Without Extremes: a Muslim case for liberty”…
In a recent Reuters opinion column, Mark Thoma faults academic economists for their failure to predict the housing crash. He says their failure can be attributed to the disconnect between academia and economic forecasters. I don’t agree with Thoma, but I do think he gets it right when he says the failure of modern day economics,
Here’s the piece I contributed to today’s Acton News & Commentary:
By Elise Amyx
With debt and budget negotiations in gridlock, and a growing consensus that federal spending at current levels is unsustainable, political support for farm subsidies is waning fast. What’s more, high crop prices and clear injustices are building bipartisan support for significantly cutting agricultural subsidies in the 2012 Farm Bill.
We live in the information age, or more accurately referred to as the age of “information overload.” Anyone who has a Twitter account knows what I’m talking about. You may feel like you’re drowning in a flood of Facebook statuses, emails and YouTube videos. With information coming at us every which way, how can we process it all? How do we even know it’s true?
Read more on Information Overload: What Markets Can Teach Us About Faith…
