Friedrich Hayek called it a weasel word. The American Spectator has my new essay on it here.
More on social justice as it appears in Catholic social teaching here. And more on social business here.
Read more on Social Business, Social Gospel, Social Justice…
Acton’s director of research Samuel Gregg has provided his reasoned take on the new document from the Pontifical Council for Justice and Peace — it’s up at The Corner. While its diagnosis of the world economy is fairly accurate, the council’s treatment plan is lacking in prudential analysis. Gregg’s disappointment is expressed at the end: “For a church with a long tradition of thinking seriously about finance centuries before anyone had ever heard of John Maynard Keynes or Friedrich Hayek, we can surely do better.”
Read more on Vatican Economic Analysis Incomplete, Says Gregg…
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…
From EconStories.tv:
According to the National Bureau of Economic Research, the Great Recession ended almost two years ago, in the summer of 2009. But we’re all uneasy. Job growth has been disappointing. The recovery seems fragile. Where should we head from here? Is that question even meaningful? Can the government steer the economy or have past attempts helped create the mess we’re still in.
Read more on Fight of the Century: Keynes vs. Hayek Round Two…
Hayek and Keynes are dropping beats again – this time live! If you haven’t seen the original, check it out here.
A new article from Acton Research Director Samuel Gregg published today in Acton News & Commentary. Sign up for the free, weekly email newsletter here.
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By Samuel Gregg
The word “crisis” is usually employed to indicate that a person or even an entire culture has reached a turning-point which demands decisions: choices that either propel those in crisis towards renewed growth or condemn them to remorseless decline.
These dynamics of crisis are especially pertinent for much of contemporary Europe. The continent’s well-documented economic problems are now forcing governments to decide between confronting deep-seated problems in their economic culture, or propping up the entitlement economies that have become unaffordable (and morally-questionable) relics in today’s global economy.
While some European governments have begun implementing long-overdue changes in the form of austerity-measures, welfare-reforms, and labor-market liberalization, the resistance is loud and fierce, as anyone who has visited France lately will attest.
No-one should be surprised by this. Such reforms clash directly with widespread expectations about employment, welfare, and the state’s economic role that have become profoundly imbedded in many European societies over the past 100 years. Yet it’s also arguable this is simply the latest bout of an on-going clash of economic ideas which goes back much further in European history than most people realize.
Certainly the contemporary controversy partly concerns the government’s role during recessions. From this standpoint, Europe (and America) is rehashing the famous dispute between the economists Friedrich von Hayek and John Maynard Keynes in the 1930s about how to respond to the Great Depression. Should we, as Hayek maintained, react by giving markets the flexibility they need to self-correct? Or do we prime the pump à la Keynes? Read more on A Tale of Two Europes…
As America and Europe continue to wrestle with the question of how best to address their respective economic crises, many are looking back to the lessons of history and how they might be applicable to today. Scholars, public intellectuals, and policy analysts are paying particular attention to the economic debates of the 1930s, during which much intellectual wrestling — not all of it pretty — occurred over the causes of the Great Depression and how to best alleviate its destructive effects. Not surprisingly, the writings of John Maynard Keynes and Friedrich von Hayek are among the most heavily referenced by contemporary figures.
Via the Volokh Conspiracy:
Mario Rizzo and Gerald O’Driscoll point to dueling letters to the editor from 1932 in The London Times by John Maynard Keynes and F. A. Hayek on whether government spending can help cure contemporary economic woes. The letters, unearthed by Richard Ebeling, show that today’s debates over economic policy are, in many respects, a rerun of the debates of the 1930s.
“Intellectuals and Society,” by Thomas Sowell, (2009) Basic Books, New York, 398 pp.
Arguments about ideas are the bread and butter of the academic, journalism and think tank worlds. That is as it should be. Honest intellectual debate benefits any society where its practice is allowed. The key element is honesty.
Today, someone is always looking to take out the fastest gun, and in the battles over the hearts and minds of the public many weapons are brought to bear. Unfortunately, and too often, among the artillery deployed by both sides in an argument are rhetorical deception, misleading statistics and an air of authority, which can immediately bury facts in the Boot Hill of honest debate.
Seldom held accountable for the violence brought to bear on the verifiable when their ideas lead to long-lasting negative effects, many of these intellectual gunslingers head into battle confident that their wits will save the world from another perceived plight.
Fortunately, Thomas Sowell is one of the fastest intellectual guns in the proverbial corral. His latest, Intellectuals and Society, finds the erudite economist turning his guns on the so-called intellectuals who attempt and too often succeed in swaying public opinion and political policy where the arrogance of intellect too often is the smart bomb dropped squarely on empirical evidence.
Indeed, intellectual folly knows no ideological parameters. However, Sowell divides intellectuals into two classes, where ideological divides are readily identifiable. The first is comprised of those with a constrained, or tragic, view of the world. To a conservative sympathetic to writers such as Russell Kirk and T.S. Eliot, there is an understanding that humankind is fallen and that there can be no heaven on Earth. Eliot and Kirk held that a worldview is only viable inasmuch as it reflects what Edmund Burke called the moral imagination, which he defined as, “the power of ethical perception which strides beyond the barriers of private experience and events of the moment …” Read more on Review: Thomas Sowell’s Field Guide to Intellectuals…
From Econstories.tv: In Fear the Boom and Bust, John Maynard Keynes and F. A. Hayek, two of the great economists of the 20th century, come back to life to attend an economics conference on the economic crisis. Before the conference begins, and at the insistence of Lord Keynes, they go out for a night on the town and sing about why there’s a “boom and bust” cycle in modern economies and good reason to fear it.
Read more on Fear the Boom and Bust — rappin’ with Hayek and Keynes…
