On this week’s edition of Radio Free Acton, Burt and Anita Folsom discuss their latest book, Uncle Sam Can’t Count. We examine whether the government has a good track record in subsidizing industry and innovation, and look at some of the unforeseen consequences of subsidies in society. You can listen via the audio player below, and then be sure to check out the video of Burt’s Acton Lecture Series address as well.
I want to thank Bradley Birzer, a Hillsdale College prof who is currently Visiting Scholar in Conservative Thought and Policy at the University of Colorado Boulder, for offering Religion & Liberty an advance look at his forthcoming book on Kirk. A special thanks also to Annette Y. Kirk for her gracious help locating photos of her late husband in the archives of The Russell Kirk Center for Cultural Renewal in Mecosta, Michigan, and sharing these with our readers. Be sure to check out the website of the Kirk Center for news about its academic programs and publications.
Kirk was a long time advisor to the Acton Institute. Here is the audio from his last public lecture, hosted by Acton in 1994, on “Lord Acton and Revolution.”
In this issue of Religion & Liberty, we review two new books. Economist David Hebert tells us that Russ Roberts’ How Adam Smith Can Change Your Life – An Unexpected Guide to Human Nature and Happiness is a helpful reminder about the “limits of pure economics.” Even though the books and film adaptations of J.R.R. Tolkien’s mythic fantasies are phenomenally popular today, John Zmirak points out that his “bourgeois virtues were widely sneered at” by his contemporaries. He reviews The Hobbit Party: The Vision of Freedom that Tolkien Got and the West Forgot by Jonathan Witt and Jay Richards. (more…)
Anne got her best friend, Diana, drunk. Sick-drunk. Neither was old enough to drink, and Anne didn’t really mean to, but…there it was. Diana’s mother was horrified, and forbade the friendship to go on. Anne was crushed. She really had made a mistake: what she thought was a cordial was wine. It was a hard lesson.
If you ever read Anne of Green Gables, you know this story. Things get set aright – partly by the adults, and partly by Anne. She learned a very hard lesson – and so did I. Anne’s mistake and her tenacity in fighting for the friendship gave me much food for thought, in a book I’ve read time and again since my childhood.
On Oct. 4, Rev. Robert A. Sirico, president and co-founder of the Acton Institute, spoke about social justice at the 2012 Hillsdale College Free Market Forum in Houston. The theme of the Forum, which encourages the study of free enterprise by bringing scholars together for dynamic exchanges of ideas on topics related to free market economics, was “Markets, Government, and the Common Good.” Rev. Sirico spoke about the evolved meaning of the phrase “social justice,” explaining the current usage of the phrase as well as its literal meaning. He also warned that if words and phrases lose their meaning then “chaos can result.” (more…)
Dr. Richard Vedder, the Edwin and Ruth Kennedy Distinguished Professor of Economics at Ohio University and the director of the Center for College Affordability and Productivity, recently addressed the topic of federal aid and the cost of higher education, an issue that has received some attention on the PowerBlog as of late. Vedder critiques federal aid initiatives like the Pell Grant, which today helps the middle class more than the poor, but saw a twofold size increase from 2007 to 2010. Vedder’s article, titled “Federal Student Aid and the Law of Unintended Consequences,” levels a string of critiques against the current system and ultimately argues for a complete re-examination of federal student aid programs. A portion of his argument his excerpted below:
In the real world, interest rates vary with the prospects that the borrower will repay the loan. In the surreal world of student loans, the brilliant student completing an electrical engineering degree at M.I.T. pays the same interest rate as the student majoring in ethnic studies at a state university who has a GPA below 2.0. The former student will almost certainly graduate and get a job paying $50,000 a year or more, whereas the odds are high the latter student will fail to graduate and will be lucky to make $30,000 a year.
Related to this problem, colleges themselves have no “skin in the game.” They are responsible for allowing loan commitments to occur, but they face no penalties or negative consequences when defaults are extremely high, imposing costs on taxpayers.
In the conclusion of his article, published in Hillsdale College’s monthly speech digest Imprimis, Vedder notes the good intentions with which federal aid programs were established. Unfortunately, these good intentions do nothing for the effectiveness of the system, now responsible for more debt than credit cards. With the debt crisis handcuffing so many Americans, a strong sense of moral urgency–paired with sound economic thinking–is necessary in rethinking the future of student aid in America. Vedder’s article is a useful start.