Posts tagged with: markets

One of the most basic forms of entertainment that friends and families share together is playing board games, such as Monopoly or Risk. While we may not realize is how much these games are teach us about economic ideas such as trade or scarcity.

I must confess I’m a bit of a board game snob. I don’t really care for common games like Monopoly as I prefer so-called “designer” games such as the Settlers of Catan or Power Grid. In an article for the Washington Post, Blake Eskin calls Settlers the “board game of our time.”

Eskin explains that Monopoly had an appeal in the depression-era because it allowed poor kids the opportunity to feel rich and successful for a day. He also mentions several of the reasons I do not care for Monopoly: It takes several hours to play; the outcome is too dependent on luck; it can often become clear who is going to win far before the game actually ends, etc. It is also an elimination game, meaning that an early loser can be stuck with nothing to do for hours while their friends finish the game.


Blog author: John MacDhubhain
Thursday, July 26, 2012

Last night, I went to see the newest “Batman” movie with my fellow Acton interns. I thought it was a great movie, and I recommend seeing it and reading Jordan Ballor’s review of it. I also want to echo some of the themes that Jordan discussed in his piece.

After the movie was done, it turned out that the people who had parked behind me were in need of a jump for their car. I didn’t know these people, but I did see that they needed help. And so I did something that people obsessed with government or with markets should think is impossible: I gave them a jump. No one forced me to do it. No one paid me to do it. I just did it, because it was the right thing to do.

The episode sort of represented many of the things that have been annoying me recently about my fellow libertarians (there may also be some guilty conservatives). I think they put far too much emphasis on having a market based solution to nearly every social problem. Yet giving someone a jump seems to defy traditional money-chasing impulses. There simply are things which we do not rely on a market to provide. (more…)

Review Essay: “Was Robert Bellarmine Ahead of His Time?”
John M. Vella, Homiletic & Pastoral Review

Despite his rehabilitation in the last quarter of the 19th century, Bellarmine’s intellectual legacy remains mixed. In one respect, at least, he was a product of his time because his vision of a res publica Christiana depended on a united Christendom that could never be restored. Yet, what is easy to see, in hindsight, was not so clear in the early 17th century. On the other hand, his defiance of royal absolutism, in defense of rule of law and religious truth, is far from outdated.

Conference: “Sister Reformations II: Reformation and Ethics”

The Theological Faculty of the Humboldt University organizes a symposium on Sisterreformations II, Reformations and Ethics, September 13-15, 2012 in Berlin. In the light of the fruitful collaboration between Reformation historians trained in the German and Anglo-Saxon academic traditions during the 2009 Berlin symposium ‘Sister Reformations: The Reformation in Germany and in England’, a second gathering will now take place in 2012 to examine the theme ‘Reformation and Ethics’. For, although all parties in the Sixteenth Century accepted moral renovation as intrinsic to the Christian life, the exact place of ethics in this process, especially in relation to faith, was one of the most disputed points not only between the Reformers and their adversaries but also between the different strands of the Reformation itself. Consequently, this new symposium, jointly planned by the chairs of Reformation History in Berlin and Durham (UK), shall consider the principal ethical and theological questions involved as well as the actual moral decisions and patterns of behaviour associated with the English and German Reformations.

Lecture: “An Occasional Lecture: Capitalism and the Family”
Steven Horwitz, Institute of Economic Affairs

In this talk, Steven Horwitz will argue that the enhanced freedom with respect to family choices that has characterised the modern family and is celebrated by those on the political left, is largely a product of the economic system, market capitalism, which they often reject. At the same time, those on the right who are troubled by these changes in the family, including the demand for same-sex marriage, need to realise that such cultural changes are an inevitable by-product of the economic freedom they claim to celebrate. Steven will argue it is capitalism that is the main driver of the evolution of the western family and the wider array of family structures, which characterises the 21st century, representing an increased cultural freedom brought on by the freedom to engage in capitalist acts between consenting adults and the wealth it brings in its wake.

Book Note: “Theology and Public Philosophy”
Kenneth Grasso and Cecilia Rodriguez Castillo, eds., Theology and Public Philosophy: Four Conversations

This volume brings together eminent theologians, philosophers and political theorists to discuss the relevance of theology and theologically grounded moral reflection to contemporary America’s public life and argument. Avoiding the focus on hot-button issues, shrill polemics, and sloganeering that so often dominate discussions of religion and public life, the contributors address such subjects as how religious understandings have shaped the moral landscape of contemporary culture, the possible contributions of theologically-informed argument to contemporary public life, religious and moral discourse in a pluralistic society, and the proper relationship between religion and culture.

Book Note: “Reckoning With Markets”
James Halteman and Edd S. Noell, Reckoning With Markets: The Role of Moral Reflection in Economics

Undergraduate economics students begin and end their study of economics with the simple claim that economics is value free. Only in a policy role will values and beliefs enter into economic work; there can be little meaningful dialogue by economists about such personal views and opinions. This view, now well over 200 years old, has been challenged by heterodox thinkers in economics, and philosophers and social scientists outside the discipline all along the way. However, much of the debate in modern times has been narrowly focused on philosophical methodological issues on one hand or theological/sectarian concerns on the other. None of this filters down to the typical undergraduate even in advanced courses on the history of economic thought. This book presents the notion that economic thinking cannot escape value judgments at any level and that this understanding has been the dominant view throughout most of history. It shows how, from ancient times, people who thought about economic matters integrated moral reflection into their thinking. Reflecting on the Enlightenment and the birth of economics as a science, Halteman and Noell illustrate the process by which values and beliefs were excluded from economics proper. They also appraise the reader with relevant developments over the last half-century which offer promise of re-integrating moral reflection in economic research.

Blog author: dpahman
Friday, February 24, 2012

Beroud, Louis (1852–1930) Central Dome of the World Fair in Paris 1889

The newest edition of the Journal of Markets & Morality is now available online to subscribers.

This issue of the journal (14.2) is actually a theme issue on Modern Christian Social Thought. Accordingly, all ten articles engage the history and substance of various approaches to Modern Christian Social Thought, with special emphasis on the Reformed and Roman Catholic traditions.

There is also another installment of our Controversy section, featuring a three-way debate over the question, “Does Libertarianism Tempt Some Catholics to Stray from Catholic Social Thought?”

As always we have another thorough collection of first-rate book reviews from top scholars and experts in the fields of theology, ethics, and economics.

Lastly, our Status Quaestionis section includes two works from the nineteenth century which have never before been translated into English: “Critical Analysis of the First Concepts of Social Economy” (1857) by Luigi Taparelli, SJ and “Christ and the Needy” (1895) by Dutch theologian and statesman Abraham Kuyper. All in all, it may possibly be our largest issue yet.

Blog author: jballor
Thursday, March 18, 2010

In this week’s Acton Commentary I expand on a minor meme floating around the web towards the end of last year that criticized the purported claim made by Lord Brian Griffiths, a Goldman Sachs advisor and vice chairman: “The injunction of Jesus to love others as ourselves is an endorsement of self-interest.”

I do a couple of things in this piece. First, I show that Griffith’s claim was rather different than that reported by various news outlets. Second, I place his reported comments within the broader context, which includes a greater emphasis on generosity than on self-interest. The entire transcript (PDF) of the panel discussion from which the quote was taken is an interesting read.

For instance, Griffiths also says this in the context of the question of ordering self-interest to serve justice: “…nobody, I think, on this panel believes in completely free markets. In fact, I don’t think I know anyone even in Goldman who believes in completely free markets.” By “completely free markets” Griffiths is talking about a pure lassez-faire view of the market. The broader context of Griffiths comments, including his emphasis on generosity and his qualification of endorsement of the market, should serve adequate notice to anyone who seeks to characterize him as a espousing some kind of radical view incompatible with Christian teaching. For more on the theological backgrounds of this topic, see my post over at Mere Comments.

And for even more background on Griffiths views, in addition to his Globalization, Poverty, and International Development, check out his plenary address, which includes endorsement of a kind of cap-and-trade system on carbon markets, given at 2008’s Acton University:

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

In the Orange County Register, Senior Editorial Writer Alan Bock reviews the Acton Institute book, “Environmental Stewardship in the Judeo-Christian Tradition.” (Available in the Acton Bookshoppe for the bargain price of $6).

Environmental Stewardship
The book might be viewed as an extended rebuttal to a famous 1967 Science magazine article by Lynn White that contended that the biblical injunction for people to have “dominion” over the Earth led to an arrogant view toward the environment that led to widespread environmental despoliation. The proper religious attitude toward the Earth, the authors argue, is one of stewardship, which includes using Earth’s resources to improve the lot of humankind, but doing so with an attitude of responsibility and even love, taking care not to destroy what cannot be replaced. Mistakes certainly have been made along the way, but these have resulted from an imperfect understanding of the requirements of stewardship – often by people who were not motivated by religious attitudes – rather than biblically decreed arrogance.

The perhaps counterintuitive but, on reflection, logical thread running through the three essays – along with a statement called the Cornwall Declaration on Environmental Stewardship promulgated in 1999 by an interfaith group meeting in Connecticut – is that achieving a certain level of wealth in a society seems to be a prerequisite to effective environmental stewardship. A secondary theme is that a system of private property and relatively free markets is the most effective way to achieve both societal wealth and environmental protection and improvement.

Read the entire review on the OC Register site.

An essay of mine appears today over at the First Things website as part of their “On the Square: Observations & Contentions” feature. In “Between Market and State,” I explore the dialectic logic of market and government “failure,” which functions in part to provide us with a false dilemma: our solution to social problems must lie with either “market” or “state.”

I work out this logic in the context of the sub-prime mortgage crisis, and conclude that non-profits play a critical role as mediating institutions that are not driven in the first place by profit motives. A great deal of the economic woe of the last year or so has been the result of seeing the poor as objects of material gain rather than partners in charitable compassion. Read the piece over at the First Things site and discuss it here.

I should note that PowerBlog contributor Dr. William Luckey has provided a brief and challenging analysis of the role of non-profits. His survey of the treatment of non-profits in the literature includes the observation, “Many sources see the purposes of non-profits as taking up the slack from either market failure or government failure, thus revealing a pro-statist, anti-market bias.” The argument in my First Things essay takes the position that one purpose of non-profits is to “take up the slack,” so to speak. But I don’t see how this by definition reveals a “pro-statist, anti-market bias.”

As I say in the essay,

Advocates for government intervention abound nowadays. But apologists for the market economy do themselves and their cause no favors when they ignore the fact that there are limits to what the market can and ought to be asked to do. Indeed, much of what has been called “market failure” is actually the result of applying market-based solutions to problems for which profit considerations ought to be considered secondarily—if at all.

Within a market framework people tend to maximize efficiency and increase material well-being. But the market is not the answer for everything. It cannot tell us, for instance, how to arrange our familial or spiritual lives.

I was influenced in this line of thinking by a brief reflection from Arnold Kling, who writes about two propositions in the context of the sub-prime lending disaster: 1) Market failure is inevitable; and 2) Government failure is inevitable. He says, “In talking about the financial crisis, I believe that to speak the truth one has to accept both propositions. Most people prefer narrative, which either explicitly or implicitly denies one or the other.”

To be sure, I do think Luckey is right to call for “a completely new study of non-profit organizations,” an early attempt at which was made in the context of Acton’s own Samaritan Guide program. (With Marvin Olasky’s comment that the finalists tended to be either “rescue missions for the homeless or rehab centers for alcoholics and addicts” in view as well, see the conclusions of the promising paper, “Faith Makes a Difference: A Study of the Influence of Faith in Human Service Programs,” by Beryl Hugen, Fred De Jong, and Karen Woods.)

One non-profit ministry that I highlight in the First Things essay that is neither a homeless shelter nor a rehab center is the Inner City Christian Federation. This is a worthy organization that merits a great deal of attention in the debate about home ownership, the mortgage industry, and Christian charity.

As I also note in the First Things essay, this discussion about the credit crisis must go to our core assumptions about home ownership. A fascinating interview with Edmund Phelps, director of Columbia University’s Center on Capitalism and Society, picks up on some of these issues. Phelps has a lot of great things to say, and here’s one of them:

I’m hoping that the administration and other thought leaders will succeed eventually in bringing the country back to the older idea that the American dream is having a career, getting a job, and getting involved in it, and doing well. That was the core of the good life. That’s what we have to get back to, and get away from this mystique that the most important thing in your life that could ever happen to you is to be a home owner.

A handy chart showing the movement in trust in social institutions over the last thirty years according to the General Social Survey is available here.

Non-profits are increasingly being squeezed out between market and state, and the solutions they offer are either marginalized or subsumed under the logic of profit or coercion. As many others have noted, some recent policy initiatives, most notably lowering the limit on qualifying charitable donations, will only serve to exacerbate this problem.