Posts tagged with: united states

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.

Vladimir PutinOn Tuesday, Acton’s Todd Huizinga took part in a West Michigan World Trade Association panel discussion on “US and EU Sanctions on Russia: How They Affect You.” He was joined by three other panelists who focused respectively on the legal, economic, and political ramifications of the current Russian/Ukrainian conflict and the sanctions it has evoked.

Though each of the panelists focused on a different angle of the conflict, a common thread emerged: the desire of Russian President Vladimir Putin and his political regime to return Russia to a position of dominance on the world stage.

Signaling this desire for increased power was the Russian annexation of Ukrainian territory, Crimea, in March and its military intervention in Ukraine thereafter, among other events. While these are significant actions in their own right, they also serve a broader purpose in drawing attention from the international community. As Huizinga stated, “they test Western resolve to act.”


anthem_grandparents_20For the first three years of my life, I lived with and was primarily raised by my grandparents. While I was always grateful for the experience, I never realized until I was a parent myself of the depths of their sacrifice, and the burden and stress raising an infant put on them.

Like many other seniors, they didn’t get the credit or recognition they deserved for being caregivers. This role of grandparents is often overlooked, despite the fact that in 2013 10 percent of children in the U.S. (7.1 million) lived with a grandparent.

According to the Census Bureau, in 2012 2.7 million grandparents were responsible for the basic needs of one or more grandchildren under age 18 living with them. Of these caregivers, 1.7 million were grandmothers and 1.0 million were grandfathers. Out of that caregiver group, 603,118 grandparents had incomes below the poverty line, 674,936 had a disability, and 1.6 million were still in the labor force.

On Sunday, Americans will celebrate National Grandparents Day, an annual holiday established by presidential proclamation in 1978 to celebrate and honor of our nation’s grandparents. Let’s take the opportunity this weekend to let all grandparents — whether our own or others — know that we recognize and appreciate the vital role they play in sustaining our families.

Blog author: dpahman
Thursday, September 4, 2014

French economist Thomas Piketty

This summer’s issue of The City, which includes an article by myself on Orthodoxy and ordered liberty, opens with a symposium of five articles on “The Question of Inequality.” These include two articles on Pope Francis, two on French economist Thomas Piketty’s recent book Capital in the Twenty-First Century, and one on the Bible.

Having recently written a two part article on the subject for the Library of Law & Liberty (here and here), I took copious notes as the topic is an ongoing subject of research.

In order to recommend the symposium to our readers here, who no doubt have interest in the topic, I compiled the following highlights:

Josiah Neeley, “What Does Bono Know That the Pope Doesn’t?”

Argentina is now the world’s only “formerly developed” country.

[E]ven in the United States a great deal of inequality is the result not of the heroic innovator but of government favoritism.

Donald Devine, “Does Pope Francis Hate Capitalism?”

[B]y 1910 … Argentina’s per capita Gross Domestic Product [was] number ten in the world.

Peron’s Argentina [in the mid-twentieth century] was perhaps the first comprehensive welfare state…. [And] the result has been a much poorer country.

The actual experience of markets [contra Pope Francis] is hardly autonomy. The U.S., one of the freer countries, has 300,000 regulations.

[B]etween 2005 and 2010 the total number of poor in the world actually fell by half a billion people as trickle down prosperity lifted millions from absolute destitution.

Today’s reality is the over-regulatory welfare state, not wild markets. (more…)

union-jack-flag-great-britain-x-nature-with-uk-for-2685143At the height of power, circa 1922, the British Empire was the largest empire in history, covering one-fifth of the world’s population and almost a quarter of the earth’s total land area. Yet almost one hundred years later, Great Britain is not so great, having lost much of its previous economic and political dominance. In fact, if Great Britain were to join the United States, it’d be poorer than any of the other 50 states — including our poorest state, Mississippi.

Fraser Nelson discovered that fact by using a “fairly straightforward calculation” (see the end of this article for an explanation, and what Nelson missed). The result, as Nelson explains, is that all but one income group in America is better off than the same group in Britain:

Blog author: jcarter
Thursday, August 21, 2014

7figuresFeeding America is a nationwide network of 200 member food banks, the largest domestic hunger-relief charity in the United States. The Feeding America network of food banks provides food assistance to an estimated 46.5 million Americans in need each year, including 12 million children and 7 million seniors.

The report “Hunger in America” is Feeding America’s series of quadrennial studies that provide comprehensive demographic profiles of people seeking food assistance through the charitable sector.

Here are seven figures you should know from the latest report:

Blog author: dpahman
Wednesday, August 20, 2014

Reading through the German economist Walter Eucken’s work The Foundation of Economics (1951), I came across one of the most helpful charts for economic analysis I have yet to find. In it, Eucken gives every possible form of market in a single table:

Eucken Chart

The Foundation of Economics, p. 158

Eucken adds four qualifications that are important to keep in mind:

  1. “These forms of market are actual forms which have been or are to be found in actual economic life (often blended with one another, and existing alongside the forms of a centrally directed economy). They are not given a priori. They are discovered with their distinguishing characteristics by studying the planning data of those taking part in the market….”
  2. “Under each particular form of market a man can act according to different principles, for example, that of maximum net receipts or that of optimum output….”
  3. “Each of these forms of market can appear in four types: both open, both closed, or closed on either side only.”
  4. “Fixing of prices by the state occupies a special position, since it can follow any form of market and has different effects accordingly…. For example, the significance of coal prices being fixed by the state varies according to whether perfectly competitive, oligopolistic, or monopolistic supply, or some other form of market, exists, or whether both sides of the market are open, or whether the supply side is closed by an investment veto. Governmental price-fixing is to be treated as a variant of the different market forms and not as a special market form of its own.”

So, what does this amount to? (more…)