Samuel Gregg, Director of Research at the Acton Institute and author of Becoming Europe: Economic Decline, Culture, and How America can Avoid a European Future, and more recently Tea Party Catholic:The Catholic Case for Limited Government, a Free Economy, and Human Flourishing, delivered a lecture on November 7th in the Acton Building’s Mark Murray Auditorium focusing on the subject of his latest book as part of the 2013 Acton Lecture Series. We’ve embedded the video of his lecture below; if you’re interested in Gregg’s lecture on his earlier book, you can find that one after the jump.
James Lott is in the fabled “1%”: the folks the Occupy Wall Street movement says are those who are “writing the rules of an unfair global economy” because of massive inequality of income. But Lott doesn’t feel particularly rich or powerful.
I definitely don’t see myself as rich,” says Lott, who is saving to purchase a downtown luxury condominium. That will be the case, he says, “the day I don’t have to go to work every single day.”
Did Lott inherit a great family fortune or earn a CEO’s salary at the expense of workers in a multinational company? Not exactly. (more…)
…the pope here has now gone beyond Catholicism here, and this is pure political. I want to share with you some of this stuff.
“Pope Francis attacked unfettered capitalism as ‘a new tyranny’ and beseeched global leaders to fight poverty and growing inequality, in a document on Tuesday setting out a platform for his papacy and calling for a renewal of the Catholic Church. … In it, Francis went further than previous comments criticizing the global economic system, attacking the ‘idolatry of money.'”
I gotta be very careful. I have been numerous times to the Vatican. It wouldn’t exist without tons of money. But regardless, what this is, somebody has either written this for him or gotten to him. This is just pure Marxism coming out of the mouth of the pope. Unfettered capitalism? That doesn’t exist anywhere. Unfettered capitalism is a liberal socialist phrase to describe the United States. Unfettered, unregulated.
You can read his complete critique at the link above. The Catholic Channel on Sirius XM Satellite Radio responded by calling upon Acton President Rev. Robert A. Sirico to provide a critique of Limbaugh’s statements. You can listen to that interview via the audio player below:
1. Both sides of the debate believe they are arguing in defense of the poor. Most people who support or oppose minimum wage laws and/or increases share a common objective — helping the working poor. Because both sides have noble intentions, the merits of the debate over minimum wage laws and minimum wage increases should be based on empirical evidence that it will actually help, rather than harm, the poor.
2. Economists disagree about the effects of small increases in minimum wages. It’s true that economists disagree about the effects of the minimum wage on employment and the living standards of minimum wage earners. But almost all of the disagreement is about relatively small increases (less than 20%). Almost all economist agree that significant increases to the minimum wage or attempts to bring it in line with a “living wage” (e.g., $12-15 an hour) would lead to significant increases in unemployment. (President Obama’s proposal would only increase the federal minimum wage by $1.75 an hour.)
3. The primary argument for minimum wage increase is that is increases the value of the worker’s labor. — The efficiency wage theory of labor holds that higher real wages improve labor productivity by reducing worker turnover and the associated costs of hiring and training new workers, by reducing the incentive for workers to unionize, and by increasing the opportunity cost of being fired—thereby giving the worker incentive to be more productive. Under this view, small increases to the minimum wage will have no deleterious employment effects.
4. The primary argument against minimum wage increases is that it discriminates against those who have low-skills. Milton Friedman once described the minimum wage as a requirement that “employers must discriminate against people who have low skills.” As Anthony Davies explains, “the minimum wage prevents some of the least skilled, least educated, and least experienced workers from participating in the labor market because it discourages employers from taking a chance by hiring them. In other words, workers compete for jobs on the basis of education, skill, experience, and price. Of these factors, the only one on which the lesser-educated, lesser-skilled, and lesser-experienced worker can compete is price.”
5. The minimum wage redistributes wealth from the low-skilled poor to the more skilled working poor and middle class. Many supporters of minimum wage increases mistakenly believe that increases in wage rates are transfers of wealth from employers and investors to the workers. But as Anthony Davis explains, the money to pay for the increased wage must come from at least one of four places: higher prices for consumers, lower returns to investors, lower prices to suppliers, or a reduced work-force. Empirical research has shown that the primary effect of minimum wage increases is reduced employment, which essentially transfers the wealth (in unearned wages) from the less skilled to the more skilled working poor and middle-class teenagers.
When Kuyper Came to Princeton
Jordan Ballor, The Calvinist International
In his book, Creating a Christian Worldview: Abraham Kuyper’s Lectures on Calvinism, Peter Heslam provides some background to Kuyper’s visit.
Poll Finds Young People Souring on Health Law and Obama
Sheryl Gay Stolberg, New York Times
A majority of 18- to 29-year-olds – a constituency crucial to the success of President Obama’s health overhaul — disapprove of the law, and fewer than a third of those who are uninsured are likely to sign up for coverage, according to a new poll by Harvard University’s Institute of Politics.
Peonage for the Twenty-First Century
Anthony Esolen, Public Discourse
The Common Core exists only because we have forgotten that parents have a right to educate their children. The state has no educational authority of its own apart from what parents delegate to it.
Discrimination Against Christians?
Grégor Puppinck, First Things
In our subjectivist culture, populated with supposed irrational subjects, individual conscience has lost its authority, so much that the positive law would be the only admissible and workable objective social norm: the “single thought.”
Cairo is an amazing place. I lived and went to school in this city of over 9 million in the early 1990s. On top of the recent governmental conflict and unrest, it’s a city that has for a long time been devastated by pollution and environmental problems. The smog alone is a constant irritant to the senses.
During my time in Cairo, one of the most dramatic and life-changing events was visiting “Garbage City.” This neighborhood is where many of the Zabaleen people live and they have been sorting the trash in Cairo and using their entrepreneurial skills for decades. To see so many people living in that kind of poverty put my own life and blessings into perspective. When I heard that they were a Christian community, at that point their plight and just the blessing of being an American became very clear. I’ve talked about the Zabaleen people before on the PowerBlog. Because of their Christian faith, they have also been maligned and marginalized in Egypt. They were even forced to destroy their vast drove of pigs (300,000) because of a swine flu outbreak, even though the pigs had no role in the outbreak. The pigs were instrumental in the garbage recycling process for Cairo. Their absence has been detrimental to the excessive amounts of rotting food in the streets.
A few weeks ago, The Guardian ran an excellent story on what the Zabaleen people mean for Cairo and how the new government is aiming to finally give them official status for Cairo’s cleanup. It explains why they are so essential to the success of Cairo. Below is an excerpt from the piece:
“It’s an aberration. Over the years the Zabaleen have created an efficient ecosystem that is both viable and profitable, with a recycling capacity of almost 100 percent. It provides work for women and young people who are the first to suffer from Egypt’s unemployment. We need to use this local organisation,” said Leila Iskandar, who became minister of the environment after the fall of Morsi in July. She has worked for years with organisations in the working-class neighbourhood of Manchiet Nasser, where about 65,000 Zabaleen live. (more…)
Here’s a key section from a speech given by Nelson Mandela in 1998 at the World Council of Churches:
At the end of a century that has taught that peace is the greatest weapon in development, we cannot afford to spare any effort to bring about a peaceful resolution of such conflicts.
Nor can we allow anything to detract from the urgent need to cooperate in order to ensure that our continent avoids the negative consequences of globalization and that it is able to exploit the opportunities of this important global advancement.
That means working together to ensure that the legacy of underdevelopment does not leave Africa on the margins of the world economy.
That means finding ways to deal with the world’s highest incidence of AIDS, to advance and entrench democracy, to root out corruption and greed, and to ensure respect for human rights.
It means together finding ways to increase the inward flow of investment, to widen market access, and to remove the burden of external debt which affects Africa more than any other region.
It means cooperating to reorient the institutions that regulate the international trade and investment system, so that world economic growth translates into the benefits of development.
It means finding ways of ensuring that the efforts of countries to put their economies on a sound basis in order to uplift their people are not set back by huge flows of finance as they move across the globe in search of quick profits.
The challenge facing today’s leaders is to find the ways in which the prodigious capacity of the contemporary world economy is used to decisively address the poverty that continues to afflict much of humanity.
As I outline in Ecumenical Babel, this kind of a platform for ecumenical engagement of the issues surrounding globalization would have been much more positive, constructive, and promising than the course that was pursued by the mainline ecumenical organizations. Mandela’s words here provide a much more balanced and nuanced assessment of globalization than is often found in ecumenical pronouncements, including the deliberations that ended up leading to the Accra Confession of 2006.