Economics

May 12, 2021

Examining the moral basis of Pope Francis’ pleas for financial regulation – and the morality of ‘speculation’

In his Prayer Intentions for May 2021, Pope Francis is asking that Catholics pray for strict regulation of financial markets to protect the poor. But is strict government oversight what really protects the vulnerable from financial harm? Continue Reading...

May 10, 2021

Biden’s ‘stimulus’ for a growing economy is all about central control

Proposals for “economic stimulus”, the use of monetary or fiscal policy to stimulate the economy, have become a permanent fixture of our politics. President Joe Biden recently proposed $1.8 trillion dollars in additional “economic stimulus” in the form of the American Families Plan. Continue Reading...

April 23, 2021

The fallacy of capitalism’s ‘race to the bottom’

The Biden administration proposes a global minimum tax on corporations to end the “global race to the bottom.” Leaving aside the wisdom of letting France tax U.S.-based corporations, this phrase recalls one of the regnant canards of our time: Capitalism inevitably lowers living standards and grinds people down into poverty. Continue Reading...

April 16, 2021

Rugged entrepreneurs: How the ‘frontier experience’ shapes economic cultures

In our efforts to spur economic growth and retain American dynamism, we tend to be overly consumed by surface-level tweaks to our economic systems. Yet economists continue to discover that the distinguishing features of flourishing societies are more readily found at the levels of culture. Continue Reading...

April 09, 2021

Lessons from a kibbutz on the problems of ‘bottom-up socialism’

When making the case against socialism, many of its critics focus first on the “practical” problems: the lack of incentives and market prices, the fatal conceits of central planners, the totalitarian temptations of ruling elites, etc. Continue Reading...

March 31, 2021

Why the economy is not a zero-sum game: a simple explanation

What do these two statements have in common: “Poverty is caused by overpopulation,” and “The rich get richer only as the poor get poorer”? Answer: They both inaccurately presuppose the economy is a zero-sum game. Continue Reading...

March 30, 2021

The Suez Canal blockage: a metaphor for our economy

A team of engineers and an unusually high tide freed the Ever Given, the container ship that blocked the Suez Canal for six days, on Monday. Obstructing the canal that facilitates 13% of world’s maritime trade not only educated Americans about the international dimensions of our economy, it also served as a metaphor for the artificial constraints, taxes, and regulations that block so many people from participating in our economy. Continue Reading...

March 19, 2021

Jordan Peterson on the universal basic income

As we enter a new age of automation and artificial intelligence, fears about job loss and human obsolescence are troubling the cultural imagination. Prosperity abounds, but innovators like Elon Musk and Bill Gates continue to predict a future where humans steadily diminish in their contributions, becoming ever more dependent on external sources of provision. Continue Reading...

March 15, 2021

States’ rights, federal behavior: Alabama and COVID-19 spending

“Power tends to corrupt, and absolute power corrupts absolutely” – Lord Acton. Former Chicago Mayor Rahm Emanuel is known for saying, “You never want a serious crisis to go to waste. Continue Reading...

March 12, 2021

How ‘neo-socialism’ brings class warfare to life today

Democratic socialism is on the rise America, as evidenced by the popularity of politicians like Bernie Sanders and Alexandria Ocasio-Cortez, as well as the mainstreaming of various collectivist policies. Many have shrugged at the movement, explaining it away as a far cry from the blood-soaked tyrannies of yore. Continue Reading...

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