Acton Institute Powerblog Archives

Post Tagged 'economics'

October 25, 2016

Does the equilibrium model work in the real world?

Note: This is the seventh post in a weekly video series on basic microeconomics. In previous videos in this series from Marginal Revolution University we learned how prices reach equilibrium and how the market works like an invisible hand coordinating economic activity. Continue Reading...
August 29, 2016

What Christians can learn from Adam Smith’s ‘paradox of value’

In a new video from TED Ed, Akshita Agarwal provides a quick lesson on Adam Smith’s “paradox of value” and the differences between “value in use” and “value in exchange.” For Christians, there’s a crucial lesson here about the best way to meet human needs in the economic order, whether through trade policy, reducing price controls, or any number of other areas.  Continue Reading...
July 20, 2016

The Harmful Effects of Protectionism

What is the biggest economic problem that the U.S. is currently facing? Depends who you ask.  Some social justice warriors would tell you that capitalism is ruining our economy, yet many who have studied and understand economics would argue the opposite. Continue Reading...
July 13, 2016

Protectionism leads to turmoil, strife, and disorder

Proponents of protectionism often ground their support in a quasi-nationalism; trade should be restricted for the benefit of the nation. Economically, the argument holds little weight. The benefits of more trade, like more and cheaper goods, outweigh the costs, like some temporary unemployment that results from the closing of a factory that couldn’t compete with foreign companies. Continue Reading...