Very, very well said by economist Michael Novak, quoted in Compassion International’s short booklet Poverty: Economists affirm that the chief cause of the wealth of nations is not material at all, but knowledge, skill, know-how — in short, those acts and habits of discovery, invention, organization, and forethought that economists now describe as “human capital,” which […]
Five Reasons Christians Should Embrace Economic Freedom
A very helpful article by Anne Bradley at The Institute for Faith, Work, and Economics. Here’s a great part, which shows the connection between our mandate as Christians to care for the poor and the importance of economic freedom as a means of enabling the poor to lift themselves from poverty: Reason #2: We are […]
What is the Real Reason Capitalism is Motivating?
Many people think it’s because of profit. Capitalism enables people to maximize their profits, and that’s why it’s motivating. I think this is wrong. I think the real reason capitalism is motivating is because it is based on freedom. The essence of capitalism is not “make us much money as you can” but rather “do […]
A Capitalist Argument Against Price Gouging
I thought these were some very good points over at the First Things blog. (HT: Justin Taylor)
Tax Cut Deal Reached
Wow. Good news. From the Daily Caller: President Obama and congressional Republicans have reached a tentative deal to extend the Bush tax cuts for all income levels and are presenting the proposal to congressional Democrats Monday afternoon, The Daily Caller has learned. The deal will extend the current tax levels for two more years, preventing […]
Why We Need to Give Creative and Competent Thought to Addressing Global Poverty
Psalm 41:1 says “Blessed is he who considers the poor.” In his commentary on the Psalms, Derek Kidner points out: “The word considers is striking, in that it usually describes the practical wisdom of the man of affairs, and so implies giving careful thought to this person’s situation, rather than perfunctory help.” Tim Keller draws […]
William Carey — Economist?
From The Legacy of William Carey: A Model for the Transformation of a Culture: William Carey … introduced the idea of savings banks to India, to fight the all-pervasive social evil of usury. Carey believed that God, being righteous, hated usury, and that lending at interest rates of 36 to 72 percent made investment, industry, […]
Economics Does Not Lie: A Defense of the Free Market in Times of Chaos
I’m looking forward to reading Guy Sorman’s new book Economics Does Not Lie: A Defense of the Free Market in a Time of Crisis. Here is the summary from the inside jacket, which is a really good education in itself: In an economic crisis, it would be fatal to forget everything we know about economics. […]
Myths and Money: Inoculating Against the Socialist Flu
Marvin Olasky has some good words about Jay Richards’ book Money, Greed, and God: Why Capitalism Is the Solution and Not the Problem: Many of us have had flu shots this fall, but what about an inoculation against the hate-America economics that many colleges teach? Money, Greed and God: Why Capitalism Is the Solution and […]
Why Third-World Capitalism is Not Flourishing
Here’s a quick statement of the reason, from my notes on the subject: The mystery of capital is this: Assets (property, money, the means of production) are not automatically capital. Capital is like electricity. Until it is there, the assets are dead. Property rights are what close the circuit and bring dead assets to life. […]
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