Economics

Caritas in Veritate: Why Truth Matters

July 10, 2009July 10, 2009 by Orthodox Editors

Acton Institute | Samuel Gregg | July 8, 2009

Relativists beware. Whether you like it or not, truth matters – even in the economy. That’s the core message of Pope Benedict XVI’s new social encyclical Caritas in Veritate.

For 2000 years, the Catholic Church has hammered home a trio of presently-unpopular ideas into the humus of human civilization: that there is truth; that it is not simply of the scientific variety; that it is knowable through faith and reason; and that it is not whatever you want or “feel” it to be. Throughout his entire life, Benedict XVI has underscored these themes, precisely because much of the world, including many Christians, has lost sight of their importance. [Read more…]

California’s Nightmare Will Kill Obamanomics

July 6, 2009July 6, 2009 by Orthodox Editors

Bloomberg | Kevin Hassett | July 6, 2009

With California mired in a budget crisis, largely the result of a political impasse that makes spending cuts and tax increases impossible, Controller John Chiang said the state planned to issue $3.3 billion in IOU’s in July alone. Instead of cash, those who do business with California will get slips of paper.

The California morass has Democrats in Washington trembling. The reason is simple. If Obama’s health-care plan passes, then we may well end up paying for it with federal slips of paper worth less than California’s. Obama has bet everything on passing health care this year. The publicity surrounding the California debt fiasco almost assures his resounding defeat. [Read more…]

Power Plants Are Batteries

June 12, 2009June 14, 2009 by Orthodox Editors

Human Events | Dr. Arthur Robinson | June 8, 2009

We are all familiar with various kinds of batteries — batteries that power all sorts of devices such as cell phones, toys, motor starters, and even some automobiles. Electrical energy is easy to make by several methods, but it is difficult to store. This is the reason that most devices that use electricity are stationary, so that they can be connected through the electrical power grid directly to electricity generating plants. Portable batteries and electrical generators are bulky and expensive.

Most of us are not aware, however, that our electrical power plants themselves are also batteries in a sense — huge installations that cost very large amounts of energy to construct. This construction energy comes in various forms, but all of it is fungible — that is to say is inter-convertible with electrical energy when estimating its value and availability. [Read more…]

From Crisis to Creative Entrepreneurial Liberation

June 6, 2009June 7, 2009 by Orthodox Editors

Acton Institute | Anthony B. Bradley Ph.D. | May 6, 2009

Necessity is the mother of invention, said Plato, and the truth of the proverb has been borne out once again. Necessity is generating entrepreneurial energy amid America’s current economic crisis, according to a new study by the Kansas City-based Kaufman Foundation. The study reveals an increase in business startups during 2008, as the recession was taking hold. The rise is consistent with similar previous trends, such as the boomlet occurring after the tech bust of the 1990s. Throughout human history, a nation’s best resource in time of crisis has been the unleashed creative and entrepreneurial spirit of its citizens. [Read more…]

When Faith met the Free Market

June 5, 2009June 7, 2009 by Orthodox Editors

Life, Liberty Blog | Daniel | April 22, 2009

Is the Christian Faith compatible with a Free Market economy? Many lay people and most clergy would probably answer that question negatively, especially during these times. But is this really the case?

Kevin Allen, at Ancient Faith Radio, discussed these topics and much more with Chris Banescu. The answers Mr. Allen received are very enlightening. This is a must listen to anyone, not just Christians, who work for a living, which means it is a must listen for everyone. [Read more…]

The Tyranny of the Obvious

June 1, 2009 by Orthodox Editors

Acton Institute | Hunter Baker | May 27, 2009

Those who promoted the War on Poverty and other grand plans to end poverty, writes Hunter Baker, “had no inkling that these good-hearted strategies would lead to enduring cycles of poverty and family disintegration that threatened to consume entire generations. Wishing for good outcomes resulted in disaster.” [Read more…]

Bono Discovers Sustainable Development Isn’t Sustainable

May 28, 2009May 29, 2009 by Orthodox Editors

Breitbart | Phelim McAleer & Ann McElhinney‏ | May 20, 2009

THE BIG problem with renewable energy is that it just doesn’t renew itself. The sun does not shine enough and the wind doesn’t blow enough to power the towns, cities, factories, hospitals and schools that make our lives so livable.

No environmentalist would ever allow their child to be treated in a hospital fully powered by “renewables”. They would not take the risk that the wind might stop whilst their baby was on the operating table. They would insist that the hospital and the life support systems had a fossil fuel powered back-up. [Read more…]

When the Obama Backlash Comes

April 29, 2009 by editor-main

American Thinker | Jeff Lukens | Apr. 29, 2009

The contradictions between Obama’s words and actions are many. He opposes big government, and then he vastly expands it. He says he favors bipartisanship, but doesn’t practice it. He says he is against earmarks, and then signs the largest pork package in history. And that is just to name a few.

Such inconsistencies are contributing to a lack of confidence in Obama and his economic policies. The budget deficits he proposes are staggering. The trillions of dollars he wants to spend are incomprehensible. There is no evidence that stimulative government spending even works. Obama is apparently racing to remake America in a socialist mold before public sentiment turns against him. One wonders whether his political capital will run out before financial capital of the country runs out. [Read more…]

Orthodox Christianity And Capitalism: Are They Compatible?

April 20, 2009November 15, 2018 by Orthodox Editors

AFR – The Illumined Heart | Kevin Allen | Apr 17, 2009

Writer, attorney, and university professor Chris Banescu discusses the economic, moral and spiritual issues surrounding the “capitalist” economic model and whether it serves the best interests of Christians living the life of the Beatitudes, in this interview with Kevin Allen host of The Illumined Heart podcast on Ancient Faith Radio.

Orthodox Christianity And Capitalism: Are They Compatible? – 4/17/09 http://audio.ancientfaith.com/illuminedheart/ih_2009-04-17_pc.mp3|titles=Orthodox

[Read more…]

Is Socialism Overtaking Capitalism In The Way Schumpeter Foresaw?

March 20, 2009March 20, 2009 by Orthodox Editors

Investor’s Business Daily | John Tamny | March 19, 2009

In his 1942 book, “Capitalism, Socialism and Democracy,” Joseph Schumpeter asked the essential question: “Can capitalism survive?” His unsettling answer was, “No. I do not think it can.”

Schumpeter’s words were in no way meant to denigrate capitalism. Instead, he felt “its very success undermines the social institutions which protect it.” History in many ways proved his views prophetic.

The success of capitalism means that many are allowed to do things that have nothing to do with productivity. And from government and academic elites that frequently seek to undermine the very system that enabled their cushy jobs, to foundations created by capitalist profits that often dismiss same, the commercial success wrought by the pursuit of profit has created an unproductive elite that lives off the very business profits that it regularly casts a skeptical eye on. [Read more…]