Bitcoin — Not As Advertised

Sometimes it seems like everything is the exact opposite of what it claims to be. Take capitalism. It claims to be a decentralized Invisible Hand of free competition — ensuring that all economic abuses are reined in by the discipline of competition so that nobody is able to exploit anyone else. In practice, it is… Continue reading Bitcoin — Not As Advertised

A Bizarre Theory That All Economists Believe

Back when I taught Economics to gullible undergrads, and to even more gullible grad students, I posed a conundrum. (I couldn’t push it too hard for fear of heresy.) But it’s actually not that difficult if put in straightforward terms, so those who have not been afflicted with Economics courses should bear with me. It… Continue reading A Bizarre Theory That All Economists Believe

Don’t Blame Prof. Smith

Adam Smith, the Scottish Presbyterian minister and professor at Glasgow University in the 18th century, is often called the father of modern Economics. But he wasn’t an economist. He was, first and foremost, a moral philosopher, who wrote a book about political economy (as it was called for centuries) on the side. His more important… Continue reading Don’t Blame Prof. Smith

Don't Blame Prof. Smith

Adam Smith, the Scottish Presbyterian minister and professor at Glasgow University in the 18th century, is often called the father of modern Economics. But he wasn’t an economist. He was, first and foremost, a moral philosopher, who wrote a book about political economy (as it was called for centuries) on the side. His more important… Continue reading Don't Blame Prof. Smith

Phantom Consumerism

Let’s look at Chapter 2 of William Cavanaugh’s, Being Consumed. It doesn’t take long to notice he’s saying that consumption is not really the problem. Acquisition is. We don’t want to consume stuff, we just want to get stuff. So It’s not the material enjoyment of consumption we’re really seeking. When we get it, we… Continue reading Phantom Consumerism

Economics and Freedom

Theologian William Cavanaugh wrote a great book entitled Being Consumed, primarily about the dysfunction of consumer culture. He begins the book with a chapter on economics and freedom which needs a little commentary on the economics. He’s a professional theologian but an amateur economist — so a professional economist but amateur theologian can provide some… Continue reading Economics and Freedom

Searching for the Soul of Economics

Searching for the Soul of Economics — Building on Cavanaugh Introduction It’s not only that our economy is morally compromised. It’s more that it has drawn ordinary decent people into a morally compromised lifestyle, largely without their informed consent — and has put in place a regime that denies community, vocation and justice. Such is… Continue reading Searching for the Soul of Economics