Chances are, you’ve heard economics referred to as “the dismal science.” That unflattering description is glib and catchy; it is also 100 percent wrong. Let me set the record straight and explain why economics—far from being dismal—is cause for hope, joy, cheer, and optimism. Thomas Carlyle, a 19th-century Scottish essayist, coined the phrase “the dismal … Read more
A new report was released on Monday by the UN’s high level panel on global sustainability. Unsurprising its conclusion is that the world’s current economic , environmental and demographic trajectory is wildly unsustainable. According to the UN estimates, as reported by Reuters: As the world’s population looks set to grow to nearly 9 billion by … Read more
When Republican presidential candidate Mitt Romney casually estimated that his effective tax rate is around 15 percent, progressives immediately pounced on the issue. To this ideological minority with its Ahab-like obsession on class warfare, a rich American paying an effective tax rate of “only” 15 percent is, a priori, a scandal of the first order. … Read more
Earlier this month, the US Supreme Court decided a case filed by the US Equal Employment Opportunity Commission and a teacher against a church-operated grade school in Michigan. Hosanna-Tabor Evangelical Lutheran Church and School v. Equal Employment Opportunity Commission, No. 10-553 (January 11, 2012). (The Slip Opinion, the official pre-publication version of the Court’s decision, … Read more
I remember writing in 2008 that the race was consistent only in its unpredictability. That’s the only resemblance this presidential race holds to the last. There is no comfort in any political camp right now. They each feel equally emboldened and vulnerable. Just as they did in the Democratic primary in 2008. That’s not bad … Read more
This essay first appeared in the December 2000 issue of Crisis Magazine. I doubt there are many readers of this magazine who are pro-choice. Why, then, do I write an argument against abortion for its readers? Why preach to the choir? Preaching to the choir is a legitimate enterprise. Scripture calls it “edification,”or “building … Read more
With all the talk about “disparities” in innumerable contexts, there is one very important disparity that gets remarkably little attention — disparities in the ability to create wealth. People who are preoccupied, or even obsessed, with disparities in income are seldom interested much, or at all, in the disparities in the ability to create wealth, … Read more
Last week, President Barack Obama, at a Capital Hilton fundraising event, told the crowd, “We can’t go back to this brand of you’re-on-your-own economics.” Throughout my professional career as an economist, I’ve never come across the theory of “you’re-on-your-own economics.” I’m guessing what the president means by — and finds offensive in — “you’re-on-your-own … Read more
This is the time of year when 2012 prediction lists abound. I am struck by how many lists have included some reference to a surge in American entrepreneurship during the next year. Entrepreneurs are clearly being counted upon to act as one of the centerpieces of America’s economic recovery. The educational and networking opportunities for … Read more
If Mitt Romney gets the GOP nomination, prepare for a season of class warfare in America unlike any before. Not only has President Obama been pushing class warfare unceasingly for three years now, but his chief strategist, David Axelrod, has been employing precisely this tactic against Romney, and well before Newt Gingrich and Rick Perry … Read more
I would like to present a qualified defense of Christopher Dawson and his essay, “Catholicism and the Bourgeois Mind.” Jeffrey Tucker, John Zmirak and Fr. John Peter Pham each mount a strong defense of the bourgeois and the world they created, and Tucker in particular argues that thinkers like Dawson are dangerously reactionary world when … Read more
For months, the Catholic bishops and major Evangelical and Jewish groups have urged Health and Human Services Secretary Kathleen Sebelius to exempt conscientious objectors from mandatory health insurance coverage for sterilization and contraception, including abortifacients. The current regulations exempt churches and church-controlled organizations that hire and serve primarily members of the same faith, but many … Read more
The following column first appeared in the March 1997 edition of Crisis Magazine. President Clinton’s veto of the Partial-Birth Abortion Ban Act last April cracked open the facade of principle and consensus that our national leadership had presented to the country. The ideological gulf that exists between the president and the electorate, if ever … Read more
What human motivation gets the most wonderful things done? It’s really a silly question, because the answer is so simple. It turns out that it’s human greed that gets the most wonderful things done. When I say greed, I am not talking about fraud, theft, dishonesty, lobbying for special privileges from government or other … Read more
Few will mourn the passing of 2011 into the financial history books. From an apparent economic recovery at year end 2010 and high optimism in the financial markets, a succession of natural disasters, economic disappointments, and government failures led to the most volatile year in stock market history. Today there is broad skepticism that the … Read more
This book review first appeared in the June 1999 edition of Crisis Magazine. It continues yesterday’s symposium on the “bourgeois spirit.” See also Christopher Dawson’s essay, Catholicism and the Bourgeois Mind, Jeffrey Tucker’s reply, In Defense of Bourgeois Civilization, Gerard Russello’s account of Dawson’s contribution, and Crisis editor John Zmirak’s essay, Say It Loud: Bourgeois … Read more
In a recent piece for The Wall Street Journal, Andy Stern, an Obama insider and one of organized labor’s more aggressive personalities, praised what he called “China’s superior economic model.” Does China have a superior economic model? That depends: Superior to what? Mr. Stern, who headed the Service Employees International Union, cited Andy Grove, founder … Read more
This essay first appeared at Insidecatholic.com (now Crisis) August 26, 2008. It is part of today’s symposium of lay Catholic opinion on immigration. For other contributions see this piece by Mark and Louise Zwick, this one by Christopher Manion, and this news report from Zenit. For Deal Hudson’s view, see this article in The American … Read more
On Tuesday, November 15, Supreme Court Justice Clarence Thomas visited Grove City College. I had a choice to make—whether to meet him or attend to the tons of work I had to finish before several looming deadlines. I don’t share our society’s fascination with famous people. I never go out of my way to meet … Read more
“No matter your thoughts about the Occupy Wall Street movement, the protesters were right in at least one respect: The rich are getting richer, and the poor are getting poorer.” Variations on this statement were repeated in dozens of blogs, commentaries, and even news reports in the past months. The claim comes via a … Read more