Angeliki E. Laiou has another revealing article in the Wealth and Poverty volume cited earlier. She notes the regular warnings and even condemnations of commerce in the patristic literature, and goes on to examine medieval and Byzantine hagiography for the same themes. She is surprised to find a . . . . Continue Reading »
An article by A. Edward Siecienski (in Wealth and Poverty in Early Church and Society (Holy Cross Studies in Patristic Theology and History) ) raises the question of the balance between liturgical splendor and poverty relief in the early church. He points out that even John Chrysostom, who . . . . Continue Reading »
Christopher Caldwell ends an intriguing article on William Bagehot ( Weekly Standard , 12/22) with this: “To be blunt, credit is successfully reestablished when financial elites say, ‘When.’ Credit is close to a synonym for the mood of the ruling class. To say an economy is based . . . . Continue Reading »
Immediately following Obama’s less than reassuring pledge to the world’s most famous plumber to "spread the wealth around" we’ve been treated to a shocking character assasination of a private individual and the careful if tedious parsing of Obama’s . . . . Continue Reading »
What is a Postmodern Conservative view of economics? While a true postmodern conservatism is cognizant of the power of markets and the great advantages of the prosperity it generates (and the reliable incompetence of government in providing regulatory supervision), it is also aware of . . . . Continue Reading »
Reader Jay Horne writes in response to my earlier post quoting Charles Morris, “After working on mechanical trading systems for the past several years (and having some success), I would suggest that it is the lumpiness, the human factors, that exactly create the opportunity for success with a . . . . Continue Reading »
Charles Morris (in The Trillion Dollar Meltdown ) says that one of the dangerous trends emerging in the 80s and 90s, and lurking behind the current financial crisis, is the “increased dominance of investment decisions by mathematical constructs.” He admits that “Large securities . . . . Continue Reading »
In City of God, 11.16, Augustine observes the reality of marginal utility: “So far as the freedom of judgment is concerned . . . the reason of the thoughtful man is far different from the necessity of one who is in need, or the desire of the pleasure-seeker. For reason considers what value a . . . . Continue Reading »
Heath and Potter find Thorstein Veblen’s critique of consumerism much more persuasive, “far more penetrating than any of the theories developed in the 20th century.” Veblen argued that while poor societies devote every increase in production to meeting basic needs, richer . . . . Continue Reading »
In their book, Nation of Rebels , Joseph Heath and Andrew Potter explain why the Marxian critique of the consumer society as a product of “generalized overproduction” doesn’t work: “There is no such thing as generalized overproduction. Never was, never has been.” More . . . . Continue Reading »
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