What do economists actually know? What can they possibly know? Assuming his usual role as the insider skeptic, economist Russ Roberts ponders those questions at length, concluding that far too much economic analysis is conducted and promoted with far too little humility. bination of economics with statistics in plex world promises a lot more than it delivers,” Robertswrites. “We economists should be more humble and honest about the reliability and precision of statistical analysis.” This is especially true in an...

Protectionism is often associated with patriotic zeal and concern for America. While citizens should certainly have concern for their nation, protectionist measures do not necessarily secure the economic results desired. Acton’s director of research, Samuel Gregg, writes about the unintended effects of protectionism in a recent article for The Stream. These policies often hurt the very people they’re meant to help. Gregg, while admitting protectionism may be well-intended, indicates the superiority of free trade in bringing about human flourishing. Samuel...

Embed from Getty Images Bad policy is not transformed into good policy simply because it’s advocated by good people with good intentions. This should be obvious—especially to conservatives—yet it’s a lesson we continually have to relearn. Consider, for example, the case of “opportunity zones.” As National Review reported, last month a bipartisan group of congressmen introduced a new bill called the Investing in Opportunity Act (IOA), which would will allow investors to temporarily delay paying capital-gains taxes on their investments...

On February 9th, the Acton Institute ed Micah Watson to the Mark Murray Auditorium to speak on the topic of “C.S. Lewis vs. Democracy” as part of the 2017 Acton Lecture Series. Watson, an associate professor of political science and the William Spoelhof Teacher-Scholar Chair at Calvin College, guides us through an examination of the political thought of the brilliant and celebrated author known primarily for his works offiction and Christian apologetics. Lewis was skeptical of the ability of democratic...

Note: This is post #24 in a weekly video series on basic microeconomics. When prices are controlled, the mutually profitable gains from free trade cannot be fully realized, creating what is known as deadweight loss. In this video by Marginal Revolution University, Alex Tabarrok shows how to calculate deadweight loss using our example of a price ceiling on gasoline. (If you find the pace of the videos too slow, I’d mend watching them at 1.5 to 2 times the speed....

Embed from Getty Images Series Note: Jobs are one of the most important aspects of a morally functioning economy. They help us serve the needs of our neighbors and lead to human flourishing both for the individual and munities. Conversely, not having a job can adversely affect spiritual and psychological well-being of individuals and families. Because unemployment is a spiritual problem, Christians in America need to understand and be aware of the monthly data on employment. Each month highlight the...

Communicating the underlying pillars of a free and virtuous society is sometimes like describing the Kingdom of God: We can envision it, but detailing its operations to non-believers can be difficult. (This is largely for the same reason – both are so rarely observed upon earth.) Thankfully, the London-based Institute of Economic Affairs (IEA) has finished releasing a series of brief videos that describe the six pillars of a free society. Dr. Steve Davies, Head of Education at IEA, details...

Dutch Prime Minister Mark Rutte speaks as Geert Wilders looks on. (Richard van Elferen. CC BY 2.0.) As a wave of populism sweeps from Donald Trump’s Oval Office to the Brexit-ravaged headquarters of the European Union in Brussels, observers look to next week’s Dutch elections. Current polls show Geert Wilders and his Party for Freedom (PVV) slipping a few seats behind Prime Minister Mark Rutte’s People’s Party for Freedom and Democracy’s (VVD) – but, like Donald Trump, Wilders could outperform...

To kick off his 1964 “war on poverty” initiative, President Lyndon B. Johnson held a photo op at the home of a man named Tom Fletcher, an unemployed 38-year-old father of eight. While Fletcher benefited from Johnson’s welfare programs, he never managed to climb out of poverty. Fletchereven remarried and had two more children—one of which his new wife murdered to collect the burial benefits. As AEI president Arthur Brooks notes, “In 2004, with his wife still in prison, Fletcher...

With the recent appointment and confirmation of Betsy DeVos as Secretary of Education, the movement for educational choice has plenty of reasons for optimism. Throughout the nomination process, opponents of DeVos ridiculed the school-choice movement for caring little about quality, equality, and opportunity, ignoring that these are the precise drivers of advocates for school choice. Given the abounding confusion and misrepresentation, I was reminded of a wonderful talk given by Professor Howard Fuller at the American Enterprise Institute, in which...