Note: This is the seventhpost in a weekly video series on basic microeconomics. In previous videos in this series from Marginal Revolution University we learned how prices reach equilibrium and how the market works like an invisible hand coordinating economic activity. In the next couple of videos you’ll see why the equilibrium price (he market price where the quantity of goods supplied is equal to the quantity of goods demanded) is the only stable price and whether this model works...

Despite the partisan rhetoric that tends to dominate in America, most of us realize that, for all our disagreements, our neighbors often have the best of intentions. But when es to public policy, good intentions are not enough to create human flourishing. That’s why a primary task of the Acton Institute is “connecting good intentions with sound economics.” Without sound economics as a foundation, good intentions tend tolead to detrimental unintended consequences. Convincing the public of this reality isn’t easy,...

Samuel Gregg, director of research at Acton Institute, was recently interviewed by Carl E. Olson of Catholic World Report about his new book For God and Profit. Gregg is a frequent contributor to CWR on the topics of political economy, economic history, ethics in finance, and natural law theory. The first question asked of Gregg was “Is it fair to say that Church teaching about money and economics is widely misunderstood and often misrepresented? If so, what are some of...

C.S. Lewis wrote much about the tension between self-interest and selfishness, offering renewed clarity on these topics, says Art Lindsley. To Lewis, there is a huge difference between self-interest and selfishness, and there is a proper place for self-interest in our lives: When Lewis first came to faith, he did not think about eternal life, but focused on enjoying God in this life. Lewis later said that the years he spent without the focus on heavenly rewards “always seem to...

A recent study of Ethiopian workers released last week by the US National Bureau of Economics Research found “sweatshops” were unpleasant, risky, and paid even less than self-employment in the informal sector. But, the researchers also found, countries were still better off than not having those jobs at all. AsMichael J. Coren of Quartz writes, By encouraging mass hiring in the economy, even low-wage factories could lift everyone’s wages. Fewer desperate peting for jobs meant employers must pay more for...

Weary and wary from the Religious Right’s checkered history of unhealthy political alliances, many pastors and churches have opted for disengagement altogether. Or the illusion of disengagement, that is. As Andrew Walker reminds us, “It is impossible for churches to be apolitical because Jesus is a King. He isn’t a pious emblem to tuck away into our hearts with no earthly effect.” The Gospel we preach is inherently political. Indeed, as Walker continues,“Jesus is Lord” is “the most political statement...

In our discussions about politics, society, and culture, the vocabulary of “human flourishing” has e increasingly popular, moving dangerously close to the status of blurry buzzword. Yet at its best, the termcapturestheconnective tissue between the material and the transcendent, the immediate and the eternal, pointing toward a holistic prosperity that accounts for the plexity of the human person. In his latestbook, Strong and Weak: Embracing a Life of Love, Risk and True Flourishing, Andy Crouch examines the broader ideal. ‘“Flourishing’...

“Billions of souls have been able to pull themselves out of poverty,” says Arthur Brooks, “thanks to five incredible innovations: globalization, free trade, property rights, the rule of law and entrepreneurship.” By the way, these five things were all made possible by the historically anomalous peace after World War II that resulted from America’s global diplomatic and military presence. When I was a kid, when we Americans saw the world’s poor, they saw us, too. We saw their poverty; they...

Last night Chris Wallace moderated the third and final debate of this presidential season. mentators have remarked that it was the most substantial policy debate of the year. But because of the interruptions and recriminations, it can be difficult to ascertain exactly what each candidate was proposing. Below I’ve summarized the actual policy statements made by each candidate about the economy, and included the verbatim text of their remarks from which the summary is taken. In the summaries (the sections...

“Supporting markets as the economic arrangements most likely to help promote human flourishing doesn’t necessarily mean you accept libertarian philosophical premises” says Acton Institute Director of Research Samuel Gregg in an essaypublished today at Public Discourse. es in response to “Koch Brothers Latest Target: Pope Francis,”an Oct. 14article written by John Gehring at the American Prospect that claims the Acton Institute is part of a larger network of organizations behind “a decidedly different message than Pope Francis does when es...