The dynamics of postmodern economics defies the logic of times past. Everyone used to know that there is no such thing as a free lunch and that flawed financial acts always have consequences. Common sense dictates that national economies should function like home economies. People should not spend more than they make … Read more
Economics can be a brutal science. Its focus is limited to a particular part of human activity that deals with the process of wealth creation, acquisition, production, and consumption. It measures what has, and not what should have, been done. Economics is also a science of measurements. By calculating profits and losses, … Read more
There is a major problem with books written solely from an economic prism. Consider the fact that the American economy is booming by all major indicators. Unemployment is down to record lows. Inflation is minimal. Consumer confidence is up. We have not seen times like this for decades. Admittedly, wages are still … Read more
Ronald Reagan once said that an economist is someone who sees something happen in practice and wonders if it could work in theory. The new book, Pope Francis and the Caring Society, appears like a team of economists forced to study the encyclical Laudato Si’ in theory and then wonder if it … Read more
In the quest for a golden age for workers, few would look beyond free markets in modern times. This position is backed up by economists using the materialistic tools of their trade. Modern statistics, wages, and living standards all point to definite improvements on the part of workers in market economies. However, … Read more
I had just bought a pair of shoes at a large shoe outlet and within six months the heels were completely worn down. I lost the receipt and probably would have had a little trouble getting a new pair. So I decided to visit the local cobbler with the shoes and a … Read more