If governments do not take moral hazard seriously, their response to the present recession may sow the seeds of a future economic crisis.
Pillar: Business & Economics
The fifth pillar, business and economics, is built upon concern for the common good and the ways in which the economic order contributes to—or detracts from—human flourishing. Public Discourse examines the ways in which the market is shaped by—and gives shape to—our understanding of the human person, the role of the family, the rule of law, and education and culture.
Despite the financial crisis, markets deserve a spirited public defense that acknowledges both their virtues and limits.
When surveying the consequences of the recent election we should not think of the market as something disembodied from the rest of society. Its failure indicates a general failure of responsibility
Welfare rights really do exist, and are usually best provided for by voluntary associations. Still, even if states aren’t always the best solution, they do have a role to play.
While this weekend's conference threatens to repeat the failures of Bretton Woods, the work of economist Wilhelm Röpke may recommend a more successful approach.
The author of a recent abortion study answers Michael New's criticisms.
Social Conservatives in America would do well to consider recent events in the U.K.
Colorado's Taxpayer's Bill of Rights (TABOR) has the reputation of being America's best and most effective fiscal limit. However, it is under attack once again. On Election Day, Colorado residents will vote on Amendment 59 which would permanently nullify TABOR's revenue limit by requiring that all surplus revenues be spent on schools. This is an important election for fiscal conservatives. If Amendment 59 wins, TABOR will likely be reduced to a historical footnote. A defeat of Amendment 59, however, would have implications that will be felt well beyond Colorado. Indeed, a revitalized TABOR could give fiscal conservatives something that they have lacked--an effective model that can be used in other states.
Catholics in Alliance recently released a study questioning the effectiveness of pro-life legislation and arguing that greater spending on welfare programs was a better strategy for reducing abortion. Unfortunately, their study is seriously flawed. Rigorous analysis of their own data indicates that increased welfare spending only has little to no impact on abortion. Public funding restrictions and informed-consent laws, however, are effective at reducing abortion rates.
We must look beyond trust and greed and instead discover thrift. A response to Harold James.
Kevin Jackson calls for moral cooperation instead of government regulation. A response to Harold James.
The current financial crisis may provide an opportunity to build stronger families and communities.
Beginning in the time of Aristotle and leading up to the current financial crisis, greed and trust have played important yet shifting roles in the structure of the world's economies. One of the reasons we face the current crisis is our failure to deal with either properly.