Many economics students are unhappy with what they are being taught. A network of 62 groups from around the world has drawn up a petition calling for more “pluralism” in instruction. The malcontents find the dominant neoclassical model too narrow and want to know why so few experts predicted the 2008 financial crisis. They also want less abstract theory and more study of actual economies. The reproaches are just, but the students’ reform agenda is insufficiently radical.
from Nicholas Wapshott:
Everyone has been taken by surprise by the speed with which Americans have embraced the notion of gay marriage. Even progressive leaders like President Barack Obama and Hillary Clinton were left playing catch-up. Now, it seems, sexual peccadilloes by politicians are no longer thought grave enough for them to be cast into the outer darkness forever. Are we becoming a super-liberal society? If so, what happened to the “moral majority” that dominated politics for so long?
from Edward Hadas:
“Go into the street, and give one man a lecture on morality, and another a shilling, and see which will respect you most.” Samuel Johnson said that in the 18th century, but the general preference for money over preaching is sufficiently strong and timeless that his wry quip remains pertinent. Most economists take Johnson’s sentiment too seriously. They assume that people always want more shillings and always resist wealth-denying morality. That is a serious error.
from Edward Hadas:
Thomas Carlyle’s fulminations against the spiritual damage wrought by factories are almost two centuries old, but the sentiment is current wherever industrialisation is rampant. “The huge demon of Mechanism,” he wrote, “smokes and thunders, panting at his great task, oversetting whole multitudes of workmen ... so that the wisest no longer knows his whereabout.”
The Catholic Church's failure to derail a gay marriage law in Argentina shows once powerful clergymen losing their influence in Latin America, where pressure is growing for more liberal social legislation.
The following is a guest contribution. Reuters is not responsible for the content and the views expressed are the authors’ alone. Father Joseph Fessio, S.J. is founder and editor of Ignatius Press, which is the primary English-language publisher of the works of Pope Benedict XVI and which has published several books by Cardinal Christoph Schönborn. He is also publisher of Catholic World Report magazine.