by Mario Rizzo In a world where people’s ethical goals are intrinsic values we could easily argue, as did David Hume, that the values themselves are not subject to scientific analysis. But, as things turn out, many of what people believe to be intrinsic values, and therefore ultimate goals, are not. They are intermediate ends … Continue reading Poverty of Ethics without Economics: Bangladesh
By Mario Rizzo “A Colorado judge says a baker who refused to make a wedding cake for a same-sex ceremony must serve gay couples despite his religious beliefs, a ruling that a civil rights group hailed as a victory for gay rights.” Fox News 12/06/2013 Friedrich Hayek argues in his famous essay “Why I am … Continue reading Let Wedding Cake Bakers Discriminate in Peace
by Mario Rizzo A few years ago I read and studied in great detail Pope Benedict XVI’s encyclical on globalization “Caritas in Veritate” or “Charity in Truth.” I posted a three-part analysis on the doubtful economics contained therein at ThinkMarkets. The first part is about the destructive influence of the encyclical. The second part is … Continue reading Economics Will Not Be Mocked
By Mario Rizzo A philosopher, Amia Srinivasan, fellow in philosophy at All Souls College, University of Oxford, writing in the New York Times Opinionator (online commentary) says that in order to be a consistent defender of Robert Nozick, the free market and classical liberalism, one must answer "yes" to all four questions below. And she … Continue reading Questions for Free Market Moralists? Some Answers
by Mario Rizzo For the last few days the newspapers have been filled with stories about how western garment manufacturers will now insist on greater safety for the workers who make their clothes in Bangladesh. They will pay for renovations and reconstructions of the physical plants. What is more, the government in Bangladesh will raise … Continue reading Bangladeshi Garment Workers and the Perversion of Ethics
by Mario Rizzo Today is Hayek’s birthday. Much has been and will continue to written about him. When I look around at much of what passes for economics today, especially in the prestige circles, I cringe. But reading his work always comforts me that something better is possible. And, in fact, there are many economists … Continue reading F.A. Hayek: His 114th Birthday
By Mario Rizzo The Chicago-Booth IMG Forum asks their favorite economists two questions. Let us examine them. Question A: Raising the federal minimum wage to $9 per hour would make it noticeably harder for low-skilled workers to find employment. Why was the word “noticeably” added to the question rather than some specific quantitative amount? In … Continue reading Ignorant Survey from Chicago-Booth?
by Mario Rizzo I now favor expiration of the Bush era tax rates for everyone. Why? Because the only way to curb spending in the long run is to make as large a number of Americans as possible truly feel the consequences of the expenditures they appear to desire. If Americans saw the cost of the gigantic welfare … Continue reading Raise Middle Class Taxes Now!
by Mario Rizzo I am disturbed by the Obama administration’s revised rule regarding the provision of birth-control products and service under the new health insurance system they have created. The original rule required all employers, particularly for our purposes institutions affiliated with the Catholic Church, to provide insurance that covers birth control without copayment , … Continue reading Morality as Word Magic
by Mario Rizzo There has been a lot of talk this year, and especially during the holiday season, about the inequities in the distribution of wealth and income. But most of what has been written is quite simple-minded, if the writers mean to convey something more than their own personal preferences for a different distribution. … Continue reading The Just Distribution of Income and Wealth