Economics Will Not Be Mocked

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

F.A. Hayek: His 114th Birthday

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

Infallible Evasion of Scandal?

by Mario Rizzo   It was one of the great virtues of Lord Acton to have realized that the Catholic Church is subject to all of the imperfections of any other human institution, especially those with little transparency. The current sex-abuse scandals in the Catholic Church would have been of great concern to him. He was … Continue reading Infallible Evasion of Scandal?

Neither Charity Nor Truth, Part 3: The Attack on Classical Liberalism

by Mario Rizzo   In this final installment of my analysis of the papal encyclical letter Caritas in Veritate I turn my attention to Benedict XVI's positive ideas on globalization.  (I put the encyclical section numbers in parentheses.)   Do not expect clear-cut statements or precise recommendations for policy. Do not even expect consistency. (There are actually … Continue reading Neither Charity Nor Truth, Part 3: The Attack on Classical Liberalism

Neither Truth Nor Charity, Part 2: Globalization and the Pope’s Discontents

by Mario Rizzo   Throughout Pope Benedict XVI’s enclyclical (“Caritas in Veritate”) he stresses that scientific knowledge is not enough when trying to determine appropriate government policies or even individual actions. This is quite true.   He fails, however, to appreciate in many specific instances and arguments the importance of the fact that that moral or ethical … Continue reading Neither Truth Nor Charity, Part 2: Globalization and the Pope’s Discontents

Neither Truth Nor Charity: The Destructive Influence of a Papal Encyclical

by Mario Rizzo   Recently Pope Benedict XVI issued a papal letter (“encyclical”) called “Caritas in Veritate” [CV] or “Charity in Truth” which is largely about economic issues relating to globalization. While there have been some commentaries on it, two prominent ones (here and here) in the Wall Street Journal do not reveal how truly bad … Continue reading Neither Truth Nor Charity: The Destructive Influence of a Papal Encyclical