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Economics and purposeful human action

Economics involves the study of purposeful human action. When economists write about “methodological individualism” as being at the basis of their subject, some Christians have a tendency to think that this is problematic: after all, we are called to live in society. However, methodological individualism simply means that it is only the individual that can act purposefully. We should not think of the economy as an abstraction. Economic decisions, outcomes and even complex social structures ultimately arise from the decisions of individuals. If there is dire poverty, oppression and corruption in a country, this does not happen without sinful actions by individuals in the economic sphere. Even if structures of sin exist, whereby the culture is so warped that we find it almost impossible to resist the temptation to sin ourselves (for example, if we simply cannot run our small business without paying a bribe), as St. John Paul II reminded us, such structures of sin always derive from the actions of individuals. That is true even if those actions were historical and interact with the actions of many others.

If fossil fuel subsidies are to go, politicians will have to show courage

Governments at the recent COP26 conference agreed to accelerate efforts to phase out “inefficient” fossil fuel subsidies. The qualifier is a little worrying, but it is not clear what it means so I will ignore it for the purposes of this article.

Is it unethical to not support higher taxes?

Some would say that the National Insurance hike of 1.25% for each of employers and employees, Boris Johnson seems to have all but erased the (already thin-wearing) conservative ideology found within the Conservative party. However, there are some broader debates that we should be having that do not cross party lines.

The NHS – an article of faith

The UK system of health provision is unusual. Our death rate from Covid is also unusual. It is widely reported that our figure for deaths per million of population is one of the highest in the developed world. We could look at this figure and put the blame in all sorts of places. If only we had tightened borders more quickly, we would have had fewer cases, and fewer deaths; if only we imposed lockdown more quickly; if only we had a population more willing to comply with the state’s desire to track and trace us; if only we were on two islands 2,500 miles from the next nearest large country; and so on…

Property and human dignity – the prophetic message of Pope Leo XIII

There is a temptation to play down those aspects of Rerum novarum which related to private property. This encyclical was really about labour, it is argued. Or it is suggested that the right to property is only a secondary right subject to the universal destination of goods and therefore not important. Still others say it was an encyclical that, in this respect, reflected its time – a period when the Church’s property was under attack from extreme socialists.

Competition and co-operation – they are not alternatives

If you ask most people – perhaps Christians especially – what the opposite of competition is, they will suggest it is co-operation. So often you hear the phrase “co-operation not competition”. But co-operation is not the opposite of competition. Monopoly is the opposite of competition. I do wonder if any of the people who call for co-operation rather than competition have ever tried to run a businesses without co-operating with others: it would not be a success.

The Late Scholastics as early economists

We have posted before about the late scholastics: The late scholastics, universal human rights and discrimination and other posts on this blog on human rights, globalisation, interest and property rights have incorporated their profound impact.

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Catholic teaching on usury and interest – continuity amidst change

Carlo Crivelli, Public domain, via Wikimedia Commons

Finance and banking are institutions heavily associated in most people’s minds with modernity and the development of modern economies. While there is a certain truth to that, in the sense that the scale and reach of such institutions accelerated in the nineteenth century, it disguises the fact that most of the tools, methods and institutions associated with modern finance attained their mature form in the Catholic world of mediaeval Europe.

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