The economist Friedrich Hayek once astutely observed that we “live as much in a world of expectation as in a world of ‘fact.’” In economics, value is subjective, dependent on the expectations and desires of particular persons. Human expectations are often frustrated, and all too often we desire wrongly. It is our task to bring our expectations in line with reality and our desires in line with morality. This is how both economic and social value are realized, bringing together good intentions and sound economics.
In this issue, we reflect on Lord Acton on the anniversary of his birth. Acton’s notion that ideas have the power to shape our shared history is precisely what makes the work of think tanks so vital. His dedication to liberty, rooted in his Christian faith, animates the work of the Acton Institute to promote a free and virtuous society characterized by individual liberty and sustained by religious principles. These ideas are the basis of all genuine human flourishing, and we are privileged to continue Lord Acton’s legacy.
I am pleased to share an overview of our upcoming Business Matters Conference. This virtual event will focus on issues of business in volatile times, entrepreneurship and the creation of value in service to others.
It is also a pleasure to share with you a profile of one of our donors, Tom Wiarda, and a truly unique gift he has generously provided to the Institute. Our latest print publication, Rebuilding Social Capital, is a monograph exploring the capacity of people to cooperate toward common goals. It is a timely volume, drawing on Catholic social teaching and economic analysis to help chart our way forward through these difficult and too often divisive times.
None of this would be possible without the generous support of our donors. Thank you! Your support is more important than ever in these difficult times. If you are just learning about Acton, be sure to check out our website, and please prayerfully consider supporting us in our mission.
