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Jewish theology and economic theory
Why is it that American Jews suffer from (or perhaps enjoy) a particularly acute case of champagne socialism?The fallacy of 'Adam's Fallacy'
Duncan Foley's best-selling Adam's Fallacy: A Guide to Economic Theology (Belknap Press, 2006) criticizes a popular understanding of economics that is attributed to Adam Smith: the idea that market competition transforms selfishness into regard and service for others. But Foley expounds a fallacy of his own.Minimum wage and common sense
At the top of the political agenda for the new Democratic leadership in both the US House and US Senate is raising the national minimum wage. The plan calls for a series of increases culminating in a boost from current $5.15 per hour to $7.25 per hour. National polls show support for the move, which means many Republicans will throw their weight behind the measure too. But will the proposed prescription actually address the problem?Self-interest, rightly understood
It is precisely because increasingly large numbers of people in commercial society are able to accumulate sums of capital that exceed their immediate needs and acquired responsibilities, that they begin to develop opportunities to be generous to others.Recidivism and reform: Competing views of the state's role in prison
At the core of the principle of the separation of church and state in the United States is the recognition of the different spheres of authority enjoyed by each institution.The gift
Economics and charity (love) go hand in hand.Spain's African immigrant problem?
Spain's socialist government provided a nice red welcome mat for illegal African immigrants until March 11, 2004, when 190 people were killed by terrorists, most of whom were from Morocco. Immigration amnesty quickly became a security issue. Last month, the European Union's immigration chief announced plans to attract skilled African labor while boosting efforts to keep poor migrants out. Spain finds itself in a dilemma, simultaneously needing immigrants and seeking to curb them.Let the airline mergers begin
As U.S. Airways proceeds with its hostile $8 billion bid for bankrupt Delta Airlines Inc., some worry that the move will mean fewer options, less competition, and higher prices. The more probable result is the contrary.Catholic Latin America: A turning point?
Few realize it, but May 2007 could be a decisive moment for Catholic Latin America.Letting business help: The promise of education tax credits
Legislation in favor of educational choice appeals to broad swaths of Democrats, Republicans, racial and ethnic minorities, and the middle class.Carbon dioxide's day in court
Debates over global warming tend to create more heat than light, and that pattern is about to accelerate as lawyers for the environmental lobby go before the Supreme Court to argue that carbon-dioxide (CO-2) is the most pernicious “greenhouse gas.” Lawyers representing assorted cities, states and environmental organizations are asking the court to reject the Environmental Protection Agency's 2003 decision that carbon dioxide (CO-2) is not a pollutant to be regulated under the Clean Air Act.Milton Friedman and the human element
A great champion of freedom passed from this life on November 16 at the age of 94. He was Milton Friedman, an economist and a moral thinker whose life and work deserves to be celebrated.