July 31, 2014

Roepke was right

Wilhelm Roepke

In my Winter 2007 article on economic globalization for AGAIN Magazine, I quoted economist Wilhelm Roepke: Economically ignorant moralism is as objectionable as morally callous economism. Ethics and economics are two equally difficult subjects, and while the former needs discerning and expert reason, the latter cannot do without humane values. In light of all that has happened with the U.S. economic meltdown in the last few months, I continue to subscribe to the following statement from the same article: ... there is no real understanding of "social justice" without an understanding of basic economic principles. These principles explain how Orthodox Christians work, earn, invest, and give to philanthropic causes in a market-oriented economy. Economic questions are at the root of many of the problems that on their face seem to be more about something else -- poverty, immigration, the environment, technology, politics, humanitarian assistance. I remain a convinced … [Read more...]