Economists recently have recognized a need to revise the picture of economic behavior portrayed in homo economicus, the long-held view that people act on the basis of self-interest alone. There is increasing recognition that a good deal of human behavior is not explained by the concept.
Catholic Social teaching claims, most forcefully in Pope John Paul II’s encyclical Laborem excercens, that work is integral to the development of the human person.
In a recent New York Times Op-Ed article, Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, wrote that despite financial reform legislation, the biggest banks still control our economy and pose a serious threat.
Google employees can now have personal odd jobs done at company expense. If Pope Benedict XVI knows about the perk, doubtless he would give his blessing.
A number of the Tea Party candidates elected on Nov. 2 see themselves following in the footsteps of the father of economics, Adam Smith. However, Smith has more in common with the Catholic social thought of Pope Benedict XVI than with the philosophy of Tea Party devotees of the free market.
The old advice: “Keep your eye on the ball” makes sense when discussing the problems of the U.S. economy. We have become diverted from the immediate issue — jobs — to the issues of deficits and the national debt.