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1. Joseph Burke on the Economics of Abortion

   October 30, 2008 by Joseph Burke

   Abortion, Income, and Economic Growth

   Income effects on the demand for abortions are essentially zero. The income effect is the relationship between demand and income, and measures how demand for abortion changes as incomes increase or decrease. It is generally true that any good or service that is only a small fraction of the budget will have income effects close to zero, and abortions are inexpensive and therefore a small part of any annual budget. (more…)

   Tags: Abortion | Comments (0)

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2. From John Morton

   October 24, 2008 by Stephen J. Haessler

   Apostles and Markets is an essential package of instructional activities for high school economics teachers in Catholic schools.  The creative and user-friendly lessons not only teach the basic principles of economics but also show how Christian principles and economic science support each other.  The lessons help students develop an economic way of thinking that can improve their lives and, most importantly, the lives of billions of people around the world.

   John Morton Senior Program Officer, Arizona Council on Economic Education

   [Thank you Mr. Morton. And thanks too for all your work in economic education!]

   Comments (0)

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3. Perfect Economic Storm

   October 23, 2008 by Stephen J. Haessler

   One of the more helpful editorials (among many) in the pages of the Wall Street Journal is Michael J. Boskin’s piece in today’s Journal Our Next President and the Perfect Economic Storm. To counter the simplistic claim that the recent housing and financial turmoil is the result of free markets and deregulation Mr. Boskin points to the more likely culprits of (more…)

   Tags: Fiscal Policy, Stabilization | Comments (0)

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4. What To Do About Excessive Oil Profits?

   October 20, 2008 by Stephen J. Haessler

   In a word, celebrate. A glaring breakdown of basic economic understanding usually occurs when the subject of oil industry profits comes up. This is especially true when oil profits are scrutinized by elected officials. (more…)

   Tags: Prices, Profit | Comments (2)

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5. Value(s)

   October 17, 2008 by Stephen J. Haessler

   Oh dear. What can be said of Ann Pettifor’s article in the Guardian on the spiritual meaning of the recent financial turmoil? Is it possible to untangle the different connotations of values and value she writes about? Let us begin our college try with her sermon’s conclusion. “As a first step to applying those social values, we may bring back the ancient truth that usury is a sin.”  (more…)

   Tags: Catholic Social Doctrine, Markets, Valuation | Comments (0)

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6. Price Information

   October 15, 2008 by Stephen J. Haessler

   Sometimes price fluctuations are painful to investors. The DJIA dropped 733 points today. Ouch! Sometimes price fluctuations offer relief to consumers. Crude oil is under $75 per barrel today. Road trip! But all prices send important signals in a free economy that are vital in keeping goods and services flowing where they are wanted.

   And economists always have interesting things to say about what prices tell us. (more…)

   Tags: Markets, Prices | Comments (0)

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7. Welcome Holy Rosary Academy in Anchorage, AK

   October 12, 2008 by Stephen J. Haessler

   When I toured Holy Rosary Academy in February of 2007 I was truly amazed. Here is a school that takes Catholic identity very seriously. They believe in the redemptive power of our Lord Jesus and place this belief at the center of what they do. What they do is to welcome all comers through open enrollment and to demand the best. (more…)

   Tags: A&M Schools, A&M Users | Comments (0)

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8. Entrepreneurs’ Time

   October 1, 2008 by Stephen J. Haessler

   On what business activity do entrepreneurs spend most of their time?  That is the question posed by McConkey and Short, researchers from the University of Louisiana at Monroe  (See the study here). Using a questionnaire, McConkey and Short asked a sample of self-described entrepreneurs how they spend their time. (more…)

   Tags: Entrepreneurship, Saints, Wealth Creation | Comments (2)

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Stephen J. Haessler, Ph.D.

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Recommended Reading

Click each cover for more info and a short review.

Pope Benedict XVI

Charity in Truth: Caritas in Veritate

This is a test review.




Thomas Sowell

The Housing Boom and Bust

I’m only on page 15 but this is an awesome book. It is the clearest explanation of the proximite cause of the current recession I’ve seen so far. One of the most important things I’ve learned is housing prices in California, the hottest real estate market leading up to the housing bust, was driven largely by political restrictions on land use. In San Mateo County for example, half of the land was designated off limits for housing. This artificial, political land shortage drove up the prices of even modest homes to mansion-like levels. Must continue reading.




Mark R. Levin

Liberty and Tyranny: A Conservative Manifesto

This is a good book. I especially like how Mr. Levin ties opposition to growing statism to our founding principles and documents. I was shocked by the description of Mass v. EPA (2007) that declared carbon dioxide a poison to be regulated. Absurd. Statism has imposed unfunded ponze schemes like Medicare, Medicaid, and Social Security.

The weakest chapter was chapter 9 on immigration. I counted 11 paragraphs in this chapter that dealt with the economics of immigration, none of which mentioned the fact of positive net benefits overall of immigration. I posted on this issue on 25 May 2009.

Despite one weak chapter, the book is a must read for anyone interested in an intelligent defense of freedom and prosperity.




Gregory Clark

A Farewell to Alms: A Brief Economic History of the World (Princeton Economic History of the Western

One of the most astounding claims in this fascinating book (though I’m still not convinced the industrial revolution’s take-off is explained by the survival of the richest) is the admission that a key, maybe the key insight in economics is based on faith and reason. Hmmmm…. You see the importance of faith?

The context of the claim is Clark’s description of Robert Solow’s model of growth as based on a simple equation involving four variables: labor, capital, land, and innovation. This last factor plays a decisive role. And yet:

“Note, however, that when we arrive at this final truth as to the nature of modern growth we have lost all ability to empirically test its truth. It is a statement of reason and faith, not an empirical proposition. Physical capital can be measured, as can the share of capital income in all income in the economy. But the generalized spillovers from innovation activities are not in practice measurable.” (p. 204)

I think this insight makes the dismal science much more interesting because now vulgar materialists and simplistic empiricists might actually have to believe in entrepreneurs without knowing exactly how much they contribute! “…we know they’re important; just not how important…”




Russell Roberts

The Invisible Heart: An Economic Romance

This is a wonderful novelized principles textbook. Basic economic concepts are revealed through the dialogues between a high school economics teacher and his English teacher fiancee. When I taught high school economics at Marquette and my wife taught English, I was amazed how closely art resembled life, or was it the other way around?




Barbara Frale

The Templars: The Secret History Revealed

This is a great book. I have a mini-library on the Knights Templar and this is the best of the bunch. Barbara Frahle discovered the Chinon Parchment or trial transcripts of the Templar leadership from the early 1300’s. What I learned from her narrative was that Pope Clement V was not quite the scoundrel as other authors have made him out to be. In fact, he cleared the Templar of heresy, though did find that some of their initiation rites were out of line. In any case, he does not come off like Philip IV who positively salivated at the prospect of expropriating Templar wealth and was willing to use any excuse to enrich himself. May he reflect on all this during his time in Purgatory.

I also learned that the Papacy’s long, long struggle for independence from the monarchical governments of Europe created space within which detailed understandings of human freedom grew. In fact, the divine right of kings may be connected to Philip the (Un)Fair, who made a claim dating back to Clovis that the crowned princes, not the Popes of Rome, had responsibility for protecting the Church on earth. Ominous, most ominous.




Burton W. Folsom

The Myth of the Robber Barons

Short read that rescues the reputation of some American business heros from the muckrakers. Should be read by all teachers and students of American history.




Amity Shlaes

The Forgotten Man: A New History of the Great Depression

The quote from William Graham Sumner’s lecture explains the title of this first rate history of the New Deal:

‘As soon as A observes something which seems to him to be wrong, from which X is suffering, A talks it over with B, and A and B then propose to get a law passed to remedy the evil and help X. Their law always proposes to determine … what A, B, and C shall do for X.’ But what about C? There was nothing wrong with A and B helping X. What was wrong was the law, and the indenturing of C to the cause. C was the forgotten man, the man who paid, ‘the man who never is thought of.’ (p. 12)




Thomas Sowell

Applied Economics: Thinking Beyond Stage One

My favorite part is Dr. Sowell’s exchange with his teacher, Arthur Smithies of Harvard. Sowell explained his strong feelings in class for a given policy proposal. Dr. Smithies asked, “And then what will happen?” (p. 4) Smithies kept asking this question after each answer, illustrating a key skill of economic analysis in going beyond first stage thinking to consider costs. benefits, and unintended consequences of well-meaning policies like affordable housing, anti-discrimination, or income equalization policies. This is the principle of considering secondary effects.




David Schmidtz

Person, Polis, Planet: Essays in Applied Philosophy

Here is a wonderful quote from p. 176 quote: “In turn, citizens internalize responsibility when they face the world of tangled joint causation as it is, and do not rely on courts to save them from themselves.” Amen. No thanks, Nanny State. Give me personal responsibilty.




Steven D. Knope

Concierge Medicine: A New System to Get the Best Healthcare

This is an important book by a doctor who wants people to take responsibility for their own health and by doing so become healthier.




Diana Wood

Medieval Economic Thought (Cambridge Medieval Textbooks)

Chapters 7 and 8 contain illuminating dicussion of usury. This from p. 205: “Leo X [1515] canonized the attitude that ‘Usury and trewe interest be thinges as contrary as falshed is to trewth,’ in effect, admitting that the Church had come to terms with economic practice …. Paradoxically it was the Protestants, with their biblically based faith, who kept the usuary debate alive by returning to the traditional scholastic attitudes.”

And this from p. 204: “[Pope Leo X] had undermined most of the foundations of the usury doctrine. By accepting the charging of interest by the montes from the beginning of a loan he had denied that loans were free, and also, by implication, suggested that time could be sold. By suggesting that a profit could be made, provided that it involved labor, cost, or risk, he was sanctioning the main extrinsic titles to interest, and so hinting that barren money could be made fruitful by the application of any of these three.”

And of course, a fascinating few pages on ‘clerical usury’ and papal lending practices and the understandings thereof, beginning on p. 171.




Clayton M. Christensen

Disrupting Class: How Disruptive Innovation Will Change the Way the World Learns

Predicts online delivery and differentiated instruction are waves of the schooling future.




Robert William Fogel

The Escape from Hunger and Premature Death, 1700-2100: Europe, America, and the Third World (Cambrid

The free economy has contributed hugely to the material foundations of the common good. This book presents an empirical assessment of the “technophysio evolution[ary]” basis of this development, and an “optimistic view of the course of changes in health and longevity during the twenty-first century.” (p. 109)