The Remnant recently posted an article titled Economics for Catholics. In the article, the author, Brian McCall, attempts to describe the difference between Liberal Economics (as held by Thomas Woods) and Catholic Economics. In one section McCall takes on Woods' understanding of supply and demand. Truly laughable stuff: “Take one of Wood’s favorite examples of an “economic law” akin in his mind to gravity: supply/demand price relationships. When supply goes down or demand goes up, prices go up. He asserts that empirically this can be observed and therefore the movement of prices up as supply declines or demand increases is morally neutral; it just happens by force of an economic “law of nature.” This assertion is false. Prices are not autonomous forces independent of human choice. Prices go up because people choose to increase them. “Now, it may be true that since the dawning of the Liberal Age people raise prices in these contexts because they believe, erroneously, that they have no choice: “Since prices always rise with supply decreases, I have to raise my prices.” In a Catholic Age, however, when people were not drunk with the propaganda of Economic Liberalism, this was not the normal reaction. The causes, nature and duration of the supply shortage, or demand increase, had to be considered before a guild, or a public authority, or a father confessor would permit a merchant to increase prices. Thus, prices could be altered, but only if there existed a morally licit reason to do so, such as a sustained increase in the cost of transportation of the goods.”
The Remnant recently posted an article titled Economics for Catholics. In the article, the author, Brian McCall, attempts to describe the difference between Liberal Economics (as held by Thomas Woods) and Catholic Economics. In one section McCall takes on Woods' understanding of supply and demand. Truly laughable stuff:
“Take one of Wood’s favorite examples of an “economic law” akin in his mind to gravity: supply/demand price relationships. When supply goes down or demand goes up, prices go up. He asserts that empirically this can be observed and therefore the movement of prices up as supply declines or demand increases is morally neutral; it just happens by force of an economic “law of nature.” This assertion is false. Prices are not autonomous forces independent of human choice. Prices go up because people choose to increase them.
“Now, it may be true that since the dawning of the Liberal Age people raise prices in these contexts because they believe, erroneously, that they have no choice: “Since prices always rise with supply decreases, I have to raise my prices.” In a Catholic Age, however, when people were not drunk with the propaganda of Economic Liberalism, this was not the normal reaction. The causes, nature and duration of the supply shortage, or demand increase, had to be considered before a guild, or a public authority, or a father confessor would permit a merchant to increase prices. Thus, prices could be altered, but only if there existed a morally licit reason to do so, such as a sustained increase in the cost of transportation of the goods.”
That is Chomsky level economic understanding right there.
There is no such thing as Catholic economics, while there may be Catholic social philosophy, it is purely moral, and anyone arguing otherwise is going outside of the sphere of Magisterium. Furthermore, anyone who is asserting that there was a "Catholic Age" where everyone who was anyone was a good Roman Catholic is deluding themselves.
I am becoming a Burkean Whig.
- F.A. Hayek
That name, Brian McCall rings a bell. Does he write any other wingnut stuff?
If you find something evil that wobbles, push it. - Gary North
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