Note: This is post #127 in a weekly video series on basic economics. In the early 2000s, Argentina’s debt reached 150 percent of GDP, leading to what was the largest government default in the history of the world. How does this happen? Why makes a country take on too much debt? In this video by Marginal Revolution University, economist Alex Tabarrok explains some of the dangers of fiscal policy. (If you find the pace of the videos too slow, I’d...

On June 19, President Trump awarded the Presidential Medal of Freedom to economist Arthur Laffer, noted as a proponent of supply-side economics and famous for the concept of the “Laffer curve,” which states that taxes will not increase revenue if they rise beyond a certain level. Alejandro Chafuen, Acton’s Managing Director, ments today in Forbes on Laffer and his award. He also adds a wealth of historical precedent, pointing out that Laffer’s ideas have roots in many thinkers of centuries...

Tomorrow, for the 243rd anniversary celebration of Independence Day, President Trump will give a speech on the National Mall. As with all such addresses in the modern age, Trump’s remarks will pared to the presidential gold standard for Fourth of July speeches—Calvin Coolidge’s speech on the 150th anniversary of the Declaration of Independence. Coolidge was so famous for his taciturnity that he earned the nickname “Silent Cal.” But when he did speak he could be moving and profound. Such was...

Every summer, as I prepare for much needed vacation, I am reminded of my favorite book, Josef Pieper’s Leisure: The Basis of Culture. It was written by the neo-Thomistic philosopher who condemned a world of “total work.” The context in which Pieper’s masterpiece was authored is his native Germany in the late-1940s during a furious rebuilding of Europe after the Second World War. He argues for making time for not just rest, recreation, and the arts in our day, but...

The slate for the top positions in the European Union has been released, and the process of selecting candidates was nearly as discouraging as the nominees chosen. Ursula von der Leyen, who was chosen to e the next president of the European Commission, has particularly concerning views on economics. So, too, does Christine Lagarde, who would move from the IMF to the European Central Bank. Nomination chaos: The nomination ultimately ignored the agree-upon process ofSpitzenkandidat: Each of the European Parliament’s...

In the past few weeks, democratic presidential hopefuls outlined e inequality fixes anywhere from $1,000 per month basic e to free college and single payer healthcare. While many operate on the assumption that e equality results in a fair economic system, I do not. A fair economic system allows for a level of e inequality, and policies that force e equality not only create economic havoc but are not even biblically required. And religion, invoked by both Pete Buttigieg and...

Series Note: Jobs are one of the most important aspects of a morally functioning economy. They help us serve the needs of our neighbors and lead to human flourishing both for the individual and munities. Conversely, not having a job can adversely affect spiritual and psychological well-being of individuals and families. Because unemployment is a spiritual problem, Christians in America need to understand and be aware of the monthly data on employment. Each month highlight thelatest numberswe need to know...

The latest addition the Marvel Cinematic Universe (MCU) is Spider-Man: Far from Home, which brings an end to Phase 3. In this installment, we have an intriguing spin on the standard superhero motif of vocation and responsibility. This theme is perhaps best captured in the iconic wisdom offered by Peter Parker’s Uncle Ben, “With great es great responsibility.” A driving force of Spider-Man: Far from Home is the question whether great power ever gets to enjoy a vacation. Does great...

It was again a pleasure for me to chair the “Faith and Liberty Lifetime Tribute” ceremony and session during the 2019 Estoril Political Forum in Estoril, Portugal. The Forum, a three-day program organized by the IEP (Institute for Political Studies) at the Catholic University of Portugal, attracts almost one hundred academic, think tank, and public intellectuals from both sides of the Atlantic. It is also attended by over one hundred students. It is conducted in association with twenty organizations around...

On June 29, violent riots between alt-right groups and Antifa broke out in Portland, Oregon, leaving several people with severe injuries. Portland is ing a hotbed for violent, left-wing groups. Who is Antifa and what are they protesting? Rev. Ben Johnson, senior editor at Acton, joins the podcast to explain the events of the protest and Antifa’s objective. After that, Craig Bruce Smith, professor of history at William Woods University, joins the show to bring attention to an increasing dismissal...