In a recent visit to a steel factory in Italy, Pope Francis said, “One sickness of the economy is the gradual transformation of entrepreneurs into speculators.” “The speculator doesn’t love his business, doesn’t love the workers, but only sees the business and workers as the means to make profit,” the pontiff added. But the pope doesn’t seem to understand what speculators do, says Luanne Zurlo. What Francis blames speculators for doing, says Zurlo, is not speculating but rather engaging in...

When the benediction is offered at the conclusion of a church service, it can be easy to nod in agreement even as we neglect or forget the actual implications for everyday life. As we exit the walls of the local church and engage with the rest of the world — economically, socially, or otherwise — how do we shine our light with both love and distinction? In a recent lecture at the Oikonomia Network’s Karam Forum, Vincent Bacote encourages us...

Note: This is post #36 in a weekly video series on basic microeconomics. What are externalities and what are the different kinds of costs? And what does this have to do with the rise of “superbugs”? In this video by Marginal Revolution University, Alex Tabarrok introduces externalities, including the concepts of private cost, external cost, and social cost. (If you find the pace of the videos too slow, I’d mend watching them at 1.5 to 2 times the speed. You...

Today, voters across the UK wentto the polls to elect Members of Parliament in the snap election called on April 18. American observers and people of faith should care about the results, because they could affect the transatlantic alliance in numerous ways. First, the election could deepen, or chill, the “special relationship” between the United States and the UK. Prime Minister Theresa May and President Donald Trump have established a cordial relationship and share a symbiotic goal. May seeks the...

When es to climate change, economists can’t predict the future, says Anne Rathbone Bradley in this week’s Acton Commentary. But economic thinking is a roadmap for prudence and in terms of environmental policy, that’s precisely what we need. President Donald Trump withdrew the United States from the Paris climate agreement just days ago, provoking a brouhaha over environmental policy. For those who are genuinely concerned about environmental stewardship, we can in fact do better without the UN-sponsored framework. We can...

President Trump has designated this week as “Infrastructure Week,” a time dedicated to “addressing America’s crumbling infrastructure.” Here are five facts you should know about America’s infrastructure. 1. The Federal government has defined infrastructure as the framework of interdependent networks and prising identifiable industries, institutions (including people and procedures), and distribution capabilities that provide a reliable flow of products and services essential to the defense and economic security of the United States, the smooth functioning of governments at all levels,...

Note: This is post #20 in a weekly series of explanatory posts on the officials and agencies included in the President’s Cabinet. See the series introductionhere. Cabinet position:Director of National Intelligence (DNI) Department: Office of the Director of National Intelligence (ODNI) Current Director:Dan Coats Department Mission:“The core mission of the ODNI is to lead the IC in intelligence integration, forging munity that delivers the most insightful intelligence possible. That means effectively operating as one team: synchronizing collection, analysis and counterintelligence...

On Sunday, I attended the wedding of a wonderful young couple I’ve known most of their lives. (Weddings in the Orthodox Church are usually held on Sundays, rather than Saturdays, so that the newlyweds will not be tempted to begin their married life by skipping church.) While I’ve had the joy of performing the marriage ceremony, this time as I stood among the friends and well-wishers, a single sentence stood out to me. In the translation of the ceremony used...

This week the U.S. Senate held a hearing in which an explosive revelation was made that threatens to undermine the Constitution. And no, I’m not talking about the Comey hearing (that was rather a dud). I’m referring to the confirmation hearing for the deputy director of the Office of Management and Budget. You probably didn’t hear much about that hearing, or the nominee, Russel Vought. And you likely wouldn’t have heard about it still if Bernie Sanders hadn’t decided to...

On Friday, May 27, Jeremy Joseph Christian accosted a Muslim woman, then stabbed three men in Portland. Two have died – one a 23-year-old, the other a veteran and father of four. The third victim’s injury reportedly missed being fatal by one millimeter. This morning at his arraignment, the grand jury returned a 15-count indictment that could grow longer – and could include the death penalty. Some are surprised to learn that this white supremacist supports Bernie Sanders, opposes the...