In the United States, there is a constant background critique of education. Complaints include the following: Teachers are too liberal. Professors are too abstract. Schools don’t do a good job of preparing students for work. Education costs too much, both for governments and the parents and students paying tuition. Yet despite all the dissatisfaction, we value education highly. When we are honest with ourselves, we recognize that an educated public brings with it all kinds of benefits. It is tremendously...

“Sen. John McCain, who passed away on Saturday, is undeniably the most famous prisoner of war held captive and tortured by the North Vietnamese,” says Ray Nothstine in this week’s Acton Commentary. “McCain was one of 591 Americans returned by North Vietnam over several months during ‘Operation ing’ in 1973. But in our current politicized era, McCain’s fame somewhat overshadows the leadership and lessons of many other great Americans tortured by their Marxist captors.” McCain often praised fellow prisoners as...

The Book: How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness by Russ Roberts The Gist: Roberts, a research fellow at Stanford University’s Hoover Institution, explains the ideas behind Adam’s Smith’s forgotten classic, The Theory of Moral Sentiments. The Quote: “[Smith’s] view of what we truly want, of what really makes us happy, cuts to the core of things. It takes him only twelve words to get to the heart of the matter: ‘Man...

The 20th century is considered one of the deadliest centuries in history. Collectivism and consolidation of power took flight, resulting in some of the most atrocious violations of human rights the world has ever witnessed. One economist was instrumental in analyzing the cause of such atrocities while offering an antidote to the worldviews in which they were rooted, in hopes that we might not once again be lured by similar false promises of socialism. Published in 1958 and later translated...

‘Lord Acton’ Public Domain Corey Robin, professor of political science at Brooklyn College and the City University of New York Graduate Center, wrote an interesting and troubling piece last week in the New York Times titled, “The New Socialists: Why the pitch from Ocasio-Cortez and Bernie Sanders resonates in 2018.” It is part chronicle of the recent rise of self-identified socialist politicians in the United States and part meditation on what people in 2018 mean when they talk about socialism....

Note:This article is part of the ‘Principles Project,’ a list of principles, axioms, and beliefs that undergirda Christian view of economics, liberty, and virtue. Clickhereto read the introduction and other posts in this series. The Principle: #9B – Wealth is created when human beings creatively transform matter into resources. Because human beings can create wealth, economic exchange need not be a zero-sum game. (NB: This is a subset of the Acton Core Principle of Creation of Wealth) The Definitions: This...

In all the articles about last week’s 50th anniversary of the Soviet invasion of Prague, few took note of one of its enduring scars: widespread and ubiquitous atheism. Some may be surprised to learn that the Czech people are the most irreligious people in Europe, not just because of decades of government-sponsored atheism, but because of centuries of government-enforced religion. When Communist officials first came to power in Czechoslovakia in 1948, undermining and eradicating religion became a top priority. The...

In confronting the problem of global hunger, Western activists, planners, and foreign aid “experts” are prone to look only toward various forms of economic redistribution. Even among nonprofits, churches, and missions organizations, we see an overly narrow focus on temporary needs and material donations with little attention to individual empowerment and institutional reforms. Meanwhile, global poverty and hunger are on the decline—a development driven not by top-level tweaks and materialistic trickery, but by a bottom-up revolution of freedom, innovation, and...

In his 1958 essay,“I, Pencil,”Leonard Read took up the voice of a self-reflective pencil to tell a fictional tale that illuminated the nonfictional marvels of mundane economic cooperation. The essay went on to influence the hearts and minds of many, thanks in part to Read’s insightful mind, but also to his chosen medium:the story. “You may wonder why I should write a genealogy,” the pencil says. “Well, to begin with, my story is interesting. And, next, I am a mystery—more...

Note: This is post #91 in a weekly video series on basic economics. Financial intermediaries serve as a bridge between borrowers and savers. When those bridges collapse the effects can be disastrous: businesses go bankrupt, workers get laid off, and people lose their homes. These negative effects show you how crucial intermediaries are to our lives. What exactly causes financial intermediaries to fail? In this video by Marginal Revolution University, economist Tyler Cowen looks at four reasons: insecure property rights,...