The Pope isn’t discussing (big-E) economics, he’s discussing morality … and (small-c) catholic morality at that. My gut tells me that Economics is chiefly misunderstood by economists. It may only be the “dismal” science (if, indeed, a science at all) due to the quality of its scientists.
Tell me this: Do the so-called “laws” of supply and demand function precisely the same when wealth is distributed more or less equally across the population and when it is largely controlled by a small percentage of people?
It seems logical that “demand” is influenced by ability to pay, which is not equal in both the scenarios I mention.
Of course, I AM factually ignorant of basic economic principles, but I have got a moral foundation, built long ago out of (large-C) Catholicism. I guess the church finds itself in a position analogous to that of the English language, with descriptivism (based on how it’s used = popular morality in religion) and prescriptivism (analysis of how it should be used = dogma in religion ).
Oddly, I tend to be prescriptivist with language, but — apparently — descriptivist with whatever vestiges of Catholicism I am still making use of.
Kuhn, Rob (MC1973)
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Well, Rob, first let me cite my credentials.
Remember the sources of my education! I’m just a fat old white guy retired injineer who’d now a poor old senior citizen on a fixed income with:
* Law “degree” from watching Judge Judy;
* Medical “degree” from watching Doctor Phil;
* Building “degree” from watching “Holmes on Homes”;
* Investing “degree” from reading about Bernie Made-off;
* Finance “degree”from listening to Ric Edelman;
* Learned to sensitively manage Human Resources from watching Chef Ramsey; and
* Learned about creating loving / caring human relationships from studying the movie roles of Gunny Ronald Lee Ermey
Notice there is no “credential” about economics, if there was it’d be:
“Economics “degree” from reading Murry Rothfarb, Tom Woods, Bob Murphy, and Lew Rockwell. Also following the Ludwig von Mises Institute. I’m probably the only fat old white guy injineer who’s read “Man, Economy, and State”. That thanks to the USAf confining me in San Angelo Texas for a few months.
I’ll take a swing at your question if it’s not rhetorical. (Hence the length.)
I don’t believe “wealth is distributed”. I do believe that we observe the “distribution of wealth” as we would snowfall. That distribution is directly attributable to the human effort to satisfy our fellow humans (i.e., I satisfy you and you give me “certificates of appreciation”. The sum of those you’re calling “wealth”.)
You’re positing that the “Law of Supply and Demand” varies based on the “distribution”. I don’t think that it does, because I don’t believe in your “distribution” theory.
Now you’ve exceeded my meager abilities. And, I’ll pass this along to some heavier hitters than me.
I do think the Pope is talking “economics” and not “morality”. But again that’s an opinion.
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