Why It’s Time to Make Corruption a Campaign Issue Adam Smith, in “The Wealth of Nations” (1776), described “economic rent” as income derived from the ownership or control of scarce resources (especially land) rather than from productive labor or innovation. David Ricardo refined this idea with his Law of Rent, showing how landowners profit simply […]
F. A. Hayek once observed that while you can have capitalism without liberty, you cannot have liberty without capitalism. The moral foundations for both are remarkably similar: rule of law, enforceable contracts, the sanctity of private property, and the core virtues of justice, charity, prudence, and courage. For centuries, some have said that liberty and […]
I have been asked to comment on Pope Francis’ latest encyclical letter, FRATELLI TUTTI, or Brothers All. Before starting, let me say that I am a lay Catholic. I have not reviewed my thoughts with a priest or a bishop of my church. I have not received formal training as a catechist or as an […]