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Where Pope Francis Goes Horribly Wrong With His Economics
forbes.com ^ | Tim Worstall

Posted on 06/20/2015 8:41:38 AM PDT by BenLurkin

Much of what Pope Francis says in his latest encyclical, Laudato Si, is entirely in line with standard Catholic socio-economic teaching. Sadly, that’s so much the worse for standard Catholic socio-economic teaching, as at the heart of it there’s a couple of assumptions that are simply entirely untrue. And given that these mistakes are at the heart of the argument they do work to rather disprove the rest of the teaching.

However, the two mistakes are here:

““The idea of infinite or unlimited growth, which proves so attractive to economists, financiers and experts in technology . . . is based on the lie that there is an infinite supply of the earth’s goods, and this leads to the planet being squeezed dry beyond every limit,” wrote Pope Francis.

The first mistake here is a definitional one. The idea that economists think that there’s an infinite supply of the earth’s goods. I’m sorry but this is simply nonsense. Because economics doesn’t have anything at all to say about something that’s in infinite supply. Economics is all about scarce goods and their allocation. We do not, for example, have an economics of seawater. Supply isn’t infinite, there’s some knowable and known amount of it out there. But compared to what humans use seawater for there is an infinite supply. Thus there is no constraint, there’s no scarcity: thus there’s no economics about it.

We do have a scarcity of farmland, thus we have an economics of farmland: indeed some of the foundations of the subject in the modern era were about exactly that, Ricardo on rent for example. We do have an economics of fresh water because we do have a scarcity of fresh water given all of the things that humans like to do with fresh water.

(Excerpt) Read more at forbes.com ...


TOPICS: Government
KEYWORDS: globalwarminghoax; popefrancis; romancatholicism
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1 posted on 06/20/2015 8:41:38 AM PDT by BenLurkin
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To: BenLurkin

Francis is the False Prophet.


2 posted on 06/20/2015 8:45:58 AM PDT by ConservativeMan55 (In America, we don't do pin pricks. But sometimes we elect them.)
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To: BenLurkin


3 posted on 06/20/2015 8:49:43 AM PDT by JoeProBono (SOME IMAGES MAY BE DISTURBING VIEWER DISCRETION IS ADVISED;-{)
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To: BenLurkin

Great article until the last paragraph. The author should stick to economics, instead of politicized science.


4 posted on 06/20/2015 8:49:55 AM PDT by Chaguito
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To: BenLurkin

Has Francis ever talked about saving souls; what it takes to be saved from the wrath of God?

Does he care?

Worrying about the environment at this juncture in world history is gross dereliction of duty, imo. Maybe the Pontiff needs to be reminded that God will not be mocked.


5 posted on 06/20/2015 8:52:01 AM PDT by Paulie (America without Christianity is like a Chemistry book without the periodic table.)
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To: BenLurkin

Maybe not “Above his Pay grade” but certainly “Outside of it”.


6 posted on 06/20/2015 8:52:15 AM PDT by Don Corleone ("Oil the gun..eat the cannoli. Take it to the Mattress.")
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To: BenLurkin

the Argentine mope was wrong from the first word on the page


7 posted on 06/20/2015 8:52:18 AM PDT by bert ((K.E.; N.P.; GOPc.;+12, 73, ..... No peace? then no peace!)
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To: ConservativeMan55

When I was young, the Pope spoke of how to get close to God. Now he speaks of the evils of capitalism and it’s effects, a dirty planet. I prefer the former from a Pope.


8 posted on 06/20/2015 8:53:36 AM PDT by Rennes Templar (NSA: The only government agency that really listens.)
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To: Chaguito
That he’s right that climate change is a problem that we should do something about is interesting: but take much of the encyclical with a very heavy dose of salt.
People at Forbes do not typically stick to economics. And this is properly termed “politicized pseudoscience.”
9 posted on 06/20/2015 8:54:25 AM PDT by Olog-hai
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To: Chaguito

The author is a Warmunist.


10 posted on 06/20/2015 8:54:45 AM PDT by BenLurkin (The above is not a statement of fact. It is either satire or opinion. Or both.)
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To: Don Corleone

Lol I first read your comment as

‘Not above his gay parade’


11 posted on 06/20/2015 9:05:24 AM PDT by ConservativeMan55 (In America, we don't do pin pricks. But sometimes we elect them.)
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To: BenLurkin

bump


12 posted on 06/20/2015 9:17:31 AM PDT by painter ( Isaiah: “Woe to those who call evil good and good evil,")
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To: BenLurkin

The Pope’s concern about unlimited growth squeezing the planet’s resources begs the question of government run massive population control as a solution. Would Pope Francis support mandatory abortions and euthanasia to remove “surplus” non productive population like the elderly or handicapped? His environmental views would condemn the non developed world to continued grinding poverty as cheap and abundant energy is the key to improving societies.


13 posted on 06/20/2015 9:27:43 AM PDT by The Great RJ (“Socialists are happy until they run out of other people's money.” Margaret Thatcher)
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To: BenLurkin

I’m curious what or if Catholics in the country are hearing or seeing in this country that is different under this pope. It seems churches here are either very liberal or conservative. I was shocked the other day to see a Facebook friend who attends a conservative church post a pro pope’s Captain Planet / Karl Marx ecumenical. It is funny to see the lefty atheists all come out in praise of him.


14 posted on 06/20/2015 9:31:13 AM PDT by Wilderness Conservative
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To: The Great RJ

Leftists have no qualms about leaving masses of people in grinding poverty.

Just so long as their leadership continues to enjoy the largest homes, the best food, the most advanced gadgets and the other fine things in life.


15 posted on 06/20/2015 9:33:34 AM PDT by BenLurkin (The above is not a statement of fact. It is either satire or opinion. Or both.)
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To: ConservativeMan55

Frankie had better knock it off with his silly political kibitzing off if he doesn’t want to create a schism of the same magnitude which divided Western/Roman and Orthodox/Eastern Christianity back in 1054 AD, that bonehead!


16 posted on 06/20/2015 9:39:07 AM PDT by Trentamj
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To: Rennes Templar

When I was young, the Pope spoke of how to get close to God.


Yep.

The Catholic Church will one day feel the repercussions of this failed pope. He seems more interested in the approval of man than pleasing God. He has lost sight of the real purpose.


17 posted on 06/20/2015 9:40:11 AM PDT by boycott
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To: BenLurkin

The Pope and Obama have a lot in common: Intellectual laziness and dishonesty, arrogant abuse of power, seething anger disguised with public grins...

And they share a favorite argument: The Straw Man.


18 posted on 06/20/2015 10:10:18 AM PDT by Arthur McGowan
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To: BenLurkin

PPP = Pope Political Pawn


19 posted on 06/20/2015 10:38:55 AM PDT by fish hawk (no tyrant can remain in power without the consent and cooperation of his victims.)
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To: Arthur McGowan

bttt!


20 posted on 06/20/2015 10:46:20 AM PDT by BenLurkin (The above is not a statement of fact. It is either satire or opinion. Or both.)
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