by Thomas Storck Continued from Part 1 Next let us look at the question of cyclical unemployment, that type which comes about “when the overall demand for labor is low” because of a business cycle downturn. I am afraid my argument will seem hopelessly naive to most economists. But that does not mean that it … More Why Unemployment is a Pseudoproblem – Part 2
By Thomas Storck Unemployment a pseudoproblem? By calling it that, I do not mean that unemployment does not exist, or that it is not a very serious concern for the unemployed, their families and for society as a whole. What I mean and will argue here is that unemployment is not something natural to … More Why Unemployment is a Pseudoproblem – Part 1
by Thomas Storck Based on a talk given at The American Chesterton Society Conference 5 August, 2016 When we look at the economic conduct of mankind and ask ourselves why the human race engages in such activities, I suppose that everyone would admit that we do so in order to produce goods and services for … More What is the purpose of our economic activity?
By Thomas Storck Capitalism is often celebrated by its supporters as the only economic system that can really deliver the goods, the only way of arranging our economic activity that has or that can lift mankind out of its supposedly otherwise inevitable poverty. And it is the case, one must admit, that capitalism does act … More Futures Markets and the Absurdity of Capitalism
Thomas Storck A few years ago (November 2, 2013) The Economist magazine, that reliable organ of neo-liberalism that makes few bones about its idolization of material growth as the summum bonum of human existence and its consequent dismissal of anything, such as family life or cultural traditions, that might get in the way of such … More Owners vs. Workers: An Eternal Law of Nature?
by Thomas Storck Anyone who has spent much time trying to promote Catholic social teaching has probably met with a response something like this. “What you say is very fine and certainly evidence of good will. But, you see, most of what you are asking for is simply impossible. Society would break down. For there … More Catholic Social Teaching and Conventional Economics
Practical Distributism 