By D. Stephen Long
Calculated Futures examines the moral and theological underpinnings of the free-market economic system, investigating not just the morality of enterprises and trade charges, but in addition how the politics of economics form humans as ethical brokers. It does this much less by means of insisting at the unfavourable results of capitalism, and extra by way of drawing on theological virtues, Christian doctrines, and liturgical practices to find what they could exhibit us approximately financial exchanges. Calculated Futures seeks a fashion ahead by way of enticing economics as a social clinical self-discipline with no subordinating theology to it.
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Additional resources for Calculated Futures: Theology, Ethics and Economics
I have to raise the following question: does the acceptance of Marshall’s model imply a human power to give values to things, a power that implies the death of god? Section 3 An Economist’s Critique of the Economist’s Concept of Value Nancy Fox Economists have accepted Marshall’s model, so today they do not engage much in critiques of the theory of value. Critics of economics tend to analyze the validity of value theory; curiously, they have an accurate grasp of the economic theory. Those aspects of the market that are perceived by critics as negatives are the very characteristics of the market that economists believe are its strengths.
As you move the money, some of it is lost. The question is at what point does it become inefficient to use that bucket to move the money. If only one cent is lost for every one dollar moved, everyone would probably find it a worthwhile endeavor. But what if each dollar taken from the rich results in only ten cents redistributed to the poor? Only the most extreme egalitarians would then endorse the process. The difficult case is when twenty to forty cents is lost. Should redistribution take place?
In fact, for neoclassical economists, essentially anything can be commodified, which in turn produces a limited vision. For instance, a neoclassical economist’s analysis of a worker’s wage will ignore its effect on the worker’s role as a parent. Just as neoclassical economists often fail to see the whole person, theologians fail to see the effect of economic change on the whole system. They tend to see only the partial equilibrium, instead of the general equilibrium results. Consider the following two examples (Hirshleifer and Glazer, 1992, 3).