This is my farewell address after 10 years as president of CREDO. Ten years ago, around 30 of us were the initial members of CREDO, a group that grew out of a series of conferences organized by the Lumen Christi Institute under the encouragement of Cardinal George and with my assistance.
Much has changed in these ten years. We have grown into a society of nearly 700 economists with another 100 people on the mailing list. We’ve sponsored more conferences in conjunction with the Lumen Christi Institute, sessions at mainstream economics conferences, Masses at conferences, and summer seminars in Catholic social thought around the world. To this we’ve added a host of virtual events as well. We’ve become official members of the ASSA.
We have some new initiatives as well, including two new resources: 1) a list of job openings targeting Catholic or Christian economists and 2) a Github repository of member materials for courses incorporating Catholic social thought and ethics with economics. We hope this will be a resource to enable others to learn and develop courses more easily. Our upcoming summer mini-seminar on Catholic social thought for economists will take place at Notre Dame this coming June (details to come), and we are planning a course on economics for students at the Gregorian Pontifical College in Rome to start in Fall 2024. We are also planning another Lumen Christi Conference for Spring, 2025.
I want to thank the various people who have helped grow CREDO over these years, like past Board members Bill Evans, Maureen O’Hara, Peter Arcidiacono, Paco Buera, Illenin Kondo, and Eric Scorsone. A special acknowledgement is deserved for the late Thomas Levergood, founder of Lumen Christi and a dear friend, and the late Cardinal Francis George, without whom we would not exist. In addition, I want to thank Ulrike Malmendier and Valerie Ramey for their continuing service on the Board, as well as Galina Hale, Michael LeChevallier, and Bishop Daniel Flores who will presumably continue serving as well. Valerie especially is quite busy, but she has kindly served since the beginning! I am also thankful others who have been instrumental in leadership roles: Drew Beauchamp, Pedro Carneiro, Martijn Cremers, Kirk Doran, Fr. Carlos Esparza, Bill Hauk, Mary Hirschfeld, Joe Hotz, Tim Huegerich, Jean Lafortune, Borja Larrain, Claire Piano, Luis Valenzuela, Jessie Wang, Quentin Wodon, and Andy Yuengert. Their faith and dedication has been inspiring. I also thank my research associates, Gina Mannino and, now, Ambrose Donnelly, who have helped me on all things CREDO.
We have had a lot of formal activities, but, in my opinion, our biggest success is as a visible presence: both a welcoming place in the profession for Catholics to know that they are not alone in the profession and as a beacon for the Church to know that dedicated and faith-filled economists are doing important research and work for the world. Toward this end, we have been successful in being “big tent” and catholic as well as Catholic.
One reason, we have always adopted the big tent approach is that all academic discussions require different viewpoints. Neither economics nor Catholic social thought is a stagnant field, and we’ve never wanted the society to become prisoner of a particular viewpoint on topics that are not matters of doctrine. I am therefore excited by the turnover in leadership on the Board and especially the new incoming president. I think it will be good for the society for many reasons. First, it is important to have leadership turnover for any society. Without turnover, any society will develop a staleness. Second, it is especially important to experience that first transition in leadership. It demonstrates that the society belongs to the members rather than to a particular group of founders. Third, I think the incoming leadership will do an outstanding job. Incoming president, Jesus Fernandez-Villaverde, has been vice president since the founding. Gianluca Clementi as incoming Vice President, and newly-elected Board member, Luis Cabral, and presumptive new Secretary/Treasurer, Craig Gunderson have also generously volunteered to serve. They are all people who are accomplished in the field, dedicated as Catholics, and introspective on social matters. Each will bring a unique and valuable perspective to the Board.
We have a lot to still accomplish.
I believe we only reached a fraction of practicing Catholic research economists, especially those outside of the United States and western Europe. Beyond that, we are called be evangelical in our mission, reaching out to those who don’t know the Church’s social teach, those who are not (yet) Catholic and even those who are not Christian. We need to reach out more strongly to the Church proper as well, especially the group that can most benefit from what we know as economists. (Toward this end, and with the new leadership’s approval, I will continue working and pursuing plans for our CREDO course on economics for future Church leaders.)
We are currently entering conversations with pro bono legal services on redrafting our bylaws and perhaps even Articles of Incorporation.
We still do not have tax exempt status, which has left us unable to raise money to finance our operations. Instead, we have relied on funds from the Lumen Christi Institute and various sources across Notre Dame to fund our activities, but this has limited our capacity to expand our activities. This is a top priority, and one in which I have unfortunately failed.
We need more people to volunteer. We need more activities and offerings to engage people. We have not had full membership meetings nearly enough. There is a Catch-22, that the junior people are often those with the least influence in the field and the most to risk, and yet the senior people are often stretched too thin with all of the other service burdens that fall on them. This rings especially true for senior women in the profession. On top of that, CREDO members especially often have family commitments, parish commitments, community commitments. Much of what gets done at CREDO comes from people simply taking the initiative on things that interest them and opportunities they envision. If you feel the Holy Spirit nudging you, please respond!
Over the years, I have come to know many of you and appreciate your intellects, your sincerity, your kindness, and your faith. May the Lord bless each of you. May He show you how to live out your vocation as an economist. May He continue to foster a commitment to the truth and a concern for the poor, in both your research and spiritual lives. May you be full of Hope. In a world that does not always know Him, may you always trust in His guidance as he prepares a place for each of you.
