In partnership with CREDO, the Lumen Christi Institute is cosponsoring a monthly CREDO Economics and Catholic Social Thought Virtual Workshop. The interdisciplinary workshop takes place online the second Friday of each month at 11 AM EST (unless otherwise noted). It features papers addressing the intersecting domains of Economics and Catholic Social Thought. We welcome all papers on this interdisciplinary boundary. Since the primary audience for the seminar is economists interested in exploring these questions, we give somewhat greater weight to papers written or co-written by economists, and to papers written with an audience of economists in mind.

Those interested in presenting or attending the series should contact Andrew Beauchamp (abeauchamp1 [at] udayton [dot] edu) or Andrew Yuengert (andrew [dot] yuengert [at] pepperdine [dot] edu).

2025/2026 Workshop Schedule

Author: Tim Seida (Northwestern)

Discussant: Javier Pinto Garay (Universidad de los Andes)

Abstract: This paper investigates Catholic social teaching’s theory of the firm and its implications for just wages. Rerum Novarum emphasizes the employer’s duty to pay a living wage, but later encyclicals, culminating in Laborem Exercens, introduce a distinction between the direct and indirect employers. Paradoxically, John Paul II couples this more lenient view of employer obligations with a richer conception of the firm in Centesimus annus as a societas ordered toward common goods. To reconcile this apparent tension, this paper fills in John Paul II’s theory of the firm as an Aristotelian-Thomistic society, distinguishing between its intrinsic common good (collaborative work) and extrinsic common good (profitable production). 

Presenter: Geoff Friesen (Nebraska)

Discussant: TBA

Abstract: This paper explores how governance structures shape the moral ecology of the firm and influence stakeholder flourishing. Drawing on virtue ethics and Catholic Social Teaching, we propose a framework for diagnosing how ownership forms and institutional arrangements afford or constrain the cultivation of role-differentiated virtue. Governance is not merely a mechanism of control but a formative ecology that shapes behavior, character, and ultimately value creation. We distinguish between goods that can be pursued instrumentally and those—such as trust, purpose, and moral commitment—that are authenticity-dependent. Just as Hart and Zingales (2017) argue that shareholder welfare cannot be reduced to financial wealth when externalities are present, we argue that stakeholder welfare cannot be reduced to wages or consumption when relational and moral goods drive productivity. These goods, unlike other externalities, are intent-dependent and dissolve when pursued purely as means. Our framework utilizes the concept of eudaimonic efficiency to align firm purpose, structure, and moral formation to support value creation and human flourishing.

Presenter: Fernanda Galindo (Anahuac)
Discussant: Ross Emmett (Arizona State)
 
Abstract: Pope Francis’ critique of the technocratic paradigm is one of the running themes of his encyclical Laudato si. Francis considers the technocratic paradigm one of the roots of the environmental crisis: Guided by the technocratic paradigm and in the pursuit of short-term profit, businesspeople exploit natural resources and other people. It is  unclear what Francis understands as a paradigm, whether it is a theory, a methodology or a cultural trend. It is also unclear if the technocratic paradigm is an effective tool for the accumulation of power and profit, disregarding its negative ethical and political impact. Knight’s theory of profit helps us to elucidate the validity of the claims of efficiency and profitability of the technocratic paradigm.
 

Presenter: Andrew Yuengert (Pepperdine)

Discussant: Paul Weithman (Notre Dame)

Abstract: Popes Benedict XVI and Pope Francis refer to “the technocratic paradigm,” which makes it difficult to bring moral guidance to bear on economic life and the environment. Both Popes claim that an uncritical reliance on the paradigm has led to economic and environmental crises. This paper argues that there are two distinct technocratic paradigms in these encyclicals (the technocratic mindset and the free market paradigm), and that another technocratic paradigm (technocratic governance) features prominently in other papal writings. These three paradigms are species of a more general technological approach to nature and society, outlined and critiqued in Gaudium et Spes. They share a common framework and present a common set of challenges.

Presenter: Andrew Beauchamp (Dayton)

Discussant: TBA

Abstract: The cycle of addiction is both lethal and ubiquitous. It provides a persistent barrier to evangelization in the modern world. New work in the social, behavioral and biological sciences reveal addiction’s prevalence and structure. However, these disciplines lack the tools for understanding the whole human person, whose internal and social life have been the subject of philosophical (especially from the classical perspective of philosophical psychology) and theological reflection. The article reviews recent contributions to understanding deaths of despair and uses the Catholic theological tradition to explicate how and why grace and communion moderate irrational despair and provide natural and, even, theological hope.

Presenter: Paul Oslington (Alphacrucis University)

Discussant: Thomas Osborne (U St Thomas)

Abstract: This paper outlines a natural law framework for economists that is an alternative to the usual rational choice theory of action and utilitarian moral philosophy.  It draws on the new natural law theory developed by philosophers John Finnis, Germain Grisez and others over the last thirty years.  In this framework, action is oriented to seven fundamental goods, moderated by and moderating stocks of virtue.  Moral judgements are made on the basis of impacts of action on fundamental goods, and the formal model is a tool for such judgements.

Any discussion of markets must engage economists if it is to have an impact on public attitudes and public policy.  We need a theoretical framework, and any proposed framework needs to be articulated as a formal model if it is to have any chance of engaging economists, especially if the framework departs from the economists’ rational choice theory of action combined with a preference satisfaction view of welfare.

The alterative natural law framework allows consideration of virtues and a richer notion of goods, as well as being tractable and connecting with the existing powerful analytical tools of contemporary economics. 

Past events

Presenter: Tomas Jagelka (Bonn and Dartmouth)

Discussant: Peter Arcidiacono (Duke)

Abstract: The value people attach to longevity increases is an important input to policy decisions on health care, the environment, and safety regulations. This value is typically estimated based on compensating differentials for taking on very small risks of death. We instead estimate this value by letting people choose between completed life stories in which life-time income and longevity is randomized. We present a battery of tests to gauge whether these hypothetical choices measure underlying preferences. The benefit of our method is that it does not require people to correctly evaluate very small probabilities, yields estimates of the distribution of preferences for longevity in a representative population, and allows for a characterization of heterogeneity in preferences by respondent characteristics.  

Author: Gordon Menzies (University of Technology Sydney)  

Presenter: María Eugenia Guerrero Barreto (University of Piura)

Discussant: David Harris (Benedictine)

 
Abstract: The article aims to show the contribution of Caritas in Veritate to the concept of relational goods proposed by Donati (2019) and employed by Bruni (2013), in order to shed light on the contribution of Theology to Integral Human Development. In the Encyclical, Benedict XVI offers a perspective on human relationships based on the theology of the Catholic Church, specifically from Trinitarian theology and the creation of mankind as imago Dei. This provides a theological foundation for the theory of relational goods, enabling a deeper understanding of the role of gratuity in the origin of these goods, thus fostering actions that promote relational goods.

Author: Craig Gunderson (Baylor)

Discussant: Sarah Hamersma (Syracuse)

Abstract: Food insecurity has emerged as the leading indicator of well-being for vulnerable households in the United States.  In this presentation, Craig Gundersen covers what has happened to food insecurity from 2010 to 2023.  Based on three recent papers on this topic, he covers why food insecurity rates fell by almost 40% from 2014 to 2021 and then why they rose so sharply in 2022 and 2023.  He concludes with a discussion about paths to reducing food insecurity over the next decade – including recommendations for maintaining and strengthening the food assistance social safety – and who is often left behind even when overall food insecurity rates decline.      

 

Author: Gabriel Martinez (Ave Maria)

 

Author: Robert Tatum (UNC Asheville)

Discussant: Fr. Gregory Jensen

Author: Robert Crouch (Earlham) 

Discussant: Mark Ryan (U Dayton)

Author: Andrew Yuengert (Pepperdine)

Discussant: David Cloutier (Notre Dame)

Author: Geoff Friesen (Nebraska Lincoln)
Discussant: Kirk Doran (Notre Dame)
Author: Maria Noelia Romero (University of San Andres)
Discussant: Tony Gallenstein (Catholic University of America)

Author: Matt Mazewski (Rutgers)

Discussant: Kyle Karches (Saint Louis University)

Author: Andrew Beaucahmp (Wright State)

Author: Sarah Hamersma (Syracuse)

Author: Stephen Pitts, SJ (Minnesota)

Author: Andrew Yuengert (Pepperdine)

Author: Mark Hoipkemier (University of Navarra)

Discussants: Andrew Yuengert (Pepperdine)

You can access the paper here.

Author: Marcus Shera (George Mason University)

Discussants: Michael Thomas (Creighton University) and Ian Gerdon (University of Notre Dame)

You can access the paper here.

Author: Philip Booth (St. Mary’s University)

Discussants: Robert Kennedy (University of St. Thomas); Fr. Martin Rhonheimer (Austrian Institute of Economics and Social Philosophy)

The paper can be accessed here. Interested readers are also referred to a recent article in the Review of Austrian Economics here.

Author: Craig Gundersen (Baylor University)

Discussants: David Cloutier (Catholic University of America) and Tammy Leonard (University of Dallas)

There is no manuscript for this workshop

Author: Catherine Pakaluk (Catholic University of America) and Clara Jace (Samford University)

Discussants: Craig Gunderson (Baylor University) and Christina McRorie (Creighton University)

Abstract: Universal basic income (UBI) proposals raise interesting questions from the economic and ethical points of view. Advocates argue that it will ensure a baseline standard of living for each person, while combating the inefficiency and stigma of traditional welfare programs. Opponents contend that UBI programs are economically unfeasible, unlikely to reduce poverty, and ethically suspect since they treat individuals who choose not to work and those who cannot work as identical. We build a case from both economic theory and Catholic Social Thought to argue that a UBI is an indefensible policy proposal. The fundamental mistake of all UBI programs is that they aim to separate human work from its fruits. This implies that a UBI would not only distort the economic sphere, but political and social life as well. Special attention is given to the implications of a UBI for families.

The paper can be downloaded here

Author: Alejandro Cañadas (Mount St. Mary University)

Discussants:

Martin Schlag (University of St. Thomas)
Joseph Kaboski (University of Notre Dame)

The “Economy of Francesco” (EoF) is a serious and urgent invitation to transform the current economic thinking based on neoclassical economics. In “Laudato Si,” Pope Francis shows us the reality of growing economic inequalities, social and environmental degradation. The Pope shows us an intimate relationship between the poor and the planet’s fragility, our moral behavior (even our sins), and ecological degradation. The truth is that everything in the world is interconnected. In “Laudato Si,” Pope Francis moves our hearts to have an integral, spiritual, and ecological conversion. However, the EoF is a necessary spiritual and intellectual exercise and a real and practical transformation, transforming our current economics and finance methods. After the catastrophic global financial crisis in 2009, in a post-COVID era, this is the ideal time for a great reset in how we practice, live, and teach economics.

The paper can be found here

Author: Sandra Polania Reyes (University of Navarra)

Discussants:

William George, Dominican University

Tilsa Ore, La Universidad de Piura

This article describes and analyzes the interaction between conflict, extractives, and institutions at the intersection of civic participation and pastoral accompaniment in Colombia. For generations, mining has been part of life for many Colombians. After the 2016 accord, many, including the government, counted on mining to deliver a peace dividend. In an effort to accompany local communities, the Catholic Church has responded in a variety of ways to challenges posed by mining.

The study maps and analyzes that Church response. First, we describe the current socio-political context of Colombia. Secondly, we address Colombia’s legacy of mining and the trade-off between conservation and extractive-dependent development in a country with a large degree of biodiversity, a fraught history of violent conflict and social inequity, and large amounts of non-renewable resources. Thirdly, we present a national survey of all ecclesiastical jurisdictions examining the dynamics and impacts of mining, and the responses of civil society and the Catholic Church. It provides valuable data on the extent of mining that is not readily available from the government and other sources. A baseline was conducted in 2013 and a follow-up in 2020. The timeline allows us to analyze changes related to the national peace agreement of 2016. We find a major increase in mining throughout Colombia since 2013. Moreover, the social, environmental, economic, and cultural impacts of mining on communities have worsened. Finally, we analyze the Church’s response to the challenges of mining and describes the resources and tools it has used when accompanying communities in reconciling mining, integral human development, and peace. We complement this section with reflections on how the Church’s response could be improved.

The paper can be downloaded here

Presented by:

Andrew M. Yuengert (Catholic University of America)

Discussants:

William Mattison (University of Notre Dame)

Catherine Pakaluk (Catholic University of America)

This chapter explores the challenge of dialog with economics when much of economic analysis is unable to incorporate neo-Aristotelian virtue. Practical wisdom, and all of the virtues, are made necessary by contingency – the irreducible singularity of circumstance in which people must act. Formal accounts of human action abstract away from contingency, modelling it as analytically tractable probability. A reliance on preference optimization and its assumptions about knowledge appears to be the most important barrier to neo-Aristotelian virtue in economics. The social preference literature incorporates virtue in the form of Humean moral sentiments, but these are not the practical virtues of the neo-Aristotelian tradition. The chapterends with advice on how to make use of social science models while avoiding their blind spots.

The paper can be downloaded here

Presented by:
Andrea Roncella (University of Navarra)
 
Respondents:
David Echeverry (University of Notre Dame)
Samuel Kruger (University of Texas, Austin)
 
The paper investigates how financial innovations undergo a major transformation which results in their initial contribution to the markets, typically achieved by solving classic market failures, being diminished to the point that they eventually aggravate these problems, thereby reducing their own raison d’être. Three cases are analyzed in this respect: credit-default-swaps, the securitization process and the private equity sector. The persistence of a common thread throughout this analysis suggests that the financial sector lacks moral guidelines and principles to mark and indicate the direction to follow for its products to serve society. For this reason, finance needs to be open to proposals that can remedy these defects. In this article, we propose that respect for human dignity, solidarity and subsidiarity – as fundamental pillars of the Catholic social teaching – serves as a possible compass to steer finance toward its ultimate purpose.
 
The paper can be downloaded here.
Presented by:
Andrew Beauchamp (Wright State University)
Jason Heron (Mount Marty University)
 
Respondents: 
Simona Beretta (Università Cattolica del Sacro Cuore, Milan)
Clemens Sedmak (University of Notre Dame)
 
Is there a shortage of good work in the U.S. economy? We examine this question by integrating approaches from economics and theology. Theological reflection provides a biblically and magisterially grounded definition for good work. Descriptive economic analysis using three contemporary datasets suggest the following: recent cohorts have seen declines in job satisfaction, especially concentrated among higher-skill workers. Time-use suggests very similar patterns across cohorts with respect to contemplative activities, with the exception of religious attendance. Opinion data show troubling signs of a crisis of meaning among younger cohorts. The data also provide little evidence that reciprocity in work relationships is on the decline. Given these trends, we offer insights from the theological tradition regarding meaning and work, especially the role that modern education systems likely play in creating the shortage of meaning-filled work. 
Presented by:
Fr. Fidelis A. Olokunboro (University of Notre Dame)
 
Respondents: 
Edwige Asalwe Tia (University of Guelph)
Quentin Wodon (World Bank)
 
 
 
The approach of this essay is descriptive and analytical. This essay evaluates few descriptive analyses of poverty, judges them as inadequate, provides alternative reading and description of poverty. Descriptive analysis is essential to this essay because it assumes that the quality of description of a problem influences the worth of its solution and prescription. The trajectory of this essay moves from the general map of the problem to its economic narrative in the Western and African scholarships. It concludes with a theological description and analysis of the problem.
Presented by:
Masao Ogaki (Keio University)
 
Respondents: 
Jesus Fernandez-Villaverde (University of Pennsylvania)
Mary Hirschfeld (Villanova University)
 
 
 
An important role of normative economics is to provide an analytical framework to evaluate social states. Such an evaluation is based on value judgments derived from moral views of the members of the society. There exist three major approaches in normative ethics, which formalize many people’s moral views. These are consequentialism that focuses on consequences of actions; deontology that focuses on moral duties, and virtue ethics has two important aspects: acquiring virtues and human flourishing that can be achieved by using virtues and abilities. Among these, formal analytical frameworks have been developed for important aspects of consequentialism, deontology, and the flourishing aspect of virtue ethics. However, normative economics does not have a formal analytical framework for the learning aspect of virtue ethics. In this paper we develop such a framework for models with endogenous preferences. We apply this framework to a rational addiction model and an intergenerational altruism model. We find that introduction of virtue ethics can lead to very different policy recommendations than those based solely on welfarism where emphasis is on maximizing social welfare functions. Importantly, in contrast to the commonly held view, we find that incorporating virtue ethics into normative economic analysis may not always lead to greater government interventions.
 
Presented by:
Nils Goldschmidt (University of Siegen)
 
Respondents: 
Peter Casarella (Duke University)
Andrew Yuengert (Pepperdine University)
 
 
 
In the wake of WWII, the economic development of Germany was primarily shaped by a form of economic liberalism known as ordoliberalism, which holds that governments should regulate markets that market outcomes approximate the theoretical outcome in a perfectly competitive market. The paper highlights the various sources that shaped the genesis of ordoliberalism and demonstrates how both continuities and discontinuities need to be taken into account when engaging with the history of economic thought. As such, the ordoliberals’ self-styled demarcation from the German Historical School is critically examined and the many continuities between the two approaches carved out. We also place ordoliberalism as a liberal school of thought with many disagreements with other liberal approaches and locate the main reasons for this in ordoliberalism’s unique epistemological and normative foundations. We argue that the main influence creating a thorough appreciation for the concept of freedom in ordoliberalism are the real-world experiences with the inhumanity of the Nazi regime, which in turn prompted ordoliberalism’s search for an economic and social framework that would allow for human flourishing under prosperous, free and humane conditions. In this respect, the Social Market Economy – as it was established in Germany in the aftermath of World War II – can be understood as a project of peace.
Presented by:
Brian Boyd (University of Notre Dame)
 
Respondents: 
Cristián Hodge (Pontificia Universidad Catolica de Chile)
Catherine Pakaluk (Catholic University of America)
 
 
 
Defrauding a worker of his wages is a sin that cries out to Heaven [Deut. 24:14-15]. At least since Rerum Novarum, Catholic Social Teaching [CST] has argued that justice requires not only paying the agreed rate, but also paying at least the “slender means” which will support the worker’s “honorable livelihood” [§ 20]. Much ethical reflection on globalization and wages has examined what workers are paid in developing countries; in this paper, I will instead consider the effects of globalization upon wages in the United States. I will argue that despite the pressure of wage arbitrage and the need for profitability, it remains possible to offer domestic wages which are both competitive and just.
 
To do this, I will first offer a quick sketch of the just wage’s history, drawing on St. Thomas Aquinas, Msgr. Jack Ryan, and Fr. Heinrich Pesch to illustrate the main relevant aspects of distributive and commutative justice. I will then use the CST principle of integral human development to offer a rough definition of the just wage as indexed to the context-dependent requirements for personal actualization of capacities and participation in social and economic life. Finally, I will argue that the conditions for paying the just wage, so defined, are present in every major sector of the American economy. I will draw on Zeynep Ton’s “Good Jobs Strategy” to argue that paying above the minimum wage, as part of a change in corporate culture, can increase profitability in a range of service-industry firms. And I will use comparative studies of manufacturing in Switzerland, Germany, and other EU regions to show that embracing comparative advantage need not mean the loss of all manufacturing jobs to cheaper workers overseas. While firms may not be able to employ as many people as they previously did, these case studies will illustrate how competitive firms can offer just wages to a wide range of American workers.
Presented by:
Clara Jace (George Mason University)
 
Respondents: 
Robert Tamura (Clemson University)
Fr. Robert Gahl (Pontifical University of the Holy Cross)
 

Presented by:
William Hauk (U of South Carolina) 

Respondents: 
Arnd Küppers (Katholische Sozialwissenschaftliche Zentralstelle)
Claudio Lucarelli (University of Pennsylvania, Wharton)