Catholic Research Economists Discussion Organization

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From the President of CREDO – Third Issue

The focus of this issue was supposed to be marriage and the family, but on April 17, Francis Cardinal George, passed away after a long bout with cancer. He was our Episcopal Moderator, that is, our church representative on CREDO’s board, and in many ways he was the impetus for the existence of our society, so I would like to spend some time in this column celebrating his life.

Francis George was born in Chicago on January 16, 1937, as the country was still struggling with the Great Depression. The second of two children, he attended the Chicago parochial schools, and he was the only bishop of Chicago to be a native Chicagoan. Although a native son, he had a measured view of the city of Chicago as an adult. He loved the people and his diocese, but he hated the corruption of local politics. …

Subsidiarity, Efficient Production, and Community

I have been in several seminars and informal conversations where someone asks “what is subsidiarity, anyway?” In response, I have heard both knowledgeable lay people, priests, and bishops answer something to this effect: “subsidiarity is the principle that actions, when possible, should be taken at the lowest level,” or “it is basically decentralization.” In this…

CREDO Economists Headline Lumen Christi Conference

The 6th Annual Lumen Christi Conference on Economics and Catholic Social Thought provoked a thoughtful discussion on conceptions of the human person within economics and theology, and CREDO members played an instrumental role in the conference. CREDO’s own Mary Hirschfeld (Villanova) gave the keynote address at the conference on April 1 at the University of Chicago, and she was joined by fellow CREDO member Jesus Fernandez-Villaverde (Penn), as well as Francis Cardinal George of Chicago, economist Rachel Kranton (Duke), and philosopher Russell Hittinger (Tulsa).

Cardinal George, in his last conference as acting Archbishop of Chicago, opened the event by emphasizing the importance of conversation between economists and bishops. He noted that past conversations were often difficult because of different anthropologies. …

Letter from the President – Second Issue

Welcome to the second issue of our CREDO newsletter. A great deal has happened since our last issue.

In the spring, Thomas Piketty’s book, Capital in the 21st Century became a New York Times bestseller, creating excitement, controversy and much discussion in the economics community but probably more so in the Church, media, and broader society. The focus of the book is, of course, wealth and income inequality, and we have decided to give some focus to the issue in the current issue. CREDO vice-president Jesus Fernandez Villaverde has contributed a thoughtful review of the book…

Deep cuts to food assistance a moral scandal

During Labor Day weekend we take time to reflect on what allows us to “put food on the table.” In my line of work, as a pastor, I encounter people regularly who have to make difficult choices that no one should have to make: do I buy food or do I pay my rent? Many of our churches, synagogues, schools and community centers try to lend a hand to families in need. In many cases, the aid is appreciated but insufficient to get the family to a position of self-sufficiency.

It is during this time when so many Americans struggle to find work and put meals on the table that lawmakers in Washington are cutting a vital lifeline — food assistance — that protects vulnerable families from falling into poverty. This is a moral scandal that betrays our nation’s best values and highest ideals. …

The Human Person, Economics, and Catholic Social Thought

Non-economists often falsely assume that homo economicus is somehow isomorphic with homo avidus, greedy man. The charge is unfair and confuses pursuit of the goods one desire with pursuit of narrow self-interest. Although the charge is unfair, it does capture some real reasons to be uneasy with the economic approach to the human person. The difficulty can best be seen by considering the alternative view of the human person we find in Catholic thought. The sketch that follows derives from Thomas Aquinas, whose thought is central to the Catholic approach. …