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Commentary

Tim H. reviews new book on Christianity and capitalism at Rational Thoughts

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The book review is here on Rational Thoughts.

Excerpt:

Capitalism’s reputation has taken a beating in light of the recent financial crisis.  According to politicians and pundits from both sides of the spectrum, capitalism is to blame.  Not so, say Austin Hill and Scott Rae, who argue in their new book The Virtues of Capitalism that capitalism is our best bet.  In fact, according to Hill and Rae, capitalism “remains the preferred economic system, even the necessary economic system, for any society that upholds a true sense of human rights.”

Hill and Rae approach economics from a distinctly Christian perspective, showing capitalism to be both consistent with and supported by the Bible’s teachings.  Contrary to some, the sharing of goods as described in Acts does not advocate socialism.   The sharing of goods was voluntary, as opposed to forced.  Moreover, the authors show that economics itself is deeply intertwined with moral issues.  Economic conditions can act as a powerful motivator either to encourage or discourage virtuous conduct. “[B]e honest and ask yourself: Is it ever more difficult to be the kind of spouse or parent that one aspires to be, when the economy is slow and personal finances are scares? … [W]hen finances are plentiful, can the enjoyment of material goods enable a person to avoid or neglect other important areas of their relationships?  And a final question… can economics impact one’s relationship with their God.”

[…]Overall, it’s a great and easy to understand book.

Tim likes the book “Money, Greed and God” by Jay Richards better, but that’s a tougher book to read – not for beginners. I’m shocked because I didn’t figure out my worldview regarding economics until my late 20s. Tim is a high school junior. Yipes! He must have good parents.

I recommend this new capitalism and Christianity book for courting Christian women, who are usually fiscally liberal until they get married and start families. It’s only 160 pages and it should be enough to convince any horrible socialist to give capitalism a chance. I also switched to “On Guard” for courting instead of the more difficult “Reasonable Faith”, at least for a first book. No sense scaring her off with something hard right at the start.

News

Which political party knows the least about economics?

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Story from the Wall Street Journal. (H/T Health Care BS via ECM)

Excerpt:

Who is better informed about the policy choices facing the country—liberals, conservatives or libertarians? According to a Zogby International survey that I write about in the May issue of Econ Journal Watch, the answer is unequivocal: The left flunks Econ 101.

Zogby researcher Zeljka Buturovic and I considered the 4,835 respondents’ (all American adults) answers to eight survey questions about basic economics.

The first question was “Restrictions on housing development make housing less affordable.” The unenlighted answer for that one is “disagree”, since restrictions on development reduce the supply of available housing. Demand stays the same and so there is a shortage, and prices rise. D’uh!

Here are the others:

The other questions were: 1) Mandatory licensing of professional services increases the prices of those services (unenlightened answer: disagree). 2) Overall, the standard of living is higher today than it was 30 years ago (unenlightened answer: disagree). 3) Rent control leads to housing shortages (unenlightened answer: disagree). 4) A company with the largest market share is a monopoly (unenlightened answer: agree). 5) Third World workers working for American companies overseas are being exploited (unenlightened answer: agree). 6) Free trade leads to unemployment (unenlightened answer: agree). 7) Minimum wage laws raise unemployment (unenlightened answer: disagree).

And the results:

How did the six ideological groups do overall? Here they are, best to worst, with an average number of incorrect responses from 0 to 8: Very conservative, 1.30; Libertarian, 1.38; Conservative, 1.67; Moderate, 3.67; Liberal, 4.69; Progressive/very liberal, 5.26.

It’s true, the majority of Democrat voters are people who don’t work at all, or they “work” for government, or they “work” in education, or they hold picket signs while on strike, or they are in prison, or they are chasing ambulances, or they are Hollywood celebrities. No economics knowledge is required for any of that. Republicans work in private industry, and many of us own small businesses. So we actually have to work to earn money, because we have competitors to watch out for and consumers to please.

Remember this post: Who knows more about economics? Obama or people who run businesses?

News

Single-payer health care is falling apart in Canada

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Story from Reuters. (H/T Hot Air via ECM)

Excerpt:

Pressured by an aging population and the need to rein in budget deficits, Canada’s provinces are taking tough measures to curb healthcare costs, a trend that could erode the principles of the popular state-funded system.

Ontario, Canada’s most populous province, kicked off a fierce battle with drug companies and pharmacies when it said earlier this year it would halve generic drug prices and eliminate “incentive fees” to generic drug manufacturers.

British Columbia is replacing block grants to hospitals with fee-for-procedure payments and Quebec has a new flat health tax and a proposal for payments on each medical visit — an idea that critics say is an illegal user fee.

And a few provinces are also experimenting with private funding for procedures such as hip, knee and cataract surgery.

It’s likely just a start as the provinces, responsible for delivering healthcare, cope with the demands of a retiring baby-boom generation. Official figures show that senior citizens will make up 25 percent of the population by 2036.

Ooops. Maybe that whole taxpayer-funded abortions for free thing was not such a good idea for a welfare state like Canada. In their defense, they only have a Ponzie scheme for health care, their retirement system is solid compared to Social Security.

Investors Business Daily explains:

Western dabbling in socialism has shown that public health care systems funded by other people’s money are unsustainable. The provision of “free” care is a losing game. Because it is perceived to be free, demand in such a system will outstrip supply. Costs can’t help but rise.

[…]In 2009, health care spending in Canada devoured 40% of the provincial governments’ budgets and expenditures have been rising by 6% a year. At that rate, or even half that rate, it wouldn’t be long before the provincial governments did nothing but fund health care. The Ontario government says health care spending could consume 70% of its budget within just 12 years.

Some of the blame can be placed on an aging population. Reuters reports that one-fourth of Canada’s population in 2036 will be senior citizens. But it’s the nature of the system, its near monopoly and its ambition to serve every Canadian, that makes it unsustainable. It has grown from 7% of provincial governments’ spending in the 1970s to the 40% it is today merely because it is a government giveaway that people cannot get enough of.

The Cato Institute compares Canada to bankrupt Greece here.

In different parts of Canada, things like in vitro fertilization, abortions, and sex changes are well-funded by the government. They actually restrict the number of doctors in order to ration billing the government for services. Many people cannot even find doctors! People just go on waiting lists for months and months and they die on waiting lists waiting for brain cancer treatment, after having paid into the system for their whole lives! (Because abortions are more important than brain cancer in Canada – it buys more votes, you know).

Related movies on Canadian health care

A Short Course in Brain Surgery:

Two Women:

The Lemon:

And one more video from On The Fence Films called “Dead Meat“.

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