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Indispensable Economics

There are many reasons for the general population, and the politicians who cater to their wishes, not to accept what the scholars tell it to be true in economics and politics.

There is ignorance, like the case of the woman who said that Obama was going to pay her rent, electric bill, etc.  When asked where he was going to get the money, she replied, “From his stash.”  There is the classic problem that you can never successfully oppose a principle to an interest. Even if I know what is...

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March 15, 2012
The HHS mandate and economics
By Dr. William Luckey

Anyone who is living has heard of the dispute between the Obama administration and the Catholic Church regarding the Obamacare’s ruling that religious organizations, such as schools and hospitals, must provide contraceptive services, including sterilization and abortifacient pills.

Due to the tremendous outcry, the administration rescinded part of the mandate and said that the religious organizations did not have to provide the services, but their insurers did, and for free, womens’...

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February 09, 2012
'That's not fair!'
By Dr. William Luckey

The above expression brings me back to my childhood on the streets of New York City where we were always playing some kind of ball game.

So many times during a stickball game in the street there would be a great hitter, like my friend Dennis, who would cream the ball every time he got up to bat. And usually after a few runs, one person on the other team would shout out, “That’s not fair!” In fact, it always seemed to be the same guy. He could not stand it that there was someone way...

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October 25, 2011
Some economic laws of spirituality
By Dr. William Luckey

I cannot take any credit for this, and I am sorry that I did not think of it first.  The other day I was reading a book on spirituality and the author brought up an interesting point.  She said that Christianity conformed to economic laws such as Gresham’s law.  This law says, in its short form, that bad money drives out good.  We can understand this by looking at an economic system that has two types of currency in circulation, both legal tender.  One is a precious metal, such as gold,...

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September 19, 2011
Introduction to economics II
By Dr. William Luckey

In our last article, we covered the fact that people make choices based on their values. The values are subjective to them. We stressed that this is not a denial of objective values, but it is a recognition that one must accept something as his own before he chooses it. Even green vegetables fall into this category.  They are good for you, and you need their nutrients, but how many kids, turn their nose up at them? In fact, even some adults reject them despite the fact that they know that...

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August 25, 2011
Introduction to economics
By Dr. William Luckey

This is going to be a series of articles to help Catholics to understand economics.  Because of the serious deficit in the comprehension of economics by Catholics, this will be a daunting task, but the author will do his best. 

In order to understand this subject, there is a need to distinguish between the actions of human beings and the way those actions are perceived by those who study them.  The value of any writer’s thought is whether it jives with actual human experience.  Note, it...

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August 11, 2011
The parable of the new car
By Dr. William Luckey

Once upon a time, there was a man, let us say for the sake of the story it is me (it isn’t but if I did these things, I would be in the same state as the man in the story). One day my 11-year-old Buick died.  So, I needed another car. But, instead of getting a nice used car for cheap, like the Buick I had which lasted six years, I went out and treated myself to a Ferrari. The price of this new car was over $225,000.  Now I am a man of modest salary, and I already have a mortgage on my...

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July 20, 2011
The game is up
By Dr. William Luckey

Did you ever wonder why tuition at most Catholic universities has skyrocketed since you went there decades ago?  Did you ever why the tuition at these schools climbed way higher than the inflation rate?

Well, the game is up; and here is the story.

Somewhere in the mid-1960s when I was and undergraduate in a non-Jesuit Catholic college, the Jesuits had a meeting, the report of which I have read, where they were trying, for good reason, to increase the prestige of their universities.  Since...

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June 22, 2011
Raising the capital gains tax
By Dr. William Luckey

As everyone knows, the government has painted itself into a corner.  More and more spending on more programs, more bureaucracies, more entitlements, and more buying of votes with these programs has gotten the federal (and some state) government into the unenviable position of reaching the end of the tolerable income tax level, beyond which the populace will revolt, and at the end of the indebtedness limit, beyond which we cannot repay all the money it borrowed in order to fund these things...

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May 24, 2011
Crony capitalism and its remedy
By Dr. William Luckey

If you read my last article, “What Is a Humane Economy?,” you will notice that in there I brought up the subject of whether large corporations seek money or power. I said that if they seek power, it is only because they seek money, which is their raison d’être. Well, this article was a paper I gave at a conference of an academic society. The format of the panel I was on was that each of four participants gave their papers, then responded to questions from the panel, and then responded...

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Sep
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September 18, 2014

Thursday of the Twenty-Fourth Week in Ordinary Time

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Lk 7:36-50

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Gospel:: Lk 7: 36-50

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