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CNA introduces ‘Indispensable Economics’ with Dr. William Luckey

.- Catholic News Agency is pleased to announce a new column named “Indispensable Economics,” written by Dr. William Luckey.  Each week, Dr. Luckey will explain the world of economics focusing on issues affecting Catholics in society today.

Formerly the chairman of the Political Science and Economics Department at Chrsistendom College, Dr. Luckey also holds advanced degrees in Business, Economics, Political Philosophy and Systematic Theology.  He was married in 1971 and became a Lay Dominican in 1974. 

He described his column to CNA saying:

“Ever since I started the serious study of economics so many years ago, I have been amazed at both the ignorance of almost everybody regarding economics, and, yet the arrogance of so many who discuss it as if they had studied the subject.”  Dr. Luckey explains that this doesn’t just apply to ordinary citizens, “but to those in the media, to those in other academic fields who pontificate on economic subjects as if specialized knowledge in their fields automatically gives them in-depth knowledge in a field they have not seriously studied, and those in the clergy, who continually have opinions on how to solve economic problems, as if only good intentions are needed to solve a problem.”

For example, “if NASA asked a brain surgeon, a media pundit or a steelworker for plans on how to build a rocket that would go to Pluto, everyone sees the silliness of it.  Would you travel in such a rocket?  So, why would you adopt an economic policy without knowing the economics behind the possible solutions?”

“Knowing economics is especially important for Catholics regardless of their calling.  For clergy, pronouncements on subjects, while emphasizing the moral aspects, still need to take into account how the world actually works.  Many clerics act as if, say, unemployment occurs because cheapskate companies just heartlessly refuse to give people jobs.  People who lose jobs not only tend to share that sentiment, but their anger is fueled by the pronouncements of the clerics.  For the citizen, we all need to make decisions regarding public policy questions, or what actions will actually help the poor, or really make healthcare more widespread.  More often than most people want to admit, the solutions proposed are much more harmful than beneficial because those who propose them either are ignorant of the economics of the question, or choose to ignore it.”

“That’s where I come in.  In reading my articles you will get an understanding as to what economics as a science is and its application to specific questions which have moral and theological aspects.  The question must be asked, ‘How can we help the common good in this or that situation?’  Doing so is our Christian duty.  We have to know what we are doing before we do it.”    

Dr. Luckey’s first column entitled, “Catholics, Calumny and Oil Prices,” can be found on the left-hand side of CNA’s homepage or by clicking on the following link: http://www.catholicnewsagency.com/columns.php?sub_id=14

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