Category Archives: Poverty

Piketty’s Predicament

For those who don’t want to read the book, there is  nice article by Jonah Goldberg in the June 24, 2014 issue of National Review Online.  If you just woke up from a long, long nap or just returned form an isolated vactaion spot, you will remember that in April of this year, the book Capital in the Twenty-First Century, by the French economist Thomas Piketty, was released in English translation to great fanfare among the Left.  Since then, it… Continue Reading ››

A Very Long Review of a Very Intellectually Deficient, but Very Big, Book by Thomas Piketty

Before I begin this blog, I beg the reader’s indulgence for such a long book review.  However I considered this book worthy of such a detailed examination, due to its popularity and influence, barely three months after its appearance.  I do hope the length will be justified by the service it may provide.  I promise a shorter review in the near future. I have just finished reading (slogging my way) through the new work by Thomas Piketty, Capital in the… Continue Reading ››

Warning: Arcane Book Review of Work on the Nineteenth Century Economic Thought of Evangelicals

I just finished a very interesting, but somewhat difficult, book on the economic thought of Evangelicals in Great Britain between around 1790 and 1880.  Sounds really boring?  Well, it was a little bit of slogging at times, but it was worth it.  The author is Boyd Hilton, the title is The Age of Atonement:  The Influence of Evangelicalism on Social and Economic Thought, 1785-1865 (Clarendon Press, 1986).  So why in the world am I blogging about an almost 30 year… Continue Reading ››

Inequality, CEO Compensation and Thomas Piketty

What do the three phrases in the title of this blog have in common?  This is not a trick question, although some may be tricked by the rhetoric that has come from these.  OK, you have had enough time to think about it.  The answer is:  Inequality is the “new” social justice term, median CEO compensation has reached $10 million per year, far above the lowest paid worker in a given firm, and Thomas Piketty has captivated liberals with his… Continue Reading ››

For the Umpteenth Time: Income Equality

On Good Friday I was watching a “debate” between the conservative Roman Catholic Raymond Arroyo and the Christian Left activist Jim Wallis on the subject of income inequality and the pronouncements of Pope Francis on economics and justice.  The Fox News host Bill O’Reilly began with quotes from one very far left writer, Bill Scheer, who is arguing for radical government action to dismantle a capitalist economic system and redistribute income through coercive means.  President Obama has recently increased his… Continue Reading ››

“It’s easy to remember, $10.10”: The 5% Solution

Target: poverty Number positively effected: 16,500,000 Number pushed above the poverty line: 900,000 900,000/16,500,000 = 5.45% In his State of the Union address President Obama said: “It’s easy to remember, $10.10”. One option for increasing the minimum wage is to increase the federally mandated minimum to $10.10 an hour. Tuesday, the Congressional Budget Office released a report on The Effects of a Minimum-Wage Increase on Employment and Family Income. This report echoes what we teach in basic microeconomics. The first… Continue Reading ››

Is Chocolate to Blame?

The following was sent to my e-mail via Sojourners, a publication under the auspices of Jim Wallis.  I find it very interesting that the writer blames “our love of chocolate” for the problem. The following paid, sponsored message from Walk Free was sent to you via Sojourners. Dear Marc,  In the cocoa fields of the Ivory Coast, child slavery is ‘normal.’ It’s routine. It’s accepted.1 Children as young as 7 are sold – deprived of their childhood, ripped from their families, and subjected to routine… Continue Reading ››

Minumum Wage / Living Wage

In a post last Friday, January 31 “Bad Economics & Bad Theology: the Christian case for the minimum wage“, Professor Haymond pointed us to an article in The Week entitled: “The Christian case for raising the minimum wage” by Elizabeth Stocker. While Prof. Haymond promises commentary on Stocker’s article, I wanted to make a short comment pertaining to some of Ms. Stocker’s theological content. I dealt with one issue with Ms. Stocker’s theological argument in a post I made last… Continue Reading ››

The Minimum Wage and Poverty

In Tuesday’s State of the Union address President Obama made some bold statements about the relationship of the minimum wage and the reduction of poverty (emphasis added). But Americans overwhelmingly agree that no one who works full-time should ever have to raise a family in poverty.  … And as a chief executive, I intend to lead by example.  …  In the coming weeks, I will issue an executive order requiring federal contractors to pay their federally funded employees a fair… Continue Reading ››