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Inequality is Shrinking: Branko Milanović Disagrees with Oxfam

Every year the Oxfam report makes sensational headlines. The tenor: global inequality is increasing. 26 billionaires would own as much as the 3.8 billion poorest people in the world. Leading inequality specialist Branko Milanović unmasks Oxfam’s alarmism as misleading.

Market Capitalism and Christian Social Ethics: A Contradiction?

Capitalism and free markets are widely considered to be incompatible with Christian social ethics. At a closer look, however, market capitalism turns out to be the economic order most consistent with the basic principles of Christian ethics.

The Labor of Capital: How Wealth is Created

The Catholic Church’s mistrust of free entrepreneurship is an old phenomenon. At its origin is the idea of antagonism between “Labor and Capital”, rooted in the influence of Marxist doctrine. It is time to leave this misleading dichotomy behind.

Commodity Speculation: Does it Harm the Poor?

Pope Francis’ Encyclical “Laudato si’” and other Vatican documents have criticized speculation in food markets for being damaging to the interests of the poor. There is, however, no evidence for this. In fact, the opposite is likely to be the case.

The Ethics of the Market Economy: A Critical Appraisal of Ludwig von Mises’ Utilitarian Interpretation (Academic paper)

Mises’ interpretation of market capitalism is flawed. In truth, Mises is best interpreted in a non-utilitarian way.

The True Meaning of ‘Social Justice’: A Catholic View of Hayek (Academic paper)

Hayek’s dismissal of the concept of “social justice” is well-known. While we can basically agree with Hayek’s critique, we should not entirely reject this concept. There exists a true meaning of social justice.

Crony Capitalism: Inefficient, Unjust, and Corrupting

Donald Trump’s candidacy has brought many topics to greater public attention. One subject, however, that has gained significant traction because of the Trump campaign is the problem of crony capitalism—or, more simply, cronyism.

On Our Own Behalf: The Austrian Institute introduces itself

In 1949, Friedrich August von Hayek—one of the most important representatives of the Austrian School of Economics—said in an essay entitled “The Intellectuals and Socialism”: “What we lack is a liberal utopia…a truly liberal radicalism which does not spare the susceptibilities of the mighty…

“Give unto Caesar what is Caesar’s”—but no more: monetary policy as a strategy to extend state power

When contemplating the future, and trying to imagine possible developments, there is always a fine line between optimism and self-delusion. We generally overestimate our abilities to influence what lies ahead; and we tend to underestimate the power of external factors.

Does Capitalism Cause Poverty?

Capitalism gets blamed for many things nowadays: poverty, inequality, unemployment, even global warming. As Pope Francis said in a recent speech in Bolivia: “This system is by now intolerable: farm