Tuesday, August 23, 2011
Epstein on Buffett . . . and the Pope
Prof. Richard Epstein writes, here, that Warren Buffett is like the Pope . . . in being misguided about morality and the market economy. He writes:
A successful and sustainable political order requires stable legal and economic policies that reward innovation, spur growth, and maximize the ability of rich and poor alike to enter into voluntary arrangements. Limited government, low rates of taxation, and strong property rights are the guiding principles.
Unfortunately, many spiritual and economic leaders are working overtime to push social policy in the exact opposite direction. At the top of the list are two prominent figures: Pope Benedict XVI and financier Warren Buffett. . . .
https://mirrorofjustice.blogs.com/mirrorofjustice/2011/08/epstein-on-buffett-and-the-pope.html
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I don't think the Pope, even in Caritas et Veritate precludes Epstien's formulation. Of course, Epstein's formulation may be necessary for the success and stability of the American political order, but not sufficient. That sufficiency is shored up by considering Catholic Social Teaching.
Also, see this 2006 quote from Benedict XVI, which I think remains in line with the Pope's social encyclical:
"The faithful expect only one thing from priests: that they be specialists in promoting the encounter between man and God. The priest is not asked to be an expert in economics, construction or politics."
-(chiesa.espressonline May 29, 2006)