Redeeming Economics Quotes

“the most important instances of “injustice in exchange”—unemployment and inflation/deflation—result from party factions violating the basic principles of economic policy I show that from the Great Depression of 1929-33 to the Great Recession of 2007-9, all major U.S. financial crises can be traced to the dollar's role as chief official reserve currency—suggesting that to avoid similar future misfortunes, it's urgently necessary to end the dollar's “reserve currency curse.”
― John D. Mueller, Redeeming Economics: Rediscovering the Missing Element

“On the contrary, what is hidden from the learned and clever is often revealed to the merest children.”
― John D. Mueller, Redeeming Economics: Rediscovering the Missing Element

“Augustine's response focuses on the fact, and ends with an explanation, of the order in human transactions, including markets. Earlier in the same letter, Paul had contrasted justice in exchange with a gift: “Now when a man works, his wages are not credited to him as a gift, but as an obligation” (Romans 4:4). These, Augustine suggests, are the paradigms for all transactions, not only among men but also between the Creator and his creatures. Creation means that everything (including a man's goodwill) is received as a “free gift of God.” 47 This places God in the same relation to his creatures as a creditor to impecunious debtors: “Human society is knit together by transactions of giving and receiving, and things are given and received sometimes as debts, sometimes not. No one can be charged with unrighteousness who exacts what is owing to him. Nor certainly can he be charged with unrighteousness who is prepared to give up what is owing to him. This decision does not lie with those who are debtors but with the creditor. This image or, as I said, trace of equity is stamped on the business transactions of men by the Supreme Equity.” 48”
― John D. Mueller, Redeeming Economics: Rediscovering the Missing Element

“Augustine explained why a correct understanding of the relation between human and divine providence is necessary for a correct understanding of economic activity even—or especially—when it contradicts moral or religious norms.”
― John D. Mueller, Redeeming Economics: Rediscovering the Missing Element