The new papal economics

The Pope often speaks of a “throw-away” society, something like the “consumer” society that John Paul II used to chastise. But just what are the consequences of not throwing useless or outmoded things away or not having the free demand that causes investment and employment? To prohibit a “throw-away society” seems close to mandating a stagnate economy in which what is inefficient or useless is legally kept functioning at higher and higher costs in the name of jobs or ecology. Innovation that would change things is stifled. The sources of growth flee the jurisdictions that prevent its growth. This movement, in fact, explains much of the economic gains of many poorer nations in the world today, particularly in Asia.

The Pope is likewise famous for having remarked that the greatest problems in today’s world are “unemployed youth and loneliness in old age.” Yet, we cannot talk of unemployed youth without talking about what really causes the jobs they need to employ them. Insisting that the government will do the job simply will not suffice [and] Pope Bergoglio seems to understand much of this. And it is clear that all old people, rich or poor, experience loneliness. It is not basically an economic problem, as Cicero said long ago. The Pope often says that the elderly should be taken care of by their own families. But the Pope has also pointedly warned of a control of the whole global economic system that seems to him almost diabolical.