Who are the Catholic economists?

Gregory Barr asks me:

Do you know of any prominent Catholic economists, either alive now or in the last century or so?  Say, in the top 200 economists or so.  It's not that I judge economists' ideas by their religion, but, as a Catholic, I am curious.  There may be some top-notch economists who are Catholic, but I don't know who they are.  Contrarily, I've actually heard of prominent Catholic scientists, philosophers, historians, etc.

If there aren't many, do you have a theory about why that might be? 

I suspect this is more of a question about Catholicism than about economics.  I follow economics, and economists, fairly closely, but I don't have much of an idea who the active Catholics are, no matter how you define that term.  Nor do many famous Catholic economists, whoever they may be, self-identify in any prominent way that I am aware of.

There is a longstanding tradition of Catholic "social economics" and it is one question why that approach has not attracted more talent.  It is ghettoized, and considered excessively normative, in part for its preoccupation with questions of social justice.  The journal Review of Social Economy used to embody this tradition.

"Catholic economics" was prominent in the 19th century, and Le Play was a very influential thinker on the Continent.  Here is a bit on Heinrich Pesch, an important 19th century Catholic thinker who was also an economist.

Emil Kauder wrote a very good book arguing, among other things, that the Catholic thinkers were more likely to be early founders of the marginal utility tradition (Marginal Revolution is in large part a Catholic concept!).  I am pretty sure that the members of the early "School of Salamanca" were Catholic, at least nominally.  Also see the R.S. Howey book on the history of marginal utility theory.

After Plato, the medieval scholastics were the founding fathers of economic thinking and this stems in part from their Catholic-related tendency to systematize their philosophical thought.  Furthermore many of the nominalists were very strong methodological individualists.

These days, I would think that a Catholic economist should be especially skeptical about the Kaldor-Hicks potential compensation principle as a source of normative judgments.  

Larry Iannoccone, a founder of the economics of religion approach, is an evangelical Protestant, not a Catholic.  You won't find any sign of those loyalties in his work and when I first met Larry I had been assuming he was an atheist or agnostic, not a believer.  Bob Tollison wrote a book on the economics of the Catholic church but I don't think he is a Catholic either.

Here is a Facebook group for Catholic economists.  Here is a related blog.  Here is a short essay on what a Catholic economics should look like.

What else do you all know?

The new issue of Econ Journal Watch

The link is here, the table of contents is described as follows: 

Economic enlightenment is not correlated with going to college, at least among the 4835 Americans who completed a Zogby International online survey. Economic enlightenment is highest among those self-identifying “conservative” and “libertarian,” and descends through “moderate,” “liberal,” and “progressive.” Other variables include party affiliation, religious participation, union membership, NASCAR fandom, and Wal-Mart patronage. Zogby researcher Zeljka Buturovic and Daniel Klein report.

When the White House changes party, do economists change their tune on budget deficits? Brett Barkley does a systematic investigation. Six economists are found to change their tune – Paul Krugman in a significant way, Alan Blinder in a moderate way, and Martin Feldstein, Murray Weidenbaum, Paul Samuelson, and Robert Solow in a minor way – while eleven are found to be fairly consistent.

44 economists answer the questionnaire about a market-failure rationale for pre-market approval of drugs and devices:
The questionnaire posed reform questions and tested responses. The 44 interviews provide a rich set of discourse that help one decide: Is there a sensible market-failure rationale?
Supporters of pre-market approval include Kenneth Arrow, John E. Brazier, William Comanor, Randall P. Ellis, John Hutton, Naoki Ikegami, Jonathan Karnon, Gérard de Pouvourville, F.M. Scherer, and 14 others.
The supporters of liberalization are James F. Burgess, Jr., Noel Campbell, J. Jaime Caro, Thomas DeLeire, David Dranove, Dale Gieringer, Paul Grootendorst, David Henderson, Randall Holcombe, Charles Hooper, Sam Peltzman, Paul Rubin, Shirley Svorny, Robert Tollison, and Michael R. Ward.
The Euro symposium response: Lars Jonung and Eoin Drea respond to commentators on their study of what US economists were saying about the prospect of the euro, and comment on recent events and debates.
Econometric errors in an Applied Economics article. Dimitris Hatzinikolaou reports on the article and his efforts to get his critique heard.
A 1903 letter against protectionism in Britain endorsed by 16 economists including Bastable, Bowley, Cannan, Edgeworth, Marshall, Pigou, Scott, and Smart.

The first one is sure to cause some controversy and I view it in part as an attempt to revise the portrait of the elites put forward by Bryan Caplan; I await his response.  My own view is that "who in the general public understands economics best" is very sensitive to which questions we ask.  Libertarian-leaning voters have a better understanding of government failure, but left-leaning voters are more likely to understand adverse selection or aggregate demand management.  Which is a more important topic?  That may depend on the researcher's own point of view.  What's the closest we can come to a value-neutral test of whether elites or the "common man" understand economic reasoning better?  In the meantime, Bram Cohen understands economics pretty well.

Cinnamon vs. Cassia

Here is one source

Taste:

Real or True Cinnamon is sweet and delicate where as Cinnamon Cassia is strong to peppery

Color: Real Cinnamon is a tan color, whereas Cinnamon Cassia is a reddish brown to dark brown. Look: Cinnamon Cassia bark is thicker because its outer layer isn’t stripped off. For that reason, Cassia sticks curl inward from both sides toward the center as they dry. Real Cinnamon sticks curl from one side only and roll up like a newspaper as shown above. Feel: The surface of Cinnamon Cassia is rough and uneven, whereas Real Ceylon Cinnamon bark is smooth.

Usage:

Real Ceylon Cinnamon is perfect in sweet and subtle dishes that require a delicate flavor.

It is important to own some of both.  What they call cinnamon I call Mexican cinnamon (though it is imported from Sri Lanka) and what they call cassia is usually called cinnamon or Asian cinnamon.  Sichuan recipes often call for cassia, but then "ordinary cinnamon" will do, you don't want Mexican (Sri Lankan) cinnamon.

I found this statement useful:

First picture [at the above link] shows the soft Real Ceylon Cinnamon sticks. These sticks are very soft and one can see the bristles. Second picture shows the hard Cassia sticks that are reddish brown in color and have single CURL that closes inward. One can easily grind the Ceylon Cinnamon in an electric grinder. You may burn the grinder if tried on Cassia !.

Bram Cohen on restaurant reservations

An anonymous reader posted this link in the comments, from Bram Cohen's blog:

Restaurants which generally sell out have an interesting dilemma. In principle they could make more money with higher prices, but then they'd risk not selling out, and empty seats would quickly wipe out any revenue gains from raised prices, not to mention harming that elusive 'buzz'. In practice such restaurants generally wind up leaving some money on the table, no pun intended, and take the stability of always selling out over the potential of higher revenues.

I've come up with a variant on dutch auctions which solves this problem quite beautifully. The restaurant continues to charge the same amounts it does currently, with the same menu, but there's a 'seating fee' for sitting down which might be charged if the restaurant sells out in advance. The amount of the seating fee is determined by when the restaurant becomes completely booked, with the fee going down the later the selling out happens, possibly going down to zero at the end. By making a reservation when the potential seating fee is a certain amount, a customer is declaring that they're willing to pay the seating fee for that time period if it is necessary, but they aren't penalized for making an early reservation unless it would have been necessary to do an early reservation to get a seat. By waiting to make a reservation until later, a customer is declaring that they are unwilling to pay a higher price, but also allowing for the possibility that the restaurant will become fully booked and they won't get a seat. One of the nice features of this system is that the reservation system is essentially unchanged, allowing for trivial support of reserving particular time slots and tables.

This system also works for concerts and other events which have the potential to sell out.

What has happened to surprise marriage proposals?

"You do not propose to a woman without absolute assurance that she'll say yes," says Ethan, and Mr. Brentan agrees.

There is broader context:

In 1972, on a park bench in Birmingham, Ala., Garner Lee Green's father proposed to her mother. The proposal came out of the blue. She said yes.

"That doesn't happen to people anymore," says Ms. Green, who is 30. And it certainly wasn't the way her husband asked her to marry him several years ago. The two of them talked for a long time about how and when the proposal would happen. "I was ready before he was, so we had to come to a meeting of the minds about a time frame. The negotiations lasted about six months," Ms. Green says.

So what are the economics?  Presumably a proposal "out of the blue" is more likely to be accepted, and offered, when there is potential disagreement about the correct "market prices" of various potential partners.  A lower status man might try to snare a higher-quality woman, perhaps by catching her off-guard, or he might be trying to signal, with his daring and panache, that he is higher status after all.

The most likely ones to accept such proposals are women who are unsure of their "quality," either on the mating market or in unmarried life.  Accepting the proposal takes on one kind of risk but relieves the woman of another.

Overall it seems that women are today more certain about the utility value of their alternatives to a surprise marriage proposal and that means they turn them down.  The proposals may seem like harmless "cheap talk" (propose to lots of women above your station in life and thus the custom persists, even if it rarely succeeds), but Google-savvy, credential-savvy women can evaluate men better than ever before and the lower status guys don't get close enough to them to try a shock proposal, much less make it stick.

Is it a prediction that rapid, surprise proposals are more common in societies where male high achievers are hard to identify in advance?  How important is inequality of income and volatility/uncertainty of income?

Perhaps for aesthetic reasons, I find the decline of the surprise proposal slightly sad (though in part reflective of some positive societal developments), and I am pleased to reaffirm that I do not believe in the consultative approach.

I thank Daniel Lippman for the pointer.

Debt facts

Greece resolved its last sovereign default only in the mid-1960s and Portugal had an International Monetary Fund programme as recently as 1984. (Spain’s modern history is much better, despite holding the record – more than 12 – for most independent sovereign default episodes.)

The article, by Ken Rogoff, lays out a version of what I call Austro-Euro business cycle theory.  It is an especially good short piece.

Very good sentences

OH: "Facebook is the people you went to school with. Twitter is the people you wished you went to school with."

The link is here.  That's from Ben Casnocha, but who is OH?  Orrin Hatch?  Or could that be the state motto of Ohio?  Google would seem to indicate that the Ohio state motto is the anti-Thomist and indeed ultimately anti-philosophical "With God All Things Are Possible."  In 1997, the ACLU filed suit against this motto, claiming it violated the separation of church and state but they did not win the case.  Could this be Ben wishing it were the official motto of the state of Ohio because indeed all things are possible?

The Euro and precommitment

It's not the major problem, but one neglected aspect of the Eurozone crisis is simply that countries such as Greece and Portugal cannot precommit to stay in the Eurozone forever.  So markets start wondering whether or when they will leave.  That makes it harder for them to borrow (markets expect a currency devaluation), which turns up the pressure for them to leave.  It also makes it harder for their financial intermediaries to stand on a permanently sound footing, given that deposit liabilities may not stay denominated in terms of Euros forever.

If Greece and Portugal were out of the Eurozone, few people would speculate on their imminent return, and so that state of affairs is more likely to have consistent (if sometimes bad) expectations.

Once something like this is up for grabs, it is often wiser to bet on the outcome associated with the more universally consistent expectations, whether or not you think that outcome is a good one.

Of course the market is also familiar with this logic, which in turn makes it yet stronger.  It also means that tips and flips of sentiment can enforce runs and speculative attacks very quickly and at not-fully-predicted times.

Are girls now worse drivers than boys?

This was only one study, but it fits into some broader social trends:

In a survey of teenage drivers, Allstate Insurance Co. found that 48% of girls said they are likely to drive 10 miles per hour over the speed limit. By comparison, 36% of the boys admitted to speeding. Of the girls, 16% characterized their own driving as aggressive, up from 9% in 2005. And just over half of the girls said they are likely to drive while talking on a phone or texting, compared to 38% of the boys.

Nor are these teens meta-rational:

The study found that 65% of the respondents, male and female, said they are confident in their own driving skills, but 77% said they had felt unsafe when another teen was driving. Only 23% of teens agree that most teens are good drivers.