Friday Five: Economic Myths, AEI’s Video Contest, and More

On Fridays, we bring you the best of our blog and the best of the web. This week’s roundup includes answers to popular economic myths, the story of free enterprise, theology’s advice to economics and more.

1. Artists, Entertainers and Academics: Wesley Gant challenges those promoting capitalism to reach new audiences by defending capitalism with story and culture, not statistical lectures.

It is the story, after all, that is the most effective means of connecting with average audiences. And not just any story, but one with heart and soul—grounded as much in passion as it is in reason. Charts and statistics alone do not win people. Neither do theories and historical examples. Important as they are, they play only a supporting role to a greater narrative, emphasizing our shared values and virtues such as hope, love, sacrifice, triumph, friendship and dignity.

2. Q&A: Jay Richards on Economic Myths, the Morality of Budgets, and More: Jay Richards of the Discovery Institute and the Institute for Faith, Work & Economics answers questions for Values & Capitalism on economic myths and more.

Every time we go to the grocery store, every time we go to the hairdresser, we’re finding someone who has a service we value more than the money they’re charging for it, and they value the money more than the time it takes to provide the service. So it’s very important to understand that the nature of free exchange is not a zero-sum game. It is not a win-lose game; it’s a win-win game.

3. AEI Video Contest: Contestants have submitted their creative approach to illustrating the moral case for free enterprise. AEI will announce the winners on Tuesday, October 9.

4. Man, Models and the Markets: Why Theology Has Something to Say About Economics: Michael Hendrix advocates the importance of bringing theology and economics into dialogue with each other.

We are fundamentally fallen creatures who act and think in ways that run against God’s created order. Original sin is woven through the Biblical narrative. Economists did not need psychology to tell them that people can act irrationally and unjustly—if they had listened to the theologians, anyway.

5. High stakes for young voters: Keith Hall of the Mercatus Center writes on the tough economy that college students and young adults are facing.

Americans who enter the workforce during a recession always face an uphill battle, but this generation is worse off than most. According to the Bureau of Labor Statistics, for 25- to 54-year-olds — the bulk of the workforce — the unemployment rate is 7.1%. But for 18- to 24-year-olds, the rate is more than twice that, at 15.7%. … Even after these young Americans find work, they will remain at a disadvantage for decades.

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