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As the book's subtitle suggests, Nelson takes the reader on tour of modern economic thought. Here he's done commendable job, providing a highly readable account of the major personalities. This book will appeal to historians as well as the informed non-specialist. Nelson ranges far and wide in his effort to explore the often unstated philosophical assumptions behind supposedly objective economic analysis. Of particular interest is Nelson's treatment of the rift between economists and environmentalists. He places the debate squarely (and rightly in my opinion) in religious terms. While this is not particularly original, he does a service by reinforcing the deep religious roots of modern American environmentalism.
Finally, in an increasingly small world, Nelson again hammers home a vital point regarding economic opportunity provided by free markets: Economic progress requires the creation of a "civil society" and the rule of law. Social and human capital must be both nurtured and sustained. Laws must reflect these norms and governments must enforce them fairly. Without these, human rights and the environment suffer.
In environments of rampant corruption and political instability, value creating institutions aren't sustained. Success comes when people are rewarded for creating value, not for transferring wealth via force or fraud. Political plunderers, not the market process, keeps countries poor.
This is a desperately important message at a time when many equivocate and ring their hands about the spread of Western democracy as, "a hegemonic discourse of Western cultural imperialism".
Pete Geddes is Program Director of the Foundation for Research on Economics and the Environment (FREE) and Gallatin Writers. Both are based in Bozeman, Montana.
I am a professional economist myself. Nelson's arguments ring true in my experience in the profession. He argues that many of the controversies over economic policy are really controversies over views of the world. These world views are so fundamental, and deeply held, that they are unlikely to be dislodged by technique and data, no matter how rigorous. Nelson thinks we would have more fruitful policy discussions if we would quit pretending to be scientists, and face up to these fundamental questions. I have to agree with him.
I wish he had pointed out that economics is not doing a very good job being a religion. Material progress can not solve all the problems of the human race. We would all be better off, if we would admit that.
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The structural changes in our society as it has moved through its hunter-gatherer, agricultural, and industrialized phases have gone hand-in-hand with changes in our economy, ranging from capitalism, to socialism, to postindustrialism, to the new globalism. All of these changes have had a profound impact on the structure, purpose, and well-being of families. Perhaps the most coherent and comprehensive of the theological models that have sought to navigate these changing social, economic, and familial tides is the "covenant theology" that arose within the Calvinist Reformed tradition. That theology places the emphasis on choice and consent that characterizes so much classical and contemporary discourse within a framework of the interrelation of the "created orders" of church, state, and family.
In laying out this theological and economic theory of the family, Stackhouse touches on many of the most pressing issues in the family debate, such as the Protestant debate over homosexuality, the normative structure of sexuality, the impact of materialism and consumerism on the household, the libertarian reduction of individualistic rational-choice economic theory, the division of household labor, the impact of poverty and welfare on families and children, and the idea of covenant marriage and relationship. For those who follow American politics, Stackhouse's book is a particularly provocative integration of the liberal emphasis on economics and the conservative focus on the family. In the end, it is a timely study of the theological basis for our commitments to what Freud identified as the central features of personhood, namely, work and love.