Are markets moral? Is the Pope Catholic?

Sure, but does he know economics?

It’s one thing to conclude that markets are immoral after learning how markets work and what life would be like in their absence.  Such a conclusion is intellectually defensible because it would reflect an informed – if, in my view, bizarre – value judgment.  But the conclusion that markets are immoral typically reflects – as it surely does in the case of Pope Francis – utter ignorance of the logic and history of markets (and of the logic and history of governments).

Not hardly.

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