Study: Too Much Religion Can Harm Economy

Business Bible, Siarhei Tolak /

Business Bible, Siarhei Tolak /

Too much religion can harm a society’s economy by undermining the drive for financial success, according to a new study in the journal Social Psychological and Personality Science.

The study of almost 190,000 people from 11 religiously diverse cultures is raising eyebrows among some of England’s religious leaders for suggesting Judaism and Christianity have anti-wealth norms.

David Brooks, Producing People, and Saving the World

Wall Street sign outside New York Stock Exchange, Stuart Monk /

Wall Street sign outside New York Stock Exchange, Stuart Monk /

New York Times op-ed columnist, David Brooks, responded, this week, to an intriguing article in the Washington Post about Jason Trigg, a recent MIT graduate, who chose a career on Wall Street as a way to redistribute wealth. 

Trigg’s plan is simple. Make lots of money. Live simply. Give lots of money. It’s not far from John Wesley’s advice of, “Earn all you can. Give all you can. Save all you can.”  Actually, it’s almost identical.

Brooks perceptively sees the dangers and pitfalls in the road ahead. Most specifically, wealth and the surrounding environment can have a corrosive effect, no matter good our intentions. Brooks writes:

…the brain is a malleable organ. Every time you do an activity, or have a thought, you are changing a piece of yourself into something slightly different than it was before. Every hour you spend with others, you become more like the people around you.

Gradually, you become a different person. If there is a large gap between your daily conduct and your core commitment, you will become more like your daily activities and less attached to your original commitment.

But, while I echo Brooks concern, I disagree with his ultimate conclusion. He goes on to argue that we should pursue careers that elicit passion (seeming to indicate that hedge funds couldn’t be a passion for some people) and that if we truly care about children in Africa, it’s best to go there – not Wall Street.

Just the Facts Ma’am: Economic Analysis from the Congressional Research Service

Just the Facts signage, Andy Dean Photography /

Just the Facts signage, Andy Dean Photography /

When we listen to political debates about which public policies will strengthen the economy, it is easy to get lost in a statistical maze. Each side presents economic data in a way that supports their own theory of the case.

The Congressional Research Service (CRS) is a branch of the Library of Congress that can help us make our own assessments regarding public policy. According to the CRS website, its purpose is to provide “authoritative, confidential, objective and nonpartisan” analyses to members of Congress. 

The relationship between tax rates and the economy is an issue in the current campaign. Thinking about this issue, the CRS looks at empirical data that may or may not confirm theoretical models or ideological assumptions. Thus, like the early TV detective Joe Friday, they want “just the facts ma’am,” and then they try to reach conclusion from these facts.

An Olive Agenda: Our Path to Economic Opportunity and Environmental Sustainability

World photo, Denis Cristo /

World photo, Denis Cristo /

An examination of current public debate reveals a divide between the “brown agenda” of economic opportunity and the “green agenda” of environmental sustainability. 

On the one hand, a “brown agenda” concerns economic opportunity, or in other words, the alleviation of poverty. In light of ongoing distress surrounding malnutrition, infant mortality, and unemployment, the brown agenda is important, urgent, and worthy of support. On the other hand, a “green agenda” relates to environmental sustainability and care for the Earth. As scientific reports affirm the reality of climate change, and in recognition of decreased access to clean water and biodiversity around the world, the green agenda is also deeply important, urgent, and worthy of support.

With the above thoughts in mind, one recognizes that both brown and green agendas are essential for the promotion of life. However, the proponents of each agenda seem to be at odds with the adherents of the other. For example, far too many with a “brown agenda” believe that the best way to reduce poverty is to reduce environmental controls, and to the contrary, those engaged with the “green agenda” too often place the needs of the Earth before the livelihoods of the poor and marginalized. As a result of this persistent struggle between “brown” and “green," progress on both agendas is limited, and our path toward economic opportunity and environmental sustainability is severely off course. 

Millennials: A Generation Left Behind?

Writing for Newsweek Magazine, Joel Kotkin wonders if the Millennial generation will be remembered as the "screwed generation:"

"Today’s youth, both here and abroad, have been screwed by their parents’ fiscal profligacy and economic mismanagement. Neil Howe, a leading generational theorist, cites the “greed, shortsightedness, and blind partisanship” of the boomers, of whom he is one, for having “brought the global economy to its knees.”

How has this generation been screwed? Let’s count the ways, starting with the economy. No generation has suffered more from the Great Recession than the young. Median net worth of people under 35, according to the U.S. Census, fell 37 percent between 2005 and 2010; those over 65 took only a 13 percent hit.

The wealth gap today between younger and older Americans now stands as the widest on record. The median net worth of households headed by someone 65 or older is $170,494, 42 percent higher than in 1984, while the median net worth for younger-age households is $3,662, down 68 percent from a quarter century ago, according to an analysis by the Pew Research Center."

Read more here