The medicalization of risk rests on foundational assumptions shared by economics and public health. Economists, however, think in terms of pursuing an array of goods, and hence, they offer useful critiques of the irrationality involved in trying to subordinate all goods to one narrow good, like avoiding death from a particular disease. Many of our approaches to health do not appear to be fully rational, suggesting that the deeper motivation lying behind our concerns about health are to be found in (...) something other than the impulse to extend human lives as much as possible. This paper draws on the theology of St. Thomas Aquinas to sketch a richer way of thinking about the goods we pursue in health care that can help us to avoid the pitfalls associated with the medicalization of risk. (shrink)

Secular discourse about problem of economic inequality rests on two foundational premises that are problematic from a theological point of view. First, individuals enter into society with the aim of bettering their own condition. Second, bettering one's own condition entails accruing more wealth and power so that one can fulfill more of one's desires. In this paper I argue that insofar as these premises shape market behavior, they actively promote excessive economic inequality. Ethical responses to the problem of economic inequality (...) that do not challenge these assumptions are unlikely to effectively promote justice. A theological response to the problem of economic inequality should work to promote cultural change by reminding us that genuine human flourishing depends on communal ties and the higher human goods that material wealth is properly meant to support. (shrink)

Aquinas's teachings on usury are difficult to apply directly to the modern economy given the tremendous transformations in economic institutions and sensibilities since his day. However, his treatment of the relationship between the abstraction of money and the problem of disordered concupiscent desire proves to be helpful in understanding modern financial instability. Money invites a disordered understanding of the infinite good that is the object of human desire, channeling that desire into the fruitless quest for indefinite accumulation, which is both (...) destabilizing to the economic system and ultimately frustrates the pursuit of real goods. Aquinas's thought offers clarity about the proper role of economic goods in a life well lived that is necessary for thinking about the role finance should play in a humane economy. (shrink)

NEOCLASSICAL ECONOMICS IS INSTRUMENTAL IN CHARACTER, FOCUSING on the efficient realization of the sovereign desires of consumers. The emphasis on instrumental reasoning leaves little room for consideration of economic virtue. The tradition of Catholic social teaching has drawn on St. Thomas Aquinas for a framework that approaches economic problems through the lens of virtue. Thomas's thought, however, hinges on the socially determined standards of living of his day, which have no modern counterpart. The neglected consumer economist Hazel Kyrk offers a (...) theory of consumption that does center on the standard of living and thus offers us a bridge between Thomas's thought and our modern economic setting. (shrink)