Are the Pope's Critiques of Markets on Point or Somewhat Misguided?

摘要

Last June, Pope Francis released his much-anticipated encyclical on the environment, Laudato Si', which received tremendous praise from diverse quarters. The same day, Coral Davenport, writing in the New York Times, noted that the papal encyclical "is as much an indictment of the global economic order as it is an argument for the world to confront climate change." Ms. Davenport quoted me (accurately) as saying that elements of the encyclical were unfortunately "out of step with the thinking and the work of informed policy analysts around the world." In this column, I will elaborate.