The release of the second part of Laudato Si’ in October 2023 invites careful consideration of the influence of Laudato Si’ on economic teaching and policy. In policy debates, despite common goals, Catholic Social Thought and mainstream economics often seem to be talking across one another, without connecting, because of both superficial differences in language and profound differences in underlying assumptions. This project seeks to illuminate hidden assumptions about the working and purpose of the economy that animate the arguments of Laudato Si’ and compare those assumptions with those of mainstream economic thought. In so doing, it aims to create a bridge between Laudato Si’ and economics that allows for a more fruitful dialogue between Catholic thinkers and economists, especially regarding the issues of inequality and sustainability.
Underlying the concerns and calls of Laudato Si’ is a vision of the workings and purpose of the economy. This work seeks to articulate that vision in language more familiar to economists and economic policy makers. In so doing, the work aims to makes explicit both the complementarities and the tensions between Catholic Social Thought and mainstream economics, allowing for policy conversations that benefit from greater mutual understanding. Our hope is that the work will also aid in translating the thinking of Laudato Si’ into actionable policy proposals addressing inequality and environmental degradation.
Economists are guilty of blindness to the implicit normative assumptions of our own discipline. By taking seriously the concerns and calls of Laudato Si’, and by translating them into the language of economics, the project enables economists, including teachers and students of the discipline, to better understand the normative assumptions that are implicit in our analysis. More explicit understanding of these normative assumptions will better enable economists to engage in fruitful policy conversation with Catholic Social Thought. Ultimately, this conversation can enable economists to craft policy that addresses the concerns about inequality and sustainability brought forward by Laudato Si’, concerns that are shared by many mainstream economic policy makers.
The project follows a research methodology consisting of the following stages:
-Make visible the implicit normative precepts in both mainstream economic thought and Laudato Si’ regarding inequality and sustainability
-Identify areas of tension between mainstream economic thought and Catholic Social Thought, or areas where economics is silent regarding questions of importance.
-Suggest areas of common ground, where Catholic Social Thought and economic policy makers have the potential to jointly craft and support specific policies.
-Illustrate specific guidance with respect to economic policy addressing inequality and environmental degradation that comes from fruitful dialogue between Catholic Social Thought and mainstream economic theory.