Edward Hadas
As seen in:
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Catholic Social Teaching , economics, philosophy of economics, other stuff. My book about money and finance: ethicspress.com/products/money-finance-rea
Articles by Edward Hadas
On Crypto and Greed
Once upon a time, in what now seems like another life, I advised investors not to buy Bitcoin, because it was doomed. For people who want to become richer without doing any work or providing anything of value to the world (a group who are misleadingly called financial investors), the recommendation was terrible. My last reiteration of the asset’s impending disappearance came when the collectible (like fine art except without either the fine or the art) was selling at $10,000 a unit.
Edward’s Substack
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I stand with my Jewish people
A Jewish convert to Christianity, Edward Hadas is deeply troubled by the resurgence of antisemitism following the Hamas attack on Israel. Hadas faces up to the dark, lingering influence of Nazi and Soviet antisemitism not only in the Middle East but also on the Left in Western countries, and to the widespread belief that Israel is the centre of global evil.
Edward’s Substack
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Globalisation triumphant
The word “globalisation” is usually applied to the economy, and the economy seems to be the central concern of modern men and women, so it is a good place to start thinking about recent predictions of a new era of deglobalisation. The best way to think about such ideas is historically, because globalisation is not some 20th century novelty. In the economy, globalisation started more than half a millennium ago.
Universities today: technocracy and truth
“From the beginning, the humanitarian ideal of a systematic education for all was combined with a mechanical pedagogy that invalidated it.” Lewis Mumford (The Condition of Man (1944), p. 258) Around the time I received the kind invitation to give this lecture, I received another invitation to give lectures at another central European university, the WSB University in Dabrowa Gornicza, Poland. The coincidence was food for thought. On one side, the two institutions have some significant similarities.
My Catholic podcasts
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Catholic just war teaching
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On Rerum novarum
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What are corporations, really?
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Unjust War: Holy, Historic, and Civilising
This paper appears in the latest Annual Review of the Philosophical Society, a fine group of amateur and professed philosophers connected with the Oxford University Department of Continuing Education (where I sometimes teach). New members are welcome: more information here. Thanks for reading Edward’s Substack! Subscribe for free to receive new posts and support my work.
The Catholic Church, the Jewish People, and the Current Gaza War
On October 7 Hamas attacked the state of Israel, killing approximately 1200 people, mostly civilians. Whole families were slaughtered in their homes. Among the victims were hundreds of young adults at a music festival. The killings were accompanied in numerous cases by torture, disfigurement, and rape. Around 240 hostages were taken to Gaza, again, mainly civilians, including infants and great-grandparents. In the weeks since October 7, Israel has engaged in a war against Hamas.
Why did capital punishment stop seeming just?
From earliest history until shortly after the middle of the 20th century, the killing of criminals was, like the killing of enemies in a just war, was almost universally accepted as natural and just. However, shortly after the Second World War, the Western intellectual, political, and cultural elites changed their collective mind. Capital punishment stopped being considered a good thing or even a necessary evil. Instead, it was judged to be something close to a crime.
Really Christian Economics
Non-Christians might also find this interesting. It is based on a lecture given at the International Theological Institute in Trumau, Austria in January 2023. I’m republishing it here in honour of the arrival of a relatively inexpensive paperback version of my book Money, Finance, Reality, Morality. Substack tells me that it will take 41 minutes to read.
My book is now available in paperback
More than that, I hope. Ethics International Press is now selling Money, Finance, Reality, Morality to the masses (roughly speaking) at the relative bargain price of £29.99. I hope some people will buy it, and perhaps even read it. I remain convinced that the book provides an innovative, clear, and ethically coherent analysis of the economy, money, and finance. Tell all your friends! Share
Breakingviews - Hadas: Six economic reasons to hate Uber #finsubito #adessonews
LONDON (Reuters Breakingviews) – Many economists love Uber. They look at the quasi-taxi company’s aggressive disruption of local monopolies as a case study in the power and wonder of free markets. They could hardly be more wrong. The theoretical appeal seems irresistible.
There are no adults: Kant’s Dangerous Misunderstanding of Childhood
Immanuel Kant starts his essay “Answering the Questions, ‘What is Enlightenment?’” with an attack. Adults who refuse to take up their autonomy, he says, are behaving like children: “Laziness and cowardice are the reasons why such a large part of mankind gladly remain minors all their lives, long after nature has freed them from external guidance. They [laziness and cowardice] are the reasons why it is so easy for others to set themselves up as guardians.
Why I am not a conservative
An introductory note: This is my first Substack post. It is long but I hope not too tedious. It will eventually join other writing on my website and will, I hope, be followed by other posts, many of them shorter! Feedback and publicity are of course greatly appreciated. A good friend and colleague recently asked me to define conservatism, which he assumed was our common political and cultural home. I disappointed and surprised him.
How Grateful We Are. That's Why We Cry.
I first met Tom Cornell in November of 1981. Campus Ministry at Notre Dame was starting a draft counseling program in response to President Carter’s reinstitution of draft registration, which itself was a response to the Soviet incursion into Afghanistan. We wanted to help students write up Conscientious Objector statements in case they were drafted into the military.
The Paucity of Evidence for Mandated Covid-19 Vaccine Boosters
Federal legal challenges have temporarily enjoined the Biden Administration’s sweeping large business, health care worker, and federal contractor covid-19 vaccine mandates. Notwithstanding these injunctions staying primary covid-19 vaccine mandates, “amendments” mandating booster covid-19 vaccinations have already been issued, as examples, for New Mexico healthcare workers, and University of Massachusetts-Amherst students.
The Full Secularization of the Doctrine of Original Sin
When the concept of original sin is mentioned today, it is done, more often than not in the somewhat arcane realms of theological disputes and theological history. And given the now largely secular nature of most western societies, this is understandable, and probably fitting.
Seven Theories of Why the Lockdowns Happened
1. First level of explanation: Panic Over a few weeks of March 2020, the collective consciousness of Western nations moved from curiosity about the new virus in China to serious worry, then to communal fear, and finally to total panic.
Where Is the Science or Logic Behind Mandated Vaccines?
The 2021 US Open is beginning this week and Novak Djokovic is going for both a Grand Slam (first men’s in over fifty years) and the all-time lead in Grand Slam men’s singles titles wins. Suppose Djokovic decided to bet $2.5 million on himself, the winner’s purse. It’s against the rules, but hypothetically, before the tournament begins, is there a greater endorsement of what you believe in than putting your own assets on the table? Pete Rose did that, betting on his Cincinnati Reds to win games.
Modern Warfare's Terrible Toll
Over the last few decades, the likely balance of suffering in any war has changed. More than ever, military conflicts are fought, won and lost through the creation of misery for non-combatants. Military-to-military combat can still have a significant influence on the terms of an eventual peace, but traditional battles have become much rarer, clear victors are rarer still.
Trump y Biden ofrecen distintas variedades del mismo despropósito
El Papa Francisco debe de estar viendo muchas noticias de la televisión americana estos días. “La vida política ya no tiene que ver con sanos debates sobre planes a largo plazo para mejorar la vida de las personas y avanzar en el bien común, sino solo con hábiles técnicas de marketing destinadas principalmente a desacreditar a los demás”, escribió recientemente en su encíclica Fratelli tutti. Lo mismo se aplica acertadamente a los planes económicos de los dos candidatos presidenciales de EE UU.
Χωρίς νόημα η προεκλογική εκστρατεία στις ΗΠΑ
Φωτ. (AP Photo/Patrick Semansky) Ο Πάπας Φραγκίσκος θα πρέπει να παρακολουθεί πολύ αμερικανικές ειδήσεις αυτές τις μέρες, διότι έγραψε στην εγκύκλιό του «Αδέλφια μου, όλοι»: «Η πολιτική ζωή πλέον δεν έχει να κάνει με μακροπρόθεσμα σχέδια για τη βελτίωση του βιοτικού επιπέδου και τη μέριμνα για το κοινό καλό, αλλά μόνον με επιδέξιες τεχνικές μάρκετινγκ κυρίως για την απαξίωση άλλων».
Breakingviews - Hadas: Markets’ risky fling is far from over
Published Sep 24, 2020 10:48AM EDT Reuters Reuters LONDON (Reuters Breakingviews) - The financial world’s post-pandemic exuberance just might have passed its peak. After fuelling an astonishing rebound in stock and bond prices in the past six months, global investors are showing signs of caution. The NYSE FANG+ Index of 10 leading high-tech stocks is down 12% since Sept. 2, although it is still double its March low. The wider U.S. S&P 500 Index has fallen by 10%.
When Words Fail
Olivier-Thomas Venard, A Poetic Christ: Thomist Reflections on Scripture, Language and Reality, trans. Kenneth Oakes and Francesca Aran Murphy, foreword by Cyril O’Regan (London: T&T Clark, 2019). It is easy to think that Olivier-Thomas Venard is too wide-ranging for all but an elite handful of readers.
Πορεία δίχως πυξίδα
Οι πολιτικοί σε όλο τον κόσμο θέλουν να θεραπεύσουν την οικονομία από τα τραύματα της πανδημίας, αλλά δυστυχώς οδηγούν χωρίς προβολείς στον δρόμο. Και η σύγχυση ξεκινά από τη δημόσια υγεία. Χρήσιμο θα ήταν, τουλάχιστον, οι πολιτικοί, οι επιχειρηματίες, οι διοικητές των κεντρικών τραπεζών και οι τραπεζίτες να γνώριζαν τι να περιμένουν από τον κορωνοϊό – αντ’ αυτού κινούνται με υποθέσεις.
Breakingviews - Norway’s $1.1 trln fund is a bad toy for hedgies
Published Aug 24, 2020 10:16AM EDT Reuters Reuters LONDON (Reuters Breakingviews) - Financial markets are pretty efficient in one way, and quite inefficient in another. Both the ways point to Nicolai Tangen being the wrong person to run Norway’s $1.1 trillion sovereign wealth fund. The appointment is controversial in Oslo. Tangen, a successful Norwegian hedge fund manager based in London, was not on the original shortlist.
BREAKINGVIEWS-Helping private equity is necessary Covid-19 evil
investment|17 August, 2020 The UK’s Department for Business, Energy and Industrial Strategy wants to help several pandemic-struck large employers A broker gestures as he talks on the phone on the dealing floor at ICAP in London, Britain January 3, 2018. REUTERS/Simon Dawson By Edward Hadas, Breakingviews, Reuters News (The author is a Reuters Breakingviews columnist.
Lebanon blast lays bare cost of a weak state
Even before the blast, the IMF forecast a GDP decline of 12% in 2020 A general view shows the damage at the site of Tuesday's blast in Beirut's port area, Lebanon August 5, 2020. REUTERS/Mohamed Azakir By Una Galani and Edward Hadas, Breakingviews, Reuters News (The authors are Reuters Breakingviews columnists. The opinions expressed are their own.) MUMBAI/LONDON - Lebanon has added tragedy to crisis.
Hadas: A virus economic optimist partly recants
Fiscal deficits are gigantic and central banks are firmly committed to whatever-it-takes monetary policy People look at the skyline of the Central Business District in Beijing, China, April 16, 2020. REUTERS/Thomas Peter By Edward Hadas, Breakingviews, Reuters News (The author is a Reuters Breakingviews columnist.
Breakingviews - Hadas: Wirecard woes show need for fraud-busters
Published Jul 1, 2020 8:35AM EDT Reuters Reuters LONDON (Reuters Breakingviews) - Olaf Scholz might want to study some history. The German finance minister was wrong when he described the fraud at Wirecard as “a scandal which is almost unprecedented in the world of finance”. The German payments processor’s 1.9 billion euros of imaginary bank balances are actually pretty familiar.
Breakingviews - Hadas: Virus debt will leave toxic residue
Published Jun 17, 2020 7:43AM EDT Reuters Reuters LONDON (Reuters Breakingviews) - Covid-19 is hitting United Airlines very hard. The Chicago-based carrier says it is burning through $40 million a day. Fortunately, it can borrow enough money to keep on flying some of its planes. On Monday, United announced that it had raised $5 billion, backed by the value of its frequent-flier programme. As a corporate survival strategy, such borrowing makes sense.
Breakingviews - Review: MMT lives up to some of its promises
Published May 29, 2020 7:06AM EDT Reuters Reuters LONDON (Reuters Breakingviews) - Modern Monetary Theory is right for right now. It is revolutionary. It shows common sense. And it has a tendency to oversimplify and overpromise. Stephanie Kelton’s “The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy” is a good place to see the great virtues and significant weaknesses of this suddenly popular approach to government finance.
Breakingviews - Hadas: Covid gives monetary extremists false hope
Published May 27, 2020 8:11AM EDT Reuters Reuters LONDON (Reuters Breakingviews) - After Covid-19 is tamed, inflation rates are going to rise fast and far. Or maybe lockdowns will be followed by years of global deflation. The pandemic has unleashed a furious debate between extremists on either side of the monetary divide. Policy and habit suggest they’re both wrong. Inflationists and deflationists have had several rough decades.
Viral Injustice - Second Spring
On the Unfairness of Life, Death, and Covid-19 By Edward Hadas It’s Easter, for Christians a season of hope and a reminder of eternity, but in the here and now, it’s just not fair. When we are not mourning, fretting, suffering, volunteering, or just getting on with our newly isolated lives, we are tempted to complain. Quarantines are not fair. The Covid-19 virus pandemic is not fair. Dying young is not fair. Death is not fair.
Hadas: The world needs to declare bankruptcy
Home Economy Global Article The flood of credit will limit the damage caused by the shutdown of economic activity. It’s the least bad solution to an urgent problem, but it is still a bad solution A charity clothing bank is seen closed in Hatfield as the spread of the coronavirus disease (COVID-19) continues, Hatfield, Britain, March 30, 2020. Reuters/Andrew Couldridge By Edward Hadas, Reuters News LONDON - When something is broken, try to fix it. If that doesn’t work, seek a replacement.
Análisis | Por qué se resiste Estados Unidos a la racionalidad sanitaria
Cuando los europeos preguntan a los estadounidenses sobre las dificultades de sus vidas, casi siempre surge el tema sanitario. Casi todo el mundo, ya esté sano o enfermo, puede hablar durante lo que parecen horas acerca de facturas, primas, formularios, planes y la última y compleja negociación con esta aseguradora o aquel hospital. Los europeos suelen quedarse atónitos, y no en el buen sentido.
Good bureaucracy is ultimate virus slayer
Home Economy Global Article As the coronavirus spreads around the world, millions of people are belatedly learning the virtues of “rational authority” People wearing protective face masks walk at a crossroads as the country is hit by an outbreak of the novel coronavirus, in Shanghai, China March 4, 2020. Reuters/Aly Song By Edward Hadas, Reuters News LONDON - It’s easy to mock faceless, rule-bound bureaucracies. The criticism is deeply unfair, particularly from those who enjoy modern comforts.
Análisis | Carlos Ghosn está atrapado en el dilema del no prisionero
Ningún hombre puede renunciar a su derecho a salvarse de la muerte, las heridas y la prisión”. Es muy dudoso que Carlos Ghosn estuviera pensando en las palabras de Thomas Hobbes cuando huyó de la justicia japonesa escondido en una caja de equipos de sonido. Sin embargo, si el filósofo británico del siglo XVII estaba en lo cierto, Ghosn podría escapar fácilmente del dilema del no prisionero.
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