That's So Second Millennium

Our guest, economics professor Dr. Aida Ramos, returned for further conversation after Episode 114. She pointed to wisdom in papal encyclicals from the past that we still need to tap into today—for the sake of just and reasonable arrangements in society and the economy. The granddaddy of these encyclicals is Rerum Novarum, from Pope Leo XIII in 1891. Forty years later, Pope Pius XI issued Quadragesimo Anno. Words are important, we noted in our discussion. The root for the word subsidiarity, which is a key concept in Catholic Social Thought, comes from the Latin for assistance or help. The origins of the word economics trace back to the management of a household, which incorporated a sense of stewardship, seeking the good for all persons connected with a household. Ramos pointed out that the appeal of Catholic Social Thought is by no means limited to Catholics or the Church. This wisdom is compatible with a broader legacy of insights deep in the Western intellectual tradition. She discussed economic insight