Matt Mazewski

Matt Mazewski is a PhD student in economics at Columbia University and one half of Reasonably Moderate. You can follow him on Twitter at @mattmazewski.

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A Nobel Prize for Catholic Social Thought?

The 2015 Nobel Memorial Prize in Economic Sciences—commonly but less than accurately referred to as the “Nobel Prize in Economics”—was awarded this month to Princeton’s Angus Deaton “for his analysis of consumption, poverty, and welfare.” (I personally was rooting for someone from Columbia, mainly because I thought there might be a party we grad students could crash.)

Deaton’s voluminous research spans a range of economic subfields. Among the contributions cited by the Nobel committee were his work on measuring and comparing poverty and inequality across nations, and his pioneering use of household surveys in poor countries. He has earned a reputation for following the evidence wherever it leads, and his nuanced perspectives on a number of important policy questions have made it hard to pigeonhole him ideologically.

Of course, that hasn’t stopped people from trying. Since the prize was announced, commentators from across the political spectrum have cited his work as vindicating their own views. His former Princeton colleague and fellow Nobel laureate Paul Krugman quotes him favorably in a blog post on the capture of the American political system by financial elites. The libertarian Cato Institute, which hosted Deaton in 2013 for a forum on his book The Great Escape: Health, Wealth, and the Origins of Inequality, also finds him simpatico. Writing for the Cato at Liberty blog, Ian Vásquez highlights Deaton’s skepticism about the effectiveness of foreign aid:

When thinking about aid, the developed world would do well by heeding Deaton’s advice and by not asking what we should do. “Who put us in charge?” Deaton rightly asks. “We often have such a poor understanding of what they need or want, or of how their societies work, that our clumsy attempts to help on our terms do more harm than good…We need to let poor people help themselves and get out of the way—or, more positively, stop doing things that are obstructing them.”

To anyone accustomed to thinking in terms of the usual conservative-liberal binary, it might sound like Krugman and Vásquez are talking about two different people. It’s not often you hear someone inveighing against the corrosive effect of money in politics and then arguing in the next breath that we’re doing too much on behalf of the global poor. In reality, Deaton’s views evince a clear logic. When considered through the lens of Catholic social thought and its workhorse concepts of solidarity, subsidiarity, and the common good, they actually make a great deal of sense.