Economist Takes Issue With Pope's Address
PHILADELPHIA (CBS) -- Economist Chris Butler spoke out against Pope Francis' address on economics, challenging his assertions on the faults of market capitalism.
Butler told Chris Stigall on Talk Radio 1210 WPHT that the Pope is out of his element when talking about global markets.
"The Pope does not understand economics and when he is talking about free markets, he is not really talking about a market, he's talking about individuals within that market that he wishes would act differently. I think that's critical to understand because he does talk about the evils of free markets quite a bit."
He said the Pope's demands for more job creation are also not in line with the thinking of businesses and corporations.
"He's confused and doesn't really understand economics for the way an economy works. Jobs, quite honestly, if that was the end goal of every businessman, we wouldn't have created all the wealth that this world has created under free markets for thousands of years. We're going to hire the people that we need to hire, as long as the business plans allows us to make a profit to continue operations and do that. You can't just say, you know what, businessman, you've done a good job so far, but now you go hire way more people than you need too. Jobs, by the way, in and other themselves, are not what economic growth is about."
Butler stated he should be more direct in asking for aid for the poor, rather than trying to deconstruct market economies.
"If you've got a problem, and clearly he does, with the amount of charity that this country is giving to those that need it, then come out and ask for money. Ask for donations. Do not ask us to rearrange a political system, and economic system, that has worked for thousands of years."