Catholic Social Teaching and Economics: Reflections on the Economy of Francesco

Abstract

The paper describes the impact of the Economy of Francesco (EoF) on the economic debate and practices, within the framework of the Catholic Social Teaching. EoF was a cultural and experiential process and event held online and through a number of meetings around the world between March 2020 and September 2022. The anthropological limitations of homo economicus, with his methodological egoism and procedural rationality, and the need for a broad approach to education are discussed. The paper highlights strengths and weaknesses of EoF and reviews what has been already accomplished in the process and what is still to be accomplished.

Keywords:

• Economy of Francesco
• Rationality
• Education
• Catholic Social Teaching

Notes

1 Using the classical distinction between risk and uncertainty put forward by (Knight 1921), a static vision of rationality can deal with risk (alea), not with uncertainty. “Strong” uncertainty, in particular, refers to situations where not only we miss objective or subjective probabilities for possible events, but where both the list of future events, and the consequences of particular actions for any given event, are unknown (Dosi et al. 1988, 1134).

2 In this paragraph, the polar opposition framework is in background of Pope Francis’ four sharp precise statements: The common good and peace in society [217–237]. The polar opposition framework is here the basis for precise statements: Time is greater than space [222–225]; Unity prevails over conflict [226–230]; Realities are more important than ideas [231–233]; The whole is greater than the part [234–237] (Pope Francis 2013).

3 Where “i” stands for “individual” and “s” for “systemic.”

4 See https://francescoeconomy.org/final-statement-and-common-commitment.

Additional information

Notes on contributors

Simona Beretta

Simona Beretta is a Full Professor of International Economics at Università Cattolica del Sacro Cuore, School of Political and Social Sciences. She is also Director of Athenaeum Research Centre on Catholic Social Teaching. Consultant of the Pontifical Council for justice and Peace from 2004, currently Consultant of the Dicastery for Promoting Integral Human Development. Her research focuses on human development as a transformative process, within personalized and durable relations.

Mario A. Maggioni

Mario A. Maggioni is a Full Professor of Economics at Università Cattolica del Sacro Cuore, School of Political and Social Sciences and Head of the Department of International Economics, Institutions and Development (DISEIS). He is also Director of CSCC (Cognitive Sciences and Communication research Centre) and member of the Steering Committee of the Doctoral School in Institutions and Policies. His most recent publications are in the fields of Experimental and Behavioral Economics.