Americans are struggling with economic literacy. Unfortunately, this is nothing new. It is also the finding of a recent study by the Intercollegiate Studies Institute (ISI). Two days before ISI released its study, The Center for Vision & Values started an evening dessert program to teach economics. This program features economics writers who explain the economic principles underlying one of their recent opinion-editorials, and who link those principles to today’s headlines. The program is called “Freedom Readers.” It requires a minimal investment of reading time and a willingness to be tempted by desserts like tollhouse pie and cheesecake. Larry Reed ’75, president of the Foundation for Economic Education, kicked off the first Freedom Readers lecture on November 18 with his opinion-editorial, “The Love of Power v. the Power of Love.” Reed quoted his favorite British Prime Minister, William Gladstone, who said, “We look forward to the time when the power of love replaces the love of power. Then will our world know the blessings of peace.” You will find a link to Reed’s presentation below.

Reed said, “There are only two ways in this life to make a living: One is through voluntary cooperation, through work, through thrift, through one’s effort, through interacting peacefully with others. The other way is to use force, either yourself or hire politicians to do it on your behalf.” Reed spoke to a gathering of 81 students representing 27 different majors. He went on to say, “If you believe in the use of force, then you need to think twice about all the expressions you might be offering to people about how much you love them because you don’t steal from people that you love. … By the love of power, I think Gladstone meant the love of the use of force to push other people around, to take what belongs to them, to use it for political advantage. That’s not synonymous with love no matter how much you may wrap those sentiments in talk of compassion and helping other people. Look around the world today and observe how much theft is taking place through legalized institutions—institutions of government—and you have to wonder how much love we are really expressing to our fellow men and women. At the start of the last century about five percent of our incomes in America was taken by government at all levels combined; five or six percent. At the start of this century, it’s up well beyond a third. So, as a portion of our income, the use of force to take from some and to give to others is up by a factor of five, six or seven. And yet you hear more talk today about loving one another, having compassion, ‘compassionate conservatism,’ compassionate this or that, than anytime in my lifetime. And yet as a people we are resorting to the use of force more than anytime in the history of this country. … The solution to this problem is not only to rediscover the power of love but start reforming the world by reforming yourself first.”

On December 2, 2008, Dr. Jeffrey Herbener spoke on “Boom and Bust.” We will make a link to that presentation available soon. For now, please find links to Mr. Reed’s work and our sponsor below.

Link to Reed’s remarks below
Following Mr. Reed’s remarks, he went on to answer students’ questions about today’s economic news and how “the love of power” relates to today’s dramatic headlines on our economy. Click on the November 18, 2008 link at this web page to hear Reed’s talk about “The Love of Power v. the Power of Love.”

Link to Reed’s opinion editorial
Students were asked to read Mr. Reed’s opinion-editorial, “The Love of Power v. the Power of Love,” prior to the Freedom Readers dessert.

Link to a Q&A on Economic Illiteracy and the Freedom Readers program
For more information these topics, see this V&V Q&A: America’s Economic Illiteracy Epidemic between the executive director of The Center for Vision & Values, Dr. Paul Kengor, and the administrative director of the Center, Lee Wishing.

Program sponsor
Freedom Readers is sponsored by the Koch Associates and Koch Internship Programs at the Charles G. Koch Charitable Foundation

— Lee Wishing '83
Administrative Director,
The Center for Vision & Values

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