Abstract
Who knew that Jesuit philosopher and theologian Bernard Lonergan was an economist?
Lonergan is perhaps best known for his contributions to developing philosophical and theological methodologies. His General Empirical Method (GEM) guided people to be attentive, intelligent, rational, and responsible in their critical thinking. His 1972 classic Method in Theology encouraged an eight-step theological process for functionally specialized (FS) approaches to theology that included research, interpretation, history, and dialectical argument, followed by doctrines, directives, concepts, and policies. In addition to being a philosopher and theologian, Lonergan was also a trained mathematician, who deftly applied his math skills to economic research. He published two major works on macroeconomics, For A New Political Economy (1942) and An Essay in Circulation Analysis (1944).
In Attentive, Intelligent, Rational, and Responsible: Transforming Economics to Save the Planet, academic John Raymaker and Episcopal bishop Pierre Whalon demonstrate the connection between Lonergan’s methodological work and his economic theories. They explore Lonergan’s “radical generalization” that justice requires, “that a society be able to adapt the laws of economics so that all of its able members can find work; productive members able to work should not only survive but thrive” (p. 211). Lonergan did more than just advocate for liveable wages; he demonstrated how the economy could be managed to produce liveable wages for all.
While it is likely that Lonergan relied about his GEM-FS methodologies to develop his economic theories, he did not explain his economic thoughts using those methodologies. Raymaker and Whalon carefully explain the GEM-FS methodologies, and how they can be applied to economic thought. They also provide an excellent history of economics that places Lonergan in context of other thinkers. Ultimately, Raymaker and Whalon explain that Lonergan’s “radical generalization” is not actually so radical. Rather, economists need to develop the “intellectual tools” to provide for economic justice. Lonergan was critical of both capitalist and socialist systems that underestimated the economy’s ability to provide for all people. Lonergan’s GEM-FS approach can foster the development of those tools. Therefore, Raymaker and Whalon attempt to “link Lonergan’s economics with his other writings” to demonstrate that “the rhythms of production” can be integrated with “traditional values such as that of the common good” (p. 223).
Raymaker and Whalon also build upon Lonergan’s GEM-FS analysis. In Lonergan’s work, Lonergan recognized four sources of conversion: psychic, intellectual, moral and religious. These conversions are primarily focused on “personal dynamics” (p. 110). Raymaker and Whalon add two GEM-FS conversions of a “socio-communal nature” that focus on economic and environmental policies (p. 110). They also highlight the role that Lonergan saw for economic redistribution. While Lonergan did not endorse socialism, he saw an important Redistribution Function (RF) that needed to be included in any economic analysis. Lonergan insisted that “sane economic laws require maintaining a standard to living for all actors in a given economy,” which is “the antithesis of Milton Friedman’s view that the sole concern of a business is to maximize profits” (p. 133).
Even though Lonergan relied upon complex mathematics to illustrate his economic theories, Raymaker and Whalon keep the math to a minimum. For those more mathematically inclined, they provide several appendices that describe the mathematical and economic details.
Lonergan was unique because he was able to use mathematics and economic theory to demonstrate that it was possible to achieve a fair and just economic system. He did not rely solely upon moral authority. Rather, he illustrated that with proper economic management, it is possible to do well by doing good. Raymaker and Whalon offer a resource that makes Lonergan’s goals clear and challenges us to strive for them today.