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Associate Professor and Chair of the Department of Economics
St. Olaf College
Rebecca Judge
No. 32 · Spring 2010
Judge reads the 2008-2009 recession against the panic-free 1982 downturn and argues that this panic comes from the genuine surprise of a generation that had been told—by George Will and others—that business cycles had been tamed by deregulation, globalization, and Greenspan. Drawing on Luther’s “Trade and Usury” and Large Catechism, Paul Tillich, Stephen Marglin, Karl Polanyi, and Larry Summers, she critiques the “crude utilitarianism” of Homo economicus and benefit-cost analysis, finding hope in the possibility that this recession will renew a national conversation about moral obligation to neighbor in a market whose “raging bull” has broken out of its squeeze chute.
