The Economics of Magnifica Humanitas
On Technology, Markets, and Work
In the second of several short, interdisciplinary essays for Religion & Liberty Online by Acton Institute research fellows on Pope Leo XIV’s first encyclical, Magnifica humanitas, Acton COO, Dr. Stephen Barrows, argues that the ability of artificial intelligence to bring economic value cannot displace essential features of humanity.
Dr. Barrows, an economist, goes on to explore the economic implications of what Pope Leo XIV has to say about the relationship among technological advancements, AI, work, and economic freedom.
“Like so many other technological achievements,” says Barrows, “artificial intelligence can do wonders for economic progress and human flourishing, but only as long as humanity remains at the center. This, at its heart, is the economic contribution of Magnifica Humanitas.”
Dr. Barrows goes on to say that “economists cannot be content using neoclassical analytical tools to show how AI is increasing productivity or whether labor market turnover is reallocating resources to their best use.”
Why not?
Barrows answers in his essay by applying Acton Institute’s core principles to the question of AI, work, employment, and technological disruption.
Read the full essay HERE for Dr. Barrows on “The Economics of Magnifica Humanitas.”
If you missed the first essay in this series, Dr. John C. Pinheiro’s “Freedom and Responsibility: Seven Takeaways from Magnifica Humanitas,” you can read it here.