Pope Francis and the Economy: Evangelii Gaudium, New Institutional Economics, and the Search for Consistency Across Disciplines

Abstract

This paper examines the political economy of Pope Francis. Extending the work of Maciej Zieba we attempt to provide context to the pope's statements on economics made within his most recent apostolic exhortation, Evangelii gaudium (Joy of the Gospel), by placing it within the larger spectrum of papal teachings on democracy, economy and society. We also attempt to fill gaps within his analysis by applying lessons drawn from an application of new institutional economics, as well as an extension of this theoretical framework to the economic performance of Argentina. We conclude by providing some comments on the language Pope Francis uses and the need for consistency across disciplines.

Keywords: New Institutional Economics, Argentina, Pope Francis, Evangelii gaudium, crony capitalism, Catholic Social Teaching

JEL Classification: B25, D70, E24, E26, F60, I30, J1, O43, O50, P00