Brat Says Bernanke Failed Because He Underestimated Protestants
Posted at 12:11 p.m. on June 11, 2014
“Ben Bernanke got it wrong because he forgot to account for God, or at least for the Protestant way of worshiping him,” the Wall Street Journal reports.
“That’s the basic argument of David Brat, the Virginia Republican who toppled House Majority Leader Eric Cantor (R-VA) Tuesday. Before his foray into politics, Mr. Brat has spent his career as an economics professor at Randolph Macon College in Ashland, Va., where he wrote about typical economists’ fare such as the determinants of long-term growth.”
In a 2005 paper, Brat took on Bernanke saying the former Fed chairman’s work on economic growth “overlooked the role that religious institutions–particularly Protestant ones–play in driving a country’s growth rates.”
Brat said that Protestantism “provides an efficient set of property rights and encourages a modern set of economic incentives” so “one might anticipate positive economic performance.”
He added: “Give me a country in 1600 that had a Protestant led contest for religious and political power and I will show you a country that is rich today.”