Pope Francis in Assisi last weekend, where he signed his new encyclical Fratelli Tutti.

According to much of the journalistic commentary, Pope Francis has just issued an encyclical on economics. Reuters, the New York Post, MSN…, the list goes on. All have similar headlines along the lines of: “Pope says trickle-down policies fail society” or “Pope says free market has failed in the pandemic”. Some of the headlines are true but lack any context. Others are just lazy. 

Pope Francis did write: “The pandemic has shown that not everything can be solved by market freedom.” Even the most ardent supporter of markets would agree with that. It may well be the case that societies with well-functioning markets, such as those in

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