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A leading economist analyses what the Pope's new encyclical really says about marketsAccording 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.