Status Updates From An Essay on the Restoration...

So far it's a very thorough account and he's organised in the way he writes. However if you know even a little economics, you can spot the glaring faults in his book. Good intentions don't mean good economic consequences unfortunately.

He talks about credit without taking up the concept of time-preference. He more or less assumes that credit serves no worthwhile purpose.

He equates speculation with gambling. By implication, he also calls entrepreneurs in general gamblers.

"But if he is so successful or works so hard that he reaches the point where a full quarter of his income is taken away in taxation, it is hardly worth his while to save more, and he will cease to save."
Now, just compare that to present conditions. Income tax of 25%? Ridiculously low by modern standards.

Belloc did it again. Now he does talk of taxation. This time, I must say it changes things a bit. I thought he was ignorant of this topic, but in fact, he admits that there can be no economic freedom if taxation is too high. His reasoning is weak, though, it's just too obvious he is not a good economist. His writing would be more elegant here if he would talk about marginal utility, which he doesn't.

"If in England, for instance, you abolish the tithe on the small man (keep
it by all means upon the large man) someone will have to find the difference or you will be robbing the tithe owner."
I have seen no qualms, on Bellocs behalf, about robbing the entrepreneur and the capitalist.

Belloc should have focused on the taxes, which made property-holding, including working on a farm, prohibitively expensive. Just repeal most of those and you may end up with society that is almost distributist.

Far better on the historical side of things. Given the topic of this essay - economics - I still doubt I can give this three stars.

Wage "slavery" isn't slavery at all.

"Just as we cannot hope to see in our time the great stores disappear and the lesser and much more useful shopkeepers take their place[...]"
More useful how? By what standard? For whom?

"Just as in the case of the craftsman we know that we cannot put him back where he was before ugly and imperfect things, turned out mechanically,
began to oust his much better forms of production."
These things are ugly and imperfect because they are cheap. With the rise in population, some people had to buy cheap shoes to have any shoes at all. Poverty isn't nice, and it certainly it isn't aesthetically pleasing.