Biblical Foundations of Economics

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The Prophet Micah famously said, “He hath shewed thee, O man, what is good; and what doth the Lord require of thee, but to do justly, and to love mercy, and to walk humbly with thy God?” (Micah 6:8).

How do we combine justice (rendering to people what they deserve), mercy (treating with kindness even though they deserve otherwise), and humility (modesty, lowliness, not vaunting ourselves over others)? Particularly in our economic relationships?

It’s always tempting to think the purpose of learning about economics is to prepare oneself to be “successful”—to pursue and catch “the American dream.” But the Bible paints a different picture.

Real economics isn’t just about supply and demand, labor and capital, cost/benefit analysis, and banking, investing, and business. Real economics is the application of moral philosophy to marketplace relationships—how to conduct business, buying and selling, etc., in God-honoring ways by treating people justly and mercifully. It takes humility to do that—and it takes humility to leave others free to do it themselves rather than enforcing our own preferences on them.

Biblical Foundations of Economics explains how understanding and applying this is crucial to shaping an economy that lifts and keeps people out of poverty while promoting just relationships among them. It’s a refreshing study for those who already have extensive backgrounds in economics, and a helpful introduction to those just starting.