Does the field of Economics really need to be “Redeemed”? Let’s consider…
For most conservative commentators, “economics” is simply another field of inquiry that can be conveniently separated from the field of ethical consideration. God may be safely worshipped on Sundays while Mammon is served from 9 to 5 weekdays without ever asking whether one of the objects of our supposed devotion might have a peculiar jealousy regarding His creations and prerogatives?
Consider our use of terms. Whether it’s the casual replacement of the term “prostitute” that has so easily morphed into “sex worker” (as if that were some sort of honorable occupation), or the transition from the perjorative term “usurer” to “payday lender”, questions of morality in economics have evaporated into thin air on the Right, except perhaps when calling Social Security a “ponzi scheme”.
How did this happen?
The removal of economics from the realm of ethics oddly began with the work of Adam Smith, a professor of moral philosophy! He had renounced his Christian faith and, essentially, adopted a Stoic worldview. He then felt free to remove any concept of justice or even love from his understanding of the operations of the “invisible hand”.
Though Smith’s writings are really rather more nuanced than my simple summary might indicate, conservatives – and I am one – have seemed to adopt this simplistic reading of Smith as their own and regularly trumpet it as the ‘Truth” about economics.
Once that happens “fiscal conservatives” seem unable to make moral judgements any longer or at least justify them in economic terms. They become perpetually at odds with “social conservatives” as a result.
Here’s an example: If marriage as an institution is only about morally neutral economic exchanges of convenience between parties there really is no difference between “traditional marriage”, “gay marriage”, polygamy, or a human living with a particularly skilled chimpanzee. Indeed “being raised by wolves” could be seen as simply one economically neutral familial arrangement for child rearing among many, instead of a phrase used to describe adults who are rather lacking in social niceties.
Has the Bible or Christian Tradition something else to say on the topic?
Of course it does – and it can be demonstrated to make the most sense economically!
So how can economics be redeemed from this descent into depravity?
John Mueller, Congressman Jack Kemp’s former economist, show how in the book Redeeming Economics: Rediscovering the Missing Element.
I’ve reviewed the book at WorldViewChurch.org (see the link above) and trust you’ll enjoy it!
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