ECONOMICS IN THE BIBLE
by Kunsoo Paul Choi, PhD in Economics & Biblical Studies
PREFACE
Many people think that
there is no or mere connection between economics and the Bible. When people
hear that I majored in economics and biblical studies, they wonder why I
studied the two quite different fields. Then, they guess that I just gave up
what I previously studied (economics) to become a pastor. However, I think that
the Bible teaches a lot about economics, which I define the study of decision
making by economic agents – an individual, a firm, a market, or a government –
in everyday life. Microeconomics is the study of an individual’s decision
making for him/her and his/her household to maximize utility (that is,
satisfaction) and a firm’s decision making to maximize its profit.
Macroeconomics is the study of a government’s decision making for a country as
a whole under various situations of employment/unemployment, inflation, business
cycles, growth, etc.
When
we say about an economy, it generally means a situation or a status of a
country in terms of employment/unemployment, inflation, gross domestic product
(GDP) or consumption, exports/imports, and/or national budget/debts or of a
household in its budget and/or consumption. However, in the New Testament, the Greek
word, “oikonomia,” which corresponds
to the English word, “economy,” is used more about (managing or governing) activity
rather than a situation or a status. Its meanings in the New Testament include
“stewardship or the management of the household” (Luke 16:2-4); “mission
or dispensation (of spreading the gospel)” (1 Cor. 9:17); and God’s plan
or dispensation of human salvation” (Eph. 1:10). I believe that God
wants his people to be saved not only spiritually but also materially. By
“material salvation,” I mean that God’s people can also be saved materially in
this world by learning economics of God – learning how to manage their time,
money, and life according to the will of God and his instructions.
Although
Paul in the New Testament limits the economy of God to his saving plan or
dispensation, God’s economy in the Bible includes his various governing or
decision-making activities for the people in his household. God’s economy
starts with his blessing of human beings whom he had created according to his
image and his likeness in Genesis 1:28: “Be fruitful, multiply, and fill the
earth.” God’s governing or economic activities in the Old Testament are to
manage his household well and thus make the people in his household prosper.
God’s governing or economic activities should be done by the government in
today’s society. God’s people, following God’s example and instructions, are
supposed to manage their households. God’s economy can be expanded to more
people and more nations though the mission of the church.
As a person who teaches economics, I want to
connect my knowledge in economics with my understanding of the Bible and God’s instructions.
So, I will keep trying to find a way to let people know the sound economics of
God that they can find in the Bible and apply its principles to their daily
living accordingly. The Revised Standard Version
(RSV) is primarily used unless I specify different versions for this book.
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