QE3, the Bible, and Economics, Part 2 – Economics 101, But Not As Taught In School

The present article is a part of a series teaching the “ethical link between economic policy and God’s blessings and curses.” Particularly, the focus of the essay is to provide the basic biblical foundation for economic transaction. Common with other Christian economists, the writer upholds the Ultimate Ownership of God over all things, the creation of man in His image, and the task given to man to manage all things under God. The writer’s concept of scarcity is instructive. It is due to man’s sin and God’s curse that scarcity of resources exists. However, scarcity can be an opportunity for blessing through cooperative work, that is, the division of labor. Furthermore, honesty is required in economic transaction. Without it, the economy is distorted. After mentioning the importance of honesty, the writer distinguishes between simple and complex economies. The emergence of “common commodity” or money is occasioned by the need for efficient transaction in a complex economy. Among common commodities, history shows that since the beginning of time, gold occupies a prominent role as money for people of all ages are naturally attracted to it. The writer presents two major explanations to explain man’s innate attraction towards gold. Some explain such attraction in relation to gold’s inherent beauty due to its bright yellow color. Moreover, the writer claims that the real reason for man’s innate attraction to goal is due to the fact that man is made in God’s image. It is God Himself who ascribes value and considers gold good. Man as God’s image instinctively reflects such attribution of God towards gold. Throughout history, trust in gold characterized man’s economic activity due to its qualities of measurability, reliability, and scarcity.

Rebuild Your Biblical Worldview

Gold and money - sometimes they are the same

This essay is Part 2 in a series that deals with the ethical link between economic policy and God’s blessings and curses. The previous essay laid the foundation of the moral corruption that’s responsible for our present economic and social policies. This essay provides some Bible-based economic background to build you a framework for understanding economic cause-and-effect.

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