Biblical Economics (2 of 2)

(Continued from yesterday)

1. Private Property. Although ultimately everything belongs to God, His laws on property rights in the OT (e.g. Ex 22:1-15, Lev. 25, 27) established the right to private property.
Ex 22:1 If a man steals an ox or a sheep and slaughters it or sells it, he shall pay five oxen for the ox and four sheep for the sheep.
• Ex 22:7 If a man gives his neighbor money or goods to keep for him and it is stolen from the man’s house, if the thief is caught, he shall pay double.

God allows private ownership as an incentive to diligence. I therefore believe capitalism is more aligned with God’s plans than socialism or communism, but see below for moderating factors.

2. Justice. Economics is about distribution of scarce resources, and God’s aim is justice for all:
2 Sam 8:15 So David reigned over all Israel; and David administered justice and righteousness for all his people. (Also 1 Chron 18:14)
As such, He executes judgment with equity:
Ps 9:8 And He will judge the world in righteousness; He will execute judgment for the peoples with equity.
• Ps 98:9 Before the LORD, for He is coming to judge the earth; He will judge the world with righteousness And the peoples with equity.
• Ps 99:4 The strength of the King loves justice; You have established equity; You have executed justice and righteousness in Jacob.
• Prov 1:3 To receive instruction in wise behavior, Righteousness, justice and equity;
• Prov 2:9 Then you will discern righteousness and justice and equity and every good course.

Some people wrongly assumed that to be fair you must treat everyone the same i.e. equity means equality. They are not. Equality treats everybody the same, but that does not translate into fairness when some start out disadvantaged. Equity means eliminating the disadvantages to provide everyone access to the same opportunities, thereby achieving fairness or justice.

equity 6

3. Industry. Industry here does not mean manufacturing goods in factories, but hard work. The parable of the ten minas (Lk 19:12-26) teaches that ideally reward should be proportional to diligence or effort. See also:
Prov 10:4 Poor is he who works with a negligent hand, But the hand of the diligent makes rich.
• Prov 12:24 The hand of the diligent will rule, But the slack hand will be put to forced labor.
• 2 Thes 3:10 For even when we were with you, we used to give you this order: if anyone is not willing to work, then he is not to eat, either.

When communism first took over China, it stipulated a wage of RMB 36 a month for all workers, regardless of position, skill, or diligence. This goal of equality in fact destroyed incentive to get ahead, and rewarded laziness rather than initiative and creativity. Industry and fair competition is the better way.

4. Compassion. We live in a fallen world. Despite our best efforts to be fair and equitable, some fall on hard times and are poor and needy. What does God want us to do for them? That’s where compassion comes in:
Deut 15:11 For the poor will never cease to be in the land; therefore I command you, saying, ‘You shall freely open your hand to your brother, to your needy and poor in your land.’
• Ps 72:13 He will have compassion on the poor and needy, And the lives of the needy he will save.
• Ps 113:7 He raises the poor from the dust and lifts the needy from the ash heap,
• Prov 14:31 He who oppresses the poor taunts his Maker, But he who is gracious to the needy honors Him.

The idea is tied back to fairness:
Co 8:13-14 (ESV) For I do not mean that others should be eased and you burdened, but that as a matter of fairness your abundance at the present time should supply their need, so that their abundance may supply your need, that there may be fairness.

There are many more economic principles in the Bible e.g. division of labor, money and taxes, God’s view of debt etc. But these four form the foundation on which we can build our economic structure for a just society.

Biblical Economics (1 of 2)

biblical economics 1

Q. Does the Bible have anything to say about economics? I don’t find the word “economy” in my Bible.

A. The Bible has a lot to say about economics, only that you won’t find that word in modern translations. The English word “economy” comes from the Greek word “oikonomia“, oikos means house, while nomos means law. Together it means the rules governing a household, which is translated “stewardship” in contemporary versions. Aside from its usage in narratives, passages bringing out the underlying meaning include:

1. A steward does not own the property, his master does. He is simply put in charge to look after whatever the master entrusted to him for the master’s benefit:
Lk 12:42 And the Lord said, “Who then is the faithful and sensible steward, whom his master will put in charge of his servants, to give them their rations at the proper time?
• 1 Co 9:17 For if I do this voluntarily, I have a reward; but if against my will, I have a stewardship entrusted to me.

Therefore a Christian should not seek physical assets for himself first and forget his responsibility before God.

2. Ultimately the stewardship is from God and centered on His grace:
Eph 3:2 if indeed you have heard of the stewardship of God’s grace which was given to me for you;
• Col 1:25 Of this church I was made a minister according to the stewardship from God bestowed on me for your benefit, so that I might fully carry out the preaching of the word of God,
• 1 Pet 4:10 As each one has received a special gift, employ it in serving one another as good stewards of the manifold grace of God.

That’s where our priorities should be:
Mt 6:33 But seek first His kingdom and His righteousness, and all these things will be added to you.
• Col 3:2 Set your mind on the things above, not on the things that are on earth.

3. The prerequisites for God’s stewards or servants, in particular elders and overseers, consist of:
1 Co 4:1-2 Let a man regard us in this manner, as servants of Christ and stewards of the mysteries of God. In this case, moreover, it is required of stewards that one be found trustworthy.
• Tit 1:7 For the overseer must be above reproach as God’s steward, not self-willed, not quick-tempered, not addicted to wine, not pugnacious, not fond of sordid gain, (See Tit 1:6-9, 1 Tim 3:2-7)

The requirements are not that you have to be smart, which the world looks for, but loyal, reliable and have integrity.

Volumes have been written on biblical principles of economics. I will list only a few key principles due to limitations of space and time.

(To be continued)