How consistent or divergent is the Bible with conventional economics? Are there coherent theories around economics and finance in scripture that could be applied to modern society? I suggest that at least ten fundamental principles of “Biblical Economics” can be identified:-
God is the source of economic prosperity: The Bible affirms (in Psalms 24: 1 and 1 Corinthians 10: 26) that “The earth is the LORD’s, and the fullness thereof…” and in Deuteronomy 8: 18, “But thou shall remember the LORD thy God: for it is he that giveth thee power to get wealth…” The implication of this is that prosperity is sustained only on God’s conditions –“seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you” (Mathew 6: 33). What then will we make of the reality that wealth is more likely to be obtained from the evil sources in today’s economy? The Bible implies that while wealth procured from evil means may bring anguish and is unsustainable, “The blessing of the LORD, it maketh rich, and he added no sorrow with it” (Proverbs 10: 22). The Bible counsels against undue materialism, “the love of money is the root of all evil (1 Timothy 6: 9-10) warning that “no one can serve two masters… You cannot serve God and mammon” (Mathew 6: 24).
Abundance not Scarcity: While contemporary economics is founded on the notion that resources are limited and scarce, the Biblical view is that God cannot be limited. He is the sovereign God who created all things, and who can do all things and can give his children all things! When God put Adam and Eve in the Garden of Eden, they lacked nothing and had all things in abundance, until they disobeyed and brought scarcity into the world. With the recompense of Adam’s sin by Jesus Christ, Christian believers could operate under a revived dispensation of abundance since God can add “all” things once his “kingdom” is obtained. Jesus Christ declared “I am come that they might have life, and that they might have it more abundantly” (John 10: 10) and Ephesians 3: 20 proclaims “Now unto him that is able to do exceedingly abundantly above all that we ask or think…”
Stewardship of Talents and Resources: If God gives abundance and wealth, rather than our cleverness or dexterity, we are necessarily “trustees” of that wealth for HIS higher purpose. Christ’s parable of the Talents implies that our resources and talents are held as stewards with a concurrent responsibility to manage them to the benefit of the Kingdom. While God could and did give everything, we are “to lay up for yourselves treasures in heaven” i.e. our worldly possessions were less important than our souls and after-life and “from everyone who has been given much shall much be required” (Luke 12: 48).
Sowing and Reaping: In Genesis 8: 22, a fundamental economic principle is established-“As long as the earth endures, seedtime and harvest…will never cease”! I have argued that this is the source of economic cycles-boom and bust; growth and recession seasons that recur persistently in human economies. The most popular example comes from the Bible itself-the seven years of plenty and then famine in Joseph’s Egypt. Man stands to profit from understanding economic cycles, macroeconomic principles, and political economy! While the Israelites benefited from the economy of seasons, they suffered for not projecting political scenarios-for then arose in Egypt, a King who knew not Joseph!!! This principle establishes the nexus between actions and consequences-hard work and success, policies and development outcomes, investment and prosperity, and socio-economic behavior and social conditions.
Five Causes of Poverty-Laziness, Trial, Punishment, Social Injustice or Affliction: The Bible prescribes diligence and skill as antidotes to poverty (Proverbs 10:5, 12: 11and 12: 24). There are numerous scriptures in which poverty is the consequence of slothfulness, “He becometh poor that dealeth with a slack hand: but the hand of the diligent maketh rich…” (Proverbs 10: 4-5); “…a little sleep, a little slumber, a little folding of the hands to sleep: So shall thy poverty come…” (Proverbs 6: 10-11); Job’s life is evidence that it could be trial from God; Deuteronomy 28 suggests that a man’s “field”, “basket” and “store” could fail due to God’s sanctions; several scriptures imply poverty could become widespread because the rich and powerful oppress the poor; and people could be poor because of diabolical powers and spiritual wickedness in high (and low) places!
Spiritual Blessings, then Physical Wealth: The Biblical perspective is that God first ordains things spiritually before they are manifested physically. King Solomon’s wealth was preceded by a promise from God; same with Abraham, Isaac and Jacob; it is the blessings of the Lord that “maketh rich”. Economics has a rather different sequence, though, not composition. Wealth is a consequence of the correct application of the “factors of production” and wealth then results in human satisfaction.
Giving Precedes Receiving (More): Acts 20: 33-35 says “It is more blessed to give than to receive” and 2 Corinthians 9:7 proclaims (to the joy of Church treasurers!!!) “God loves a cheerful giver”! Throughout the Bible, God rewards those who sacrifice their possessions-Abraham and Solomon being prominent examples
Save and Invest: The Bible urges Christians to save: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth” Ecclesiastes 11: 2 (See also Proverbs 6: 6-8 and 21:20). The essence of the parable of the talents however is that saving is not enough, investment is critical. Christians are counselled to take investment risk-“cast your bread upon the waters…” (Ecclesiastes 11: 1),based on wisdom, knowledge and understanding as well as the grace and leading of God. Our women must invest too-“she considers a field and buys it; from her earnings, she plants a vineyard” (Proverbs 31: 16)
Leverage What You Have: The most important question potential entrepreneurs ask is how do they know what business they should go into? My “consultant’s prescription” is same as the Bible’s-“What is that in your hand?” as God asked Moses! I typically urge people to start from what they know, love or are passionate about, their “hobbies” even. The Bible says “whatever your hands find to do, verily do it with all your might” (Ecclesiastes 9:10).
Obey God’s Laws and Keep Your Hands Clean: The Bible expresses a causal relationship between obedience (to God’s commandments) and success, and disobedience and failure. There are specific stipulations in the Bible that relate to economics, business and finance including repaying your loans (Psalm 37: 21; not lending to the poor and brethren at punitive or excessive interest rates (Proverbs 28:8); avoiding guaranteeing debts (Proverbs 11: 15 and 22: 26-27); refraining from hoarding and excessive profits (Proverbs 11: 26); not engaging in bribery and corruption (“oppression makes a wise man mad, and a bribe corrupts the heart” (Ecclesiastes 7:7 and Amos 5: 12); paying taxes (Mathew 22: 17-21 and Romans 13: 6-7); paying employees’ wages promptly (Deuteronomy 24: 14-15, Leviticus 19: 13 and 1 Timothy 5: 18) and avoiding false measures and fraud (Proverbs 11: 1 and 20: 10, Leviticus 19: 35).
This article was first published in Businessday Nigeria on April 23, 2014
