Economics in the Bible - Paperback

by Paul Choi (Author)

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.