The (Big) Biblical Book of Economics
At the University of Connecticut, Dick Langlois teaches an "economics through film" course. It looks great– and reminds me that the humanities are a tremendous vehicle for communicating the economic point of view.
Another case in point is economist Tyler Cowen's "Law and Literature" course, or his reading Homer through the economic lens.
Michael Watts outstanding The Literary Book of Economics is another underrated example.
It all has me thinking: Why hasn't someone attempted something similar with the Bible?
Yes, people have attempted to draw lessons for economic policy and economic systems from the Bible. Yes, people have done something like what I envision for snippets of the Bible. But there's nothing comprehensive that brings the economic way of thinking to bear on the rich, social fabric of Scripture's story. Probably because it'd take decades to do it right.
Anyone confused by this suggestion is either missing the incredibly rich, detailed, yet sprawling nature of the Bible or is confusing "economics" with "money," "finance," or "markets."
Consider the following entry points off the top of my head:
- Psychic profit (Mark 8:36)
- Economic development (Genesis 1:28)
- Property rights (Proverbs 22:28)
- Asymmetric information (I Kings 3:16-28). Oliver Williamson even coins the term "Solomon devices" to refer to mechanisms which mimic the information-revealing characteristics on display in this classic story.
- Principle-agent problems (John 10:12)
- The division of labor (Genesis 4:20-22)
- Measurement costs (Ezekiel 45:10)
- Rates of return (Matthew 25:14-30)
- International trade (II Chronicles 1:16)
- Taxation (I Kings 12; Matthew 9:9)
- Externalities (Leviticus 11:1-2)
- Compounding (Proverbs 13:11)
- Mutual aid (not socialism...) (Acts 2:44-45)
- Slavery (Exodus 1)
- Middle(wo)men (Acts 16:14)
- Seigniorage (Isaiah 1:22)
- Political economy (I Samuel 8; Romans 13)
- Law and economics (Exodus 18:13-27; Deuteronomy 19:5)
- Primogeniture (Genesis 27)
- Question 86 on this Walter Williams study guide.
This very big book has yet to be written.