It was the Irish evangelist Gypsy Smith who famously remarked: “There are five gospels: Matthew, Mark, Luke, John and the Christian. And most people will never read the first four.” This begs the question: How are we being “read”? Kevin Brown asks, do our actions consistently flow from our beliefs? Are we being consistent—or are we consistently inconsistent?
In this blog series, I have attempted to highlight five areas of benefit and five areas of caution when it comes to conceptualizing markets in the faith community. I would like to end this series by making some general comments on the five areas of caution that we, as people of faith, should be cognizant of when it comes to market activity.
Can economic prosperity force me to evaluate the violence in my own heart? Does education inevitably lead to shalom? Will outside investment make me selfless?
Business is indeed a vehicle to make money (since most of us cannot describe the access to money like Forrest Gump: “One less thing”). However, businesses—and the larger marketplace that they operate within—are avenues of service to others.
Markets are the engine for growth, and they are indeed dynamic. Yet that should not preclude us as participants to think carefully and faithfully about what it is we prefer and why we prefer it. Moreover, this should draw us to the relevance of the church.
For a market to be a true market, there must be a notion of voluntary exchange. While free, creative, and voluntary actions are not the only requirements for markets to be effective, they are at the epicenter of the market mechanism. Yet the same liberty that allows me to freely enter into economic arrangements also allows me to act in non-market ways. This includes the practice of unconditional giving.
How do we determine when it is appropriate to rely on markets and market logic, and when it isn’t? Many areas of our life are governed by non-market norms. What are the risks, and the moral implications, of letting markets infiltrate these areas?
Specialization has allowed us to find prosperity and progress outside of ourselves—a redemptive notion among those in the faith community. To understand why specialization is so important for economic growth and development, you need to understand two other economic concepts: opportunity cost and comparative advantage.
As people of faith, we can work to play a role in shaping the very markets that we participate in. If you had a clearer understanding of what occurred within the supply chain for a particular good you typically purchase, how might that change what you buy or how much you spend?
Prices may seem like a convenience of the modern market system—but they also have a moral dimension that people of faith should seek to understand. In this post, Kevin Brown explores the idea of supply and demand and price ceilings in the marketplace.
A little pain in the short-term is ultimately beneficial in the long-term. But like so many other things, when it comes to complex market systems—the immediate answer may not be as simple as we would like to think. Who is experiencing the “short-term” pain? What is the nature of that pain? These questions should be particularly important to people of faith.
Trade is good. When it comes to creating the conditions necessary to allow others to thrive, it is very good. Moreover, a free market allows for productivity, specialization, and open trade to occur. This naturally allows for innovation and growth, market outcomes that people of faith can reasonably support.
