What is Biblical Economics

I’ve often been asked, what’s Biblical Economics? And, what bible verse demonstrates God’s concern for economics?

I love answering these fundamental questions. The reality is that there is no single definition of economics, and hence there is no single definition for Biblical Economics. As all learning is founded upon what we already know, so a definition for biblical economics must, too be founded on what we already know.


Biblical- of or relating to the sacred scriptures of Christians comprising the Old Testament and the New Testament
Economics- a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services.


A simple combination of these terms would yield a definition like:


a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services based upon the sacred scriptures of Christians comprising the Old Testament and the New Testament.


This is a decent way to define it, nevertheless, I found that when I wanted to teach it to 1st graders, it needed to be more simple. If it could be taught to 1st graders, anybody could learn it. So we define as follows:


Biblical Economics- The study of God’s system of reaping, sowing, living, and growing.
Or
A Judeo- Christian Paradigm for conception (creative power), production, and distribution of resources.


This definition is all encompassing, it includes all that we do, and all that we hope for. Economics not only relates to Wall Street and the Federal Reserve Bank, its relevant to our daily lives. After all, satisfying our daily needs is an economic process. Even having a family dinner involves production distribution and consumption. In order to understand God’s system we are drawn to his owner’s manual (The Holy Bible) for advice, counsel, discipline guidance, correction and reproof.


What about the second question? What bible verse demonstrates God’s concern for economics? There are so many verses that do that, but if I have to pick just one, I reference Deuteronomy 8:18


God gives the power to obtain wealth in order to establish His covenant.


In this fundamental Biblical economic verse we see that God has a good purpose for giving the power to obtain wealth. Obtaining wealth is clearly a matter relating to the the conception, production, distribution, of goods and services.

So today confess Deuteronomy 8:18 over your life and especially over your economic affairs.


God gives (me) the power to obtain wealth in order to establish his covenant.