Move Beyond The One-Hit Wonder of Economic Growth and Use the Whole Hymnal

Abstract

On the choir director’s stand, in the church of economists and policymakers, like a singly worn page of “Amazing Grace” in an otherwise untouched hymnal, is the anthem of economic growth. This song once had great life, but the tempo of GDP growth has slowed. Due in part to the slowing tempo, economic growth alone is insufficient for solving the myriad of ills present in contemporary society. Fortunately, the anthem of economic growth is just one page in the hymnal yet to be fully explored. Other pages from the hymnal can find their roots in a wider set of higher-order principles for the economy that could be derived from the Bible. These higher-order principles would likely concern work, rest, debt, stewardship, poverty, integrity, and our relationship to others and would support human flourishing if utilized. Consequently, this paper argues for the development and use of biblically-derived higher-order principles as guides for both defining economic goals and exploring ways to achieve them.