I used to love watching The Muppet Show. My favorite characters were those two guys up in the balcony who argued and critiqued the show. Anyone remember their names? They were not part of the stage show, but they always had plenty to say.
Today, as our economics play is performed, it seems that there is an elephant and donkey muppet up in the “special seats” finger pointing at why the show is going well. The real question we must ask is, “Who wrote the script for the show?” Economics may seem boring and unimportant until you can’t get a job, see gas going up, and see your savings lost. One creative team made economics both understandable and fun. They reveal the two opposing writers of economic scripts: A man named John Maynard Keynes and Friedrich August von Hayek. These two men developed theories and philosophies about money, freedom, and government that have shaped (or not shaped) our decisions for the past 100 years. When you compare the assumptions and principles that govern these two theories, one lines up much more closely than the other to the Bible. One is lesser known and rarely tried. The other is celebrated and championed – despite its continual failures.
Austrian economics is much more aligned to the Bible’s teaching on money. It emphasizes production, profit, freedom, individual rights, and the role of saving and capital. Here is a radio interview where I answer economic questions from a Biblical perspective.
For more information, check out: www.godonomics.com