ECONOMICS
IN CHRISTIAN
PERSPECTIVE

Theory, Policy and Life Choices

Victor V. Claar & Robin J. Klay

For my parents.
V. V. C.
To my father, for the example of his life as a lawyer—
practicing justice and mercy—
and to my son, Nathan,
for his tremendous personal support
and attentive reading of our book.
R. J. K.

CONTENTS

Preface

1 Christian Faith in Relationship to Economic Activity
Framing the Issues

2 Markets
Mechanisms for Creating Good and Exercising Christian Responsibility

3 Public Finance
The Role of Government in the Provision of Goods and Services

4 Savior or Leviathan?
The Role of Government in Our Daily Lives

5 Creation Care
Exercising Good Stewardship in the Garden

6 The Big Picture
Issues in Macroeconomic Policy

7 What Do We Know About Monetary and Fiscal Policy?

8 International Economic Relations
Hope for the Third World

9 Work and Vocation
What Is in Your Hand?

10 Rich Man, Poor Man, Beggar Man, Thief
Attending to the Poor or Worrying About Income Gaps?

11 Going Beyond Markets
Renewing Neighborhoods, Reconciling People and Restoring Hope

Epilogue

References

Author Index

Subject Index

Scripture Index

Praise for Economics in Christian Perspective

About the Authors

Copyright Page

Preface

This book addresses issues of economic policy, not only from a Christian perspective but also from the perspective of its authors—two mainstream economists who are also Christians. While several currently available books approach economic issues from a Christian perspective, most are unconcerned with basic notions of economic theory. Often written by noneconomists, such books consider no framework for thought beyond a particular Christian perspective. Economic theory does not inform their writing. As a result, their authors often make radical recommendations for policy based on their particular viewpoints. Unfortunately, due to their failure to consider economic theory and evidence, their policy recommendations are sometimes dramatically inconsistent with the essential, orthodox principles of economics.

We hope that this book will be of use to anyone who would like to know more about how economics can inform the views of Christians on major economic issues. Any Christian interested in thinking about issues of economic policy should learn at least a bit of economics along the way. This does not mean that our book contains dozens of supply-demand diagrams. The book does, however, provide the interested reader with a clear presentation of the principles fundamental to economic analysis of any issue or problem.

Therefore, we do the following:

Distill the basic facts of each economic issue considered. We include diagrammatic illustrations wherever possible. For example, we illustrate our macro chapters with graphs of unemployment and inflation rates. We also illustrate our chapter on the environment with figures showing recent environmental trends. We want our readers to have a very clear view of each issue considered, since it is easy to be misled by those ...

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About Economics in Christian Perspective: Theory, Policy and Life Choices

Unemployment. Environmental damage. Poverty.Economists Victor Claar and Robin Klay critically engage mainstream economic theory and policy recommendations to provide guidance for faithfully and responsibly addressing these and other important economic issues. Affirming that a just and prosperous society depends for its continued success on maintaining the right balance of power among three principal spheres--democratic governments, market-organized economies, and strong moral and cultural institutions--Claar and Klay demonstrate how Christian principles and values guide and undergird a flourishing and just economy.This text is for use in any course needing a survey of the principles of economics.

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Table of Contents