The Corner

Economy & Business

Today in Capital Matters: Scottish Enlightenment

Erik Matson of the Mercatus Center writes about the relationship between economics and theology:

In the West, economics is one of our dominant modes of discourse about prosperity. That has not always been the case. For much of history, prosperity and human welfare were discussed in terms of Christian theology. Despite their apparent contrast, however, there is an important relation between economics and theology. They are not so distant as one might think. An appreciation of their relation helps us better understand the history of economic thought. That understanding can also contribute to thinking about our own moral obligations and orientations in public policy.

The science of economics has no precise origin. But a major stream of economic thought came forth in 18th-century Britain. In the British tradition, economics or political economy flowed partly out of the study of natural theology — the study of God and the created order through reason and the senses, as opposed to special revelation. Economics was not then perceived as a science of cold, soulless calculation, as it is sometimes depicted today. Rather, the study of commerce was frequently understood as an exploration of the providential order with direct implications for ethics and public policy. The theological, ethical, and political dimensions of economics come forth particularly in the work of a line of 18th-century Scottish philosophers, including Francis Hutcheson, David Hume, and Adam Smith.

Read the whole thing here.

Dominic Pino is the Thomas L. Rhodes Fellow at National Review Institute.
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