From the New York Times:
A new study by Christopher W. Crowe, an economist for the International Monetary Fund, found that during the last two housing booms in the United States, regions with high concentrations of evangelicals saw lower gains in home prices and less volatility than similar regions with fewer evangelical residents.
The reason to consider this more than just a statistical quirk, Mr. Crowe says, is that conservative Christianity teaches followers that God owns all worldly possessions. In practice, that means that unchecked greed and speculative frenzy are seen as undesirable in the evangelical community….
…the evangelicals’ role in the market may have prevented home prices from getting even more out of whack.
[Link: Houses of God: Did Evangelicals Curb the Housing Bubble? - Economix Blog - NYTimes.com]
I like this: “unchecked greed and speculative frenzy are seen as undesirable in the evangelical community.” First, of course that’s true. Second, we have sound biblical reasons for those values. Third, those values have apparently proved to have positive empirical results. Fourth, I hope everybody wakes up to the importance of these values.
And fifth, the Bible is a timeless book. Following biblical principles makes a big difference still in the 21st century, in many ways. This is just one more.
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But Tom, but Tom!! You don’t have to believe in God to resist greed and the speculative frenzy.
In resisting the lures of this world (read: short-sightedness), the prize of an eternal reward is the best incentive. Anything less than eternity as the ultimate goal is on a slippery slope to “right now.”
Free markets require short-term suffering for longer term gain. To work optimally, our economy needs a theology of suffering. Only Christianity, with the Cross of Christ directly at its heart, provides this theology. In fact, Christianity IS a theology of suffering.
Unfortunately consumerism encourages short-sightedness and eats away at the virtue that Christianity promotes. The deification of individual choice kills the goose that laid the golden egg even in this world. (Not to mention the inherent dishonesty of a floating currency.)
LG
Great post…thanks again for sharing!
Excellent comments, Lawrence.