J. Barkley Rosser, Jr.
Presented February 1, 2009
Economics as a Faith System
- Economics is derived from moral philosophy. This is how St. Thomas Aquinas viewed in the 1200s when he introduced Aristotle’s economic analysis into Roman Catholic Church doctrine in a society dominated by the Church. Aquinas reconciled the Church with Aristotle and his golden mean, a view of compromise as good in a complicated world in contrast with the purism and extremism of Platonic idealism that had long been acceptable to the Church. Later, Adam Smith, the father of classical political economy in the 1700s, who wrote The Wealth of Nations, also wrote The Theory of Moral Sentiments. He was a professor of moral philosophy at the University of Glasgow, following in this tradition. It was only in the early 19th century that the first professor of political economy was appointed in Britain, Thomas Robert Malthus of the famous population doctrine, and he was an ordained Anglican minister. As religion began to give way more to science in the late 19th century, economics emerged from political economy and attracted people from the clerical classes who sought to “do good for society.” In the US, this manifested itself with many economists coming out of the Christian Social Gospel movement that would become allied with the Progressive Movement. Even now, many who become economists have at some level a motive to “do good for society,” whatever their views. [Read more…]