DEVOTIONS 6-7-ECON
1. The academic discipline of economics teaches that the goal of the firm is to maximize profits. In this session, the concept of “market power” is the focus of study.
A monopoly has complete market power while a monopolistically competitive firm has only limited market power. Gaining market power means ‘beating out the competition’ and firms often spend large sums of money to gain and extend market power while seeking higher profits.
This drive for profit against competition also benefits society, since it allows the most efficient producers to survive in the market and hence deliver quality product and services to consumers. Moreover, Jesus also taught and commended industry (the ambition to use our resources profitably) in several parables (the wise and foolish virgins – Matthew 25.1-11; the bags of Gold – Matthew 25.26-27; the shrewd Manager – Luke 16.1-9).
On the other hand Jesus taught and demonstrated ultimate selflessness on the cross (Matthew 5.38-40; Matthew 10.38; Mark 10.45). Like Christ, Paul also taught selflessness as (1 Corinthians 6.7-9; Philippians 2.1-11) as did Peter (1 Peter 3.9). Moreover, nothing we do must override our moral and ethical obligations (Matthew 16.26 ). Share with the class, how Christian entrepreneurs, managers, and business leaders can reconcile the exhortation toward selflessness and ethics, versus the ambition to succeed, which includes beating out the competition in the marketplace.
2. Paul wrote many letters that are included in the Bible. One of those was the letter to the Galatians in which he instructed the Christians in Galatia. In Chapter 5 starting with Verse 22, he shares his view of what the Spirit of Christianity is like as he reminds the early Christians they are free from the Law but directed by the Spirit of Christ.
But the fruit of the Spirit is love, joy, peace, forbearance, kindness, goodness, faithfulness, 23 gentleness and self-control. Against such things there is no law. 24 Those who belong to Christ Jesus have crucified the flesh with its passions and desires. 25 Since we live by the Spirit, let us keep in step with the Spirit. 26 Let us not become conceited, provoking and envying each other.
Do you perceive that a society built on these concepts might provide a better world than what we often observe. If we truly could reduce conceit, and not provoke each other nor envy others, what would be the impact on the economy and on society?
