Market economics

In the past several weeks, all eyes (or at least many eyes) have been on the global financial markets. That focus, in conjunction with Newbigin's writings have caused me to think a lot about market economics. Newbigin observes:

In an earlier age, as in contemporary premodern societies, farming and the various skilled crafts were mainly for the use of the family or the local community. The market in which money operated as a means of exchange was only a minor and marginal part of the economy. But as the principle of division of labor gained ascendancy, the market moved into the central place as the mechanism that linked all the separate procedures with each other and with the consumers. The modern science of economics was born. Once again teleology [the study of purpose] was removed, because economics was no longer part of ethics. It was no longer concerned with the purpose of human life. It was no longer about the requirements of justice and the dangers of covetousness. It became the science of the working of the market as a self-operating mechanism modeled on the Newtonian universe. The difference was that the fundamental law governing its movements, corresponding to the law of gravitation in Newton, is the law of covetousness assumed as the basic drive of human nature. (Foolishness to the Greeks pp30-31)

As I have reflected upon it, I cannot see how a motive other than greed would drive a market economy. 'The market' does not add value in the way that individuals, cooperatives or businesses do. So the impulses of justice, love and mercy have no object on which to rest.

In contrast, an individual or group of people can work in ways that express justice, love and mercy. They can add value to a society through creativity and hard work - and in the process create wealth.

Based on this appraisal of the market economy (and I'm open to being challenged), it seems Christians are called to engage not in the financial markets, but in endeavors that employ creativity and hard work to show justice, love and mercy to one's neighbors. It is a call to Christian work, and Christian entrepreneurship.