How theologians gave birth to the science of economics

It's well known that theologians such as Copernicus, a church canon (senior cleric attached to a cathedral), gave birth to modern science. Less acknowledged is the role of clerics in launching the science of economics. Most scholars claim the Enlightenment as the parent. But the real history of paternity reaches farther back.

Church fathers in the early years of Christianity had embraced the economics of Aristotle and Cicero rather than that of the Bible. Their reasons for doing so have been lost, but it may have been due to the tendency of churches suffering persecution to elect young converts from the nobility as bishops for their political power. The sons of nobility had a high regard for the great philosophers of antiquity and tended to baptize their economics. The chief economic errors of antiquity included a contempt for commerce, the prohibition of charging interest on loans, a value theory that said things had intrinsic value, and a theory of a “just price” that made profits immoral. The condemnation of commerce was so strong that some church fathers thought it impossible for merchants to enter heaven. So merchants who became wealthy tended to give half their wealth to the Church as a means of buying their way into heaven and to use the remainder to buy land and titles of nobility to protect their wealth from other aristocrats.

Was the Reformation worth the deaths?

October 31 wasn't just Halloween. It was also the anniversary of Martin Luther nailing his 95 theses to the church door in Wittenburg, Germany and launching the Protestant Reformation. Tuesday was the 500th anniversary of that event. Economist Bryan Caplan asks if the lives lost in the wars that followed were worth it?

...the Reformation's main fruit was over a century of horrifying warfare. The Thirty Years' War, with a death toll around eight million, is the best known. The French Wars of Religion claimed yet another three million lives. These numbers are even more gruesome when you remember that Europe's population was far lower back then: For 1500 AD, Angus Maddison assigns twelve million to Germany and fifteen million to France.

For what did these millions die? The standard story, as far as I can tell, is that the Reformation helped free Christianity from the "corruption" of the Papacy. Priests stopped scalping tickets to heaven and supporting their mistresses with the proceeds. Is that supposed to be worth millions of lives? 

That's an odd question coming from a libertarian like Caplan because he is really asking “how much is freedom worth?” Of course, Caplan is an atheist so he sees no value in religious freedom.

How Baptists do economics

Baptists form the largest Protestant group of Christians in the US and so could have a large impact on how US voters understand political economy. But do Baptists have anything unique contributions to offer on economics? Chad Brand, professor of Christian theology at The Southern Baptist Theological Seminary in Louisville, KY, answers that in his 2012 book Flourishing Faith: A Baptist Primer on Work, Economics, and Civic Stewardship.

The most important contribution Baptists make is their history of distrust of government resulting from centuries of persecution. Lutheran, Reformed and Anglican Protestants all formed close ties with the state from their births. They were supported by taxes and used the brutal power of the state to enforce their particular views, often against Baptists, whereas Baptists generally insisted on a separation of the two spheres.

Readers today might be confused about that historical antipathy toward the state because since the rise of the Moral Majority in the 1980s Baptists seem to have decided to take a shortcut to building the Kingdom of God by using the power of the state. Dr. Brand reminds us, “Scripture teaches that all humans are sinners. A PhD from Harvard does not diminish that, and might even make it worse if those elites believe that their education makes them morally better people.” Brand echoes the public choice political economy of James Buchanan that economists and politicians are not saints or angels and usually have some goal in mind besides the public good: