Economics(economy)
“Household management (oikos, house + nomos, law)”
Summary
Economics (from Greek oikonomia, 'household management') is the study of how societies organize the production and distribution of material goods. While the Bible is not an economics textbook, it contains extensive teaching on wealth, work, property, and economic justice that shaped Western economic thought.
☩Etymology and Concept
The term 'economics' derives from the Greek oikonomia—the management of a household (oikos, 'house'; nomos, 'law' or 'management'). Originally it meant the regulation of resources within the immediate family including slaves and dependents. 'Political economy' extended this to the household of the state. Adam Smith (1776) defined political economy as 'a branch of the science of a statesman or legislator' concerned with providing revenue for the people and the state.
☩Biblical Economic Principles
Scripture addresses economics through laws protecting property (Exod 20:15, 17), requiring honest weights and measures (Lev 19:35-36; Deut 25:13-16), mandating fair wages (Lev 19:13; Deut 24:14-15), and providing for the poor through gleaning laws and the tithe (Lev 19:9-10; Deut 14:28-29). The prophets condemned economic oppression (Amos 2:6-7; 8:4-6; Isa 5:8; Mic 2:1-2), while wisdom literature addresses wealth, poverty, and diligence (Proverbs passim). Jesus spoke extensively about money and possessions, warning against greed and calling for generous giving.
