Homo Economicus as Fallen Man: The Need for Theological Economics

Abstract

Once dominant, theology has not played any significant role in mainstream economics discourse for more than a century. Yet, the economics discipline has much to gain by devoting more scholarly attention to theology-informed economics inquiry that is neither the reserve of economists who believe in the divine nor limited to a single religion. Illustrations regarding economic inequality, work, debt, and trade suggest that theological considerations can yield both better positive and normative economic analysis. For the rich and varied questions of economics though, a narrative analogous to the biblical story of the fall of man makes clear that theology cannot be the sole source of economic understanding, but that theological insights can complement our understanding of economics through other means.