- Would anyone want to do business in a land with no legal structure?
- Are there Christian necessities for a healthy marketplace?
Biblical Principles for Economics:
1 Kings 3:16-28 - Just Judges
- well defined property rights
- the right to refuse
- the right to to sell/bequest
8th commandment:
- Protects your own "harvest".
- Corresponds to the 3rd commandment.
Property rights, etc.
-limited rule (Ps. 50:10-12).
-stewardship concept (Matthew 25:14-30)
The wise steward:
-there is only one who has total ownership.
-stewardship/ownership is antithetical to laziness - Proverbs 6:9-11; Proverbs 13:11
Property Rights
Ronald Coase
-economist at University of Chicago
-transaction costs
-minimal impediments to bargaining.
Tight property rights help protect asset values (renters vs owners).
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