How to begin…?

The etymology of economics is from the Greek word ‘oikonomia’.

The root word ‘oikos’ means ‘house’, while ‘nemein’ means ‘to manage’.  In other words, economics was originally about household management.

It wasn’t until 1651 that the word ‘economics’ was used when referring to the management of a nation’s resources.  Even then, it was specifically termed ‘political economics’.

The other Greek root word we can look at is ‘nomos’ – which literally translates to a ‘law’ or ‘principle’.

Economics is a study of the laws and principles surrounding household management. The study of ‘political economics’ involves looking at laws and principles with regard to a larger group of households (town, city, county, state, and nation).

What I’m about to write may seem strange, but please consider it.  What if the laws and principles of modern-day economics are completely opposite of what was practiced in the 1600’s and before?  What if green has become red?

Imagine, if you will, a generation of children that were taught from their earliest years that the color green was actually red.  If a child dared to declare the color to truly be green then they would be ridiculed into submission.

Now imagine further a multitude of generations passing where the ‘fact’ that green is actually red becomes embedded in the social norm.  It might even get to the point where the few holdouts speaking the truth about green would be accused of a hate crime.  They would be silenced with threats of fines and/or imprisonment.

Crazy writing?

Take a few minutes with family and friends to think about terms that have taken on opposite meanings just within your own lifetime.  To refuse to bow your knee to the new definitions leaves one open to the possibility of severe repercussions.

What has happened?

Thoughts and ideas are arrived at via deductive and/orinductive reasoning.

Deductive reasoning is where one uses facts to reach aconclusion that is sure to follow.  The conclusion must be based on the facts, and cannot contain non-factual information.

Inductive reasoning is where one forms their ideas into a hypothesis.  Those ideas must then pass the ‘scientific method’ in order to be considered for inclusion as a theory.

The Scientific Method was first developed by Sir Francis Bacon, and consists of five primary steps:

• Define a question
• Gather data and observations pertaining to the question
• Form a hypothesis
• Perform experiments
• Draw a conclusion
  

A hypothesis must stand up to three principles for it to proceed forward. 

First, it must have predictability.  The conclusion should have a clear path back to the original question. 

Second, there must be verifiability.  Any conclusion must have clear standards with which to test the results against the original question.

Third, any experiments and observations must be repeatable.  Otherwise, the hypothesis cannot attain the possible level of a theory.

I write all of this to draw the reader’s attention to our current situation – in economics as well as in general.

Deductive reasoning can only take place while using the original source of all facts – the Word of God as found in the Bible.  There are no facts in the universe that did not originate with God.  He defined all of the core principles of household management.  Nothing can be removed from those facts.

Man, in his desire to be a god, has used inductive reasoning to supplant deductive reasoning.  What was once green has now become red.

Man now equates God’s Holy Word with fairy tales built on inductive reasoning - quaint, with some applicability, but not matching theincredible knowledge and wisdom of man.

Likewise, man has taken his inductive reasoning, whichdoesn’t even meet the basic scientific method, and declared it to be deductive in nature – the basis of all facts going forward.

Man has foolishly turned green into red in order to fulfill sinful desires.

My purpose in writing about economics is to reintroduce what God’s Word has to say about economics.  My passion and desire is to stand up and declare to all who will listen that red is actually green – and green is good!

How many economists state their knowledge and wisdom in the fear of the Lord?  It’s a serious question.  Should one give any credence to ideas communicated away from the fear of God?  Can those ideas deductively have any wisdom or knowledge in their makeup?

Proverbs 1:7 “The fear of the Lord is the beginning of knowledge, but fools despise wisdom and instruction.”

Colossians 2:2-3 “that their hearts may be encouraged, being knit together in love, and attaining to all riches of the full assurance of understanding, to the knowledge of the mystery of God, both of the Father and of Christ, in whom are hidden all the treasures of wisdom and knowledge.”

With this in mind, let’s move forward to see what God’s principles are regarding our household management, as well as investigate how we can best survive and thrive in an environment where green is now red.

Let us pray that our Heavenly Father grant us His wisdom in returning our nation to green.

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Article courtecy of Brad Hamill.