Perspectives
from the Lincoln University School of Business
Issue 7: April 9, 2024
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Welcome to the LU School of Business’s Perspectives newsletter, bringing you contemporary and evidence-based business perspectives from our faculty. | |
Theological Reflections on "Theological Economics: Can Theology and Economics Collaborate?" A Reader’s Response by Dr. Emir Phillips | |
Dr. Roberto Ike’s exploration of the intersection between theology and economics resonates deeply with many academic endeavors and spiritual convictions. Many have long been intrigued by the potential synergy between theological principles and economic practices. | |
Dr. Ike’s assertion that economics and theology share common goals in enhancing the human condition is profoundly insightful. Indeed, Scripture teaches us that wisdom, justice, and stewardship are not only spiritual virtues but also foundational principles that should guide our economic actions. For example, Proverbs 11:1 reminds us, "A false balance is an abomination to the Lord, but a just weight is his delight," underscoring the divine expectation for fairness and integrity in our financial transactions. | |
Philosophically, the dialogue between economics and theology is fertile ground for ethical reflection. John Rawls' theory of justice, which Ike aptly referenced, echoes biblical teachings on equity and the protection of the vulnerable, as seen in Proverbs 31:9, "Open your mouth, judge righteously, defend the rights of the poor and needy." This alignment suggests not only a compatibility but a necessary integration of theological ethics within economic practices. | |
Economically, the stewardship of resources—talents, time, and treasure—parallels the Parable of the Talents (Matthew 25:14-30), where the faithful and wise management of what has been entrusted to us is celebrated. This biblical narrative offers profound lessons for economic behavior, emphasizing accountability, productivity, and the moral imperative to contribute to the collective well-being. | |
However, while Ike’s effort to bridge these two fields is commendable, a respectful critique of the underlying assumption or implication that theology and economics can be (somewhat?) seamlessly integrated without acknowledging the potential for conflict and tension. The encyclical Centesimus Annus, by Pope John Paul II, provides a nuanced understanding of the market economy, affirming its potential while critically evaluating its limitations and calling for a moral compass to guide economic activities. This document illustrates the complexity of reconciling economic systems with theological ethics, especially concerning issues of social justice, human dignity, and the common good. | In conclusion, Professor Ike’s report initiates an essential conversation on the collaborative potential between theology and economics. As we delve deeper into this interdisciplinary exploration, it is crucial to maintain a critical perspective, acknowledging both the synergies and the ethical dilemmas that arise at the intersection of these fields. | |
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Dr. Emir Phillips is an Associate Professor of Finance at the Lincoln University School of Business. This is a reader’s response to the excerpts of an upcoming report by Lincoln University School of Business Professor, Dr. Roberto Ike. The excerpt was published in the 6th issue of the LU Perspectives.
Disclaimer
The views expressed in this newsletter are solely those of the author and do not represent nor reflect the views of the School of Business or that of the University.
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Lincoln University of Missouri, a historically Black, 1890 land-grant, public, comprehensive institution, provides a diverse population access to excellent educational opportunities through teaching, research, and extension services within a nurturing, student-centered environment. | | | | |
