Moral/Theological Issues in Economics

The major criticism based on ethical and moral grounds that relate to market-driven economy are discussed hereafter. The first criticism has to do with the part played by the profit motive and self-interest, which in many writings have been associated with a corrupting influence. However, the Christian accepts that self-interest as well as selfishness are hallmarks in a world in which we live. The second criticism has to with the nature and effects of competitive markets. Is competition Christian? Since competition is a method of dealing with scarcity which remains the fundamental importance in the world in which we live, the case for competitive markets is that in a world of scarcity they are superior to other practical forms of economic organizations in terms of allocating resources.

Another moral objection to the market economy is that it produces inequality in wages, which is impossible to justify on Christian grounds. However, in a market economy, wage differentials are determined by scarcity and not by the intrinsic moral worth of a job being done. Given basic differences of skills, energy and ambition, and given the freedom to work and trade, individuals will find themselves with diffe

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