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And he [Jesus] sat down opposite the treasury,

and watched the multitude putting money into
the treasury [of the synagogue]. Many rich
people put in large sums. And a poor widow
came, and put in two copper coins, which make
a penny. And he called his disciples to him, and
said to them, Truly, I say to you, this poor
widow has put in more than all those who are
contributing to the treasury. For they all
contributed out of their abundance; but she out
of her poverty has put in everything she had,
her whole living.
Mark 12: 41-44.

Jesus said to him, If you would be perfect, go, sell

what you possess and give it to the poor, and you
will have treasure in heaven; and come, follow
me. When the young man heard this he went
away sorrowful; for he had great possessions.
And Jesus said to his disciples, Truly, I say to you,
it will be hard for a rich man to enter the kingdom
of heaven. Again I tell you, it is easier for a camel
to go through the eye of a needle than for a rich
man to enter the kingdom of God.
Matthew 19: 21-24.

In this year of jubilee each of you shall return to

his property. And if you sell to your neighbor or buy
from your neighbor, you shall not wrong one
another. According to the number of years after
jubilee, you shall buy from your neighbor, and
according to the number of crops he shall sell to
you. If the years are many you shall increase the
price, and if the years are few you shall diminish the
price, for it is the number of crops that he is selling
to you. You shall not wrong one another, but you
shall fear your God; for I am the Lord your God.
Leviticus 25: 13-17.

You shall not lend upon interest to your brother, interest

on money, interest on victuals, interest on anything that is
lent for interest. Interestingly, in the next verse (Deut.
23:20), lending upon interest to foreigners is deemed
acceptable.
On the other hand if a man find that he derives great
advantage from something he has bought, he may, of his
own accord, pay the seller something over and above: and
this pertains to his honesty.
Aquinas, 2321.
Imperfect information (unjust price) can take three forms:
1) the good is not what the seller claims
2) the quantity of the good is misrepresented
3) the good is defective in quality

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1. What economic ideas can be found in the Bible? Why arent

these ideas considered a school of economic thought?
2. How does the biblical treatment of accumulation relate to
economic theory and activity?
3. What forces combined to inhibit the development of economic
thought during the Middle Ages (500 to 1500 A.D.)?
4. What effect did the Protestant Reformation have on economic
activity and thought?
5. Modern economic activity is much less influenced by religious
considerations than it was in ancient times or the Middle
Ages. Speculate as to why that is, and to what extent the
Reformation is to blame for religions diminished role?

PROTESTANT REFORMATION
How does the Reformation helped out build the economic
thought?
"With the teachings of Calvin and other Protestant
reformers, the notion of work changed. People were called
by God to their profession, to specialize in that form of work
to which they were best suited".

For wealth in itself was a temptation.

- Cultural values
- The Spirit Of Capitalism

GREEKS (OECONOMICUS)
- Sufficiency "The Good Life" (distraction & zero sum game)
- Dislike of trade and Usury

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- Poverty
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- Wealth measured in real terms
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- Division of labor
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- Limited Foreign Trade

Poverty, wealth: these are names for need and sufficiency.

Someone in need is not wealthy; someone without need is
not poor.
Society originates then, said I, so far as I can see, because
the individual is not self-sufficient, but has many needs
which he cant supply himself. Or can you suggest any other
origin for it? (Second best)
And the same also holds good about the other articles of
property; for all of them have a use in exchange related to
them, which began in the first instance from the natural
order of things, because men had more than enough of some
things and less than enough of others. This consideration
also shows that the art of trade is not by nature a part of the
art of wealth-getting; for the practice of barter was
necessary only so far as to satisfy mens own needs

Then Ill point out to you, Kritoboulos, certain others who

are much cleverer than I in those things you persist in
wanting to learn from me. I admit I have been diligent in
finding those in the city who are the most knowledgeable in
each kind of thing. (17) For on learning that among those
who are in the same line of work some were very poor and
others very rich, I wondered greatly, and it seemed
worthwhile to investigate why this should be. On
investigating it, I found that these things happen quite
properly. (18) I saw those who act at random suffering loss,
and I noticed that those who are diligent and apply their
minds do things more quickly, more easily, and more
profitably. From these, I suppose, you too could learn, if you
wanted to and the god did not oppose you, how to become
an extremely clever money-maker.
Xenophon, Oeconomicus, 11-12.

Poverty, wealth: these are names for need and sufficiency.

Someone in need is not wealthy; someone without need is
not poor.
The first and highest form of the state and of the
government and of the law is that in which there prevails
most widely the ancient saying, that Friends have all things
in common.
the community which has neither poverty nor riches will
always have the noblest principles; in it there is no
insolence or injustice, nor, again, are there any contentions
or envying.
Plato, Laws, 56-57.