Benjamin M. Friedman, a Harvard economist and author, dives deep into the fascinating intersection of religion and economics. He reveals how Protestant movements influenced economic thought, shaping figures like Adam Smith. The discussion highlights Edinburgh's legacy in nurturing modern economic theories while exploring Calvinism's role in moral frameworks. Friedman also examines the shift towards secular academia and its impact on economic disciplines. Expect thought-provoking insights on how faith and ethics continue to steer economic discourse today.
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Religious Influence on Economics
Benjamin M. Friedman, an economist, became interested in the origins of economic ideas.
He discovered that religious thought, especially within Protestantism, significantly influenced figures like Adam Smith.
insights INSIGHT
The Scottish Enlightenment
Several factors contributed to Scotland's intellectual flourishing, including better education and a vibrant intellectual social life.
These factors, combined with Newtonian ideas and Stoic philosophy, influenced the development of modern economics.
insights INSIGHT
Secularization of Religious Ideas
Modern economics, and possibly political science, are largely secularized forms of earlier religious thought.
This includes the concept of progress and the idea that human happiness is a divinely intended end.
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Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
Religion and the Rise of Capitalism
Benjamin M. Friedman
In 'Religion and the Rise of Capitalism,' Benjamin M. Friedman argues that religious thought, especially the transition from Calvinism to a more optimistic Protestantism, played a crucial role in shaping Adam Smith's economic theories. Friedman traces how these theological shifts influenced Smith's concept of the 'invisible hand' and how these ideas were later adopted and adapted in America. The book also examines the evolution of American economic life, including the impact of religious beliefs during the Great Depression and the Cold War, and how conservative Protestantism fused with conservative economics in the twentieth century.
This is Thinking in Public, a program dedicated to intelligent conversation about frontline theological and cultural issues with the people who are shaping them.
In this edition of the popular podcast series “Thinking in Public,” Albert Mohler speaks with the William Joseph Maier Professor of Political Economy and former chairman of the Department of Economics at Harvard University, Benjamin M. Friedman. They discuss his latest book, “Religious Influences on Economic Thinking.” If you enjoyed this episode of Thinking in Public, you can find many more of these conversations here. You can purchase “Religious Influences on Economic Thinking” here.
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