Economist Bruce Howard on the current state of the global economy
May 4, 2010
TODAY'S BIBLE READING:
Bruce Howard is a professor of business and economics at Wheaton College (Wheaton, Illinois). He maintains a professional association with Tyndale House Publishers and also has experience in the fields of health care administration and banking. He took a few moments to talk with us about the current economic situation. GCL: Has everything changed economically, or is it all the same, or is it somewhere in between? BH: Who said the more things change, the more things stay the same? GCL: What’s changed? BH: The value of financial and housing assets has decreased by hundreds of billions of dollars. Thousands of people have lost their homes and many thousands more have lost their jobs. Many formerly credible institutions (like GNMA) have lost their credibility. GCL: What hasn’t changed? BH: All the good people willing to work are still here waiting and willing to do their part to create goods and services that people need and want. All the physical capital we had before the melt-down of the financial capital world is still here and available for use. God’s plan and desire for people to flourish in this world is still intact. Economic activity is still one of the domains available to people throughout the world that provides an opportunity for people to flourish. Markets are still morally neutral. Markets have no ability to discern good from evil. Markets still only reflect the values that we bring to the marketplace each and every day. GCL: What values are needed? BH: Some timeless values that come to mind, especially at a time like this are
- People are more important than things.
- Treat other people as you want to be treated.
- Truth matters at all levels.
- Leave things a little better than you find them.
- Give people a good cause to live for that is greater than themselves.
- Respect freedom.
- Respect community.
- Respect the rule of law.
- Value vocation.
ABOUT THE AUTHOR
Josh Moody (Ph.D., University of Cambridge) is the senior pastor of College Church in Wheaton, IL., president and founder of God Centered Life Ministries, and author of several books including How the Bible Can Change Your Life and John 1-12 For You.
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