The interaction between trade, global cooperation, and the general well-being of the citizens of a country is intricately entwined with economic concepts. The idea of a “Divine Economy Model” has become an important topic of discussion in the quest for a more prosperous and peaceful future. In this light, the YAFO Institute (a Think Tank Institution with a focus on Civil Liberty, Free Enterprise Research, and Prosperity) organized a thought-provoking webinar to discuss the divine economy model under the topic ‘An Encounter with the Divine Economy Model: Final Part’.
The event featured the esteemed American author, Bruce Koerber, and aimed to shed light on how the “Divine Economy Model” gives an innovative and fascinating viewpoint on economics. This is achieved by iteratively incorporating moral and spiritual values into the inquiry of economic systems. The event served as a reminder of the crucial role that institutions, values, resource management, and stewardship play in determining economic policies and decisions.
The conversation led by the American author who has studied Austrian economics at Auburn University, Bruce Koerber, commenced on the premise that religion and science are inseparable and economics is a science. He emphasized that ethics is the science of chosen ends, and the realm of economics looks at means to obtain those ends.
According to Bruce, ethics focus on how people choose their ends; thus, what is attractive to people is against the names and attributes of God. He added that the means to obtain something are interchangeable with the ends being sought. Hence, the study of means is economics, and the study of ends is ethics. This is applicable in the Divine Economic Theory, as people seek value, which comes from the names and attributes of God. For example, Divine Economy goes beyond the boundaries of economics to the area of ethical economics. Ethics are given to us by the manifestations of God.
Again, Bruce highlighted the cyclical nature of the Divine Economy Model, making it known that the entire economy is full of cycles. In particular, the cycle of knowledge and action: “When we act, we gain knowledge, and with the knowledge, we act”. He explained that this is a cycle of proverbial fountains of knowledge that drives all humans, and it manifests in the provision of services and products.
He further explained that, at the microlevel, the cycle is seen as the appearance of virtue that attracts attention or is produced. For instance, entrepreneurs and businessmen gain knowledge by discovering what people want and acting to produce it. What they produce can be liked by people or not, or others may prefer a certain variety of what they have produced. He added that ‘entrepreneurs gain knowledge through their actions, react, and make further changes to what is produced; this is a cycle’.
Mr. Bruce observed that ‘we pursue knowledge through language; language is a powerful tool, and the word of God is a language’.
Furthermore, Bruce emphasized that ‘Economic Equilibrium is Divine equilibrium.” He explained that most people do not know this and perceive it as making things better by interfering with economic equilibrium. He stated also that ‘politicians are interventionists, but it is important they recognize the power of the divine economy’.
The book, Divine Economy Model, noted equitable principles: equity favours the vigilante and not the indolent, which admonishes us to take action. Bruce has opined at page 37 that ‘be an agent of the market process by being alert, by taking calculated risk, and by distributing and preserving capital’. To wit, the discussion situated the concept in the Ghanaian cocoa sector, where farmers have done everything to be alert, take part in the making process by growing cocoa, and take calculated risks, but their prosperity is eroded because they do not have the freedom to sell their cocoa.
Mr. Bruce, in an attempt to answer the question of what economic system is accounting for the impoverishment of cocoa farmers in Ghana, noted that the science of economics and religion are victims of the same problem. He expanded that ‘the science of economics has been minimized, disrupted, and corrupted by what is referred to in the Divine Economic Theory as ego-driven interventionism’.
Mr. Bruce stated that, in the divine economy, the power of equilibrium takes care of everything and brings order where there is none. He said that ‘this is not man-made, but it is part of creation’.
Additionally, he noted that interventionists think they can make things better with their limited understanding of the divine economy. They do not know the effect of their interventions or how they affect other people [cocoa farmers]. Interventionists, in their egos, think they can make things better, but in reality, they create corruption and disrupt the divine economy, which results in poverty, suffering, and injustice.
Mr. Bruce concluded that solutions start from the bottom up; individuals must recognize their sovereignty. We all have the responsibility to seek truth, find truth, and act on it. If only one person in Ghana knows the value of property, it would be more difficult to address challenges than if everyone knew and started working to create an environment of free interventionism.
He noted that ‘things get better by creating values, and values are the names and attributes of God’. Also, ‘bad laws create bad order; good laws create good order; and divine laws create divine order.
The webinar organized by the YAFO Institute is part of the Scholars Series 2023 program with support from partners including Atlas Network, Liberty International, Cardano, Divine Economy Model, Kingscel, and Alumni for Liberty.