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The Economics of Religion concerns both the application of economic techniques to the study of religion and the relationship between economic and religious behaviours.<ref>{{cite book |last1=McCleary |first1=Rachel M. |title=The Oxford Handbook of the Economics of Religion |date=2011 |publisher=Oxford University Press |isbn=9780199781287 |url=https://books.google.co.uk/books?id=TRjB0DjEyIkC&printsec=frontcover&dq=oxford+handbook+of+economics+of+religion&hl=en&sa=X&ved=0ahUKEwjNrtOQ_uTbAhVlBcAKHZoeDrkQ6AEIJzAA#v=onepage&q=oxford%20handbook%20of%20economics%20of%20religion&f=false |language=en}}</ref> The relationship between religion and economic behaviour was first identified by [[Max Weber]] who attributed the modern advent of [[capitalism]] to the [[protestant reformation]].<ref>{{cite book |last1=Weber |first1=Max |title=The Protestant Ethic and the Spirit of Capitalism |date=2012 |publisher=Courier Corporation |isbn=9780486122373 |url=https://books.google.co.uk/books?id=ez7CAgAAQBAJ&printsec=frontcover&dq=weber+spirit+of++capitalism&hl=en&sa=X&ved=0ahUKEwiI4MfE_OTbAhWHIsAKHa09DmQQ6AEIJzAA#v=onepage&q=weber%20spirit%20of%20%20capitalism&f=false |language=en}}</ref> [[Adam Smith]] laid the foundation for economic analysis for religion in [[The Wealth of Nations]] stating religious organisations are subject to market forces, incentive and competition problems like any other sector of the economy.<ref>{{cite book |last1=Smith |first1=Adam |title=The Wealth of Nations |date=1776 |publisher=Methuen \& Co |location=London |page=749}}</ref> Empirical work examines the causal influence of religion in [[microeconomics]] to explain individual behaviour<ref>{{cite book |url=https://books.google.co.uk/books?id=913O9xcpBB4C&printsec=frontcover&dq=starke+and+finke&hl=en&sa=X&ved=0ahUKEwju7tumgOXbAhUsBMAKHfcBD1sQ6AEIJzAA#v=onepage&q=starke%20and%20finke&f=false}}</ref> and in the [[macroeconomic]] determinants of economic growth<ref>{{cite journal |last1=Barro |first1=Robert J. |last2=McCleary |first2=Rachel M. |title=Religion and Economic Growth across Countries |journal=American Sociological Review |date=2003 |volume=68 |issue=5 |pages=760–781 |doi=10.2307/1519761 |url=https://www.jstor.org/stable/pdf/1519761.pdf?refreqid=excelsior%3Af1ae826319b358dfe85c1ffca2d42897}}</ref>. Religious (or theological) economics is a related subject sometimes overlapping or conflated with the economics of religion.<ref>For example, the [http://www.acton.org/pub/journal-markets-morality ''Journal of Markets & Morality''] of the Acton Institute for the Study of Religion and Liberty and [http://www.gordon.edu/ace/ACEFandE.html ''Faith & Economics''] of the Association of Christian Economists.<br /> • Paul Oslington, ed., 2003. ''Economics and Religion'', Elgar, v. 2, part II, Economics of Religion, scrollable [http://www.ecampus.com/book/9781840648492 table of contents], 10 of 41 papers, 1939-2002.<br /> • Patrick J. Welch and J.J. Mueller, 2001. "The Relationship of Religion to Economics," ''Review of Social Economy'', 59(2). pp. 185-202. [http://www3.baylor.edu/2002conference/abstracts/Welch,+Patrick+abstract.pdf Abstract.]<br /> • Paul Oslington, 2000. "A Theological Economics," ''International Journal of Social Economics'', 27(1), pp.[http://www.essaybay.com/articles/theology4.pdf \ 32-44.]<br /> • Paul Oslington, ed., 2003. ''Economics and Religion'', v. 1, Historical Relationships, table of contents, pp. v-vi with links via upper [https://books.google.com/books?id=PDgxjACbK8AC&pg=PP10&lpg=PP7&ots=jUcI7NuNsm&lr= right-arrow] to Introduction and first 11 of 17 papers, 1939-2002.<br /> • Paul Oslington, ed., 2003. ''Economics and Religion'', v. 2, part I, Religious Economics and its Critics, scrollable [http://www.ecampus.com/book/9781840648492 table of contents], 14 papers, 1939-2002.<br /> • A.M.C. Waterman, 2002. "Economics as Theology: Adam Smith's Wealth of Nations," ''Southern Economic Journal'', 68(4), p [https://www.jstor.org/pss/1061499 p. 907]-921. Reprinted in Paul Oslington, ed., 2003. Economics and Religion, v. 1, pp. [https://books.google.com/books?hl=en&lr=&id=PDgxjACbK8AC&oi=fnd&pg=PA321&ots=jUcMdJuPuf&sig=kGPnD-pUaO7URku_AHU69laIk5Y#v=onepage&q=&f=true 321]-[https://books.google.com/books?hl=en&lr=&id=PDgxjACbK8AC&oi=fnd&pg=PA336&ots=jUcMdJuPuf&sig=kGPnD-pUaO7URku_AHU69laIk5Y#v=onepage&q=&f=true 336.]<br /> • [[Thomas Nixon Carver]], 1908. "The Economic Basis of the Problem of Evil," ''Harvard Theological Review'', 1(1), pp. [https://books.google.com/books?id=lP0LAAAAIAAJ&pg=PA97&lpg=PA97&dq=bl&ots=d_S53v307b&sig=SdakU_iXyhn7XT-d-zbNYFUSB_Y&hl=en&ei=TGu6ScDVCuH8tgfa7eTiDw&sa=X&oi=book_result&resnum=2&ct=result 97]-[https://books.google.com/books?id=lP0LAAAAIAAJ&pg=PA111&lpg=PA111&dq=bl&ots=d_S53v307b&sig=SdakU_iXyhn7XT-d-zbNYFUSB_Y&hl=en&ei=TGu6ScDVCuH8tgfa7eTiDw&sa=X&oi=book_result&resnum=2&ct=result 111.]<br /> • _____, 1912. ''The Religion Worth Having''. Chapter [https://books.google.com/books?id=79AjG-BxewkC&dq=%22&printsec=frontcover&source=bl&ots=_vvfCP6Bnc&sig=M7nJT7b7-eQeYGA_f51G_GGWbyY&hl=en&ei=uu23SeeBNJjAtgfOwvGzCQ&sa=X&oi=book_result&resnum=1&ct=result#PPP9,M1 links.]<br /> • Mahmoud A. El-Gamal, 2006. ''Islamic Finance: Law, Economics, and Practice''. Cambridge. [https://web.archive.org/web/20060812051833/http://www.cambridge.org/us/catalogue/catalogue.asp?isbn=0521864143 Description and chapter titles.]</ref> |
The '''Economics of Religion''' concerns both the application of economic techniques to the study of religion and the relationship between economic and religious behaviours.<ref>{{cite book |last1=McCleary |first1=Rachel M. |title=The Oxford Handbook of the Economics of Religion |date=2011 |publisher=Oxford University Press |isbn=9780199781287 |url=https://books.google.co.uk/books?id=TRjB0DjEyIkC&printsec=frontcover&dq=oxford+handbook+of+economics+of+religion&hl=en&sa=X&ved=0ahUKEwjNrtOQ_uTbAhVlBcAKHZoeDrkQ6AEIJzAA#v=onepage&q=oxford%20handbook%20of%20economics%20of%20religion&f=false |language=en}}</ref> The relationship between religion and economic behaviour was first identified by [[Max Weber]] who attributed the modern advent of [[capitalism]] to the [[protestant reformation]].<ref>{{cite book |last1=Weber |first1=Max |title=The Protestant Ethic and the Spirit of Capitalism |date=2012 |publisher=Courier Corporation |isbn=9780486122373 |url=https://books.google.co.uk/books?id=ez7CAgAAQBAJ&printsec=frontcover&dq=weber+spirit+of++capitalism&hl=en&sa=X&ved=0ahUKEwiI4MfE_OTbAhWHIsAKHa09DmQQ6AEIJzAA#v=onepage&q=weber%20spirit%20of%20%20capitalism&f=false |language=en}}</ref> [[Adam Smith]] laid the foundation for economic analysis for religion in [[The Wealth of Nations]] stating religious organisations are subject to market forces, incentive and competition problems like any other sector of the economy.<ref>{{cite book |last1=Smith |first1=Adam |title=The Wealth of Nations |date=1776 |publisher=Methuen \& Co |location=London |page=749}}</ref> Empirical work examines the causal influence of religion in [[microeconomics]] to explain individual behaviour<ref>{{cite book |url=https://books.google.co.uk/books?id=913O9xcpBB4C&printsec=frontcover&dq=starke+and+finke&hl=en&sa=X&ved=0ahUKEwju7tumgOXbAhUsBMAKHfcBD1sQ6AEIJzAA#v=onepage&q=starke%20and%20finke&f=false}}</ref> and in the [[macroeconomic]] determinants of economic growth<ref>{{cite journal |last1=Barro |first1=Robert J. |last2=McCleary |first2=Rachel M. |title=Religion and Economic Growth across Countries |journal=American Sociological Review |date=2003 |volume=68 |issue=5 |pages=760–781 |doi=10.2307/1519761 |url=https://www.jstor.org/stable/pdf/1519761.pdf?refreqid=excelsior%3Af1ae826319b358dfe85c1ffca2d42897}}</ref>. Religious (or theological) economics is a related subject sometimes overlapping or conflated with the economics of religion.<ref>For example, the [http://www.acton.org/pub/journal-markets-morality ''Journal of Markets & Morality''] of the Acton Institute for the Study of Religion and Liberty and [http://www.gordon.edu/ace/ACEFandE.html ''Faith & Economics''] of the Association of Christian Economists.<br /> • Paul Oslington, ed., 2003. ''Economics and Religion'', Elgar, v. 2, part II, Economics of Religion, scrollable [http://www.ecampus.com/book/9781840648492 table of contents], 10 of 41 papers, 1939-2002.<br /> • Patrick J. Welch and J.J. Mueller, 2001. "The Relationship of Religion to Economics," ''Review of Social Economy'', 59(2). pp. 185-202. [http://www3.baylor.edu/2002conference/abstracts/Welch,+Patrick+abstract.pdf Abstract.]<br /> • Paul Oslington, 2000. "A Theological Economics," ''International Journal of Social Economics'', 27(1), pp.[http://www.essaybay.com/articles/theology4.pdf \ 32-44.]<br /> • Paul Oslington, ed., 2003. ''Economics and Religion'', v. 1, Historical Relationships, table of contents, pp. v-vi with links via upper [https://books.google.com/books?id=PDgxjACbK8AC&pg=PP10&lpg=PP7&ots=jUcI7NuNsm&lr= right-arrow] to Introduction and first 11 of 17 papers, 1939-2002.<br /> • Paul Oslington, ed., 2003. ''Economics and Religion'', v. 2, part I, Religious Economics and its Critics, scrollable [http://www.ecampus.com/book/9781840648492 table of contents], 14 papers, 1939-2002.<br /> • A.M.C. Waterman, 2002. "Economics as Theology: Adam Smith's Wealth of Nations," ''Southern Economic Journal'', 68(4), p [https://www.jstor.org/pss/1061499 p. 907]-921. Reprinted in Paul Oslington, ed., 2003. Economics and Religion, v. 1, pp. [https://books.google.com/books?hl=en&lr=&id=PDgxjACbK8AC&oi=fnd&pg=PA321&ots=jUcMdJuPuf&sig=kGPnD-pUaO7URku_AHU69laIk5Y#v=onepage&q=&f=true 321]-[https://books.google.com/books?hl=en&lr=&id=PDgxjACbK8AC&oi=fnd&pg=PA336&ots=jUcMdJuPuf&sig=kGPnD-pUaO7URku_AHU69laIk5Y#v=onepage&q=&f=true 336.]<br /> • [[Thomas Nixon Carver]], 1908. "The Economic Basis of the Problem of Evil," ''Harvard Theological Review'', 1(1), pp. [https://books.google.com/books?id=lP0LAAAAIAAJ&pg=PA97&lpg=PA97&dq=bl&ots=d_S53v307b&sig=SdakU_iXyhn7XT-d-zbNYFUSB_Y&hl=en&ei=TGu6ScDVCuH8tgfa7eTiDw&sa=X&oi=book_result&resnum=2&ct=result 97]-[https://books.google.com/books?id=lP0LAAAAIAAJ&pg=PA111&lpg=PA111&dq=bl&ots=d_S53v307b&sig=SdakU_iXyhn7XT-d-zbNYFUSB_Y&hl=en&ei=TGu6ScDVCuH8tgfa7eTiDw&sa=X&oi=book_result&resnum=2&ct=result 111.]<br /> • _____, 1912. ''The Religion Worth Having''. Chapter [https://books.google.com/books?id=79AjG-BxewkC&dq=%22&printsec=frontcover&source=bl&ots=_vvfCP6Bnc&sig=M7nJT7b7-eQeYGA_f51G_GGWbyY&hl=en&ei=uu23SeeBNJjAtgfOwvGzCQ&sa=X&oi=book_result&resnum=1&ct=result#PPP9,M1 links.]<br /> • Mahmoud A. El-Gamal, 2006. ''Islamic Finance: Law, Economics, and Practice''. Cambridge. [https://web.archive.org/web/20060812051833/http://www.cambridge.org/us/catalogue/catalogue.asp?isbn=0521864143 Description and chapter titles.]</ref> |
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==Religion and Economic Growth== |
==Religion and Economic Growth== |
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The Economics of Religion concerns both the application of economic techniques to the study of religion and the relationship between economic and religious behaviours.[1] The relationship between religion and economic behaviour was first identified by Max Weber who attributed the modern advent of capitalism to the protestant reformation.[2] Adam Smith laid the foundation for economic analysis for religion in The Wealth of Nations stating religious organisations are subject to market forces, incentive and competition problems like any other sector of the economy.[3] Empirical work examines the causal influence of religion in microeconomics to explain individual behaviour[4] and in the macroeconomic determinants of economic growth[5]. Religious (or theological) economics is a related subject sometimes overlapping or conflated with the economics of religion.[6]
Studies suggests there is a channel from religious behaviours to macroeconomic outcomes of economic growth, crime rates and institutional development.[8] Scholars hypothesise religion impacts economic outcomes through religious doctrines promoting thrift, work ethic, honesty and trust.[9]
The correlation between religion and economic outcomes can be interpreted in two ways: (1) a feature intrinsic to religion which affects growth or (2) a feature correlated to religion but not religion itself which affects growth. Existing cross-country literature is criticised for inability to distinguish between the two explanations, a problem termed endogenity bias. Controlling for country fixed effects mitigates bias but more recent studies utilise field and natural experiments to identify the causal effect of religion. [10]
Research highlights the importance of religious orthodoxy on moral behaviours and versions of the Golden Rule “Do unto others as you would have others do unto you” comprise most major religions[11]. Others argue it promotes cooperation and trust within culturally defined groups or clubs. [12]. Studies compare the complementary effects of religious values such as charity, forgiveness, honesty and tolerance and religious social groups where membership instils favouritism or discrimination towards in or outgroup members.[13]
The believing channel of religion behaviours concerns costly effort concerned with divine reputation. Azzi and Ehrenberg (1975) propose individuals allocate time and money to secular and religious institutions to maximise utility in this life and the afterlife.[14]. The colonisation of religious minds by the morally concerned supernatural or “Big Gods”[15] diffused behaviours derived from moral instruction.
As Iannaconne (1998) argues "religious behavior is anything but an individual matter"[16]. The belonging approach to religion considers the social notion of between and within religious groups. Iannaconne (1998) assigns religion as a `club good' from a rational choice perspective where costly rituals exclude free-riders from in-group benefits. Field experiments also evidence religious people are more trusting and cooperative with fellow religious adherents. Many experimental studies suggest group belonging has a greater influence on behaviour than belief orthodoxy. [17] As Darwin (1874) among others argue, the promotion of cooperative in-group behaviours is not unique to religious networks. [18]
Experimental methods can be applied to isolate the effect of religion on behaviour patterns and to distinguish between believing versus belonging channels. Experimental methods are useful in the Economics of Religion to standardise measurement and identify causal effect.[19]. Methods include looking at religion in various games – Prisoner's dilemma, public goods game, ultimatum game, dictator game and parametric choice. Generally, as Hoffman's (2011) survey few statistically significant results have been identified which commentators attribute to opposing positive versus negative effects between and within individuals.[20]
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