Its not Keynes or Hayek, It’s Leviticus

Fight of the Century: Keynes vs. Hayek!

“Fight of the Century” is the new economics hip-hop music video by John Papola and Russ Roberts. Keynes and Hayek never agreed on the answers to these questions and they still don’t. Let’s listen to the greats. See Keynes and Hayek throwing down in “…

This entertaining online video about economics claims that the fight of the century is Keynes vs Hayek. That`s true if you`re talking about the 20th century. I remember my father, John Garman, telling me when I was a young boy, that when I see two people fighting, don`t assume that one is right and the other is wrong, and take sides. In reality, it`s usually the case that both are wrong. In the 21st century, it`s no longer ivory tower economists that are inspiring the world, such as Marx, Keynes or Hayek, it’s Leviticus. For the twenty first century, a new inspiration is emerging from the economic rubble. Activists inspired by the Book of Leviticus are calling for a Debt Jubilee. Yet many consider Leviticus irrelevant. Even dangerously irrelevant. It`s the book in the Bible largely ignored by the church. The concept of liberty expressed in Leviticus is mostly unknown to the students of Marx, Keynes and Hayek.

Isn’t Leviticus irrelevant?

Legal scholar Jonathan Burnside makes the case for the continued relevance of Leviticus, from the criminal justice system to the X-factor.

For an outline of the Economic Vision of Leviticus, check out  The divine economy, written by Paul Mills of Jubilee Centre, Cambridge.

From the introduction:

‘Leviticus Chapter 25 is a passage that makes Das Kapital look tame…it is no longer Morris, Keynes and Beveridge who inspire and change the world – it’s Leviticus.’ …

The basic economic problem is that the incentives needed to promote efficiency and growth also lead to inequality. Biblical law sets out an economic model that shares contemporary concerns for economic efficiency and fairness while avoiding the problems faced by the current Western model. In the process it achieves what economists have been aspiring to for the past 250 years and yields a number of innovative ideas for reform. The beauty of its conception from an economic point of view has rarely been appreciated.

It`s time to consider beautiful conceptions in economics. And leave the fights of the past behind. It`s time to seriously consider Leviticus.