Question

The living standards data compiled by the late Angus Maddison reveal a pattern in which the material living standards of Western Europe were essentially “flat” from the year 1 CE to 1500 CE, and only start increasing dramatically post-1600 CE. The thesis has been advanced that this rise in Western European material living standards correlates wit the birth and development of Economic Thought/Theory, whereby men explicitly attempted to rationalize the laws governing economic phenomena. Prior to 1700 CE, most of life in Western Europe was organized around the dogma and kerygma of the Catholic Church, the influence of which was increasingly diminishing post-1500 CE. Consider the Biblical passages below from the Holy Bible: • Leviticus 25:37. “You shall not lend him your money at interest, nor give him your food for profit.

• Luke 12:15. “And he said unto them, Take heed, and beware of covetousness: for a man’s life consisteth not in the abundance of the things which he possesseth.”’

• Timothy 6:10. “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows”’.

• Philippians 4:19. “But my God shall supply all your need according to his riches in glory by Christ Jesus”.

Explain how, to the extent that Catholic dogma/kerygma was the dominant factor in organizing life in Western Europe, subscription to each of these biblical injunctions could have constituted the Economic Theory by which men understood, and governed over, economic phenomena prior to 1700 CE.

Answer 1

The living standards data compiled by the late economist reveals the living standards of the European people for the time period from the year 1c.e to 1500 c.e was a flat one which started increasingly from late 1600 century. Prior to 16th century the people of Europe considered the church to be the powerful organisations. The king and the priest went hand in hand. The people considered the church to be so powerful that the church's words were considered as their words. As we can see Luke said not to look for material things in life. The people were do ardent followers of the church that they believed it and were not so materialistic.

Timothy described the love for money to be evil, the greed for money was considered to be the roots of all evil. It says those who have covered for money have pierced through sins. Listening to these, people were never greedy for money.

Phillipines said that God shall be supplying with all the needs of men. Thus men need not be greedy as God will be there to provide with all the needs.

This was the dominance of the church in the pre 1600 era, where these were the biblical injuctions which the men understood. These were the basis of the flat standard of living of the men. All the men had the same concept about money and material things which they refrained themselves from having. Thus the standard of living curve was flat. Post 1600 c.e. After 1600 c.e the church was not that a dominant factor and many scientific inventions and discoveries came into light. Hence, after this as the church was not dominant, so people started to yearn for money which thereby increased the standard of living of the men.