Question

Microeconomics is primarily based on three “creeds.” Briefly, explain what each of those creeds are.

Answer 1

Definition of Creed - A creed refers to a doctrine or formula of religious beliefs or a set of fundamental beliefs which provides a guiding path to the people in the society. It expresses and makes clear the important beliefs of Christianity. So, it can also be called as a formal statement of Christian beliefs.

Microeconomics is primarily based on three creeds namely Nicene Creed, Apostles Creed and Athanasian Creed.

The Nicene Creed, also called Niceno-Constantinopolitan Creed, refers to a Christian statement of faith that is the only ecumenical creed because it is accepted as authoritative creed by churches. Till the early 20th century, it was universally assumed that the Nicene Creed was an enlarged version of the Creed of Nicaea, which was promoted at the Council of Nicaea. It was further assumed that this enlargement had been carried out at the Council of Constantinople with the object of bringing the Creed of Nicaea up to date in regard to the incarnation that had arisen in the council.

The Apostles’ Creed refers to the oldest statement of faith in Christianity, written in the second century AD. It defines core Christian beliefs about God, Jesus, the church, salvation, and other theological topics. There were twelve apostles namely Simon (Peter), Andrew, James (son of Zebedee), John, Philip, Bartholomew, Thomas, Matthew, James (Alpheus), Thaddeus, Simon (Canaanite) and Judas Iscariot.It was widely believed that each of the twelve apostles contributed one article to the creed under the able guidance of the Holy Spirit. The Churches still attributes each article of the creed to a specific apostle.

The Athanasian Creed, also known as Pseudo Athanasian Creed refers to the christian statement of beliefs focused on Trinitarian doctrine and Christology.This creed is based on Athanasius (fourth century bishop of Alexandria) who was the defender of Trinity doctrines.It has two sections - one which deals with trinity and other deals with incarnations.