Man knows nothing apart from the Bible.
What can the Bible teach us about economics? In fact, it does not teach about economics because it is the primary source of knowledge. The study of economics does not belong to man, nor does the study of anything else. Knowledge belongs to God. God has chosen to reveal knowledge to man through His Word, the Bible.
Man is command to understand the world that God has created. Starting with a definitive God, “rightly dividing the Word of God”, and obeying the Word of God, man can understand the world around him and how to act within that world for God’s glory.
From anthropology to zoology, the Bible sets forth principles designed for the best interest of humanity and the glory of God. Obedience brings blessing, disobedience yields trouble.
Adam and Eve disobeyed God. The greatest harm was man’s fellowship with his creator was broken and man was now lost. Secondly, man’s mind became faulty (Ephesians 4:18), work became arduous (Genesis 3:17) and human relations became faulty (Genesis 3:16&17). Separated from God by sin, man was now on his own to understand the world, should he choose.
The study of economics is the use of the mind to understand human action. Action that is primarily oriented to the goal of fighting the material consequences of sin: death and decay.
But the mind at enmity with God can not understand the principle of sin. “The natural man receives not the things of the spirit, for the things of the spirit are spiritually discerned“. Man in his natural existence is spiritually dead. Hence the need for a new birth.
The Lord Jesus Christ said it plainly, “Ye must be born again”. At the point of this new birth, a spiritual birth, the individual is radically changed. So radical, that the transformation reckoned as being “from death to life”.
Prior to being born again, man is dead. Afterwards, he is alive. The born again individual, now a Christian, has the mind of Christ. Now man can properly understand the world around him, but he must chose to obey God’s Word in order to do so. Otherwise, “he is like a dog returning to its vomit”.