In his presentation, The Moral Advantages of a Free-Market System, Dr. Wayne Grudem defines a free-market system, lists the factors that determine the degree of freedom, details sixteen moral advantages of a free-market system, and addresses the flawed objections to free-market economics. This must-see video — which can only be found at IFI — concludes with a brief Q&A session.
“The solution is not generosity,” Dr. Grudem proclaims, a statement that seemingly contradicts everything we’ve been told. As an example, while most agree there’s a severe problem in Africa — containing 13 percent of the world’s population but producing 1 percent of its economic output — the solution most people prescribe looks nothing like theologian Wayne Grudem’s answer.
We highly recommend this video lecture by Dr. Grudem (theologian and co-author of The Poverty of Nations) as he addresses attendees of IFI’s 2016 Worldview Conference. He slices through the deceptions that cause well-meaning people to pour out their money to fight the symptoms of poverty. Is poverty reduction about merely “giving to the poor?” What about debt forgiveness, printing more money, or blaming colonialism? Or buying fair trade coffee?
Drawing from research presented in his book, Dr. Grudem pulls us back to the fundamental economic principles. He makes scary terms like “Gross Domestic Product” come alive when he explains how they affect real people in suffering nations. And it turns out that the biblical perspective on economic blessing aligns with what economic wisdom teaches us! The best way for nations to escape poverty is to work — to increase their own production of goods and services.
His advice provides a provocative — yet biblically and economically sound — perspective on how Christians can best help the poor as Christ calls us to do. Hint: it’s not ultimately about funneling money overseas. As Dr. Grudem informs us, “It is a temporary band-aid, not a permanent solution.”
In the Q&A, Dr. Grudem touches on sensitive topics such as global warming, giving money to for-profit businesses, and the role of oppression in the West’s success story.
