Article
Belief
Creed
Economics
5 min read

The insane economics of Jesus

Does he even know about inflation, budget fights, and mutual funds?

Mockingbird connects the Christian faith with the realities of everyday life.

A still from The Chosen shows Jesus and the disciples around a table
Splitting the bill?
The Chosen.

Written by David Clay. This article first appeared in Mockingbird, 11 November 2025. By kind permission. 

Having evolved into a month-long monstrosity of various parties and trunks-or-treats, Halloween has left my daughters with an absurd surfeit of candy. It’s enough to keep several dentists in business. Even so, my children still fear the annual imposition of the dreaded “dad tax,” which they argue is illegitimate due to their lack of representation. My kids have long since learned that no matter how impressive their hoard of candy, it always runs out eventually. 

What seemed like an abundance the night before is revealed to be limited supply. In other words, my children are always shocked to discover scarcity. 

Most people for most of history produced about enough to keep themselves alive. The Domesday Book (1086 AD), a survey of England commissioned by William the Conqueror, shows that peasants (i.e., people with limited or no land ownership rights who were beholden to a local lord) made up 95 per cent of the population. While peasants in some cases achieved prosperity, this was the exception to the rule of subsistence labor, usually agricultural in nature. For almost everyone, the possibility of starvation was anything but theoretical. 

In that respect, the situation in early medieval England was little different from that in first-century Palestine. There as well, nine out of ten people made just enough to survive — and, sometimes, not even that much. Both Josephus and the New Testament mention the mid-century famine (44–48 AD) that devastated Judea. There was no social safety net in that time and place. People could and did starve to death. 

It was to people permanently conscious of scarcity, then, that a certain self-styled rabbi — until very recently a day laborer himself — said, 

“Do not be anxious about your life, what you shall eat or what you shall drink, nor about your body, what you shall put on. Is not life more than food, and the body more than clothing? …  But seek first his kingdom and his righteousness, and all these things shall be yours as well. Therefore do not be anxious about tomorrow, for tomorrow will be anxious for itself. Let the day’s own trouble be sufficient for the day.” 

Jesus’ audience would have agreed that provision ultimately comes from God. But “don’t be anxious about tomorrow”? In a world where starvation is always just a bad harvest away? Jesus, with a straight face, is instructing his audience to live as if abundance, not scarcity, is the ultimate reality in life. Not for the first time, he seems more than a little disconnected from what it’s actually like to live on this planet. 

Insofar as some of us moderns in industrialized societies are a little less worried about starving or dying from exposure, this is thanks to human ingenuity (thank you very much) coming up with ways to radically increase our productivity. An undeniably magnificent achievement — but also one that’s exacerbated other forms of scarcity. 

Think, for instance, of the “attention economy,” the battle to secure ever-shrinking attention spans. The very computational tools that have made our contemporary standard of living possible have also hooked us up to a constant pipeline of far more information than we could ever possibly process. So much so that the act of paying attention, seemingly a basic feature of being human, is valued at an increasing premium. 

Or, consider time. The mid-twentieth-century economist John Maynard Keynes speculated that automation and enhanced productivity would naturally result in less stress and more leisure time. What he did not foresee is that increasing productivity increases expectations of how productive we should be. Time, in all times and places, is the ultimate “vanishing asset,” but the proliferation of time-management strategies and gadgets tells us, I think, that time seems even more limited when we are expected (or expect ourselves) to hustle and grind. 

I don’t think it’s much of an exaggeration to say that scarcity is the single most pressing reality in human experience. In some form or another, this is true of every human culture. We combat scarcity with the urge to simplify, to streamline, to do more with less, to find life hacks, or invent new technologies. 

Jesus, however, tells us to ignore it. Or, at least, to behave as though scarcity is not that interesting or important. God feeds the birds and clothes the lilies; you’re more important than a bird or lily to God; ergo, God will take care of you. Stop stressing. 

This doesn’t feel aspirational or inspirational. It feels insane. I have a mortgage. I have three girls to put through college. I need money, energy, focus, and time, not the bizarre exhortations of some mystic. Does Jesus even know about inflation? 

But the weird thing is that, yeah, he does. Jesus is very much not detached from the realities of everyday life in his time and place. He is up on current events like collapsing towers and the machinations of Herod Antipas (“that fox,” Jesus calls him. Not a compliment). He seems a little bored by politics, but he’s definitely not naive about the power structures and major players in Galilee and Judea. He makes a conniving, dishonest middle manager the hero of one of his stories. Politics, taxes, sectarian violence, collapsing infrastructure — the Gospels describe Jesus interacting with a world very different than our own, but one that’s still immediately recognizable. 

The difference is that I tend to think of inflation data, budget fights, geopolitical maneuvering over scarce resources, and supply chains as “the real world,” while the kingdom of heaven is something lovely but also a bit airy, a little insubstantial. Jesus saw things in exactly the opposite way. The kingdom is Reality, while the lords of the gentiles, the payment of taxes, even the pressing daily concerns for food and clothing, are all fleeting or at most secondary. And the kingdom is abundant, for its King doesn’t give stones when his children need bread. 

What does it mean to live as if abundance and not scarcity is the final word? I don’t know. What I do know is that what really feels insane, some days, is thinking I can conserve enough time, money, energy, focus or whatever else to build a life in which I find fulfillment or peace. There are cracks in my no-nonsense, economically rational world that beckon me to ask, what if I have no money, time, energy — nothing but my daily bread — only to find that I already have all I need? 

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Article
Culture
Economics
Ethics
6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?
A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.
$Trump coin marketing image.
gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend. 

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin. 

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”. 

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap. 

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.  

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages). 

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history. 

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators. 

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s. 

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities? 

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources... 

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment. 

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis. 

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation). 

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production. 

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold. 

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.  

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains. 

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one. 

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded. 

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank. 

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option. 

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”. 

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud. 

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved. 

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.