Religion plays a greater role in the economy than previously thought
Religion plays a greater role in growth, prosperity and economic development than many people realise. This is the finding of a Research Insight published by the Rockwool Foundation Berlin (RFBerlin) ahead of Pentecost, marking the founding of the Christian Church. “Religion influences key economic processes: saving and financial behaviour, education, family size and the labour supply, openness to technology, social norms and political institutions,” says RFBerlin project leader Sascha Becker.
The message is as simple as it is uncomfortable for an increasingly secular Europe: anyone who regards religion as a marginal factor overlooks a part of the deep structure of our societies”, adds Becker.
Even in societies that are keen to regard religion as outdated, it continues to exert an influence – quietly, covertly and often precisely where one would least expect it, write Becker and his co-authors Jared Rubin (Chapman University) and Ludger Woessmann (Munich University). “Religious beliefs shape what people believe to be right and wrong, how much they plan for the future, the role played by family and education, and how communities view authority, trust and change,” continues Becker, a professor of economics at the University of Warwick. “All of this has economic consequences: religion can promote growth – for instance, when it strengthens education, reliability or long-term thinking. But it can also hinder growth – for instance, when it blocks innovation, exacerbates conflicts or reinforces hierarchies.”
This is particularly relevant in Europe at present, the authors continue, for the continent likes to see itself as modern, enlightened and increasingly post-religious. Yet its public holidays, economic order, educational landscapes, voluntary sector, even its notions of work, welfare for the poor and social responsibility can scarcely be understood historically without religion. Much of this continues to have an impact, even where faith has lost its visibility in everyday life. Religion is not merely a subject for church historians or theologians, but belongs at the heart of any serious debate about Europe’s economic past and future.
Becker suggests that at a time when Europe is discussing sluggish growth, skills shortages, educational deficits and social cohesion, one should not dismiss the religious dimension as mere folklore. Indeed, as new research shows, it is part of the explanatory power of modern economics.
Wissenschaftlicher Ansprechpartner:
Prof. Sascha Becker, 0044 7878 7578 11; s.o.becker@warwick.ac.uk
Originalpublikation:
RFBerlin Research Insight: “Religion and Economic Growth: What We Know and Why It Matters” by Sascha Becker, Jared Rubin and Ludger Woessmann;
published here: https://www.rfberlin.com/research-insight/
Weitere Informationen:
https://www.aeaweb.org/articles?id=10.1257/jel.20231666 “Religion and Growth” by Becker, Sascha O., Rubin, Jared, & Woessmann, Ludger (2024), in: Journal of Economic Literature 62(3), 1094–1142
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