Economics is about people. It cannot be reduced to numbers, formulae and analyses. “The subject matter of economics,” observes economic historian Odd Langholm, “is properly the habits, customs, and ways of thinking of producers, consumers, buyers, sellers, borrowers, lenders, and all who engage in economic transactions.”
That means our moral habits can have a definite effect on determining if our economy grows—or fails.
In my book, Return to Order, I show how our present economic crisis is being caused by what I call “frenetic intemperance.”
Frenetic intemperance can be defined as a restless spirit inside certain sectors of modern economy that foments a drive inside men to throw off legitimate restraints and gratify disordered passions. It is not a specifically economic problem but a moral and psychological vice that throws everything out of balance. When frenetic intemperance dominates, it often sends the whole system into convulsions—as we saw during the 2008 subprime mortgage crisis. And, unless addressed, it is virulent enough to crash the entire financial system.
In our daily lives, we see frenetic intemperance in the tendency to desire everything, right away, regardless of the consequences. Everyone must have the latest gadget even though they do not need it and really cannot afford it. The mad lack of restraint leads to an unstable economy laden with boom and bust, debt and stress. It creates a cold mechanistic economy where money rules. It gives rise to a materialistic culture which values quantity and utility over quality and beauty. The long and short of it is that a frenzied economy comes from frenzied lifestyles.
And that brings us to Lent. Fighting bad moral habits and practicing restraint is what Lent is all about. More than giving up a box of chocolates, how about giving up habits that foster frenetic intemperance, which is the real root cause of our economic decline? Besides the personal benefits of interior peace, detachment, and greater spiritual freedom, a good Lent can also help save our economy.
Here are some suggestions on how this might be done.
1. Avoid speculative investments that promise huge returns on investment in little time. Such offers usually do not deliver what they promise and always feed frenetic desires that create anxiety and stress.
2. Stay away from business relationships that are cold and mechanical. Treat workers like family. Respect those for whom you work.
3. Avoid trendy business gurus and books that call for radical changes that will “revolutionize” a company or keep people in a constant state of change.
4. Eschew work schedules that are inhuman and stressful. Learn to appreciate leisure.
5. Avoid compulsive buying especially during those sales frenzies around the holidays.
6. Shun the abuse of credit cards and especially the temptation to pay only the minimal monthly amount. Avoid consumer debt as you would the plague (i.e. borrowing to buy things for your immediate consumption, e.g. that new laptop, games, cars, fashion clothing, etc. that you cannot afford, as opposed to investment debt , e.g. your home mortgage).
7. Learn not to have everything right now. The culture of instant gratification creates a frenzied lifestyle—and economy.
8. Do not take as role models those who have money as the central axis of their lives. Admire character not a person’s bottom line.
9. Resist the temptation of seeing only quantity and cheapness. Learn to appreciate the beauty of quality and good taste.
10. Avoid lavish display, especially of fancy gadgetry that leads to a desire to keep up with the e-Joneses with the latest version.
As Lent progresses, we would do well to do something that has an impact beyond our own spiritual lives. It would be good to practice charity toward our neighbor by looking at the big picture. Giving up frenetic intemperance is a good start.