There’s a lot of economics posturing out there, and the noise gets louder as things get more difficult. That is, it gets loudest when one special interest or another isn’t happy with their share of the loot. Something you need to keep in mind: There is no such thing as an altruistic advocate on economic policy. The Myth of Objectivity is a lie from the Devil. That’s not to say all the participants in the debate are individually and consciously evil, but it’s always the same kind of rationalization we expect from self-deceived fallen intellects. There is always some kind of personal interest in there somewhere, hidden or otherwise.
Your elder does not promote any economic theory. I will point out how the various theories are symptoms of moral failure. There is no solution to economic troubles because all of the a priori assumptions are wrong. Until you draw near to Biblical Law, you cannot discern what’s real, so you cannot imagine what will work. All we have left is to observe human economic behavior and understand why it will inevitably fail.
Understanding why it will fail requires understanding the basic Law of God as manifested in the Law Covenants. There is only one way to get this right, one hope of making the most of our human condition after the Fall. We’ve covered it here before. The biggest problem is the failure to grasp how Creation as a whole is wired for Ancient Near Eastern (ANE) feudalism. There can be no secular state; there can be no “public” entities. Until we get that one thing right, all of mankind’s dreams and ferment of activity are futile.
So this business of advocating the transfer of wealth for “a more equitable” outcome is a lie from Hell. Not because it’s socialism or communism, but because transferring wealth requires threats of violence from a morally invalid authority. It ignores how the process of transfer is inherently destructive of wealth. Vast quantities are consumed in the mechanism and will never get to the supposed recipient. This in itself is an intolerable evil.
Worse, the process of transfer invariably destroys the recipient. It has never once been done in such a fashion as to preserve the humanity of anyone involved. It is inherently dehumanizing to all involved, but particularly to the alleged beneficiary. It reduces them to status of pets, at best. There is simply no way to make this ennobling to anyone. So anyone who proposes a system of wealth transfer should be treated as demonized and insane.
But by the same token, the economic libertarians are turning shalom on its head. They want to reduce everyone to an individual before an objective legal system, when God’s Word flatly says — repeatedly — that people need the protection of their tribe or clan (either by DNA or by covenant). In a libertarian system, the individual is stripped of all protection and left to the whims of any cabal that manages to displace the natural protection of the tribe. It breeds covenants of evil because there is no restraint on the natural human urge to control and pad one’s own nest. God’s plan was to restrict those urges under ANE feudalism. Whatever failings you might imagine there are in His system, everything man dreams up is far worse.
So it doesn’t matter what mixture of economic and social freedom-versus-control that you propose, you are fighting reality and fighting God. It never has worked and it never will. Worse, you will have promoted Satan’s power to oppress and enslave no matter which path you devise and pursue. All such theories are lies from the Devil.
Because we know that there is no hope of mankind to embrace the truth of God, we are left with the mission to infiltrate and humor whomever thinks they are in charge. There will be no significant measures of divine justice, so get used to it. Understand why and how it is all evil so that you can point it out in those teachable moments of God’s glory. Don’t get lost in the disputes and debates about all the various theories; it’s nothing more than comparative sin. None of it will work and God won’t bless it. Some of it will appear to work because Satan’s mission is to deceive those who reject God’s truth.
It may even appear to work quite well, but that’s no different than why “black magic” seems to work in parts of the Bible narrative. Creation is far more powerful and alive than Westerners are willing to admit, and Creation will tend to give you what you demand from it in a certain sense. But when the things you demand are inherently destructive, that’s your problem. Your elder will never attempt to rule over you, but is duty bound to offer his heart-led insight. This is eldercraft, and every human who seeks God’s favor will eventually face the call of eldership on some scale; it’s highly unlikely you’ll escape it. Be ready; ask for wisdom.