The website found at
indicates that the 10 most popular markers of economic viability are these:
1. 1. Real GDP (Gross Domestic Product)
2. M2 (Money Supply)
3. Consumer Price Index (CPI)
4. Producer Price Index (PPI)
5. Consumer Confidence Index
6. Current Employment Statistics (CES)
7. Retail Trade Sales and Food Services Sales
8. New and Used Housing Starts (“Housing Numbers”)
9. Manufacturing and Trade Inventories and Sales (How much sold vs. leftover)
10. S&P 500 Stock Index (the S&P 500)
These metrics, as good and useful as they are, were formed on a positivistic concept of economics, one which views these features as independent from what are actually the most important factors (ethical and covenantal) determining the present and long-term success of any economy, local or international. Solomon’s affirmation that righteousness (or better wisdom) exalts a nation is exactly true and can be viewed throughout history according to the character of leaders, nations and peoples.
Righteousness, like most everything else, comes by matter of degree and is dynamic. This is, in effect, where sociology meets ethics. The time lag factor tends to cloud the issue. Deeds done today do not often roil the markets tomorrow; nor can they be expect to have any real impact for some time later (usually). This suggest that we want to find the relevant trends, and create corresponding trend indicators to estimate economic fortitude tomorrow. Here are a few of my suggestions as to what we ought to be looking at, and the WAYS in which we ought to do our economic “looking.”
Dr. Craig’s New Metrics and Standards for Advanced (Alexandrian) Economics
- Wisdom Exalts a Nation
A wisdom index of a nation would include the total amount of money given to aid the less fortunate or other excellent charity as a percentage of the Real GDP. Cost of life insurance should also rate as an overall wisdom indicator since wisdom promotes longer and healthier life. Nations should each have a wisdom index metric result published for comparison annually. This would incite nations to more wise, fiscal and ethical behaviors.
- The Principle of Lex Talionis rules the world of economics
- If you want your debts to fall, forgive the debts of other nations
- If you want your nation to succeed, cause other nations to win
- Subsidize all nations if you want their business (earth care package)
- The measure of strength of an economy is the trend of “Virtue.” The virtue index employs seven markers to estimate the strength of the economy going forward.
Per capita gives the best average indicator, to be synthesized with the median, perhaps, to find right proportion.
Labor production total, which amounts to a measure of national diligence and skill in the workplace;
30-year Investment return (Wisdom);
Cost of Crime (Goodness) [when crime rate is lower]; This includes price of law enforcement, court procedures, and prison maintenance, and value lost to the economy for the ten most commonplace, or expensive crimes.
Charity donations given in any one year
Life — since wisdom leads to life, the cost of insuring life is lower where wisdom flourishes, and higher where it lacks. Life insurance rates per capita thus form an excellent indicator of national wisdom level. Fools get themselves killed at a much faster rate than those wise enough to “get out of the middle of the street.”
This post will continue later — If the Lord Wills.