How Economics Became a Consumption Science: An Assessment

Economics was originally a production-oriented discipline that emphasized an efficient production of goods and services. However, modern economics, led by American neoclassical economists, has transformed itself into a consumption-oriented, and increasingly a finance-oriented, “science” that accentuates extensive as well as expansive consumption and financial markets. The transformation was not simply a matter of economics. Rather, it had a great deal to do with political, social, institutional and religious changes that have occurred in the twentieth century America. The end result was the advent of the so-called “mainstream economics” and consumer society. Interestingly, American evangelicals were, if not outright active, at least reluctant promoters in the transformation of economics. This study is to examine the historical flow of this change. Accordingly, in this paper, we examine how economics made the transformation from a production-oriented discipline into one that emphasizes consumption and finance, and the place of the evangelical church in that process.