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The living standards data compiled by the late Angus Maddison reveal a pattern in which the material living standards of Western Europe were essentially flat from the year 1 CE to 1500 CE and only

The living standards data compiled by the late Angus Maddison reveal a pattern in which the material living standards of Western Europe were essentially “flat” from the year 1 CE to 1500 CE, and only start increasing dramatically post-1600 CE. The thesis has been advanced that this rise in Western European material living standards correlates wit the birth and development of Economic Thought/Theory, whereby men explicitly attempted to rationalize the laws governing economic phenomena. Prior to 1700 CE, most of life in Western Europe was organized around the dogma and kerygma of the Catholic Church, the influence of which was increasingly diminishing post-1500 CE. Consider the Biblical passages below from the Holy Bible: • Leviticus 25:37. “You shall not lend him your money at interest, nor give him your food for profit. • Luke 12:15. “And he said unto them, Take heed, and beware of covetousness: for a man’s life consisteth not in the abundance of the things which he possesseth.”’ • Timothy 6:10. “For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows”’. • Philippians 4:19. “But my God shall supply all your need according to his riches in glory by Christ Jesus”

Apr 19 2020 View more View Less

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