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The Covenantal Structure of Christian Economics THE COVENANTAL STRUCTURE OF CHRISTIAN ECONOMICS Books by the Author An Economic Commentary on the Bible (31 volumes, 1982–2012) Marx’s Religion of Revolution (1968, 1989) An Introduction to Christian Economics (1973) Puritan Economic Experiments (1974, 1988) Unconditional Surrender (1980, 2011) Successful Investing in an Age of Envy (1981) Government by Emergency (1983) Backward, Christian Soldiers? (1984) 75 Bible Questions Your Instructors Pray You Won’t Ask (1984) Coined Freedom (1984) Conspiracy: A Biblical View (1986) Honest Money (1986) Unholy Spirits (1986, 1994) Dominion and Common Grace (1987) Inherit the Earth (1987) Liberating Planet Earth (1987) Healer of the Nations (1987) The Pirate Economy (1987) Is the World Running Down? (1988) When Justice Is Aborted (1989) Political Polytheism (1989) The Hoax of Higher Criticism (1990) Victim’s Rights (1990) Millennialism and Social Theory (1990) Westminster’s Confession (1991) Christian Reconstruction (1991), with Gary DeMar The Coase Theorem (1992) Salvation Through Inflation (1993) Rapture Fever (1993) Tithing and the Church (1994) Crossed Fingers (1996) The Five Pillars of Biblical Success (2008) The Covenantal Tithe (2011) Gertrude Coogan’s Bluff (2012) Mises on Money (2012) God’s Covenants (2014) Christian Economics: Teacher's Edition (2017) Christian Economics: Student’s Edition (2017) THE COVENANTAL STRUCTURE OF CHRISTIAN ECONOMICS Gary North Point Five Press The Covenantal Structure of Christian Economics Copyright © Gary North, 2015, 2018 2nd Edition CC-BY-4.0 Point Five Press P.O. Box 2778 Dallas, Georgia 30132 Whenever you see a bit.ly short link in this book, please go to the PDF document and download it to your hard disk if I wrote it. If you have a website or blog, post it. This will get wider distribution. This will guaran- tee the document will be available permanently. I do not want my books to disappear. This book is dedicated to Pax North and Bishop North Cousins TABLE OF CONTENTS Foreword . .xv Preface. xxii Introduction . .1 Part I: The Economic Structure of the Dominion Covenant Introduction to Part I . 21 1. The Judicial Sovereignty of God . 23 Analysis . 23 A. God Owns Everything . 28 B. God Delegates Ownership . 33 C. God Prohibits Theft. 34 D. God Evaluates Performance . 36 E. God Mandates Growth. 39 Conclusion . 40 2. The Judicial Authority of Man. 43 Analysis . 43 A. Purpose Precedes Planning . 46 B. Priorities Structure Planning. 49 C. Ownership Involves Exclusion. 52 D. Owners Evaluate Performance. 55 E. Owners Designate Heirs . 60 Conclusion . 61 3. The Economic Laws Governing Man . 64 Analysis . 64 A. Owners Adopt Purposes. 65 B. Prices Provide Information. 67 C. People Prefer More . 69 D. Scarcity Imposes Costs. 71 E. Growth Reduces Scarcity. 72 Conclusion . 74 TABLE OF CONTENTS 4. The Economic Constraints on Man. 76 Analysis . 76 A. Blindness. 78 B. Rebellion . 81 C. Sin . 83 D. Uncertainty . 85 E. Poverty . 87 Conclusion . 89 5. Overcoming the Economic Constraints on Man. 91 Analysis . 91 A. Purpose. 93 B. Planning . 95 C. Cooperation . 99 D. Profit . 102 E. Accumulation . .104 Conclusion . 108 Conclusion to Part I . .110 Part II: The Economic Structure of the Individual Covenant Introduction to Part II. 115 6. Ownership . 121 Analysis . 121 A. Goals . 122 B. Planning . .123 C. Standards. 124 D. Judgment. 125 E. Legacy . 126 Conclusion . 127 7. Stewardship . 128 Analysis . 128 A. Sovereignty. 131 B. Representation. 132 C. Boundaries. 135 D. Inequality . .136 TABLE OF CONTENTS E. Accumulation . .139 Conclusion . 140 8. Boundaries . 142 Analysis . 142 A. Naming. 143 B. Bidding . 145 C. Specializing . .148 D. Economizing. 149 E. Compounding . 152 Conclusion . 153 9. Imputation . 155 Analysis . 155 A. Valuation by God . 158 B. Valuation by Man . 160 C. Criteria: Individual and Corporate . .161 D. Value and Price . .165 E. Value-Added Living. 167 Conclusion . 171 10. Inheritance . 174 Analysis . 174 A. Purpose. 175 B. Planning . .177 C. Imitation. 180 D. Judgment. 182 E. Dominion. 185 Conclusion . 187 Conclusion to Part II. 189 Part III: The Economic Structure of the Family Covenant Introduction to Part III . .193 11. Ownership . 201 Analysis . 201 A. God’s Ownership . 203 B. Central Planning . .204 C. Boundaries. 211 D. Imputation. 214 E. Inheritance. 217 Conclusion . 219 12. Stewardship . 221 Analysis . 221 A. Sovereignty. 222 B. Representation. 224 C. Lease . 226 D. Feedback. 228 E. Accumulation . .229 Conclusion . 234 13. Boundaries . 236 Analysis . 236 A. Name and Ownership . .237 B. Resource Allocation. 238 C. Time and Place . .239 D. Scarcity . 241 E. Economic Growth. 243 Conclusion . 244 14. Imputation . 247 Analysis . 247 A. Valuation by God . 249 B. Valuation by Man . 250 C. Criteria: Individual and Corporate . .251 D. Value and Price . .253 E. Value-Added Living. 255 Conclusion . 257 15. Inheritance . 259 Analysis . 259 A. Purpose. 259 B. Central Planning . .260 C. Imitation. 262 D. Entrepreneurship . 264 E. Accumulation . .265 Conclusion . 267 Conclusion to Part III . .267 Part IV: The Economic Structure of the Church Covenant Introduction to Part IV . .275 16. Ownership . 279 Analysis . 279 A. God’s Ownership . 280 A. Central Planning . .284 C. Boundaries. 289 D. Imputation. 291 E. Legacy . 292 Conclusion . 293 17. Stewardship . 296 Analysis . 296 A. Sovereignty. 297 B. Representation. 298 C. Lease . 299 D. Feedback. 301 E. Accumulation . .302 Conclusion . 304 18. Boundaries . 306 Analysis . 306 A. Name and Ownership . .307 B. Resource Allocation. 307 C. Time and Place . .308 D. Scarcity . 309 E. Economic Growth. 311 Conclusion . 311 19. Imputation . 312 Analysis . 312 A. Valuation by God . 313 B. Valuation by Man . 315 C. Criteria: Individual and Corporate . .316 D. Value and Price . .316 E. Value-Added Living. 318 Conclusion . 320 20. Legacy . 322 Analysis . 322 A. Purpose. 324 B. Multiplication . 325 C. Imitation. 326 D. Entrepreneurship . 328 E. Accumulation . .329 Conclusion . 330 Conclusion to Part IV . .331 Part V: The Economic Structure of the Civil Covenant Introduction to Part V. 337 21. Ownership . 339 Analysis . 339 A. Power . 340 B. Central Planning . ..
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