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Godonomics: How to Save Our Country--and Protect Your Wallet--Through Biblical Principles of Finance
God’s solution to America’s economic crisis
Saving America’s economy is not a conservative-versus-liberal issue, it is a biblical issue. National leaders have failed to pull the country out of its financial tailspin because both major parties are working from the wrong text. For a nation to achieve stability and enjoy lasting economic health, it needs to adopt the economic principles set forth in the Bible.
Godonomics uncovers the core teachings from God’s Word that offer the only workable solution to our nation’s economic back-slide. Biblical principles uphold the superiority of free-market capitalism, which produced history’s highest standard of living and established the United States as an unrivaled superpower. But forces are at work today, even in the church, that seek to enslave our nation in a socialistic system. Now you can speak out—using God’s Word—against false teachings that endanger your livelihood and the future of America.
Let Godonomics show you God’s requirements for financial success—in your own life and in the affairs of our nation. By following Scripture’s economic principles, you can ensure your family’s financial wellbeing even if America falls into a deepening crisis. And if we act together, it is not too late to reverse the decline.
“Godonomics is a thoughtful critique of the theories that control the world of commerce and shape the lives of men and nations. Chad Hovind challenges us to reassess doing business as usual.”
—Dr. Peter A. Lillback, president of Westminster Theological Seminary, Philadelphia
“Chad Hovind offers a creative and compelling case for the constitutional framework for government. He also provides practical fi nancial principles that will help you make wise decisions with your money.”
—Shane F. Krauser, author of Your Nation to Save, director of the American Academy for Constitutional Education
“Godonomics is an incredible comparison of biblical economics and the culture. A real eye-opener.”
—Josh D. McDowell, popular speaker, coauthor of Undaunted and The Unshakable Truth
“Chad Hovind brings a reasonable voice to the convinced and the unconvinced. Godonomics applies God’s wisdom on economics both to individuals and nations. You will learn about the Bible’s prescription to secure our nation’s future economic health.”
—David Barton, founder and president of WallBuilders
“Using God’s Word regarding financial principles, you can now be bold in speaking out against false teachings. Your entire family will learn from this important book.”
—Mark Whitacre, PhD, president of operations and COO of Cypress Systems Inc.
Saving America’s economy is not a conservative-versus-liberal issue, it is a biblical issue. National leaders have failed to pull the country out of its financial tailspin because both major parties are working from the wrong text. For a nation to achieve stability and enjoy lasting economic health, it needs to adopt the economic principles set forth in the Bible.
Godonomics uncovers the core teachings from God’s Word that offer the only workable solution to our nation’s economic back-slide. Biblical principles uphold the superiority of free-market capitalism, which produced history’s highest standard of living and established the United States as an unrivaled superpower. But forces are at work today, even in the church, that seek to enslave our nation in a socialistic system. Now you can speak out—using God’s Word—against false teachings that endanger your livelihood and the future of America.
Let Godonomics show you God’s requirements for financial success—in your own life and in the affairs of our nation. By following Scripture’s economic principles, you can ensure your family’s financial wellbeing even if America falls into a deepening crisis. And if we act together, it is not too late to reverse the decline.
“Godonomics is a thoughtful critique of the theories that control the world of commerce and shape the lives of men and nations. Chad Hovind challenges us to reassess doing business as usual.”
—Dr. Peter A. Lillback, president of Westminster Theological Seminary, Philadelphia
“Chad Hovind offers a creative and compelling case for the constitutional framework for government. He also provides practical fi nancial principles that will help you make wise decisions with your money.”
—Shane F. Krauser, author of Your Nation to Save, director of the American Academy for Constitutional Education
“Godonomics is an incredible comparison of biblical economics and the culture. A real eye-opener.”
—Josh D. McDowell, popular speaker, coauthor of Undaunted and The Unshakable Truth
“Chad Hovind brings a reasonable voice to the convinced and the unconvinced. Godonomics applies God’s wisdom on economics both to individuals and nations. You will learn about the Bible’s prescription to secure our nation’s future economic health.”
—David Barton, founder and president of WallBuilders
“Using God’s Word regarding financial principles, you can now be bold in speaking out against false teachings. Your entire family will learn from this important book.”
—Mark Whitacre, PhD, president of operations and COO of Cypress Systems Inc.
242 pages, Kindle Edition
First published January 1, 2013
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Displaying 1 - 7 of 7 reviews
April 4, 2015
Review based on an Advance Reading Copy.
In Godonomics, church pastor Chad Hovind charts the brave waters navigating the choppy subjects of economics, politics, and religion - all at the same time. As someone trained as an economist, my interest was quite piqued when I heard about this project and lucky me, a dear friend obtained an advance copy!
Godonomics is divided into sections based on what God would say if he were to talk to various people. Adam Smith, Alan Greenspan, John Maynard Keynes, FDR and the IRS are some of the people to whom the writings are addressed.
So what would God say to Chad Hovind about Godonomics? As a fellow believer, I will say first off that I believe Hovind comes to mostly correct conclusions. I feel his theology is sound and that he gets to the main issue of debt and spending - the sin that flows from the human heart. Particularly graceful handlings in the book include his explanations of several ancient Jewish economic practices and the question of their application today. He also does a great job addressing several distortions of the Gospel that tie socialism to Jesus' mission and message. And though I would strongly disagree on some of the finer points of his economic theory, the two roads we take end at the same place: Both our country and we as individuals have an overspending problem that originates in the heart and we need to allow Jesus to fix it.
That being said, I admit disappointment that he is relying on outdated and heterodox economic theory to advance God's will for our economy. Even if he comes to the right conclusions - which I believe he (mostly) does - it cheapens the message. I have broken some of the major problems with his theories into three sections:
1) What Would God Say to Chad Hovind About America's Financial Relationship with Other Countries?
First off let's talk about America and her national debt. While Hovind's desire to see both our nation and individual households control their spending and debt levels is admirable, he falls into the common political scare-trap of continuously telling us that we have borrowed excessively from foreign countries and "most notably" China. We have indeed borrowed a lot of money. And we have indeed borrowed from foreign powers. But let's look at some percentages. 25% of our government debt is held by foreign nations. China holds about 10% of the total or 40% of the foreign-held debt. The other 75% is held internally by Americans and American institutions! So we are borrowing mostly from ourselves, not foreign countries.
What's more, the fact that foreign powers want to borrow in American dollars means they have a great deal of confidence that we are going to pay them back, at least in the short term. I feel using this image of America beholden to foreign powers and *especially China* because of her debt is tired, overdone, and unnecessary.
Also, in the section "What Would God Say to Alan Greenspan About Greed?" Hovind retells a story from Peter Schiff that implies America has simply become a nation of consumers who do no good and produce nothing. While I agree with Hovind about keeping greed in check, this implication about the US is simply untrue. America is a manufacturing powerhouse. We make 20% of the world's manufactured goods output by value. The purported decline in US manufacturing is untrue, though the perception of its decline is likely tied to industries automating and the corresponding lower levels of employment in the sector. Also, America is absolutely huge in many areas of research and development. For instance, many new drugs and new software applications are developed here. To sustain the kind of consumption we have without forcing other countries to give to us without compensation requires we trade for it. We are trading for it! And to imply otherwise is naïve.
2) What Would God Say to Chad Hovind About Redefining Economic Terms?
In his chapters focusing on current trends in the church to distort the message of Christ, Hovind notes that terms such as "social justice" and "gospel" have been redefined and distorted from their original meanings. I would agree we should not want to redefine key words when discussing important matters. And that includes Hovind's redefinition of the word "inflation".
Here's Dictionary.com's definition of "inflation":
"A general increase in prices and fall in the purchasing value of money."
...and Merriam-Webster's:
"A continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services."
And here's the definition Hovind uses: (Godonomics ARC Page 109)
"An Austrian economist defines inflation as "increasing the money supply" -which results in prices going up in the near future. . . Austrian economists know that inflation /leads/ to rising prices" (emphasis his)
The difference is subtle but stark. While the word inflation MEANS generalized price increases which are truly ALWAYS connected to an increase or an anticipated in the money supply, it's not the case that all increases in the money supply lead to generalized price increases. But Hovind uses the unconventional definition that increases in the money supply ARE inflation - whether or not they cause increases in prices. (More on inflation and the money supply in my third section)
This redefinition forces Hovind to some startling and confusing conclusions. He chastises Greenspan and Bernanke for using "dishonest scales" to "devalue the dollar" when both Fed chiefs presided over periods of low inflation. He also says, disturbingly, that "deflation (the opposite of inflation) can help the economy". Of all the time periods discussed in Godonomics, The Great Depression is the only one mentioned in which the US had deflation. Deflation is a sign of weakness and trouble in an economy, not a help.
Hovind also pigeonholes all economists into one of two categories creating a false dichotomy (and head-scratching among those somewhat familiar with the subject): Economists, he asserts, are all either "Keynesian" or "Austrian" - I'm sorry but this is only true if Hovind is using the Austrian view and definition of things as he does with the word "inflation." My training in economics came from an accredited university with probably about 8 to 10 faculty with PhDs in economics. The culture of the department was such that only libertarian and conservative faculty members got hired. Not one of them was an Austrian. Not one of them was a Keynesian. I did have one professor tell me he was a "Market Monetarist".
Austrian economics in its present form is kind of a fringe movement. The best ideas it had in its early days have been absorbed into mainstream economics, and the distinctive characteristics that remain include, as we've seen, odd redefinitions of important words, and eschewing empirical work in favor of the pseudophilosophy praxeology.
3) What Would God Say to Chad Hovind About The Nature of Money, The Money Supply, and The Causes of Inflation?
As discussed in the previous section, Hovind calls an "increase in the money supply" by the word "inflation" even though they are different things. While inflation results from either an increase in the money supply, or the public anticipation that the money supply will be increased in the near future, it's not the case that an increase in the money supply always results in inflation.
At one point in Godonomics, Hovind laments not having a currency based on a "hard asset". I would argue that unless the "hard asset" is actually in the coin itself and no paper money is actually used that no country truly has had a currency based on a hard asset.
When a country has a gold standard, what does it truly mean? England, for instance, had a gold standard at one time. But they would regularly "go off" the gold standard for certain things: financing war being an example. But still their price levels remained stable. Why is this? It's because the government was committed to having sound practices with its currency over the long term and the people believed the government. So really when we want a currency based on a "hard asset" what are we really asking for? We are asking for a currency that is stable and trustworthy in how it behaves.
We already have a stable and sound currency. After some bad experimentation with attempted stimulus through inflation during the 1960s and 1970s the US and much of the developed world entered into a period of time in 1982 known as "The Great Moderation" where inflation went down to low levels and confidence was restored in that the central banks, in the long haul, were committed to keeping inflation in check.
As we've seen in the last few years, governments are able to expand the money supply - sometimes by a great amount - and still not see any inflation. Hovind notes that "prices will go up soon" in this situation, but that's simply not the case. The markets are not stupid. The lesson learned in the 1970s with US monetary policy was that the economy can't be tricked into stimulating itself through deliberate inflation because people are rational and quickly figure out what is going on. If the recent "printing press runs" in the US are going to cause inflation, the inflation would already be here.
Money is effective when it is a fluid substance. At times such as during financial crises, there is a huge demand among many companies, organizations and individuals to hold a lot of cash in order to feel safe from the higher-risk environment. If too much of this happens, there is not enough money left to circulate in the economy to keep trade moving. The central bank (or all the banks in a free banking system) can respond by making sure enough cash is available so that the system doesn't freeze up. Freeze ups are not good - when they hit the retail banking level it means people try to use their debit cards and they won't work.
This expansion of the money supply does not cause prices to rise because the market believes that the government is, in the long haul, committed to a sound currency.
Where trouble brews with inflation is very much tied to when a currency-issuing government cannot meet its debt obligations. As Hovind correctly notes, governments finance their activities through tax revenue, borrowing, and increasing the money supply. If borrowing becomes difficult, tax revenue can't be raised, and spending can't be cut then the only option left is for the government to print money to meet obligations. The markets are quite aware of this and thus there will begin to be inflation before the government even starts doing this. But we in the US are not there yet. And truthfully, if we follow the better parts of Hovind's advice, we will never be.
In Godonomics, church pastor Chad Hovind charts the brave waters navigating the choppy subjects of economics, politics, and religion - all at the same time. As someone trained as an economist, my interest was quite piqued when I heard about this project and lucky me, a dear friend obtained an advance copy!
Godonomics is divided into sections based on what God would say if he were to talk to various people. Adam Smith, Alan Greenspan, John Maynard Keynes, FDR and the IRS are some of the people to whom the writings are addressed.
So what would God say to Chad Hovind about Godonomics? As a fellow believer, I will say first off that I believe Hovind comes to mostly correct conclusions. I feel his theology is sound and that he gets to the main issue of debt and spending - the sin that flows from the human heart. Particularly graceful handlings in the book include his explanations of several ancient Jewish economic practices and the question of their application today. He also does a great job addressing several distortions of the Gospel that tie socialism to Jesus' mission and message. And though I would strongly disagree on some of the finer points of his economic theory, the two roads we take end at the same place: Both our country and we as individuals have an overspending problem that originates in the heart and we need to allow Jesus to fix it.
That being said, I admit disappointment that he is relying on outdated and heterodox economic theory to advance God's will for our economy. Even if he comes to the right conclusions - which I believe he (mostly) does - it cheapens the message. I have broken some of the major problems with his theories into three sections:
1) What Would God Say to Chad Hovind About America's Financial Relationship with Other Countries?
First off let's talk about America and her national debt. While Hovind's desire to see both our nation and individual households control their spending and debt levels is admirable, he falls into the common political scare-trap of continuously telling us that we have borrowed excessively from foreign countries and "most notably" China. We have indeed borrowed a lot of money. And we have indeed borrowed from foreign powers. But let's look at some percentages. 25% of our government debt is held by foreign nations. China holds about 10% of the total or 40% of the foreign-held debt. The other 75% is held internally by Americans and American institutions! So we are borrowing mostly from ourselves, not foreign countries.
What's more, the fact that foreign powers want to borrow in American dollars means they have a great deal of confidence that we are going to pay them back, at least in the short term. I feel using this image of America beholden to foreign powers and *especially China* because of her debt is tired, overdone, and unnecessary.
Also, in the section "What Would God Say to Alan Greenspan About Greed?" Hovind retells a story from Peter Schiff that implies America has simply become a nation of consumers who do no good and produce nothing. While I agree with Hovind about keeping greed in check, this implication about the US is simply untrue. America is a manufacturing powerhouse. We make 20% of the world's manufactured goods output by value. The purported decline in US manufacturing is untrue, though the perception of its decline is likely tied to industries automating and the corresponding lower levels of employment in the sector. Also, America is absolutely huge in many areas of research and development. For instance, many new drugs and new software applications are developed here. To sustain the kind of consumption we have without forcing other countries to give to us without compensation requires we trade for it. We are trading for it! And to imply otherwise is naïve.
2) What Would God Say to Chad Hovind About Redefining Economic Terms?
In his chapters focusing on current trends in the church to distort the message of Christ, Hovind notes that terms such as "social justice" and "gospel" have been redefined and distorted from their original meanings. I would agree we should not want to redefine key words when discussing important matters. And that includes Hovind's redefinition of the word "inflation".
Here's Dictionary.com's definition of "inflation":
"A general increase in prices and fall in the purchasing value of money."
...and Merriam-Webster's:
"A continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services."
And here's the definition Hovind uses: (Godonomics ARC Page 109)
"An Austrian economist defines inflation as "increasing the money supply" -which results in prices going up in the near future. . . Austrian economists know that inflation /leads/ to rising prices" (emphasis his)
The difference is subtle but stark. While the word inflation MEANS generalized price increases which are truly ALWAYS connected to an increase or an anticipated in the money supply, it's not the case that all increases in the money supply lead to generalized price increases. But Hovind uses the unconventional definition that increases in the money supply ARE inflation - whether or not they cause increases in prices. (More on inflation and the money supply in my third section)
This redefinition forces Hovind to some startling and confusing conclusions. He chastises Greenspan and Bernanke for using "dishonest scales" to "devalue the dollar" when both Fed chiefs presided over periods of low inflation. He also says, disturbingly, that "deflation (the opposite of inflation) can help the economy". Of all the time periods discussed in Godonomics, The Great Depression is the only one mentioned in which the US had deflation. Deflation is a sign of weakness and trouble in an economy, not a help.
Hovind also pigeonholes all economists into one of two categories creating a false dichotomy (and head-scratching among those somewhat familiar with the subject): Economists, he asserts, are all either "Keynesian" or "Austrian" - I'm sorry but this is only true if Hovind is using the Austrian view and definition of things as he does with the word "inflation." My training in economics came from an accredited university with probably about 8 to 10 faculty with PhDs in economics. The culture of the department was such that only libertarian and conservative faculty members got hired. Not one of them was an Austrian. Not one of them was a Keynesian. I did have one professor tell me he was a "Market Monetarist".
Austrian economics in its present form is kind of a fringe movement. The best ideas it had in its early days have been absorbed into mainstream economics, and the distinctive characteristics that remain include, as we've seen, odd redefinitions of important words, and eschewing empirical work in favor of the pseudophilosophy praxeology.
3) What Would God Say to Chad Hovind About The Nature of Money, The Money Supply, and The Causes of Inflation?
As discussed in the previous section, Hovind calls an "increase in the money supply" by the word "inflation" even though they are different things. While inflation results from either an increase in the money supply, or the public anticipation that the money supply will be increased in the near future, it's not the case that an increase in the money supply always results in inflation.
At one point in Godonomics, Hovind laments not having a currency based on a "hard asset". I would argue that unless the "hard asset" is actually in the coin itself and no paper money is actually used that no country truly has had a currency based on a hard asset.
When a country has a gold standard, what does it truly mean? England, for instance, had a gold standard at one time. But they would regularly "go off" the gold standard for certain things: financing war being an example. But still their price levels remained stable. Why is this? It's because the government was committed to having sound practices with its currency over the long term and the people believed the government. So really when we want a currency based on a "hard asset" what are we really asking for? We are asking for a currency that is stable and trustworthy in how it behaves.
We already have a stable and sound currency. After some bad experimentation with attempted stimulus through inflation during the 1960s and 1970s the US and much of the developed world entered into a period of time in 1982 known as "The Great Moderation" where inflation went down to low levels and confidence was restored in that the central banks, in the long haul, were committed to keeping inflation in check.
As we've seen in the last few years, governments are able to expand the money supply - sometimes by a great amount - and still not see any inflation. Hovind notes that "prices will go up soon" in this situation, but that's simply not the case. The markets are not stupid. The lesson learned in the 1970s with US monetary policy was that the economy can't be tricked into stimulating itself through deliberate inflation because people are rational and quickly figure out what is going on. If the recent "printing press runs" in the US are going to cause inflation, the inflation would already be here.
Money is effective when it is a fluid substance. At times such as during financial crises, there is a huge demand among many companies, organizations and individuals to hold a lot of cash in order to feel safe from the higher-risk environment. If too much of this happens, there is not enough money left to circulate in the economy to keep trade moving. The central bank (or all the banks in a free banking system) can respond by making sure enough cash is available so that the system doesn't freeze up. Freeze ups are not good - when they hit the retail banking level it means people try to use their debit cards and they won't work.
This expansion of the money supply does not cause prices to rise because the market believes that the government is, in the long haul, committed to a sound currency.
Where trouble brews with inflation is very much tied to when a currency-issuing government cannot meet its debt obligations. As Hovind correctly notes, governments finance their activities through tax revenue, borrowing, and increasing the money supply. If borrowing becomes difficult, tax revenue can't be raised, and spending can't be cut then the only option left is for the government to print money to meet obligations. The markets are quite aware of this and thus there will begin to be inflation before the government even starts doing this. But we in the US are not there yet. And truthfully, if we follow the better parts of Hovind's advice, we will never be.
June 3, 2013
It's not a conservative vs liberal issue on saving America's economy. It's a biblical issue. The leaders of the nation have failed to pull our country out of the financial debt that it's in. Our nation is in a tailspin of debt because of both major parties working from the wrong text. If our nation is going to obtain a stable ability of financial status it will need to come from the economic principals of the Bible.
Godonomics uncovers the core of God's word for the only workable solution that our nation is in. Our country is in an economic backslide. By setting principals forth in scripture it holds the superiority of free-market capitalism and needs a higher standard of living in the US by an unrivaled superpower. However, even in the church, there are forces that are at work. These forces seek to enslave our nation by imposing socialistic policies. Using God's word, you can speak out against false teachings that threatens livelihood and the future of America.
Godonomics can show you God's requirements for financial success. It will show you how to in your life and even affairs of the nation. By following these economic features you can ensure your family a fanancial wellbeing in America, even if it falls into deepening crisis. We must all act together and stand as one! United we stand, united we fall. Let's end the decline in our economic system in America!
Godonomics uncovers the core of God's word for the only workable solution that our nation is in. Our country is in an economic backslide. By setting principals forth in scripture it holds the superiority of free-market capitalism and needs a higher standard of living in the US by an unrivaled superpower. However, even in the church, there are forces that are at work. These forces seek to enslave our nation by imposing socialistic policies. Using God's word, you can speak out against false teachings that threatens livelihood and the future of America.
Godonomics can show you God's requirements for financial success. It will show you how to in your life and even affairs of the nation. By following these economic features you can ensure your family a fanancial wellbeing in America, even if it falls into deepening crisis. We must all act together and stand as one! United we stand, united we fall. Let's end the decline in our economic system in America!
December 5, 2018
The ideas were great and I love the premise, but after about half-way, the ideas become repetitive. I feel like this probably could have been cut down into half the pages and you wouldn't have lost much of the message. Part of that might be that I don't normally love finance/economy books - but this one just got a bit boring toward the end and I found myself dragging out the read.
March 17, 2021
If you want to understand how economics work in a society, read this book! It's easy to understand and makes sense in our current situation in our country. God doesn't want people to depend on other people for their sustenance. And as we become productive and prosper, we can help others who need a helping hand.
May 5, 2016
A lesson in common sense economics with Biblical backing. Recommended reading for anyone wanting a good foundation in basic economics and government philosophy. The book ends with some simple tips for responsible financial management.
March 20, 2014
good advice to get our country and our homes back on track
February 16, 2014
Excellent
This book gave me Hope, a wake up call and a few chuckles along the way. Many thanks to Chad for sharing with us, Now the ball is in our court
This book gave me Hope, a wake up call and a few chuckles along the way. Many thanks to Chad for sharing with us, Now the ball is in our court
Displaying 1 - 7 of 7 reviews