Video: Unit 6 Transcript

"Welcome to this session of our Introduction to Economics class. Today, we’re diving into two critical topics that shape our world: Labor Markets and Income, and Poverty and Income Inequality. We’ll explore these through an economic lens, but more importantly, through the wisdom of Scripture. Economics isn’t just about numbers and graphs—it’s about people, choices, and how we steward God’s resources.

"Let's begin with Labor Markets and Income. In today's global economy, labor markets are constantly evolving. Factors such as technological advancements, demographic shifts, and international migration significantly influence employment opportunities and wage levels."

The labor market is where employers seek workers, and workers seek employment. It’s a dynamic space influenced by factors such as skills, education, location, and economic conditions. But labor isn’t just about finding a job—it’s about purpose, dignity, and provision.

Proverbs 14:23 tells us, 'All hard work brings a profit, but mere talk leads only to poverty.' Work is a biblical principle; in Genesis, God placed Adam in the Garden to tend and keep it (Genesis 2:15). Our labor is a form of worship and stewardship.

But labor markets aren’t always fair. Across the globe, we see disparities—underemployment, exploitation, and wage gaps. In some places, wages are insufficient to meet basic needs, despite full-time work. Think about the garment workers in Bangladesh earning a few dollars a day or the migrant laborers in the Middle East who endure long hours for meager pay. Even in wealthier nations, the gig economy has created uncertainty—many work multiple jobs without benefits.

"For instance, in many developing countries, high youth unemployment remains a significant challenge. In Sub-Saharan Africa, youth unemployment stands at 12.4%, hindering economic growth and individual advancement[1]. Meanwhile, in developed nations, the rise of gig work and automation is reshaping traditional employment structures[2]."

Jesus told a parable in Matthew 20:1-16 about a landowner who paid his workers the same wage, whether they worked all day or just an hour. This story challenges our sense of fairness but reminds us that God’s economy isn’t always like the world’s. It emphasizes provision, generosity, and the idea that work has intrinsic value beyond money.

"The Bible offers profound insights into the value of labor and fair wages. Proverbs 14:23 reminds us, 'All hard work brings a profit, but mere talk leads only to poverty.' This verse emphasizes the importance of diligence and the rewards of honest labor."

"Now, let's turn our attention to Poverty and Income Inequality. Despite global efforts, nearly 700 million people live in extreme poverty, surviving on less than $2.15 per day[3]. Income inequality remains a pressing issue, with significant disparities in wealth distribution both within and between countries."

"In Sub-Saharan Africa, 67% of the population lives in extreme poverty, highlighting the urgent need for inclusive economic growth[3]. The Bible calls us to address these inequalities. Proverbs 19:17 states, 'Whoever is generous to the poor lends to the Lord, and he will repay him for his deed.' This verse encourages us to act with compassion and justice."

Despite economic progress, poverty and income inequality persist. Today, over 700 million people live in extreme poverty, surviving on less than $2.15 per day. Meanwhile, the world’s richest 1% hold nearly half of global wealth. These disparities raise deep economic and ethical questions.

The Bible speaks powerfully about poverty. Proverbs 22:2 states, 'Rich and poor have this in common: The Lord is the Maker of them all.' Economic systems may divide people, but in God’s eyes, all are valued equally.

Jesus’ ministry was filled with concern for the poor. He declared in Luke 4:18, 'The Spirit of the Lord is on me, because he has anointed me to proclaim good news to the poor.' As followers of Christ, we’re called to address poverty not just with charity, but with justice—advocating for fair wages, ethical business practices, and policies that promote opportunity.

One modern challenge is the 'working poor'—people who have jobs but still struggle to afford housing, food, or healthcare. Consider a single mother in Brazil working as a domestic helper or a farmer in sub-Saharan Africa dealing with unpredictable weather. Their hard work doesn’t always translate into financial security.

As Christians, we must ask: How can we use our influence to promote economic justice? Deuteronomy 15:11 reminds us, 'There will always be poor people in the land. Therefore I command you to be openhanded toward your fellow Israelites who are poor and needy in your land.' It’s not just about aid—it’s about creating systems that uplift people.

"Addressing poverty and income inequality requires a multifaceted approach. Investing in education, infrastructure, and job creation can help lift people out of poverty and promote shared prosperity. As Christians, we are called to be stewards of God's creation, ensuring that everyone has the opportunity to thrive."

Economics is not just about markets; it’s about morality. As we study labor and poverty, let’s remember that we are called to be stewards, advocates, and difference-makers in a world that often prioritizes profit over people.

James 2:15-16 challenges us: 'Suppose a brother or a sister is without clothes and daily food. If one of you says to them, "Go in peace; keep warm and well fed," but does nothing about their physical needs, what good is it?' Our faith should move us to action.

So, whether you go into business, government, or ministry, remember this: Work with integrity, seek justice, and use economics as a tool to reflect God’s love in the world.

Thank you for joining this session. Keep thinking, keep questioning, and keep seeking wisdom. See you next time!"