Cedarville Magazine Spring 2020

BUSINESS ALLOWS US TO SERVE OTHERS Picture with me how a business operating through a biblical worldview can influence culture. We recognize that God created humanity with needs and created us for community. When we align our God-given gifts with our God-given passions, we have a platform to be productive. We glorify God as good stewards of our talents and encourage human flourishing. Creativity and innovation in business reflect the creator God who made us as the pinnacle of creation, and our monetary system demonstrates one way that humanity is set apart from animals. Instead of seeking basic needs or trading one service for another, we receive compensation for a service rendered that can be utilized for our many wants, desires, or needs. Money is necessary in an advanced economy that requires the division of labor, as each one is able to specialize in areas where God has uniquely gifted us. For example, I would find it incredibly difficult to use my efforts at administration, writing, or public speaking to find someone willing to trade food, clothes, or medical attention for my services. But because of the monetary system, I receive compensation for the service I render to society. The market sets a value through supply and demand on my contribution. If I do a poor job, I’m likely to be without a job or see my compensation reduced. If I make myself more valuable to society or an individual company through serving well, then perhaps I’ll see my wages increase. I then use my wages to purchase other goods and services. In this way we incentivize hard work and encourage human flourishing. I love the fact that I can determine howmuch I want to pay for various services. I’m generally frugal, so I choose to stay at mid-level hotels like Holiday Inn or Comfort Inn because I prefer to carry my own bags, park my own car, and eat a “free” breakfast (preferably waffles). Others may desire valet parking, bag delivery, and room service. Those benefits create more expense for the business, which passes the expense to the customer by charging a higher rate. As long as customers desire to pay for the additional services, then the business continues to fill a need in society. Supply and demand in the market sets the value of the goods or services. When the cost exceeds the willingness to pay, the demand decreases and the company must adjust or go out of business. To the person with a cavity or abscessed tooth, the dentist provides a great service to encourage human flourishing. And as long as the service is rendered with integrity at a fair price, the patient will gladly pay to alleviate the pain. I know from firsthand experience, and I didn’t pick the least expensive office. I wanted a dentist with a good reputation, so I paid more for it. In the years to come, I expect to be pleased with that decision. The best businesses serve others by meeting a need at a fair price, while paying workers a fair wage to accomplish the given task. Competitive markets determine the just price and wage. These win-win-win scenarios are possible. Money is necessary in an advanced economy that requires the division of labor, as each one is able to specialize in areas where God has uniquely gifted us. SOCIALISM LECTURES WILL BE AVAILABLE ONLINE This semester, Jeff Haymond, Dean of the School of Business Administration, has been teaching a one-hour class that addresses the failures and fallacies of socialism. These classes — along with a series of guest lectures by outstanding speakers like Jay Richards and Wayne Grudem — are being recorded and will be available at no charge online later this year. Socialism has become a hot topic during the current election cycle, and its implications could have far-reaching ramifications. Check cedarville.edu for updates on this timely class. Socialist Dreams. Market Realities. 8 | Cedarville Magazine