Thought for the day, 15 May 2008 by Dr Elaine Storkey (BBC Radio 4)

Over the last few weeks a seismic shock has occurred in the economy. It seems the age of profligate expenditure is over for the average citizen. The price of bread, milk, petrol, gas have risen dramatically and people will have to cut other areas of expenditure too. Most of us are going to be poorer. The economics of growth are struggling with the economics of thrift and contraction.

One response has been to blame the politicians. Yet no leader in finance or politics has much impact on the world oil situation, the shortage of rice or the depletion of North Sea gas. In fact all political parties now face a challenge.

Most economic theory has been based on maximization, and rarely on the economics of contraction. Politicians usually see contraction as a bad thing: - as recession - to be avoided at all costs. But now, public policy struggles with incompatible demands: on the one hand we seem committed to growth, but on the other to reduction: - especially of energy use, food consumption, carbon emissions and so on. The conflict this produces erupts all over the place. A brand new Terminal Five sits alongside the hope of a reduction in flying. Motorway expansion fights the need for fewer car journeys.

The evidence is that we are not prepared to face the issues of real economy and thrift. Waste is now engrained in our culture, with 100 million tones of waste generated from households last year and a third of all food grown for human consumption thrown away. Thirty years ago some Christian economists talked about the economics of enough, echoing a phrase in the Bible, in the letter to Timothy: 'If we have food and clothing we will be content with that.' Being content with the economics of enough is vital now when resources are so desperately needed in China, India, Brazil and Burma.

Good economics and thrift belong together. We see it in the Bible story where Jesus feeds five thousand people with a few loaves and fishes in one of the most profligate miracles ever. But then he says to his disciples: "Gather the pieces that are left over. Let nothing be wasted." It seems an absurd response. With such marvelous abundance, why not throw away the rest? But Jesus insists on careful thrift for later use, and twelve baskets of leftovers continued to provide food for the needy.

The economics of enough is with us. Living thrifty lives saves money. The meek inherit the earth. Contraction pays. But the cost is nothing less than the reconstruction of our whole view of economics.

http://www.bbc.co.uk/religion/programmes/thought/documents/t20080515.shtml

Dr Elaine Storkey is a lecturer, writer and broadcaster and the president of Tearfund.