The Bible frequently reminds us of the importance of our thought life.

Do not be conformed to this world, but be transformed by the renewal of your mind. (Romans 12:12)

Finally, brothers, whatever is true, whatever is honorable, whatever is just, whatever is pure, whatever is lovely, whatever is commendable, if there is any excellence, if there is anything worthy of praise, think about these things. (Philippians 4:8)

For though we walk in the flesh, we are not waging war according to the flesh. For the weapons of our warfare are not of the flesh but have divine power to destroy strongholds. We destroy arguments and every lofty opinion raised against the knowledge of God, and take every thought captive to obey Christ, …. (2 Corinthians 10:3-6)

Our thoughts determine our actions. If our behavior is to give glory to God, first our thoughts must follow after God’s thoughts. This transformation in thought life comes as we are conformed to the image of Christ himself and more clearly reflect the image of God in us.

I came across this quote from John Maynard Keynes, arguably the best known economist of the last century and certainly the most influential. The quote is from the concluding paragraph of the General Theory of Employment Interest and Money, Keynes’ best known (and perhaps most destructive) work.

…[T]he ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist. Indeed the world is ruled by little else. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back. I am sure that the power of vested interest is vastly exaggerated compared with the gradual encroachment of ideas. Not, indeed, immediately, but after a certain interval….

While Keynes was talking exclusively about political economy, believers know that our foundational thought life defines who we are and therefore what we do. While biblical thinking about political economy is necessary for correct analysis, conclusion and policy proposals on current topics, it is even more important that our overall thought life is conformed to scriptural teaching reflecting the person of Jesus Christ. As we’re conformed into the image of Christ, our thinking in all areas of our life more closely reflects what is good, right, true, and perfect. So each of us needs to be continually striving to have our thought patterns match up with God’s thoughts. There is simply no substitute for daily Bible study for a fruitful and Christlike life – in every area and dimension of your life (including political economy).