Home
/
RELIGION & LIBERTY ONLINE
/
Finding our economic voice: How markets are like language
Finding our economic voice: How markets are like language
Mar 14, 2026 2:52 AM

“In the field of social phenomena, only economics and linguistics seem to have succeeded in building up a coherent body of theory.” –Friedrich Hayek

In 1887, L. L. Zamenhof proposed a universal language as a means for ushering in a new era of international peace and prosperity. The language, now known as Esperanto, was carefully constructed to be easily absorbed and understood across cultures and countries, but it failed to take hold.

Zamenhof was focused on solving a knowledge problem in linguistics—struggling to improve the ways people relate and share information with each other. Yet his efforts were doomed from the start, set on constructing a system from top to bottom when language is far better suited to develop through organic, emergent human exchange.

The parallels to political economy are obvious and unavoidable. In a new short film from George Mason University’s Institute for Humane Studies, the intersection is explored at length, prompting serious reflection on the implications of spontaneous order—economic, social, moral, and otherwise.

“Language differences….can cause some serious problems,” the narrator observes. “Given our global economy and international politics, it’s worth wondering: Why don’t we just create a universal language?”

When observing the failures of top-down collectivist approaches to social solutions, the answer to the narrator’s question seems rather obvious: they doesn’t work.

Human were made to cooperate—to give and receive. And, as history continues to demonstrate, they do so more effectively, productively, and joyfully when allowed to create and exchange with more freedom and less organization or oversight.

“No one person designs these words,” the narrator explains, pointing back to language. “They emerge from the bottom up by people pursuing their own goals, creating words municate simple concepts for their own limited needs. And over time, without anyone intending it, these e to form an orderly whole—what we call a ‘language.; This process, of creating something big plex by no one’s design but by everyone’s action, is what economists…call spontaneous order.”

Spontaneous order is truly a wonder to behold, and free market advocates are right to relish in the results. Yet in observing such miracles, we should also be careful to properly attribute the source and interpret the implications.

Given that free markets can lead to remarkable efficiency—all through largely uncoordinated collaboration—many of those same advocates are just as quick to simply shrug at the inputs and outputs, trusting that the workings of the “invisible hand” will work it out lead us to whatever is best for society. We are to “trust the market,” as they say.

Yet to take such a perspective is to pretend that our economic interactions are just mere, momentary transactions—meaningless, isolated incidents that relate only to our own self-interest and self-provision. On the contrary, they are part of the bigger, ongoing story of human collaboration and civilization, bearing spiritual and moral weight and plenty of transformative social power, as well.

As economist Leland B. Yeager explains, markets—again, like language—illuminate the deeper connections between the human person and broader society, meaning we needn’t descend into either narrow individualism or reckless collectivism as we steward our corresponding action:

Language is a prime example of the sense in which the individual is a product of his society. The example is relevant to political economy—the area of overlap among economics, political science, and philosophy—and to questions of a suitable blend of individualism munitarianism in the shaping of institutions and policies. In these interactions, language and ethics display parallels; and related questions concern, for example, life-styles and role models for youth growing up in munities.

All the words and meaning and structure of a language existing at a given time were contributed by individuals, mostly members of earlier generations. Each person grew up “into” an already functioning language. It shaped his thoughts, values, and activities. Words convey moral appraisals—for example, “murder,” “shabby,” “pig-headed,” “tenacious,” “principled.” Without using socially given words and sentence structures, each of us could hardly think or reason at all. Yet, language results from the interplay of individual minds. Each individual and perhaps each generation has been influenced more by language than he or it has influenced language. Yet it, like moral traditions, is the creation of all individuals, past and present.

The lesson from L. L. Zamenhof’s failed language is clear: there’s a predictable futility in trying to plan our way to peace and prosperity from the top to the bottom. But such a realization points to a second lesson, which is just as important: our individual action and associational lives also bear moral weight and purpose.

With economic freedom, a resulting order may e “without intent,” but our own voice—our own “intent” to work for our neighbors and serve God through our economic activity—is still essential to ensuring that order is both good and just, connecting moral tradition and human civilization past, present, and future.

Image: Poster for the second World Esperanto Congress at Geneva, 1906

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Audio: Samuel Gregg on Rerum Novarum’s Relevance for Today
Acton Institute Director of Research Samuel Gregg is in Rome this week for Acton’s conference on the 125th anniversary of Pope Leo XIII’s ground-breaking encyclical Rerum Novarum.The conference – titled Freedom with Justice: Rerum Novarum and the New Things of Our Time – takes place on April 20th from 2-7:30 pm at the Roma-Trevi-Conference Center in Rome, Italy. Sam sat down for an in-depth interview with Vatican Radio about the encyclical and the conference, noting that “there are many things...
What Christians (Should) Mean When We Talk About Conscience
A new Pew Research surveyfinds that the majority of American Catholics (73 percent)say they rely “a great deal” on their own conscience when facing difficult moral problems. Conscience was turned to more often than the three other sources — Catholic Church’s teachings (21 percent), the Bible (15 percent) or the pope (11 percent) bined. While it never really went away, conscience is making eback among Christians. Over the past few years, the term conscience has been increasingly referenced in debates...
Video: Freedom and the Poverty Industry
Kris Mauren, executive director of the Acton Institute, kicks off the second season of the Free Market Series, a television program for American and Canadian audiences produced by The World Show in partnership with the Montreal Economic Institute and broadcast on PBS affiliates. In Episode 1, Mauren takes apart the “fatally flawed poverty industry” and talks about Acton’s Poverty Inc. documentary. Interview notes: Many people imagine that free markets are synonymous with self-interest and greed, but for Kris Mauren, freedom...
The ‘Tragedy’ of the (Boston) Common
Boston Common Asset Management bills itself as “a leader in global sustainability initiatives.” Why would an investment portfolio pany label itself with the appellation “Common” when it carries such negative baggage? As it turns out, BCAM embraces mon” as something positive. From the BCAM website: Beginning in 1634, the Boston Common served as mon pasture for cattle grazing. As a public good, the Common was a space owned by no one but essential to all. We chose the name Boston...
The Correlation Between GDP and Human Flourishing
Recently we considered a simple tool and metric for measuring economic well-being: real GDP per capita. Yet such metrics feel can seem materialistic. What about the things that money can’t buy, we wonder, like health and happiness? As economist Alex Tabarrok explains, while real GDP is an imperfect measure, it tends to be correlated with many of the non-monetary improvements that contribute to human flourishing. ...
Religious shareholders attack ExxonMobil’s reputation, worry about oil giant’s ‘reputational risk’
The Interfaith Center on Corporate Responsibility, shareholder activists of the corporate God-fly variety, are gearing up for the May 25 ExxonMobil Corporation annual general meeting. The ICCR agenda isn’t about maximizing shareholder value, but seems far more intent on reducing it. For the record, your writer possesses no financial stake in ExxonMobil, but if he did it’s certain he’d be upset mightily at ICCR’s efforts to hobble the industry giant and send stock prices plummeting even further. The religious-left activists...
Radio Free Acton: Magatte Wade on African Entrepreneurship
This week on Radio Free Acton, Magatte Wade joins us to discuss the challenges and rewards of being an entrepreneur in Africa. Too often, people in the West tend to think of Africa as a place to send aid rather than a place to engage in trade. Magatte is working to change that attitude while building her pany, Tiossan, as well asthe local economy in her native Senegal. Wadewill be joining us as a plenary speaker at Acton University in...
Distributism Is the Future (That Few People Want)
Over the years, many of us here at Acton have been engaged in long-running(and mostly congenial) feud with distributists. Family squabbles can often be the most heated, and that is true of this rivalry between the Christianchampions of distributism and the Christian champions of free markets here at the Acton Institute. We fight among ourselves because we have an awful lot mon. For example, we share the afocus on encouraging subsidiarity, self-sufficiency, and entrepreneurship. We also share arespect for rule...
Time and Eternity: The Abiding Profit
“The temporal achievements of science, technology, inventions and the like also have a divine significance,” writesAbraham Kuyper in this week’s Acton Commentary, an excerpt fromCommon Grace: God’s Gifts for a Fallen World. With the destruction of this present form of the world, will the fruit mon grace be destroyed forever, or will that rich and multiform development for mon grace has equipped and will yet equip our human race also bear fruit for the kingdom of glory as that will...
Why It Was Always Going to Be Tubman on Our Money
Last Summer I predicted that Harriet Tubman would be replacing Alexander Hamilton on the $10 bill. I was almost right. She’ll be replacing Andrew Jackson. The U.S. Treasury announced last year that the $10 bill is the next paper currency scheduled for a major redesign — a process that takes years because of the anti-counterfeiting technology involved — and will feature a “notable woman.” The new ten will be unveiled in 2020, the 100th anniversary of the passage of the...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved