Is “The Market” an Idol?

As I have done for 45+ years, yesterday, on the 25^th of the month, I came to Psalm 115 for my daily prayer. Verses 4-8 parallel the ridicule of idols in Psalm 135:15-18. Ordinarily, these Psalms prompt me to invite the Spirit to identify idols I have created to lurk in the dark corners of my heart. But listening to the news last evening, a story about how real estate appraisers were having difficulty keeping up with “the market” in certain high activity areas. “The market” was described as an independent, self-contained, internally consistent, and intelligent entity, almost as though it was a person whose wisdom, power, and authority was indisputable, and the description of idols from my morning prayer echoed back to me.

Their idols are silver and gold, the work of human hands.

They have mouths, but do not speak; eyes, but do not see.

They have ears, but do not hear; noses, but do not smell.

They have hands, but do not feel; feet, but do not walk; they make no sound in their throats.

Those who make them are like them; so are all who trust in them.

I am not an economist, nor am I a business person or politician, so I claim no expertise in “the market.” I am sure that the information derived from a good understanding of “the market” can help make better economic, business, and political decisions. The concern that emerged from my meditation on this Psalm is with submission to “the market” as though it immutably dictates the decisions we make.

As I understand “the market” (inexpert as I am), it is that it is the composite of all of the economic decisions made by people in buying, selling, manufacturing, setting wages and prices, etc. So in the case of the real estate story on the news, when there are more buyers than homes of a particular type, and they are willing to pay more, the prices of those houses will go up. The idea that “the market” knows something, is not some intrinsic or centralized wisdom (such as a person with a brain) but the result of human behavior and decisions. Like the idols of the Psalms, “the market” itself does not speak, see, hear, smell, feel, or walk. Those qualities of “the market” are made by people, just as with the idols of the Psalms.

The real crux of the matter comes in verse 8, “Those who make them are like them; so are all who trust in them.” When we make our gods ourselves, instead of marveling at the wonder of being created in the image of God (Genesis 1:26-27), we make idols in our image incorporating our finitude and flaws. Then when we trust in our idols for the direction of our lives, we are doomed to wander aimlessly. So it is not that information from “the market” cannot inform us for good planning, but when we trust “the market” to lead us, we exchange the authority that belongs to God (through Scripture and the Spirit) and trust “the market” to guide us, we are in danger of an idolatry that will always mislead us.

I don't know if this belongs in Pilgrim Path or Writing Workshop, but I do invite interaction.