Home
/
RELIGION & LIBERTY ONLINE
/
Finding our economic voice: How markets are like language
Finding our economic voice: How markets are like language
Jan 30, 2026 3:59 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
Is Shifting The Justice Reform Burden Better?
The brokenness of America’s criminal justice system is not just an urban issue. Working class defendants in small towns across America are vulnerable to system that does not protect them from government negligence. For example, New York’s state legislature approved new indigent defense measures last week that finished an almost decade long battle over statewide indigent defense problems. The case began with a 2007 lawsuit by the NY Civil Liberties Union on behalf of several indigent defendants (Hurrell-Harring et al....
The Costs of Jailing Teens
In early June 2016, Matthew Bergman, 15, allegedly admitted to police that he killed his aunt and stabbed his mother in Davidson County, Tennessee near Nashville. When mit crimes in the suburbs or in urban areas, experts are ambivalent about what to with them because of the long-term consequences of youth incarceration. Low munities get hit the hardest. Since the 1980s juvenile incarceration rates have increased steadily creating a phenomenon often referred to as the “school-to-prison pipeline.” There are many...
Radio Free Acton: Brexit’s Aftermath with Todd Huizinga
Last week on Radio Free Acton, we sat down with Acton Institute Director of International Outreach Todd Huizinga to preview the ing Brexit referendum in the United Kingdom. This week, we’re back again with Todd to review the stunning results of the referendum, the reactions to it in boththe United Kingdom and the European Union, and the prospects for EU reform and British prosperity in the near and long-term future. You can listen to the podcast via the audio player...
Investing prudently and morally
David Bahnsen explains “value investing” at Acton University. How should your views on morality affect your investment strategy? David Bahnsen, Chief Investment Officer at The Bahnsen Group, argues in an Acton University presentation titled “Value Investing” that the question is a plex one. He begins by outlining the purpose of investment consistent with its definition: to make a profit. Without growth, there is no investing. Similarly, there is no such thing as a risk free investment. Biblical investment is therefore...
Understanding Austrian economics
Carl Menger (1840-1921) | Wikimedia Commons The central theme of the Austrian tradition, which might better be called the liberal tradition, is that society runs itself. This is strongly linked to the idea of freedom in the liberal sense, meaning the opportunity for the individual to advance and to create wealth. Jeffrey Tucker, Director of Content at FEE (Foundation for Economic Education) argues that the Austrian school started by Carl Menger revived an old method of thinking in the liberal...
We’re all Dead: How J.M. Keynes – And His Critics – Went Wrong
“Critics of John Maynard Keynes were so determined his economics were wrong that they allowedKeynes to dictate the terms of the debate,” says Victor Claar, professor of economics atHenderson State University, in his Acton University lecture. He continues to describe Keynes flawed anthropology with respect to classical economists and the Great Depression. Key observations of human nature include the principles of work, property, exchange, and division of labor. We can survive and prosper, take ownership of our work, support and...
Daniel Hannan on the Conservative Case for Brexit
In the hubbub surrounding Brexit, many conservatives have cheered the United Kingdom’s vote to leave the European Union, hailing it as a win for freedom, democracy, and local sovereignty. Yet forthosewho disagree, support for Brexit is painted as necessarily driven by fear, xenophobia, and protectionism.Although fear of immigrants and narrow nationalism have surelyplayed their part, such sentiments and attitudes aren’t the only driversat play, and they mustn’t be heeded if Brexitis actually going to succeed. Indeed, for conservatives in the...
How Are Jobs Created?
Trump promises he’ll be “the greatest jobs president that God ever created.” And Sanders says he’d spend $18 billion to create jobs. But can the president actually create jobs? And if so, do we want the government to do so? In this brief video, economist Don Boudreaux discusses what happens when the government takes tax money from some businesses to create jobs in others. ...
Video: Vernon Smith on Faith and the Compatibility of Science and Religion
Acton University is a unique conference, a fact noted by Nobel Economics Laureate Vernon L. Smith, who used his appearance on Wednesday, June 15 as an opportunity to “speak on a topic that my fellow economists would never have asked me to speak on”: religious faith and patibility with modern science. We’re pleased to present Smith’s lecture below. ...
What motivated ‘leave’ voters in Brexit?
In the wake of the British vote to leave the European Union, many are wondering what led the majority of voters to affirm the Brexit. In mentary Brexit: Against the Political Class, Samuel Gregg points out mon element in all of the motivations behind the “Leave” decision: a frustration with established career politicians. Gregg writes: The reasons why a majority of British voters decided that their nation was better off outside the European Union were many and not always in...
Related Classification
Copyright 2023-2026 - www.mreligion.com All Rights Reserved