Economic Analysis in Talmudic Literature. - book reviews

American Journal of Economics and Sociology, The,  April, 1993  by Frank C. Genovese

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THE TITLE ABOVE is that book with the subtitle Rabbinic Thought in the Light of Modern Economics, (Leiden: E J. Brill, 1992) by Roman A. Ohrenstein and Barry Gordon. It makes a point of being about "social" economics which, surely, must be the gist and essence f economics. Certainly, values should be dictates for individual economic behavior, and for collective decisions that impinge on the nature of any economic order.

Major emphasis is placed necessarily on the Talmud, the compendium of Jewish learning and thought through many centuries. The range of the Talmud is immense, and thus it deals significantly with economics and economic behavior. There is much sophistication in its concern with these matters. Economics is by no means a purely secular affair, but coves part of life's activities all of which are imbued with religion. Talmudic law prescribes and proscribes matters dealing with labor, business, damages, commerce and productive activities. The social matters it discusses, such as marriage, have, of course, enormous economic implications.

Das Adamsmithproblem of reconciling the Smith of The Theory of Moral Sentiments, and the Smith as influenced by The Fable of the Bees, is accomplished by the religious view of the competition of the two souls of individuals, the virtuous and the vicious.

Part One introduces readers to the scope, history and methodology of the Talmud and explores the economic content of the Torah. By itself this section will be a major learning experience for a great many readers. To one who always felt the separation of the history of economic though from economic history was delusory, the "economic history" approach of this singular books is most welcome. Economists need more than mathematical skills.

Part Two deals with macro-economic matters and Part Three with micro-economic ones. Part Four concentrates on the economic significance of the rabbinic ideas of the value of persons, while Part Five seeks out Talmudic influences on economic thought and practices in the West. The Jewish experience in Moorish Spain is a particularly rich one.

This is, in all likelihood, the sole book which discusses Talmudic economics in full knowledge of modern economics.

Both authors are well-seasoned. Ohrenstein is a rabbi, an economist and a Holocaust survivor. He is professor of economics at Nassau College, State University of New York and Gordon is professor of economics at the University of Newcastle, NSW, Australia.

Besides the usual authors' Preface there are two others by David Weiss Halivni and John C. O'Brien. A "Select Bibliography of Related Studies" is appended.

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