FAITH AND FINANCE: A LETTER TO THE ECONOMIST (May 31, 2011)

It is wonderful to read that faith plays a much larger rôle in the financial markets than its participants would like to admit (“Faith and the Markets,” May 28, 2011). As you argue, finance even has its high priests and its annual calendar marked with quarterly and other festivals. It has its monastic orders and its sages, such as the Sage of Omaha. The religious rituals of the finance sector are wonderful to behold. On occasion, finance is shaken by doctrinal schisms, as well. But there is a religious order that is sorely missing in your splendid account of the financial markets, and especially in connection with schisms. Known as the economists, they are akin to the Jesuits. They are foremost in fields such as education and research. Their intellectual prowess is legendary, and some of them are even ordained in Stockholm with great pomp for their scholarly achievements. Most important, they are the keepers of the everlasting faith. Indeed, finance would be destitute without their humble but unrelenting religious services.