I read a column in the Indianapolis Business Journal each week written by a man who speaks to financial health and making wise decisions about money, saving, investing and increasing net worth. I found this week’s article particularly interesting as he discusses the timely topic of economic elasticity.
This concept addresses the issue of the choices we make with our time and our money. With the recent incremental increases in gas prices, air fares, food and so any other things, the author, Pete, revealed that he recently made the decision to buy pork rather than beef to feed his family one evening. When pricing beef, he noted that it would cost him five times more to make that purchase as opposed to getting pork chops for dinner. He came to the conclusion that enough was enough, He loved beef, but it wasn’t worth it.
Or how about the family that sees airfares continue to rise and finally makes the decision to drive to Florida rather than fly… There are countless other decisions that we have to make around the idea of is it worth it to spend our funds on certain things. Herein lies the concept of elasticity. Should we buy a new car or is it better to drive the ten year old one and repair it? Most of us are forced to prioritize our lives, at least to some extent, using this filter. When the outcome is more important than the cost, then an item becomes inelastic. We will do it no matter the cost.
These questions are all around us. And sometimes we make those decisions without realizing the opportunity cost of our choices. Economically, opportunity cost is the idea of once making a decision, what is the cost of that decision as it relates to all other things that we could have chosen. For example, if we buy the steak dinner, maybe we can’t afford the streaming service this month. Was the steak dinner really worth it? Or we go on the vacation and so we can’t afford the new furniture for the living room. Once again, we all face choices and those choices have consequences.
It all comes down to priorities. As costs continue to rise, these decisions will continue to become more important for each of us. Whether you think of it in terms of elasticity or opportunity cost, we subconsciously make choices each day. When things get difficult we may go a different direction because it is easier. But once we stop paying strict attention, we enter a slippery slope.
I submit that some things we should hang on to regardless of cost. For example, if one of our children is ill, and in need of medical attention, we will do whatever it takes to help our children. That means that issue has become inelastic. Cost doesn’t really enter into the decision. These types of choices are outside the questions of opportunity cost. Most, if not all of us, would give up everything we have to save our families. But sometimes we don’t give God the same priority.
When times get tough, and choices have to be made, some believers stop going to church, or… they stop donating their tithes and offerings to the body of Christ. When we accept Christ as Lord and Savior, we must make this the top priority in our lives – it should be an inelastic decision. In addition to our faith and trust in God, giving to the God’s work is more important than the steak dinner, or the streaming service. Even if it’s only $10 a week, it’s something.
When I was working on my doctorate, our research showed that people were more likely to turn away from God and the church rather than lean into a deeper relationship when they encountered problems, such as job loss. They were embarrassed in their situation and would withdraw rather than seek assistance and support from other believers. I think we need to lean into the church and be vulnerable to others as we try to stay close to God during our challenges. Sometimes, that is easier said than done. And that means that we must also determine that there is no way we should ever make a decision to step away from our Heavenly Father. In fact, the opportunity cost of that decision is eternal separation from God.
That’s not something to negotiate. We should stay the course, period… Our verse for tonight comes from the Old Testament book of 1 Kings. While the author remains unknown and certainly unnamed in the text, many scholars believe that Jeremiah wrote this book, as the style is very similar to a known book that Jeremiah wrote. The author tells us, in 1 Kings 8:60-61, “… all the peoples of the earth may know that the LORD is God; there is no other. Let your heart therefore be wholly true to the LORD our God, walking in his statutes and keeping his commandments, as at this day.”
My encouragement this evening is that while some things are negotiable in our lives, Jesus has given the ultimate sacrifice for each of us – and has been wholeheartedly dedicated to us, even unto death – death on a cross. My prayer is that we can make no more important decision than to commit our entire lives to our Lord and King. It’s’ not an elastic decision. No matter how hard we try, we can’t match the commitment that Jesus has made for us. Have a great day in the Lord, grace and peace…