Theory of religious economy

Religious economy refers to religious persons and organizations interacting within a market framework of competing groups and ideologies. An economy makes it possible for religious suppliers to meet the demands of different religious consumers. By offering an array of religions and religious products, a competitive religious economy stimulates such activity in a market-type setting.

The field applies rational choice theory to the theory of religion such that supply and demand are used to model the development and success of organized religions. Major proponents of the theory include William Sims Bainbridge, Roger Finke, Laurence Iannaccone, and Rodney Stark.

The idea of religious economy frames religion as a product and as those who practice or identify with any particular religion as a consumer. But when the idea of belief is brought into the equation, this definition expands, and ideology affects the "product" and who "consumes" it. When examining depictions of religious identity in a global world, it is easy to see how ideology affects religious economy.

Carl L. Bankston III refers to religions and religious groups as "…competing firms [that vie for] customers who make rational choices among available products…" (311). Using a liberal economic (see Economic liberalism) framework for analysis, Bankston is claiming that religions and religious groups’ popularity is dependent on the laws of supply and demand. As a marketplace, religious consumers are subject to things such as marketing, availability of product, resources, brand recognition, etc. But unlike some actual commodity such as a computer, these commodities speak to an individual’s beliefs. Bankston poses the idea that belief deals with ideology and extends beyond what one would typically define as a market good by stating "…belief is produced and resides in communicated thoughts, (and) the consumers of goods of faith can only become consumers by becoming producers, by participating in interactions of belief…" (322).

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