Understanding Faith Economy

Description

The book covers economics of religion, often referred to as the faith economy. It’s a rapidly growing and relatively
new field of research, even though the study of religion itself is ancient. Early economists such as Adam Smith recognized religion as a social institution with economic implications. However, the modern and formal application of economic tools such as econometrics, game theory, and market analysis to the study of religion gained significant momentum only in the late 20th and early 21st centuries.
Although relatively young compared to other economic disciplines, the field has experienced substantial growth in recent decades. There has been a notable increase in academic publications, research programs, and interdisciplinary collaborations.
It is estimated that the faith economy contributes approximately 2.32% of India’s GDP, amounting to roughly 􀀀3.02
lakh crore (about $40 billion) annually. This contribution stimulates multiple sectors, including travel, hospitality,
retail trade, handicrafts, and infrastructure development, while providing livelihoods to millions of people.
The book covers multiple dimensions of religion and economy: religious tourism and pilgrimages, donations and
charitable giving, the famous religious infrastructure and their branding, hospitality and transportation services,
handicrafts and local cultural industries and employment generation across multiple religious infrastructures.