ABSTRACT
Who in his right mind would invoke economic theory to explain religious behavior? Who but Adam Smith, the patron saint of economics and author of its most revered text. In The Wealth of Nations, Smith ([1776] 1965, 740–766) analyzed religious activities as examples of rational choice rather than exceptions to it. He challenged his readers to recognize that self-interest motivates clergy just as it does secular producers; that market forces constrain churches just as they do secular firms; and that the benefits of competition, the burdens of monopoly, and the hazards of government regulation impact religious markets just as they do other sectors of the economy.
