"'Hear, O Israel: the Lord our God, the Lord is One; and you shall love the Lord your God ...' This is known as the Shema, from the Hebrew word for 'Hear' with which it opens. As so often in Paul, the text he alludes to one minute is the text he will then develop the next minute ...
... "We know, he says, that no idol has any real existence (Galations 4: 8-11), and that there is no God but one. That is Jewish-style monotheism, ranged classically against pagan polytheism ... In contrast, he says, to the many 'gods' and 'lords' of the pagan world, for us, he says, 'there is but one God - the Father, from who are all things and we unto Him - and one Lord - Jesus Christ, through whom are all things and we through him." To feel the full force of this, we need to set it out side by side with the text Paul has in mind:
The Lord Our God One God - the Father ...
The Lord is One One Lord - Jesus Christ ...
(Deut. 6:4) (1 Corinthians 8:6)
--N. T. Wright, in "What Saint Paul Really said: Was Paul of Tarsus the Real Founder of Christianity?"
As is evident by the quote, Wright sees 1 Corinthians 8:6 as a way of demonstrating that Jesus is God, and the Trinity is valid. He pulls from the Shema, with the concept of the Lord our God is One.
The interesting thing about the Corinthians chapter itself is that Paul seems to set up a distinction. He starts out that saying a false god has no existence, and there is only one God. There may be so-called gods, in heaven or on Earth. In fact, there are several 'gods and 'lords,' yet for Christians, there is one God, and one Lord. He doesn't really use the phrase, "the Lord our God."
To pull from some other Bibles:
"Yet for us there is one God, the Father, of whom are all things, and we for Him; and one Lord Jesus Christ, through whom are all things, through whom we live." New King James Version.
"Yet for us there is one God, the Father, from whom are all things and for whom we exist, and one Lord, Jesus Christ, through whom are all things and through whom we exist." English Standard Version.
"But we know that there is only one God, the Father, who created everything, and we live for him. And there is only one Lord, Jesus Christ, through whom God made everything and through whom we have been given life." New Living Translation.
"There is only one God the Father, that everything comes from him, and that he wants us to live for him. Also, they say that there is only one Master -- Jesus the Messiah -- and that everything is for his sake, including us." The Message.
None of these verses combine the idea of God with Jesus. They specify that there is one God, one alone -- the Father. This is the God who created everything there is. The Creator Himself. There is also one Lord, Jesus Christ, who/which was the method as to how God created, and how God provides life. While the verses do make sure to show that there is only one of us, there is also a hierarchy set up here. God creates, and the tool is Jesus/the Logos. Jesus isn't made an independent creator, or even on equal standing here. Otherwise, why not just say, "the Lord our God is the Father and Jesus Christ, the one through whom all things came to be?" Or something along those lines. And this would make sense, if Jesus is seen as the incarnante Logos, and in Genesis, God created through speaking. Through words.
Or why not just leave it with there are many gods in the pagan world? Why say gods and lords? The use of the word 'lords' did not always indicate some sort of God. 'Lord' could also stand for Master or Superior in a human sense. Or of something more powerful than humans, but not as powerful as the Hebrew God.