Lecture 8: Economics
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Economics is a way of thinking about accumulating, distributing and determining value of resources.
A. Evangelical Civil War
1. The evangelical left
2. The message of the evangelical left
3. How will the church help the poor?
4. The historical record
B. Why study economics?
1. Helpful in understanding human behavior
2. Necessary for Christian leadership
C. Definition of Economics
a. Limited money, food, natural resources
b. Limited time
c. Choices made because of scarcity
d. Choices reflect values
2. A way of thinking
a. The importance of incentives
i. Application to welfare and poverty
ii. Consequences of the welfare system
b. Everything has a price
c. Long-range consequences
D. Subjective Economic Value
1. Objective theory
a. Adam Smith
b. Karl Marx
c. Value is inherent in the object.
2. Subjective theory
a. Value is imputed by the subject.
b. Opportunity cost
c. Marginal utility
3. Consequences of subjective theory
a. An unpredictable economic future
b. Socialism becomes impossible as an economic system.
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