- Read chapters one and two of Economics for Real People. Answer the study questions for the chapter.
- Read Dr. Gary North’s article, “Economics, Biblical versus Secular”. Summarize the article in two paragraphs.
- Read the essay, “An Outline of Biblical Economic Thought” from Introduction to Christian Economics.
Explain each of the main points in one paragraph.
- Read Job 1. What is the relationship between God’s sovereignty and the economic well being of a family or nation? What do Job’s words (1:21) teach people who pursue riches today?
Questions from reading
- How early can the existence of economics be traced?
- What is Adam Smith’s most famous book?
- What idea did Smith popularize?
- How do Marxists think of Adam Smith?
- According to Carl Menger, what gives an item value?
- The statement is made, “The question of whether or not there are objective values does not concern economics.” Is that statement true?
- Is it possible to remove ethics from economics?
- List the benefits of studying economics.
- Read Gary North’s article, Economics: Biblical versus Secular. How does Dr. North’s position differ from Callahan’s on ethics?
- According to the Bible, is it best to start with individuals or with families as the ones who make choices?
- What does the Bible say about how choices are to be made in a family?
- Contrast the way humans act with the way subatomic particles act when each is being watched.
- What causes humans to act differently when they’re being watched?
- Is the following statement from the author true, “Economics simply does not attempt to address the problem of what we should value.”
- In economics, why do actions matter more than assertions?
- What is the labor theory of value and why does the author say it is “disastrous”?
- What does it mean that the value of goods is subjective?
- What is marginal utility?
- Why is it impossible for economics to gage what decision a person will make?
- Read Gary North’s, “The Fallacy of Intrinsic Value”, from his Introduction to Christian Economics. How is it similar to what Callahan says in his work?