Week 1

 
 
  • 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

Chapter 1

  1. How early can the existence of economics be traced?
  2. What is Adam Smith’s most famous book?
  3. What idea did Smith popularize?
  4. How do Marxists think of Adam Smith?
  5. According to Carl Menger, what gives an item value?
  6. The statement is made, “The question of whether or not there are objective values does not concern economics.” Is that statement true?
  7. Is it possible to remove ethics from economics?
  8. List the benefits of studying economics.
  9. Read Gary North’s article, Economics: Biblical versus Secular.  How does Dr. North’s position differ from Callahan’s on ethics?

Chapter 2

  1. According to the Bible, is it best to start with individuals or with families as the ones who make choices?
  2. What does the Bible say about how choices are to be made in a family?
  3. Contrast the way humans act with the way subatomic particles act when each is being watched.
  4. What causes humans to act differently when they’re being watched?
  5. Is the following statement from the author true, “Economics simply does not attempt to address the problem of what we should value.”
  6. In economics, why do actions matter more than assertions?
  7. What is the labor theory of value and why does the author say it is “disastrous”?
  8. What does it mean that the value of goods is subjective?
  9. What is marginal utility?
  10. Why is it impossible for economics to gage what decision a person will make?
  11. 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?