Economic Principles

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The writer of Proverbs teaches us the same thing when he admonishes his readers to be good stewards with capital Prov. Economic theory explains that because the division of labor increases our productivity and, hence, our standard of living, it serves as the primary incentive for people to develop and participate in society. The Apostle Paul even uses the human body as a metaphor describing the division of labor within the church 1 Cor.

Economic theory teaches that fulfilling the cultural mandate requires engagement in the market, division of labor capital, accumulation, and entrepreneurial allocation of said capital. All of this requires the social institution of private property. Happily, the social institution of private property is implied by Christian ethics. As noted by various Christian thinkers from Tertullian, to Aquinas, Calvin, Charles Hodge, and Francis Wayland, both general and special revelation teach that people possess a divine right to private property.

In scripture, we find commandments against:. While no human system will be perfect until the final consummation of history, an economic system that is constrained by the biblical ethic of property will be one that is most conducive to human flourishing.

Principles of Economics, - Studiegids - Universiteit Leiden

Join us! Help empower Christians to transform the world through their work. Why is economics so daunting for people to approach? Matthew is a book written for first-century Jewish Christians. Need assistance with this form? Skip to content.

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There are unbelievers who are aghast at the notion that economic truth has any affinity with anything smacking of religious belief. On the other hand, many Christians assume economics is about how greedy people satisfy their lust of the eye and pride of life. Sound Economic Principles Agree with Scripture Because the laws of economics were created and are sustained by the same God who gave us his word through the Holy Spirit, it should not surprise us that in various places, we find economic principles that are in keeping with biblical principles.

This has an important implication that echoes a thought originally expressed by Adam Smith: people are more likely to help you achieve your goals if you help them achieve theirs. People are Rational. This is a lot more controversial than it should be. When we say that people are rational, we mean that they will tend to do things that they expect to provide them with net benefits.

Economic Principles and Problems

We mean that they have goals, they tend to choose the means that they believe are appropriate to achieve them, they respond to incentives, and they learn from mistakes. Using markets is costly, but using government can be costlier still.

Ten Principles of Economics. Chapter 1. Principle of Economics

Transaction costs are the costs of measuring the valuable attributes of goods and services as well as the costs of specifying and enforcing contracts. Since trade is costly, there may be situations in which people do not make trades that would have made them better off. Government policies like price controls, taxes, and subsidies also prevent people from making trades.

Because of the incentives they face, government actors often have incentives to make things worse whether they intend to do so or not. Profits tell businesses that they are helping others, while losses tell businesses that they are wasting resources. You earn profits by providing people with goods and services they want at prices they find attractive.

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The invisible hand of the marketplace will tend to weed out businesses that make people worse off: it tells these businesses that the resources they are using could be better used in another enterprise. Resources will tend to flow of out of enterprises that are unprofitable and toward enterprises that are profitable. View the discussion thread. Skip to main content. Home Wire Nine Principles of Economics. Contact Art Carden.

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Faster, more powerful electronic chips. Is it that the definition of professor Lionel c. Robbins is no more of importace? I am a Tanzania student and I am in form four class but I want to an economist like sir Robin how could I reach that dream and I am a business studies taker.

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Your email address will not be published. What is Economics? Economics Basics — The free market hypothesis In a perfect free market, for any good or service— the total quantity supplied by the sellers and the total quantity demanded by the buyers will reach a state of economic equilibrium over time.

Economics Basics — Cost, efficiency and scarcity Going by the geeky definition, opportunity cost is the value of the next-highest-valued substitute use of that resource.

For instance you may forego going to the physics class for a session of LAN gaming, but the risk of not understanding subsequent lectures and flunking the semester is the opportunity cost you should be aware of. Every entity has a different point-of-view regarding this opportunity cost as the needs and resources of entities keep shifting with time. Economic efficiency is the measure of output obtained with a given set of inputs, i. Technological ability usually decides the upper limit for the maximum efficiency which can be achieved.

The basic definition of scarcity is slightly philosophical— humans have unlimited desires but the means of production being finite and limited labor, land and capital , various trade-offs are to be made to allocate the resources in the most efficient way possible. The production-possibility frontier PPF is a bridge which ties the three concepts. If we assume that the economy produces just a couple of goods guns and butter are the default choices for economists, scary lot!

Each point on the PPF curve shows the maximum possible output of an economy i.


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Elasticity is defined as the change in quantity of the goods associated with a change in the prices. If quantity of the good does not change much with a change in its prices, it is said to be inelastic onions need to be purchased even after the prices double as it is a basic necessity and there are no actual substitutes.

Marginal utility is the extra satisfaction one gets from each additional unit of consumption. April 15, at am. Yeshwanth Palle says:.

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