Desired Learning Objectives
At the conclusion of this chapter, the student should be able to...
- Understand that God’s support of any economic system depends on how closely it aligns with His will as revealed in the Bible.
- Explain that economics is grounded in human choice, which guides human action through each individual’s assessment of costs and benefits.
- Extend the implications of man’s fallen nature to economics
- Summarize the meaning of methodological individualism
- Differentiate between objective and subjective knowledge
- Understand the role of coordination for successful economic action
- Contrast the differences in how free markets, socialism, and communism view private property
- Explain why Christians view private property rights as individual stewardship responsibilities
- Provide examples of how fallacies distort economic reasoning
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