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#135 Economics is the Study of Life
#135 Economics is the Study of Life
During the C0VID pandemic, leaders tried to separate health from the economy. That is a false dichotomy because Economics is the study of life through the exchange of resources.
During the pandemic, there were arguments about health versus the economy. First, I’m interested that they called it “the Economy,” when what they were really talking about is life. Calling it “the economy” cheapened our lives, because that made it sound like we were anxious to get out there and make money, when actually, we were anxious to get out there and live our lives.
The Loss of Freedom
The demonstration my DBU students have seen me make the most is to cross my arms and state, “The intersection of Christianity and Economics is freedom.” You see, what we lost during the pandemic was not the economy, it was the FREEDOM to exchange goods and services with our friends and neighbors. That’s what the economy is. Economics is the study of life.
You see, the beauty of economics is that it considers opportunity cost. If you’re watching this podcast, you can’t watch Joe Rogan at the same time. Okay, it’s difficult at best. And that’s the power of economic thinking. The question that SHOULD have been asked during the lockdowns, was: OK, we GAIN by slowing the spread via the lockdown. Now, what do we lose? As it turns out, we lost more than we gained. Now, I’m the first to admit, that DURING the lockdowns, I was not bright enough to weigh the gains and losses, and I encouraged some patience and diligence. Others, like Dennis Prager were able to see that the ENDS: Flattening the curve, did not justify the means: Loss of freedom.
Jeffrey Tucker, writing in the Epoch Times recently made this observation:
The leaders tended to see the economy as a giant casino that its managers can open or close at will with no great consequence. The revenue you lose today you can make up tomorrow. I will add: It’s kinda like not exercising this week and exercising double next week. That’s not good for your body, and it’s less good for the economy, or your life, as I’m calling it today.
Back to Mr. Tucker, “It is wrong to separate economics from everyday life. Economics is a human concern that is bound up with the whole experience of life on earth.”
Economics is the study of life.
The Mother Discipline
Economics is the mother discipline of all business, because it studies supply and demand.
Finance is simply the supply and demand of money.
Marketing seeks gaps in supply and demand.
The two entries made in double-entry accounting: Revenue and expenses, could be called supply and demand.
Management is mostly about the supply and demand of labor.
Business law is based on the economic distribution of arguments. You may have noticed there are two.
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By The Christian Economist | Dave Arnott
4.9
7373 ratings
#135 Economics is the Study of Life
During the C0VID pandemic, leaders tried to separate health from the economy. That is a false dichotomy because Economics is the study of life through the exchange of resources.
During the pandemic, there were arguments about health versus the economy. First, I’m interested that they called it “the Economy,” when what they were really talking about is life. Calling it “the economy” cheapened our lives, because that made it sound like we were anxious to get out there and make money, when actually, we were anxious to get out there and live our lives.
The Loss of Freedom
The demonstration my DBU students have seen me make the most is to cross my arms and state, “The intersection of Christianity and Economics is freedom.” You see, what we lost during the pandemic was not the economy, it was the FREEDOM to exchange goods and services with our friends and neighbors. That’s what the economy is. Economics is the study of life.
You see, the beauty of economics is that it considers opportunity cost. If you’re watching this podcast, you can’t watch Joe Rogan at the same time. Okay, it’s difficult at best. And that’s the power of economic thinking. The question that SHOULD have been asked during the lockdowns, was: OK, we GAIN by slowing the spread via the lockdown. Now, what do we lose? As it turns out, we lost more than we gained. Now, I’m the first to admit, that DURING the lockdowns, I was not bright enough to weigh the gains and losses, and I encouraged some patience and diligence. Others, like Dennis Prager were able to see that the ENDS: Flattening the curve, did not justify the means: Loss of freedom.
Jeffrey Tucker, writing in the Epoch Times recently made this observation:
The leaders tended to see the economy as a giant casino that its managers can open or close at will with no great consequence. The revenue you lose today you can make up tomorrow. I will add: It’s kinda like not exercising this week and exercising double next week. That’s not good for your body, and it’s less good for the economy, or your life, as I’m calling it today.
Back to Mr. Tucker, “It is wrong to separate economics from everyday life. Economics is a human concern that is bound up with the whole experience of life on earth.”
Economics is the study of life.
The Mother Discipline
Economics is the mother discipline of all business, because it studies supply and demand.
Finance is simply the supply and demand of money.
Marketing seeks gaps in supply and demand.
The two entries made in double-entry accounting: Revenue and expenses, could be called supply and demand.
Management is mostly about the supply and demand of labor.
Business law is based on the economic distribution of arguments. You may have noticed there are two.