Economics and Personal Finance

Economics is from two Greek words, "Oikos" meaning home, and "nomos" meaning law or rule. The primary goal of economics, therefore, is to train students in the age-old principles of ruling and stewarding the gifts God has given. The goal of this class is for students to leave with a greater understanding of and ability to practice their responsibility as rulers and stewards of God's gifts.

Most of the time when people think of economics they think of "supply and demand," finance, taxes, and most of all, money. But there is much more to it. In His earthly ministry and especially through His parables, Jesus honored those who used their wealth wisely. All of our wealth (money, homes, vehicles, computer, books, etc.) are gifts that we are called to use well.

Each week there will be a recorded lecture and one live recitation. In the first half of the course we will cover the basics of economics, i.e. factors of production, supply, and demand, money, banking, etc., but not as a mere abstract science. We will study these subjects in light of Christian and pagan wisdom of the past while considering how our choices today affect not only ourselves but our descendants.

The second half of the course will focus on applying the principles of wise stewardship to personal finance. We will learn about entrepreneurship, budgeting, saving, investing, personal and business loans, taxes, dealing with financial loss, and using our blessings to build God's kingdom.

Course Objectives

Upon completion of this course, students should be able to:

1. Understand the purpose and right uses of economics
2. Differentiate between wise and foolish stewardship
3. Apply the principles of microeconomics to everyday choices
4. Discuss the history of household rule and how it changed over time
5. Consider one's calling and how wise financial choices help in the pursuit of that calling
6. Make a plan and take the initial steps to start a business
7. Use financial tools (budgeting, saving, investing) to build wealth

Texts

• Inherit the Earth - Dr. Gary North (free online)
• Man of the House - C.R. Wiley
• Economics, Work and Prosperity - Russell Kirk
• Total Money Makeover - Dave Ramsey
• The Richest Man in Babylon - George Clason (public domain - free online)