Tuesday, May 11, 2010

Economics is...

the study of choices. This is an oversimplified definition, but is essentially the heart of the study of economics. Every decision we make is directed towards an end or goal. We analyze the costs and benefits of our options with the given information we have and choose the option that we think will best attain our end. Because we are of a social nature, our decisions impact our neighbors both near and far and so are not to be taken lightly.

The great economic problem and the goal of economics is meeting our material needs through the "allocation of a limited number of resources." Many great philosophers and economists have offered solutions to this problem, but I believe it to be rooted in our vocation to "love one another"--John 13:34--as well as to "have dominion over the [goods of the earth]"--Genesis 1:28. For, ultimately, our problem is one of great spiritual need. No degree of material fulfillment and satisfaction will ever attain for us true or complete fulfillment. Our want is insatiable and only an infinite and eternal Good is capable of fulfilling our insatiability.

I believe that the solution to our problem, then, lies in our quest for authentic human development, i.e. our quest for something greater: full and everlasting communion with our God in heaven.

I hope to shed light on basic, contemporary, and controversial economic issues for those who desire a greater understanding of the study of choices and seek a solution to the economic problem but haven't had an economics class or did and had trouble understanding it. I also hope to provide a Christian perspective to my fellow economists who desire peace and justice for humanity. I welcome any and all comments and suggestions that will help me in my quest.

May God be in your hearts and minds.

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