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What is Economics?

Have you ever wondered why some are so rich while others are so poor? Or why the economy sometimes grows with strength and other times falls into crisis and recession? Why do government programs often fail to deliver the results that politicians promise?  

These are the questions of Economics, the study of resources and how humans use them. 

At The King’s College, we commit to integrating faith and learning and we know that the Bible is not an economics textbook --but we see God’s concern for human dignity, responsibility and true justice throughout the Bible, anyway.  

The Bible affirms private property, supports entrepreneurial activity and calls us as Christians to be honest, hard-working, thrifty, just and generous in exercising stewardship with our talents and resources.  

We believe that a market economy characterized by substantial individual freedom and a limited role for government best promotes these values and virtues. We also affirm that markets work best when individuals exercise virtue. This final value informs all we study at King’s and helps our graduates influence a world that is ready to value the same. 

We teach that economics is not entirely about money. It’s about choices people make about expected costs and benefits. Beyond that, economics is a way of thinking about the consequences of people’s choices when we interact—buying, selling, giving, competing and ultimately cooperating in helping each other pursue separate projects.  

In other words, economics is about how markets work. Markets coordinate the choices of different people, using incentives to bring choices to produce and sell any product into balance with choices to buy and consume. 

At King’s, we study markets and how exchange creates benefits for both buyers and sellers and employers and employees. The development of markets has been the most important feature bringing modern, dependable levels of economic growth to one region of the world after another. Markets, where they are allowed to work, lift millions of people out of poverty.  

We relate this further to how entrepreneurship changes economies, too, , introducing new products, technologies and methods toward greater prosperity.  

At advanced levels, we finally delve into the economic effects of government policy—regulation, welfare and entitlement programs, and efforts to promote overall stability and growth.  

King’s economics courses recognize that good intentions do not give policy-makers an exemption from economics. The invention of policy without market understanding is akin to performing surgery without knowing anatomy  something unforeseen will rupture or fail to function sooner or later.  

We may be better served by corrupt but economically savvy leaders than by benevolent but economically ignorant ones — but nothing is that simple. Our goal is to ground students in the Bible while ensuring a strong and nuanced understanding of social systems outcomes. 

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