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| | Economics has powerful insights that go far beyond money. Economics has teachings about the nature of time, marginal value, utility, and many other concepts that we will discuss throughout this course. One concept in particular, the "Coase theorem" (developed in 1960), is an economic insight that is powerful far beyond issues of money. | | Economics has powerful insights that go far beyond money. Economics has teachings about the nature of time, marginal value, utility, and many other concepts that we will discuss throughout this course. One concept in particular, the "Coase theorem" (developed in 1960), is an economic insight that is powerful far beyond issues of money. |
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| − | Learning economics will help you with your own purchasing decisions, planning for savings, choosing a career, and making business decisions. It will also help you use your talents to their fullest potential, minimize waste of your time, and avoid to bad habits. | + | Learning economics will help you with your own purchasing decisions, planning for savings, choosing a career, and making business decisions. It will also help you use your talents to their fullest potential, minimize waste of your time, and avoid bad habits. |
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| | Here are two examples in the form of Latin phrases that have meanings beyond money: | | Here are two examples in the form of Latin phrases that have meanings beyond money: |
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| | *"caveat emptor" means "let the buyer beware" as he purchases something new. This concept is a helpful reminder of the dangers of harmful things like drugs and pornography, and harmful ideas too. | | *"caveat emptor" means "let the buyer beware" as he purchases something new. This concept is a helpful reminder of the dangers of harmful things like drugs and pornography, and harmful ideas too. |
| − | *"carpe diem," which means "seize the day" and not waste a good opportunity. The present time is worth more than time in the distant future, when it is unknown what will be possible or even if the world will still exist as it does today. Show appreciation now, for example. The same principle of "carpe diem" can be seen in the Parable of the Talents (Mt 25:14-30) and the Parable of the Fig Tree (Luke 13:6-9) (the master gives the fig tree one more year to bear fruit, or else he'll chop it down) | + | *"carpe diem" means "seize the day" and not waste a good opportunity. The present time is worth more than time in the distant future, when it is unknown what will be possible or even if the world will still exist as it does today. Show appreciation now, for example. The same principle of "carpe diem" can be seen in the Parable of the Talents (Mt 25:14-30) and the Parable of the Fig Tree (Luke 13:6-9) (the master gives the fig tree one more year to bear fruit, or else he'll chop it down) |
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| − | Economics is special in how it focuses entirely on the present and future, and not the past. For example, the price a good sells for does not depend on how much it cost in the past, but how much someone will pay for it now or in the future. This is a difficult for students to adjust to, as other school subjects like history are primarily about the past rather than the future. | + | Economics is special in how it focuses entirely on the present and future, and not on the past. For example, the price a good sells for does not depend on how much it cost in the past, but how much someone will pay for it now or in the future. This is a difficult for students to adjust to, as other school subjects like history are primarily about the past rather than the future. |
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| | Economics provides insights about the true nature of "time". In economics the value of the future is compared to the value of the present. There is no value to the past. When Christian values are superimposed on economics, the Christian faith in eternity makes the future far more valuable than the present; time spent worrying about the past is wasted time. | | Economics provides insights about the true nature of "time". In economics the value of the future is compared to the value of the present. There is no value to the past. When Christian values are superimposed on economics, the Christian faith in eternity makes the future far more valuable than the present; time spent worrying about the past is wasted time. |