No Free Lunch: Economics for a Fallen World: Third Edition, Revised

Chapter One: Introduction to Economics 4 DESIRED LEARNING OBJECTIVES At the conclusion of this chapter, the student should be able to... § § Understand that God’s support of any economic system depends on how closely it aligns with His will as revealed in the Bible. § § Explain that economics is grounded in human choice, which guides human action through each individual’s assessment of costs and benefits. § § Extend the implications of man’s fallen nature to economics § § Summarize the meaning of methodological individualism § § Differentiate between objective and subjective knowledge § § Understand the role of coordination for successful economic action § § Contrast the differences in how free markets, Socialism, and Communism view private property § § Explain why Christians view private property rights as individual stewardship responsibilities § § Provide examples of how fallacies distort economic reasoning