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

No Free Lunch: preface and acknowledgments ix to prove the principle from Scripture, but simply to illustrate the application. Second, Scripture will be used for historical value…such as showing the use of precious metals as money prior to any nation/state creation. Third, Scripture will be used to outline general normative principles, which will then be applied to economic questions. For example, does “Thou shalt not steal” have implications for tax policy and income redistribution? Finally and most importantly, Scripture provides the overarching worldview of how man acts. The reality of living in a fallen world (where man is both sinful as well as created in “the image of God”), will guide our assessment of the best institutional arrangements for economies (such as, do we allow free markets or have social ownership of the means of production?). This book recognizes the intersection of positive economic science, public policy implications, and how Christian values might apply. It is written as an introductory student text, although the layman who wants a better appreciation for these relationships should find it useful. The scope will be focused on key economic concepts with applications for reinforcement. Each subject will also include a review of scriptures that provide insight into the unique Christian perspective of what “ought” to be. The intent is to provide the introductory student a solid foundation of basic economics to well prepare him or her for higher level classes, and for all readers to see how economic analysis is relevant to public policy decisions. The review of selected sections of Scripture will help shape our thinking of how to apply this knowledge while reinforcing a Christian worldview. “Because in much wisdom there is much grief, and increasing knowledge results in increasing pain…” - Ecclesiastes 1:18 WARNING: There is a danger to increasing your economic knowledge. As you better understand the economic implications of public policy choices our leaders make, you may become frustrated and angry. But ignorance is not bliss; increasing your knowledge is the first step towards being a positive witness to our nation. Christians are called to do just that, and it is my prayer that this text will make you increasingly able to influence our world. “The first law of economics is scarcity, and the first law of politics is to disregard the first law of economics.” -Thomas Sowell HOW TO USE THIS TEXT The text is created to be an online resource, with both PDF versions and an eBook. This not only saves the reader the cost of physically printing a book, but allows us to leverage the tremendous breadth of information available on the Internet. I have included