Economics Money Finances

Dr. Jennifer Roback Morse lectures on basic economics

Here is a podcast on basic economics from Dr. Jennifer Roback Morse.

About the speaker:

Dr. Morse is the founder of the Ruth Institute, a global non-profit organization focused on keeping the family together, protecting the rights of children and helping the millions of people who have been harmed by family breakdown.

She has authored or co-authored four books and spoken around the globe on marriage, family and human sexuality. Her work has been translated into Spanish, Chinese, Korean and Polish. Her newest book is The Sexual Revolution and Its Victims.

She earned her Ph.D. at the University of Rochester and taught economics at Yale and George Mason Universities.

A bit more about her economics credentials: Dr. Morse served as a Research Fellow for Stanford University’s Hoover Institution from 1997-2005. She received her Ph.D. in economics from the University of Rochester in 1980 and spent a postdoctoral year at the University of Chicago during 1979-80. She taught economics at Yale University and George Mason University for 15 years.

The MP3 file is here. (49 minutes)

Topics:

  • The study of economics is anti-postmodern – there is objective truth independent of what people think
  • The study of economics believes in fixed principles of human nature
  • Economics studies the allocation of scarce resources that have alternative uses
  • Economics studies how people exchange resources
  • How both people who engage in a voluntary trade always believe that they will be better off
  • How both people who engage in a voluntary trade both benefit from the exchange
  • How incentives motivate people to act
  • Understanding supply and demand
  • Understanding how “free” government services are rationed
  • Understanding opportunity costs
  • How prices signal producers to produce more or less, and consumers to buy or not buy
  • Market-driven prices versus price controls
  • The role of substitution
  • The necessity of allowing failure in a free market

The requirements of economic growth:

  • private property
  • contracts
  • the profit motive
  • competition
  • free trade
  • entrepreneurship, creativity and innovation
  • the rule of law

If you want to learn more about basic economics, I recommend picking up a book or two by Thomas Sowell – the first book I usually give away is “Intellectuals and Society”, and then next “Basic Economics”. You can find a good list of books on the website of The Institute for Faith, Work and Economics.

I think it’s important for Christians to understand basic economics, because so much of the impact we have depends not only on our personal finances, but on our ability to promote economics policies that will affect our personal finances. For example, whether you have a job or not depends on economic policy. Whether you can get food and other required resources depends on economic policy. Often, big-government regimes with poor economic policies (e.g. – North Korea) will make it impossible for you to have other liberties, like religious freedom.

Just think about how hard it would be for you to pursue a Christian life plan in a place like Venezuela, where your priorities would not be apologetics, but just finding food and avoiding death and theft at the hands of criminals.

Imagine it was you lost your job or couldn’t find work due to bad economic policy. Think of how that would affect your ability to even drive to church on Sundays, or purchase a Bible, much less being able to organize an apologetics event at the university and pay for a speaker to fly in and stay in a hotel. Economics is important for Christians to understand, because so much of our influence and effectiveness depends on it.

3 thoughts on “Dr. Jennifer Roback Morse lectures on basic economics”

  1. Yep, understanding basic economic principles is crucial to wise living and governing, and Leftists fail at them. The WSJ proved this out years ago — https://www.wsj.com/articles/SB10001424052748703561604575282190930932412 . To recap one example, 2/3 of Leftists don’t know that housing restrictions always increase costs regardless of their merit. How can these people possibly make wise economic decisions for themselves, let alone the rest of the populace?

    All schools should host Junior Achievement classes. These are proven to increase graduation rates and they teach critical life skills about budgeting, economics, and more. I taught them for 12 years and was continually impressed with their program. You don’t need a PhD in Economics to understand the most important concepts. Give me 30 minutes with a bunch of 7th graders and I will have them more fluent in basic economic principles like supply and demand than Congressional Democrats are. And that isn’t an exaggeration.

    Like

  2. Very interested in an article regarding to the current inflation and what to do about it. This current situation is a repeat of the 1970’s which was crushing.

    Like

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