What time do you invest in your knowledge about economics?
What is money? Is it not proof you have served God’s other children?
In the formative years of our Republic, while organized as a confederacy, before ratification of the Constitution, representatives of the thirteen states unsuccessfully quibbled over this or that trade policy.
At the Constitutional convention of 1787, founding father John Adams pointed to the central issue: widespread ignorance of economics fundamentals, saying, “All the perplexities, confusion and distress in America arise not from defects in the Constitution or Confederation, not from a want of honor or virtue so much as from downright ignorance of the nature of coin, credit, and circulation.”
Benjamin Franklin observed, “An investment in knowledge pays the best interest.”
The common American ignores economics until it bites him where the sun doesn’t shine. And when he or she feels the bite, anger erupts. Anger, when properly directed is good. God invented anger to motivate us in the right direction.
A great chasm of ignorance of economics divides liberals and conservatives. The first subscribes to Marxist socialism; the other (generally) to principles of free-market capitalism.
How are the two thoughts different? Socialism is an economic theory. Why a theory? It shall forever remain an economic theory BECAUSE IT HAS NEVER AND CAN NEVER BE PROVEN.
Capitalism, by contrast, is a natural system of economics. It is the exchange of goods and services among a free people. By natural, I mean this is God’s idea of economics. Examples?
Proverbs 20:10 “False weights and unequal measures — the Lord detests double standards of every kind.”
1 Thessalonians 5:22 “Stay away from every kind of evil.”
Leviticus 25:14 “When you make an agreement with your neighbor to buy or sell property, you must not take advantage of each other.”
Learn how freedom and capitalism are inextricably linked to your personal success. Learn from this 3-minute video titled “An Introduction to Milton Friedman’s Capitalism and Freedom – A Macat Economics Analysis“
For the more industrious among you, learn even more from this 10-minute video titled “Economic Schools of Thought: Crash Course Economics #14“