Why Study Basic Economics?
Economics helps us place where we are in the monetary system to determine where we are going. We’ve talked about in other sections how reaching our communities for Jesus often means empowering them to be able to meet their basic needs. When inflation, faulty financial institutions, and misinformation are all we see though, it can be difficult to get a big picture in order to see how to help the communities we are serving. That’s where the study of economics comes in.
At Acts 10, we subscribe to the Austrian theory of economics. There are other theories of economics. Keynesian economics, for example, is the reigning theory in America. This theory puts a heavy emphasis on government intervention. However, we found that this theory best explains what we have observed across various cultures - particularly the intense rate of hyper inflation that has been so negatively affecting people worldwide.
For example, if you are from a rural area, even if you have a good government then the people in your community still may not have time to wait for government assistance or for the government to pump money into the economy. Instead, if you can function from a place where you can organically encourage those in your community to empower each other, isn’t that a clearer way to love people?
You don’t need to be an economist to help your community utilize money well and support them through difficult situations. However, understanding some key concepts from economics will help you to problem solve in your community.
Foundations of Economics
Below are a few resources if you would like to dig deeper into economics. We recommend watching the macroeconomics videos by Marginal Revolution University first for a stable foundation. Both Marginal Revolution University and Khan Academy don’t stick to only Austrian economics. Instead, they examine questions as a whole. They lean Austrian but don’t force that perspective. Essential Austrian Economics will give you a foundation for understanding Austrian economics as a theory.