Principles of Economics: A Christian Perspective

Principles of Economics: A Christian Perspective

Painting of the Biblical Scene, The Tribute Money. A group of five pharisees gather around Jesus, one of whom holds out a coin in his open palm, asking whether or not they should pay tribute to Caesar, while Jesus, on the right, points to the coin with his right hand, and to heaven with the other, telling them to render to Caesar that which is his, and to God that which belongs to God
The Tribute Money by John Singleton Copley, 1782

This collection of lessons is written to be used as a course supplement for a Christian audience.  These lessons address the principles of economics from a Christian perspective, drawing connections between economic theory and scripture.

Each lesson includes an introduction to the economic principle, a biblical perspective, and additional scripture readings as well as a self-assessment.  Some lessons also include a video highlighting the Bible’s impact on economic thinking.

You can view sample modules and lessons for this course by clicking on the table of contents below.

If you are a faculty member and would like to adopt this book for your classroom use, please contact us at info@tellibrary.org.

If you are a student or individual, you may purchase this book by clicking the Purchase button below.


Technology Requirements

This course is delivered fully online and you will be required to have access to a computer, laptop, or web-capable mobile device – along with consistent access to the internet – to access course material and complete assignments. Review the information below to ensure your system meets the minimum requirements necessary to complete a course for credit.  


PC Requirements

  • Hardware
    • Intel Core 2 Duo (or AMD 64×2 Dual-Core) processor
    • 1 GB RAM
    • 80 GB hard drive
    • 1024×768 resolution monitor
    • Soundcard with microphone and speakers
    • Built-in or external webcam
    • Broadband internet connection
    • Browser with pop-up blocker disabled
  • Software
    • Windows 7 or above

Macintosh Requirements

  • Hardware
    • Intel Core 2 Duo (or AMD 64×2 Dual-Core) processor
    • 1 GB RAM
    • 80 GB hard drive
    • 1024×768 resolution monitor
    • Soundcard with microphone and speakers
    • Built-in or external webcam
    • Broadband internet connection
    • Browser with pop-up blocker disabled
  • Software
    • Mac OS 10.6 “Snow Leopard” or above

Tablet or Smartphone

  • Hardware
    • 2 GHz process or faster
    • 1 GB RAM or greater
    • 80 GB hard drive
    • Microphone and speakers
    • Wireless internet connection

Table of Contents

Economic Thinking

The study of economics is based on the study of human action, or how a person will respond when her or she compares the cost of any action versus the benefits generated by that action. This is controlled by the concept of scarcity, we all have unlimited wants or needs, but can’t have everything because resources are always limited. All human action is based on identifying the cost of any action (want or need) and then balancing that cost with the benefits.

  • Costs
  • Comparative Advantage
  • Game Theory
  • Human Action
  • Investing
  • Limits of Economic Thinking
  • Organizations and Markets
  • Production and the Firm
  • Property: Land, Labor, and Capital

Economic Systems

Countries, governments, and societies use economic systems to manage trade, distribute resources, and provide services. These systems help to control production by managing physical resources, labor, and capital. Successful companies must manage their factors of production, including their physical resources, data, and information resources. How these factors are specifically managed and allocated vary based upon the specific economic systems.

  • Economic Justice
  • The Entrepreneur
  • Everyday Political Economy
  • Marketplace Ethics
  • The Market’s Invisible Hand
  • Political Entrepreneurship
  • Rules, Rhetoric, and Flourishing
  • Selfishness, Self-Interest, and Self-Sacrifice
  • Social Entrepreneurship
  • Socialism: The Man


The Macro Economy

The study of macroeconomics focuses on regional, national and global economies by analyzing performance factors, structures and behaviors of the whole economy instead of individual human actions. Macroeconomics studies the relationships between incomes, consumption, savings, investment, and trade at a national level by comparing indicators including GDP, employment rates, welfare rates, and prices.

  • The Business Cycle
  • Economic Growth
  • Efficient and Inefficient Taxation
  • The Financial System
  • Government Spending: For What?
  • Government Spending: What’s The Point?
  • Macro-Economy: Goals and Measurement
  • Money
  • Regulating International Trade
  • A Systems View of the Global Economy
  • Work

Public Economics

Public sector economics studies how government policies affect the economy. By looking at government taxation and spending, market failure, and externalities, public policy economics analyze whether the government should manage economic markets, and should the government be responsible for managing social welfare.

  • Corporate Social Responsibility
  • Externalities
  • Industrial Policy
  • Labor
  • Market and Government Failure
  • Monopolies and Cartels
  • Property Rights and Rule of Law
  • Regulating Moral and Social Order
  • Transaction Costs and Information Problems


Brian Baugus, Ph.D.

Dr. Brian Baugus has been an assistant professor of economics at Regent University since 2012. He holds a doctorate and masters in economics from George Mason University, an MBA in finance from Vanderbilt University and a BA form McDaniel College. Dr. Baugus has professional affiliations with the African Bible University in Kampala, Uganda, the Institute for Faith, Work and Economics, and the American Enterprise Institute.


Darin Gerdes Ph.D.

Dr. Darin Gerdes is an associate professor of management in the School of Business at Charleston Southern University. His interdisciplinary background includes undergraduate degrees in Government and Psychology from Liberty University, a Master of Business Administration, a Master of Arts in Public Policy and a Ph.D. in Organizational Leadership from Regent University. In addition, Dr. Gerdes is a leadersmith. He has spent most of his professional life cultivating leadership in others.
At Charleston Southern, he designed the Master of Arts in Organizational Leadership Program and co-designed the Master of Science in Human Resource Management Program while he was the Director of Graduate programs in the School of Business.
Dr. Gerdes holds a lifetime ACSI teaching certification. He is a member of the Christian Business Faculty Association (CBFA) and the Academy of Management (AOM). He is also a member of Psi Chi, the National Honor Society for Psychology and Sigma Beta Delta, the International Honor Society for Business.


Paul D. Mueller Ph.D.

Dr. Mueller is an assistant professor of economics at The King’s College in Manhattan. Before joining Kings, he completed his Ph.D. at George Mason University, and received bachelor degrees in economics and in political science from Hillsdale College. Dr. Mueller’s academic interests include monetary economics, financial markets, public choice economics, the history of economic theory (particularly the works of Adam Smith), and Austrian economics.


Dylan Pahman, M.T.S.

Dylan Pahman is a research fellow at the Acton Institute for the Study of Religion and Liberty, where he serves as managing editor of the Journal of Markets & Morality. He is also a fellow of the Sophia Institute: International Advanced Research Forum for Eastern Christian Life and Culture.  Mr. Pahman earned his Masters in Theological Studies in Historical Theology from Calvin Theological Seminary.


R. Scott Pearson Ph.D.

Dr. R. Scott Pearson is an entrepreneur, economist, investment professional and college professor. He is founder, President and Chief Investment Officer of Value View Financial Corp, a money management firm founded in 1999. He has taught at the University of South Florida, Washington College, and most recently at Charleston Southern University, where he served as Department Chair of Business and Economics. Dr. Pearson’s research focus is microfinance and microenterprise development, and his teaching interests span economics, entrepreneurship, and financial markets. He earned a B.A. from Samford University in Birmingham, Alabama, and MBA from the University of South Florida in Tampa, and an M.A. and Ph.D. in economics from the Ohio State University.


Tyler A. Watts, Ph.D.

Dr. Tyler Watts is an Assistant Professor of Economics at East Texas Baptist University. Prior to this, he was an Assistant Professor of Economics at Ball State University and a Visiting Assistant Professor of Economics at Grand Valley State University. Dr. Watts earned his PhD in Economics at George Mason University in 2010. While at George Mason, he was a Mercatus Center Ph.D. Fellow. He runs the Institute for Economic Education, a public outreach focused on integrating economics with a Biblical worldview and providing unique teaching tools for high school and college economics students.

Course Content

Modules Status
1

Economic Thinking: A Christian Perspective

2

Economic Systems: A Christian Perspective

3

The Macro Economy: A Christian Perspective

4

Economic Public Policy: A Christian Perspective