Author: Amir Prudentious

Overconsumption, or simply consuming what you don’t need, is at the root cause of poor financial well-being. While, from an economic standpoint, it has been proven that austerity is not an effective government strategy, there is a type of austerity that may come to your rescue. Keynesian economics recognizes the paradox of thrift, which holds that if every individual were to become thrifty, the economy would enter a recession due to a lack of demand for goods and services. While Keynes is correct, in the modern day this surplus from individual thrift has resulted in asset bubbles like those you…

An individual can set their own objectives and choose the means to achieve them—both the objective you choose and the means by which you choose to achieve it matter. The phrase ‘see yourself with the good you desire’ references that what one desires must be good. Therefore, the first step to becoming a rational economic actor is to desire a good objective. The reason we attribute morality to achieving objectives is that history has taught us that the good prevails and is desirable. Romans 12:2 (ESV) “Do not be conformed to this world, but be transformed by the renewal of…

Economics is a large and multi-faceted discipline with different meanings according to different schools of thought. Parts of economics are rooted in philosophy, and the field borrows ideas from many other faculties, such as mathematics, social sciences, and even psychology. Economics studies how humans make decisions in the face of scarcity. As we said before, there are several schools of thought, but they all agree upon the scarcity principle. Scarcity essentially means that people have unlimited wants. but there is only so much to go around, so there needs to be an efficient way to organize resources so people can…