[JFL] Jesh's Finance Lab

Jesh (Insoo) Um is a financial expert, creating professional and valuable financial contents.

Ch 1. The Beginning of Economy, The Wise Investment of the Bible

Economics would not have existed if the resources were not lacking.

However, the reality is that what we have is finite. Our possessions are limited and sometimes insufficient, so we need to save and invest. The current economy has been formed because of a lack of resources. That is because of scarcityThe economy encompasses all activities of efficient allocating, producing, and consuming of scarce resources.

Professor of economics at Harvard University N. Gregory Mankiw defines economics as the study of how society manages its scarce resources, in his book Principle of Economics.

It inversely means that the study of economics would not have existed if the resources were not lacking. In reality, however, there are many experts in the fields of economics, finance, and investment because the economic environment is critical. Most people desire to elect a president who is expected to boost or restore their economy because they are all sensitive to the economy of their countries.

The background and reason for the formation of the modern economy where resources are scarce can be found in the Bible.

Thus, in chapter 1, we will infer from the Bible how the economy has formed, the historical change of supply and demand, the creation of the trade environment among countries, and the fundamental reason for the advent of the competitive environment.


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