Topics in Economic Theory, Policy, and Practice
When: June 7, 2023, 4:15 pm - Wednesday
This session consists of four presentations on economic theory, policy, and practice. “Financial Scarcity” explores scarcity theory from an interdisciplinary perspective, and suggests avenues for future research. “Thoughts on BEAD” considers the likelihood of–and suggests ways to identify and curtail–waste, fraud, and abuse in the Broadband Equity, Access, and Deployment Program. “Property Rights and Institutions” calls for a greater emphasis on, and more vigorous defense of, property rights in teaching economics. “Economic Perspectives on Entrepreneurship” examines modern entrepreneurship from both a behavioral economics and a Biblical perspective.
Kyle Tippens, Monty Lynn, and Ryan Jessup, Abilene Christian University, “Financial Security: Insights, Critique, and Research Potential”
Don’t have enough money to make ends meet? Such a thought may lead you to conserve and spend carefully. But scarcity theory also predicts that ruminating on a deficit may cloud problem-solving and lead to a poverty trap. We introduce and critique scarcity theory and its application in poverty alleviation research, policy, and practice. This interdisciplinary topic also touches upon the design of financial products as well as human cognition and psychology. We suggest possible lines of research, including considering the role of hope in the midst of scarcity.
Janice Hauge, University of North Texas, “Thoughts on BEAD: Preventing Waste, Fraud, and Abuse in the $42.5 Billion Broadband Equity, Access, and Deployment Program”
Since 2020, Congress has provided $75 billion to support broadband development and subscription; however, studies of prior broadband initiatives indicate that there is a non-trivial risk that most of this $75 billion will be wasted. Our research provides a review of research examining programs designed to increase broadband access and adoption. These programs include federal, state, local, and private initiatives, as well as rural initiatives, and regulatory framework studies. The research goal is to inform policy-makers, academics, and industry professionals of these past programs to ensure that funds currently being allocated have a greater chance of being used effectively.
Chris Baker, Harding University, “Property Rights and Institutions: A Reappraisal of Teaching Economics”
Historically, teachers of Economics focus primarily on the branches of microeconomics and macroeconomics, and topics such as supply and demand, markets, GDP, inflation, and unemployment. These are all important areas, but the topics of property rights and institutions should be given additional emphasis. As the popularity of Socialism and ever-expanding governmental programs influence everyday life, the concept of property rights and the institutions that protect them should be taught more rigorously. Therefore, a strong defense and argument in favor of property rights and institutions should be presented as a foundation of Economics.
Ernest Liang and Ellen Clardy, Houston Christian University, “Economic Perspectives on Entrepreneurship: Biblical Interpretations and Application”
Entrepreneurs are the single most important player in a modern economy. Performance of entrepreneurial ventures however requires understanding of such behavioral attributes as innovativeness, risk-taking, decision making under uncertainty, time preference, optimism, and factors effecting scalability. Biblical idiom and imagery are full of associations that refer to these behavioral attributes and offer insights into practices that mitigate cognitive biases often associated with entrepreneurship. This study examines modern entrepreneurship from the perspective of behavioral economics and uses teachings and illustrations from the Scripture to offer practical advice to entrepreneurs in general and faith-driven entrepreneurs in particular.
Orneita Burton, Abilene Christian University, Convener
- Kyle Tippens, Monty Lynn, and Ryan Jessup, Abilene Christian University, “Financial Security: Insights, Critique, and Research Potential”
- Janice Hauge, University of North Texas, “Thoughts on BEAD: Preventing Waste, Fraud, and Abuse in the $42.5 Billion Broadband Equity, Access, and Deployment Program”
- Chris Barker, Harding University, “Property Rights and Institutions: A Reappraisal of Teaching Economics”
- Ernest Liang and Ellen Clardy, Houston Christian University, “Economic Perspectives on Entrepreneurship: Biblical Interpretations and Application”