So why is economic education so important? It helps individuals better grasp the potential unintended consequences of public policy decisions. Over the past year, we’ve seen how government spending in the form of Covid-19 individual stimulus checks helped spur a dramatic increase in inflation—a classic supply-and-demand outcome predicted by those who’ve studied economics. And those students with an economic education might view the Biden Administration’s new student debt cancellation plan with caution; even administration-aligned economists fret about the plan’s potential to add to our nation’s current inflationary woes. A fundamental principle of economics is that choices impose costs, or as Nobel Laurate economist Milton Friedman so famously said, “there is no free lunch.” With an economic education, students will be better prepared to weigh the costs and benefits of public policy decisions as they enter adulthood and take on leadership roles through American society.
That’s why organizations like the Foundation for Teaching Economics (FTE) are essential. Stepping in to fill the void left by secondary education in the U.S., FTE works to introduce high school students to an economic way of thinking about national and international issues, while also helping current economics teachers become more effective educators on the subject. FTE programs—hosted virtually and in-person on college campuses across the country—integrate economic lessons with leadership development exercises, contributing to a new generation of Americans prepared to implement economic reasoning when making important personal and voting decisions. Since 1991, more than 21,000 high school teachers and more than 14,000 high school students have participated in FTE programs.
Jerry is one of these students. “It’s helped me understand the way the world works,” he says of FTE. Seeking economic education opportunities outside of his school, Jerry attended FTE’s Economic for Leaders program this summer in Santa Barbara and is looking forward to applying what he’s learned to his current and future endeavors.
At a time when the U.S. economy veers towards a possible recession, it is critical that the next generation understands how core economic principles will impact the rest of their lives. The American educational system simply must prioritize economic education, if we are to prepare young people for the future. With greater access to economic literacy, America’s next generation will become better citizens for years to come.
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