School and Community Fall 2023

Promoting Economic Literacy in the Classroom BY RODNEY GERDES, MEHLVILLE R-9 W e live in challenging and exciting times with economics at the forefront of current events! A brief perusing of headlines would suggest the economy is a top priority of concern for Americans. This may envoke fear about inflation, the rising cost of borrowing, budget deficits, national debt or a general concern that the economy is struggling. Given such a high level of concern among the American public, it is rather amazing that the study of economics in K-12 schools is essentially flat. According to the Council for Economic Education’s 2022 Survey of the States, only half of the states require a course in economics to be offered - a number which has remained unchanged for many years. While Missouri does require a course in personal finance, we are one of those states that does not require a course in economics. This dichotomy of concern and interest in the economy, yet lack of economic education is perplexing to me. I have taught a course in economics almost every year of my career in education, spanning back to 1997. Since 2005, I have taught Advanced Placement Macroeconomics and Microeconomics. In my classes, I begin the year asking students to define the word “economics.” Regularly, I hear something along the lines of “it is the study of money.” These are advanced students who are juniors and seniors and this is the understanding they would bring with them into the world had they not taken economics. I tell them that the true definition of economics is how people decide what to produce, how

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