The Case for Economic Education

 As adults, we are called upon to make economic decisions every day of our lives. However, this crucial life skill is virtually ignored in elementary and secondary education. For those who attend college, an economics course is often too little, too late. Those who forego college may never be educated in economics and, therefore, are seriously disadvantaged. According to a survey by the Gallup Organization, American adults and high school and college seniors know shockingly little about how the American economy works.

While unemployment is the economic issue of most concern to Americans, three out of four do not know the unemployment rate.

Seven out of ten adults report having no economics instruction.

Seven out of ten cannot identify the most widely used measure of inflation.

More than eight out of ten rate their knowledge of economics as fair to poor.

Six out of ten do not know the purpose of profits.

One out of two does not know what a federal deficit is.

Fewer than half of today's high school seniors have studied economics.

More than 96% of those surveyed thought schools should teach more about how the economy works.