Importance of Economics Education for a Free Society

The importance of economics education in maintaining a free society is emphasized through historical quotes, current challenges, and efforts to promote economic literacy. The lack of economic knowledge among the public is highlighted as a significant issue that needs addressing. Initiatives such as promoting AP Economics courses in high schools are discussed, along with the distinction between good and bad economists. The necessity of teaching economic principles accurately, rather than promoting misconceptions like the concept of a "free lunch," is crucial for better economic understanding and informed decision-making.

• Economics Education
• Economic Literacy
• AP Economics
• Free Society
• Economic Ignorance

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1. "Rebellion to Tyrants is Obedience to God Great Seal Of The United States original 1776 motto by Thomas Jefferson, Ben Franklin, and John Adams

2. Education and the State The Challenge of Liberty: 2013 Summer Seminars for Students Independent Institute Colorado Springs, CO June 20, 2013 Paul T. Prentice, Ph.D. paul@PikesPeakEconomicsClub.com www.PikesPeakEconomicsClub.com

3. Economics Education is Critical to Maintaining a Free Society For too long, the study of economics has been ignored in the U.S. educational system. It is no longer required in most high schools, nor for most college degrees. Economic ignorance is at the root of many of the world s problems.

4. Economic Ignorance National Council on Economic Education Why Johnny Can t Choose: Economic Illiteracy in America (2005): http://www.bsu.edu/mcobwin/majb/?p=154 The American economy is the eighth wonder of the world; the ninth wonder is the economic ignorance of the American people. - Arthur Levitt, Former Chairman, AMEX An Economic Literacy survey by the Federal Reserve Bank of Minneapolis showed that only 44% of the public has taken a course in economics: http://www.minneapolisfed.org/publications_pap ers/pub_display.cfm?id=3579 High School students average score on the Economics Quiz is 53% ( F grade). 60% of high school students get an F .

5. Animated Cartoon Produced by Harding College (1948) Make Mine Freedom To create a deeper understanding of what has made America the finest place in the world to live. http://www.youtube.com/watch?v=I 2R8YMiw9k4

6. New Push for AP Economics Education in High Schools Parents like AP because students get free college credit. AP courses bump up GPA s for entrance into college. Administrators like AP because they are judged on the # of courses, and the # of students enrolled. BUT: They are not judged on the # of students who actually pass.

7. So, more economics teaching Is a good thing, right? Wrong. There are two kinds of economists. There are good economists and bad economists. Good economists know that there is no such thing as a free lunch. - Walter Williams In order to pass the National AP Macroeconomics exam, students must be taught that there is a free lunch, and that it is provided by government.

8. In order to pass the AP test, high school students must prove: Printing more paper money creates more real income and wealth ( monetary policy ). Inflation is caused by too many people working (the Philips Curve tradeoff between inflation and unemployment). Taking money from the private sector and giving it to the government sector creates more real income and wealth (the balanced budget multiplier of fiscal policy). A weak dollar relative to foreign currencies creates more real income and wealth. The free-market economy is inherently unstable, and can only be stabilized by government policy.

9. When I asked about competing economic theories and different schools of thought, I was told: It doesn t matter. The Keynesian answer is the only correct answer. If your students want to pass the exam, they have to give the Keynesian answer.

10. The AP College Board Controls the economic standards that have to be taught in order for students to pass. It consists of college professors, high school teachers, government education bureaucrats, and textbook publishers.

11. AP Economics Textbooks For a few years market-oriented economic policies dominated the real world. The AP textbook of choice was N. Gregory Mankiw s Principles of Economics . Now that free markets are out of fashion, the AP textbook of choice is Paul Krugman s Economics (2009)

12. Separation of School and State "Men had better be without education than be educated by their rulers; for their education is but the mere breaking in of the steer to the yoke -- Thomas Hodgskin (1823)

13. Separation of School and State USSR Constitution (Article 121). Citizens of the U.S.S.R. have the right to education. This right is ensured by universal, compulsory elementary education; by education, including higher education, being free of charge; by the system of state stipends for the overwhelming majority of students in the universities and colleges." We must create out of the younger generation a generation of Communists. We must turn children, who can be shaped like wax, into real, good Communists. ... We must remove the children from the crude influence of their families. We must take them over and, to speak frankly, nationalize them - Communist Party Education Workers Congress

14. The current stimulus is too low and too slow. We need a second stimulus. Paul Krugman The top Keynesian economists are near unanimous in their belief that there must be a second stimulus. http://abcnews.go.com/ThisWeek/Po litics/story?id=7966402&page=1

15. The best and brightest high school students are being taught free-lunch economics. "The education of all children, from the moment that they can get along without a mother's care, shall be in state institutions at state expense." - Karl Marx, The Communist Manifesto "Give me four years to teach the children and the seed I have sown will never be uprooted." - Vladimir Lenin "Education is a weapon, whose effect depends on who holds it in his hands and at whom it is aimed." - Josef Stalin "It is the State which educates its citizens in civic virtue, gives them a consciousness of their mission, and welds them into unity." - Benito Mussolini

16. Separation of School and State (continued) " 'Parent choice' proceeds from the belief that the purpose of education is to provide individual students with an education. In fact, educating the individual is but a means to the true end of education, which is to create a viable social order to which individuals contribute and by which they are sustained. 'Family choice' is, therefore, basically selfish and anti-social in that it focuses on the 'wants' of a single family rather than the 'needs' of society." -- Association of California School Administrators

17. Emergent Order School in the Cloud Sugata Mitra: TED Talks (00:22:32) http://www.ted.com/talks/sugata_mitra_build _a_school_in_the_cloud.html

18. The End Thank you for your attention. We have time for a few questions.