Certain classes have long been viewed as staples of a K-12 education: math, English, science, history. It’s extremely easy to see how these courses make one a functioning member of society: a basic knowledge of English language and literature is needed for communication, and knowledge and practice in making mathematical calculations is invaluable in making financial and other decisions.

Along this line, most would agree that a basic knowledge of the impact of public policies and market movements would be very important: without them, you would have no idea how current events affect you, and be unable to make basic decisions in savings and investment. You would not have a sense of how proposed government policies would affect you (sound familiar?).This is why economics should be a required course in all high schools across the nation- knowledge of it gives us financial wisdom and the ability to make sound choices as voters.

Many would look at their kids’ high school curriculum and see that economics is already a required semester-long class. However, at my national top-400 alma mater, “regular” economics was viewed as a joke class in which students sat around and watched videos all day. One had to enroll in Advanced Placement (AP) Economics to learn anything about the subject, and only about 60 out of 3,000 students did so in any given year. In other words, less than 10% of students of a relatively solid high school had any sense of public policy accompanying their diploma. The rate will be much worse at more troubled high schools, many of which don’t even offer AP classes.

And why should we give economics the same standing as, say, math and science? One look at 2010 offers clear evidence of its value. Both the health care and financial reforms passed this year will have overarching effects on the U.S. and global economy for years to come. An informed U.S. citizen would take a critical look at the laws’ details and make voting decisions based on their knowledge of economics. Wouldn’t getting rid of coverage denials based on pre-existing conditions without an individual mandate lead to adverse selection (only those likely to need insurance sign up) and bankrupt insurance companies? How would specific regulations affect private investment?

Instead, you see talks of “death panels,” “government takeovers,” “Republicans want people to die,” and, of course, “you lie!” Lacking a basic understanding of how public policy affects the everyman, said everymen take to the streets openly take to the streets and call each other liars, cheaters, and Nazis. Why? It’s what Sarah Palin or Glenn Beck or Keith Olbermann said, so it must be true, right? It’s what that politician from my party said, so it must be true and everyone who claims to the contrary must be lying! Obama’s trying to trick us when he says that government-paid health insurance isn’t going to kill my grandma! In the absence of reason and knowledge, fear, anger, hate, and possibly the dark side take over.

That’s not the way to build a healthy democracy. Just as shoppers need to know how smartphones function to make good purchases, voters need some knowledge of the effects of economic policy to elect wise politicians. Given the choice between a sound healthcare policy and a marketable political slogan, most would choose the former. However, we need a solid foundation in economics to distinguish good policies from ones that sound good. Otherwise, we are always going to elect officials with the best soundbites, not the best ideas.


(Photo: Ray_from_LA)