The Case for Economic Education in Michigan

 
ONE

There are more than 5,000 public and private schools serving over 1.8 million students in Michigan.  The anecdotal evidence suggests many of the state’s teachers view economics as the “weak link”.  They are asking for our help with the new state grade level content expectations for economics and MEAP Social Studies test. 

TWO

In 2006, Governor Granholm signed into law a new set of high school graduation requirements for every high school in Michigan.  Included in those requirements are 3 credits for Social Studies and .5 credit (one semester) of Economics.

 
THREE

There are two fundamental laws of teaching.  One, teachers can’t teach what they don’t know.  Two, children can’t learn what aren’t taught.  With Economics in the Michigan Curriculum Framework for Social Studies, and the implementation of the Michigan Educational Assessment Program (MEAP) Social Studies Test at grades 6 and 9, teacher education in economics at the pre-service level is woefully absent.  Basic economic education is necessary and integral part of a teacher’s professional development.  

FOUR

In a preliminary research project, Dr. William Walstad found adults with a formal economics course in their academic past scored a statistically significant 12 points higher than those who had no formal economic education in either high school or college.  While this research is preliminary, it addresses three key points:  1) It is an encouraging initial finding that adults with an economics course in their background scored higher than those without it; 2) Yet, those with an economics course had an average score of only 49%, indicating many adults even with an economics course still lack an understanding of basic economics; 3) Which suggests economic education still needs to be improved to effectively fight the high cost of economic illiteracy.

FIVE

The high cost of economic illiteracy transcends our economic world.  It can lead to attitudes that misshape public opinion on economic, political, and social issues.  Economic illiteracy has the potential to create an atmosphere where policies can have perverse effects on our entire lives.  Students are going to be asked to live and lead a global economy that is not being taught them.