Required economics classes?

[hmkpoker]

Premise: For an economy to be sound, it is useful for its citizens to have a useful understanding of economic principles, so they can make good decisions.

Therefore, it would be advantageous to require a basic economics course as part of the American high school curriculum.

Agree or disagree?

[BCPVP]

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Therefore, it would be advantageous to require a basic economics course as part of the American public high school curriculum.

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FYP /images/graemlins/wink.gif /images/graemlins/grin.gif

[Arnfinn Madsen]

It would be advantegous, but I don't know if it would really have any big impact. I think only a small portion of those who have had economics classes understand how to implement it, since the vocabulary used makes it look so abstract.

[BCPVP]

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It would be advantegous, but I don't know if it would really have any big impact.

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It would (hopefully) reduce the number of people who vote for those who want to raise the minimum wage.

[Beer and Pizza]

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It would be advantegous, but I don't know if it would really have any big impact.

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It would (hopefully) reduce the number of people who vote for those who want to raise the minimum wage.

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Not a chance. The leftist economics indoctrination classes will flood us with morans who misunderstand economics but think they know what they are talking about. A Disaster!

[Arnfinn Madsen]

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It would be advantegous, but I don't know if it would really have any big impact.

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It would (hopefully) reduce the number of people who vote for those who want to raise the minimum wage.

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Haha, it was my major and I believe raising the minimum wage is sound for the economy /images/graemlins/smile.gif. However, at the right time and in the right steps.

[partygirluk]

I'm soon to start my economics PhD and disagree vehemently. Detailed knowledge of economics is not necessary for the masses - let the knowledgable decide the best framework, and let the masses just go out and try and make the most of their lives, things will turn out well.

[BCPVP]

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It would be advantegous, but I don't know if it would really have any big impact.

[/ QUOTE ]
It would (hopefully) reduce the number of people who vote for those who want to raise the minimum wage.

[/ QUOTE ]

Not a chance. The leftist economics indoctrination classes will flood us with morans who misunderstand economics but think they know what they are talking about. A Disaster!

[/ QUOTE ]
Perhaps, but don't be so sure. 7 out of 10 economists think raising the minimum wage is bad thing. It'd be kinda hard to ignore.

Arfinn: I don't know what to tell you. Maybe you deserve a refund? /images/graemlins/wink.gif I'll concede the point that there may be times when raising it may be good, but in general I think it's bad.

[Seether]

Econ was a requirement for graduation at the highschools in my school district....I kind of assumed it was a widespread policy, is it not?

[hmkpoker]

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It would be advantegous, but I don't know if it would really have any big impact. I think only a small portion of those who have had economics classes understand how to implement it, since the vocabulary used makes it look so abstract.

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Yeah, that's probably true. I should have mentioned that this economics class would focus on applied principles, in addition to theory. And that it would not laiden with leftist egalitarian propaganda. And that the teachers teaching it aren't dumb as [censored]. And the same for the students. /images/graemlins/frown.gif

Well, while we're in fantasy land, here, have a pony.

[hmkpoker]

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Econ was a requirement for graduation at the highschools in my school district....I kind of assumed it was a widespread policy, is it not?

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Not in mine, but then I went to Catholic school

[Arnfinn Madsen]

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Arfinn: I don't know what to tell you. Maybe you deserve a refund? /images/graemlins/wink.gif I'll concede the point that there may be times when raising it may be good, but in general I think it's bad.

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When unemployment is low and the economical prospect is hot or showing a possible overheating, I think it is good to do it since you push the least competitive firms out of business and make businesses in general more efficient with labor usage.

[Beer and Pizza]

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It would be advantegous, but I don't know if it would really have any big impact.

[/ QUOTE ]
It would (hopefully) reduce the number of people who vote for those who want to raise the minimum wage.

[/ QUOTE ]

Not a chance. The leftist economics indoctrination classes will flood us with morans who misunderstand economics but think they know what they are talking about. A Disaster!

[/ QUOTE ]
Perhaps, but don't be so sure. 7 out of 10 economists think raising the minimum wage is bad thing. It'd be kinda hard to ignore.



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If you teach everybody, you need tons of teachers, and you have to dip into the general pool of liberal economically uninformed teachers who don't know anything about economics but will teach it anyway, and will teach it wrong.

The current pool of economics teachers is already contaminated by too many uninformed liberal activists.

[BCPVP]

By that reasoning, we shouldn't teach them anything because some of those will be taught by liberals.

[partygirluk]

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It would be advantegous, but I don't know if it would really have any big impact.

[/ QUOTE ]
It would (hopefully) reduce the number of people who vote for those who want to raise the minimum wage.

[/ QUOTE ]

Not a chance. The leftist economics indoctrination classes will flood us with morans who misunderstand economics but think they know what they are talking about. A Disaster!

[/ QUOTE ]
Perhaps, but don't be so sure. 7 out of 10 economists think raising the minimum wage is bad thing. It'd be kinda hard to ignore.



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If you teach everybody, you need tons of teachers, and you have to dip into the general pool of liberal economically uninformed teachers who don't know anything about economics but will teach it anyway, and will teach it wrong.

The current pool of economics teachers is already contaminated by too many uninformed liberal activists.

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Just wondering, what are your qualifications for commenting on the qualifications of the nation's economics teachers?

[Beer and Pizza]

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By that reasoning, we shouldn't teach them anything because some of those will be taught by liberals.

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Liberalism doesn't affect math and English as much as other disciplines. Economics is subject to easy distortion that will produce people who think they know what they are talking about but don't.

[sam h]

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Premise: For an economy to be sound, it is useful for its citizens to have a useful understanding of economic principles, so they can make good decisions.

[/ QUOTE ]

But people are naturally strategic actors looking to rationally optimize single-peaked utility functions, so giving them knowledge is not going to improve their decision-making capabilities.

Or at least that's what economic theory would say.

[Arnfinn Madsen]

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[ QUOTE ]
Premise: For an economy to be sound, it is useful for its citizens to have a useful understanding of economic principles, so they can make good decisions.

[/ QUOTE ]

But people are naturally strategic actors looking to rationally optimize single-peaked utility functions, so giving them knowledge is not going to improve their decision-making capabilities.

Or at least that's what economic theory would say.

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No, no, no. Typical misconception. The point of applying economics to decisions is to add understanding to why others act as they do and how they will react to you actions; thus making more +EV-plays so to say. You don't have to study economics to realize that you prefer taco to chicken /images/graemlins/smile.gif.


P.S. Hope you weren't sarcastic as my detector is constantly off /images/graemlins/smile.gif.

[Beer and Pizza]

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Just wondering, what are your qualifications for commenting on the qualifications of the nation's economics teachers?

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Personal and professional experience. And if you are entering your PhD program you have seen the university level bias among many profs too.

[sam h]

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Economics is subject to easy distortion that will produce people who think they know what they are talking about but don't.

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True. But it goes for "conservatives" as much as "liberals."

[hmkpoker]

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By that reasoning, we shouldn't teach them anything because some of those will be taught by liberals.

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Liberalism doesn't affect math and English as much as other disciplines. Economics is subject to easy distortion that will produce people who think they know what they are talking about but don't.

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Excellent point

[sam h]

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No, no, no. Typical misconception. The point of applying economics to decisions is to add understanding to why others act as they do and how they will react to you actions; thus making more +EV-plays so to say. You don't have to study economics to realize that you prefer taco to chicken .


P.S. Hope you weren't sarcastic as my detector is constantly off .

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I'm not sure if we are speaking past each other here or not! /images/graemlins/cool.gif

My point was simply that economic theory would not predict a substantial increase in the efficiency of an economy associated with teaching people economics. But there still might be many reasons why it would be useful to study economics for people.

[Arnfinn Madsen]

I have been conducting quite a few business negotiations, and I think the chapters about Pareto-optimality made me a much better negotiator than an average person. When you have a counterpart that also understands the same, reaching an agreement is much easier than between two people who don't understand this principle (both waste time trying to "win" the negotiations, which is basically impossible).

This reduces transaction cost and thus indirectly increase GDP.

[sam h]

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I have been conducting quite a few business negotiations, and I think the chapters about Pareto-optimality made me a much better negotiator than an average person. When you have a counterpart that also understands the same, reaching an agreement is much easier than between two people who don't understand this principle (both waste time trying to "win" the negotiations, which is basically impossible).

This reduces transaction cost and thus indirectly increase GDP.

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I agree with you! I'm just saying that basic economic theory does not allow much room for these considerations in assessing the efficiency of economies. Assumptions about rational behavior are specified a priori and those, along with payoffs/utility functions, generally drive the strategic course taken. Economics does not generally allow much room for people to be idiots, or for people to be more consumed with "winning" than maximizing their payoffs. These are important criticisms because, as you rightly note, many people indeed are idiots or prioritize winning over maximizing payoffs.

[Arnfinn Madsen]

What I think is right, is not to view Economics as the universal subject explaining human behaviour (as many economists do), but just view Economics as a sub-subject of Psychology.

[Triumph36]

[ QUOTE ]

But people are naturally strategic actors looking to rationally optimize single-peaked utility functions, so giving them knowledge is not going to improve their decision-making capabilities.

Or at least that's what economic theory would say.

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nh.

[partygirluk]

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Just wondering, what are your qualifications for commenting on the qualifications of the nation's economics teachers?

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Personal and professional experience.

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Come on.

[lehighguy]

I'd like to require basic logic classes. Once people understand logic all of the specific subjects will fall into place.

However, I wonder if some people are inherintely logical to begin with.

[tonypaladino]

[ QUOTE ]
Econ was a requirement for graduation at the highschools in my school district....I kind of assumed it was a widespread policy, is it not?

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It was required in my high school, as well as my sister's. Same city, but different districts with different central currcicula.