Thinking Citizen Blog — What is “economic literacy”? Is there a simple test? Can one be devised?

Thinking Citizen Blog — Tuesday is Economics, Finance, and Business Day

Today’s topic: Stepping Back, I: what is “economic literacy” anyway? is there a simple test? can one be devised?

Are you “economically literate”? How would you know? Are your children economically literate? How would you know? Do you care? Should you? Today, three simple tests. Please give them your best shot and think of them as learning opportunities. Experts — please chime in. Correct, elaborate, elucidate.

TEST #1 “Economic literacy” narrowly defined

1. Take out a blank piece of paper and write down the three most basic laws of economics.

2 Then write down three examples of how these laws apply to the most compelling economic issues of our time.

3. If you can think of a better test, please share it with the rest of us.

NB: My answer is one of the appendices to the Thinking Citizen website. Please don’t check it out until you have completed your own test.

TEST #2: “Economic History Literacy”

1. Thesis: economic literacy is inseparable from historical literacy.

2. Write down the three most important lessons of the last 200 years of economic history.

3. Write down and explain three examples of each.

TEST #3: “Economic Ethical Literacy”

1. Thesis: economics is a moral science and to think that economic policy analysis can be separated from ethical analysis is, well, nuts.

2. What is the ethical case against the minimum wage and the progressive income tax?

3. What is the ethical case for the minimum wage and the progressive income tax?

NB: Check out the Appendices to the Thinking Citizen website and the Lessons and Matrices sections of the Liberal Arts Academy website below.

http://www.thinkingcitizen.com

Liberal Arts Academy | Time to Re-Imagine Education

YOUR TURN — Please share:

a.) the coolest thing you learned this week related to business, economics, finance.

b.) the coolest thing you learned in your life related to business, economics, finance.

c.) anything at all related to business, economics, finance.

d.) anything at all