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I mostly think economics education is fine... most high school graduates in the US come out with a good basic understanding of supply/demand and labor/capital b
by jlhawn 1y ago
I mostly think economics education is fine... most high school graduates in the US come out with a good basic understanding of supply/demand and labor/capital basic inputs to businesses, etc. But that doesn't mean that people are prepared to talk about economics on a daily basis, especially when it comes to politics. People confuse personal finance and budgeting with economics in general and don't know how to correctly think about the difference between legal and economic incidence of taxes like tariffs on imports.
Do I think economics in higher education needs to change? no. But the base level of economics knowledge and principles are very lacking for the everyday person, to the detriment of society at large.
- exolymph 1y ago> most high school graduates in the US come out with a good basic understanding of supply/demand and labor/capital basic inputs to businesses I profoundly doubt this
- jlhawn 1y agosurveys show that if you ask most people what happens to the price of X when the number of X available increases, people correctly understand that the price falls and vice versa. There are some things though, particularly housing, where more people think the opposite happens.
- barry-cotter 1y ago> most high school graduates in the US come out with a good basic understanding of supply/demand and labor/capital basic inputs to businesses If this was true politics would be so profoundly different the entire world would be unrecognisable.
- throw0101d 1y ago> People confuse personal finance and budgeting with economics in general and don't know how to correctly think about the difference between legal and economic incidence of taxes like tariffs on imports. Or like treating the debt of a country in a similar fashion to household debt.
- hackeraccount 1y agoYou get further thinking about the similarities between the debt of a country and that of a household then you do concentrating on the differences.