It is folly to believe that citizens can make sound judgments about their lives, their opportunities, and the ideas supported or opposed by their elected representatives if they fail to understand the most basic elements of economics. And sadly, results from the National Assessment of Educational Progress show we’ve produced yet another generation that is heading out into the world crippled by lack of knowledge.
In all, 43 percent of high school seniors scored “proficient” or above on the National Assessment of Educational Progress in economics, which covers such topics as personal finance, business, government policy, and international trade. For African-American students, the figure was just 17 percent and for Hispanics 26 percent.
“It is astonishing that high school seniors do not know more about how economics affects their wallets, their country, and their world at a pivotal time in their lives, whether they choose to enter the workforce or pursue higher education,” said David P. Driscoll, the chairman of the governing board for NAEP, in a press release.
It is quite alarming that as we face fiscal crisis in this country, massive unemployment that requires a fact-based debate over how to spur economic growth, and myriad other serious policy questions that revolve around economic concepts, we have “educated” another generation that does not understand the basics. What that means is that persuasive rhetoric will sway massive numbers of young people.
Look at this question:
The report provides some examples of questions included in the NAEP in economics. One asks: “Suppose that the price of grapes increased by a large amount. What will happen in the short term to the quantity of grapes demanded? Explain why.”
Only 9 percent of students achieved a “correct” score, while 70 percent of responses were deemed “partially correct.”
