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At a time when many young adults take on debt at alarming rates without understanding what it means, a basic economics education is necessary. Photo: Shutterstock

Letters | Why basic economics should be a core subject in school

  • Readers discuss a failing of the modern school curriculum, and the implications of Unesco’s new report on education
Education

The modern education system used in many countries focuses on five core subjects: maths, native language, science, history and a foreign language. Of these core subjects, the most importance is placed on maths and language classes, with the other classes supplementing the student’s maths or language abilities.

Particularly in anglophone countries, the dichotomy is represented in a question akin to the age-old “vanilla or chocolate?”, that is, whether one has a talent for maths or for English. This funnels all thinking through the lens of one’s own maths ability or English skills without regard for the life lessons and critical thinking needed for adult life.

If the purpose of the education system is to prepare the youth for their futures, then why aren’t young people taught basic civic responsibilities and the realities of adult life?

Many children will exit the education system with advanced knowledge of calculus and Shakespeare, yet are unable to balance a bank account or understand taxes. Exactly why isn’t basic economics a core subject when adults use those same principles in everyday life? At a time when many young adults take on debt at alarming rates without understanding what that means, a basic economics education is necessary.

The benefits of a separate civics and economics class to round out the core subjects would be well represented in the financial health of the youngest generation. Among the youth there is a serious disconnect between the concept of money and how that affects them.

No one explains why a percentage of their pay cheque is gone every week. No one explains why their banks give them interest payments every quarter. Children are prepared for a career in the sciences without being prepared for home ownership. Everyone deserves a background in financial literacy to begin adulthood and that responsibility lies with the school.

The basic standards of living that the older generations could rely on (homes, low debt, high-paying jobs) are not widely available to the youth. Life has become harder despite modern progress. Phones make every hour of the day a working hour. The chance to work from home is an employer’s chance to reduce wages and office expenses. The fees hidden in telecoms bills every month slowly drain away the bank account.

Ask young people how they see the world and it is almost always pessimistic. The responsibility of the youth is to learn, but how can they learn what they are not taught?

Michael Mckenna, New York

More stakeholders must get involved in education

Unesco recently released a new global report on the future of education, which reimagines education in terms of a social contract – an implicit agreement among members of a society to cooperate for shared benefit. Under this new contract, different stakeholders have to work together through education to create a better world.

In his video message, UN Secretary-General Antonio Guterres said, “In the face of profound social, political, economic, environmental and technological change, there is a growing consensus that today’s education systems are no longer fit for purpose.”

For me, as a doctoral student in education, the questions that arise are who we are educating, how we are educating them, and why we are educating them the way we are.

To equip our next generation with the future skills required in the new and innovative economy, a holistic approach – with the involvement of all stakeholders – is essential.

School-industry partnerships are a prime example. Traditionally corporations were not seen as a key stakeholder in education but now they have so much to offer. Tech firms such as Microsoft are now teaming up with schools to offer technical training to students.

Yet, this training is not being incorporated into the curriculum and assessed in public examinations such as the ​​Diploma of Secondary Education.

I urge our policymakers, institutions, educators, teachers and parents to work together on preparing our young generation for the brave new world ahead.

Marina Watt, doctoral student, University of Bristol

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