Op-Ed: The Case for Mandatory Economics in High Schools
ECONOMICS
Anuoluwapo Mokuolu
7/17/20242 min read
For many students, the economics that they learn in high school will be all the economics they ever study.
William B. Walstad
Reflecting on my high school years, I realize how little I understood the events shaping the world around me. I was aware of them in a theoretical sense, but I couldn't grasp their impact on my life and environment. It was like reading a book without comprehending its core concepts. This changed when I began studying economics. It provided me with a framework to understand and analyze these events meaningfully. This is why I believe making economics a mandatory subject in high schools would be profoundly beneficial.
Economics has the major advantage it gives anyone who commits to studying it: an understanding of how to apply abstract technical knowledge to real-life situations (think: physics of society). However, with the rising decline of college enrollment, especially in the United States [1], students who do not study economics while in high school may never ever study economics again. This gap could lead to a generation lacking practical understanding—the ability to apply theoretical knowledge to real-life economic situations—resulting in diminished financial literacy. While these topics are available on free and accessible online platforms such as YouTube, integrating them into the school curriculum would prioritize their importance and encourage students to engage with these essential subjects.
Beyond individual financial literacy, a solid grounding in Economics can foster a more informed and engaged citizenry. Understanding economic principles enables students to make sense of market fluctuations, and global economic trends. This knowledge equips them to participate more effectively in civic life, from voting on local issues to engaging in national debates. By making economics mandatory in high schools, we are not only preparing students for personal financial success but also empowering them to contribute thoughtfully to society.
Moreover, economics is not just for those involved in business; it is relevant to everyone. According to the Harvard Business Review, the average adult makes 35,000 decisions each day, ranging from what to wear and eat to whether to listen to jazz or soul music (jazz is recommended) [2]. Each of these choices involves opportunity cost—the benefit forgone when choosing one option over another. Additionally, the concept of scale of preference, or prioritization, is constantly at play. By understanding these economic principles, individuals can make more informed decisions in their daily lives, leading to better personal and professional outcomes.
The integration of economic concepts doesn't have to rely solely on standalone economics courses. These topics can be effectively woven into core subjects like math and English. For instance, exploring economic themes in classic or contemporary fiction could involve analyzing how characters make economic decisions or how economic systems influence the plot, focusing on mechanisms and literary techniques. This approach would ensure students learn these important concepts without adding to their workload, making economic literacy more accessible and engaging.
The knowledge is economics is becoming increasingly essential. By making economics a mandatory subject or integrating economic concepts into existing core subjects, we can equip this present generation with the tools to navigate crucial and daily financial decisions and engage meaningfully in the civic system.
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