DEVELOPING LEADERS AND EDUCATORS
Common Sense Economics for Legislators
On January 15, the Economic Education Center launched its Common Sense Economics for Legislators (CSEL) training program for the 2020 Missouri legislative session. CSEL training sessions take place each month during the legislative session. Each non-partisan, educational event highlights how economics helps lawmakers and staffers understand different policy issues affecting local communities, the state, and nation. Every new participant receives a copy of Common Sense Economics as a tool to encourage further self-study. Almost 40 legislators and staff participated in each training in January and February at the Missouri State Capital to learn about and discuss relevant economic issues.
Professional Development for Educators
Since the beginning of the new year, the Economic Education Center has trained educators not only locally but across the nation through a wide range of events. On January 31, almost 20 local teachers and education students attended the Fundamentals of Environmental Economics Workshop, learning how to explore real-world environmental issues using economic analysis and how to integrate these ideas in the classroom. It was a great opportunity for in-service and pre-service teachers to enhance their career know-how and skills as well as make valuable connections with other educators. Participants experienced engaging interactive lectures, real-world case studies, and hands-on demonstrations of classroom activities. The workshop featured Don Fell, Ph.D., from the Foundation for Teaching Economics. In January and February, Tawni Ferrarini, director of the Economic Education Center, co-led two workshops for more than 100 teachers in Texas and Florida. The workshops equipped teachers to use Economic Episodes in American History, an innovative educational resource that expands students’ understanding of US history and the role economics has played in shaping it. On February 22, Grant Black, associate director of the Economic Education Center, presented “Election Economics” in a session at the 2020 conference of the Missouri Council for the Social Studies at the Missouri History Museum in St. Louis. The session encouraged teachers to bring the excitement and issues of a major election year into the classroom and empower students to be good decision-makers. The session highlighted how to use current and historical issues related to elections to stimulate student learning – and showed how economics can explain voter behavior, election outcomes, and the effects of government policies. Participants learned how to use economic reasoning to explore hot topics like free trade, immigration, minimum wages, taxes and government spending. On February 25, Tawni Ferrarini led a nationwide webinar on “The Economics of Discrimination.” The webinar was part of a series of professional development webinars offered by the Council for Economic Education during Black History Month. The webinar investigated the power of market forces and net reward associated with reduced discrimination and expanded diversification in the presence of increasingly sound institutions that consider race, gender, and other factors.
ENHANCING STUDENT LEARNING
Mad City Money Financial Reality Simulations
Economic and financial illiteracy plagues thousands of Missourians. Their lack of knowledge and skills leads to poor personal and household decisions that negatively affects not only themselves but society. Despite such significant consequences, most individuals receive little or no economic and financial training. To overcome these challenges, the Economic Education Center increases economic awareness and the use of economic reasoning to empower individuals to freely make sound choices associated with comfortable and secure living. As part of these efforts, every semester the Economic Education Center conducts its Mad City Money Financial Reality Simulations to local high school students. In the simulations, students apply money management skills and critical thinking as they role-play as an adult to make decisions for their simulated family. Students are randomly assigned a roleplaying scenario and must create a plan to manage their spending, saving, and debt reduction during the activity. In the simulation, students must grapple with personal choices, costs, incentives, and market exchanges. The simulation highlights the connection between the decisions students make and the economic consequences of those decisions, as well as links between human capital investment and lifelong earning potential. Beginning in March, the center will lead 20 simulations at 7 schools throughout the spring semester, reaching more than 800 high school students.
Lindenwood University in JA BizTown
In fall 2019, the Hammond Institute on behalf of Lindenwood University began sponsoring the “university” in Junior Achievement of Greater St. Louis’ BizTown program. JA BizTown is an experiential learning program for 4th-6th grade students, teaching them about decision-making, work, business, economics, and entrepreneurship. Lindenwood’s BizTown university space serves as one of the BizTown institutions where students role play as employees and engage in various activities. As part of the role-playing experience, students come to the university space to receive training that leads to higher income at their jobs – helping them learn the valuable benefits of investing in education and lifelong learning. As of late February, more than 2,500 students completed the learning activity developed by the Economic Education Center for Lindenwood University in BizTown.
Economics and Government Seminars
In early February approximately 200 local high school students explored ideas and principles that form the basis of good societies, including the intersections of economics, political science, and philosophy, through the Economics and Government seminars organized by the Economic Education Center. Students experience engaging lectures, experiments, and discussions meant to inspire and empower them. Topics include human knowledge and behavior, the role of rights, and differences in allocation systems across societies. The recent seminars featured James Harrigan, PhD, from Arizona State University, Antony Davies, PhD, from Duquesne University, and Signé Thomas, PhD, from Florida State University.
