Actually, Econ 101 Is Incredibly Important
12th February 2019
In a 2015 podcast conversation with American Enterprise Institute President Arthur Brooks, Vox’s Ezra Klein declared that “there’s nothing more dangerous than somebody who’s just taken their first economics class.” Often expressing a similar contempt for Econ 101 is University of Connecticut law professor James Kwak.
This expressed skepticism of Econ 101 comes across as wise and sophisticated — even hip — to many people who don’t grasp Econ 101. And it gives the mistaken impression that those who warn of the alleged folly of taking Econ 101 too seriously are expert not only in elementary economics but also in advanced economics.
Yet this contemptuous dismissal of the relevance of Econ 101 is foolish. Those who express it either really don’t know any economics whatsoever or mistakenly presume that the theoretical curiosities explored in Econ 999 are more relevant than is the reality revealed by Econ 101. But the truth is that Econ 101 taught well supplies ample, important, and timeless insights into the way the world works.
Even that doesn’t always work — Congresswoman Occasional-Cortex supposedly was an Econ major at a decent college. But it’s better than nothing.
If I had to design a school system, basic economics and basic statistics would be required subjects in high school.