“I am interested in doing what’s right and not the consequences.”
It was 5am, I was tossing and turning in a hotel room, and was more or less listening to the television I had left on during the night. As I laid there I had just turned to see what show was on as they were discussing the upcoming presidential election. Speaking was Senator Obama, when suddenly the scene shifted to a Democratic member of the US Congress, and “Super Delegate”, and blurted out the quote above.
While I laid there stunned, at the same time my mind was racing. I knew it! I have been teaching this for years! Now the proof. Our political leaders have no idea about the truth of the core economic principles. Not only are they idea less about the principles, they don’t care about the future and the consequences of their decisions.
In the past I have taught that generally, good economics makes bad politics (take note of the word “generally”, please). I rest my case.
“The issue of economics is an issue I probably don’t know as well as I should”
One more. Who said this? While each of my daughters, I am confident, have thought this sentiment at one time in their life, they are not the source of this particular quote above. During the same news program, several stories later. If this honest assessment of ones knowledge of economics is being made by one member of Congress, how many more of them have the same view? Of course for many of us in the economic education profession, this admission is only confirming what we have been stating for years. Who made this statement- Republican presidential frontrunner, Senator John McClain.
Two quotes from two different political parties and political viewpoints. Both quotes reveal the need for a sound understanding of the 6 Core Economic Principles by every voter. We need to hold our elected officials accountable, and we can best hold them accountable through our knowledge as an electorate. We cannot let them off the hook.
Saturday, February 16, 2008
Wednesday, February 13, 2008
It's a presidential election year
It is a presidential election year. The discussions and debates have already begun. In this season of discussion, debate, each of us will do some soul searching to decide who has earned our vote to lead the nation for the next four years. So as we enter into this time for the activities that have made our country great (freedom of expression, meeting, speech, etc.) I would like to offer up one little thought. Regarding the economy, be sure as you enter into these discussions with your family, friends and colleagues on the economic issues making up this year’s election lexicon each of you are on the same page when it comes to the economic perspectives of your views and solutions.
By and large economic perspectives come in three varieties; macro or aggregate, micro or business, and the personal. The macro level is a discussion on the national and international economy. It is about globalization, the fiscal policy actions of Congress and the monetary actions of the Federal Reserve, NAFTA, trade with China, India, and developing countries. A macro discussion may also focus on the actions that protect (or destroy) our freedoms of choice, expression, and our liberty.
A micro level discussion focuses on what one purports to be best for businesses, markets (producers and/or consumers), and industries. A discussion on this level might be aimed at the economic environment to promote business, a quality education or an environment conducive to a quality of life like no other on the planet.
Personal level discussions may be the most highly emotionally charged of them all. These discussions become “I”, “me”, and “my” focused; my job, my family, my home, my state. This is the level most likely where the discussant becomes emotional, and no matter what is said never really hears the other person.
These are also the election discussions that must occur in the context of rational understanding, decision-making, and appreciation for the “where they are coming from” mindset of each discussant.
In actuality, I suppose these three levels of economic impact seem fairly obvious. Fact of the matter, I am mostly conveying here a notion that many of you reading this are already familiar, either consciously or subconsciously. So let’s just say this little comment is a review and reminder.
A final thought. These three different perspectives are not independent of each other (another keen sense of the obvious statement). The economic impact of policy decision-making that occurs at each perspective impacts the others. Life is not played out in a vacuum, and neither are policy decisions, from which political and economic discussions are bred.
Play the game. Participate fully in the process. Just remember we are all influenced by our incentives and our choices have consequences that lie in the future. Know the economic perspectives of your discussions so the value of understanding and enlightenment can be fully appreciated; by each of you.
By and large economic perspectives come in three varieties; macro or aggregate, micro or business, and the personal. The macro level is a discussion on the national and international economy. It is about globalization, the fiscal policy actions of Congress and the monetary actions of the Federal Reserve, NAFTA, trade with China, India, and developing countries. A macro discussion may also focus on the actions that protect (or destroy) our freedoms of choice, expression, and our liberty.
A micro level discussion focuses on what one purports to be best for businesses, markets (producers and/or consumers), and industries. A discussion on this level might be aimed at the economic environment to promote business, a quality education or an environment conducive to a quality of life like no other on the planet.
Personal level discussions may be the most highly emotionally charged of them all. These discussions become “I”, “me”, and “my” focused; my job, my family, my home, my state. This is the level most likely where the discussant becomes emotional, and no matter what is said never really hears the other person.
These are also the election discussions that must occur in the context of rational understanding, decision-making, and appreciation for the “where they are coming from” mindset of each discussant.
In actuality, I suppose these three levels of economic impact seem fairly obvious. Fact of the matter, I am mostly conveying here a notion that many of you reading this are already familiar, either consciously or subconsciously. So let’s just say this little comment is a review and reminder.
A final thought. These three different perspectives are not independent of each other (another keen sense of the obvious statement). The economic impact of policy decision-making that occurs at each perspective impacts the others. Life is not played out in a vacuum, and neither are policy decisions, from which political and economic discussions are bred.
Play the game. Participate fully in the process. Just remember we are all influenced by our incentives and our choices have consequences that lie in the future. Know the economic perspectives of your discussions so the value of understanding and enlightenment can be fully appreciated; by each of you.
Welcome to mceeblog
The basic tenets of economic education have a place in the discussions on many of today's events and issues. From alternative fuesl to food (my favorite subject!) economic education's basic principles, concepts, and ideas can provide all of us a foundation for the economic way of thinking about all of these topics.
This blog is our way to offer everyone an opportunity to participate in these discussions from the viewpoint of the six core economic principles, basic decision-making, and the 22 key economic concepts that bring clarity to many of these events.
Every one is invited to participate, respond, and voice an opinion or view. We only ask thar responses to the mcee blog be civil and coherent. It will consistently monitored and any comments not adhering to common decency and thought will be immediately deleted and the respondent ask not to return.
I look forward to opening discussions and receiving your comments.
This blog is our way to offer everyone an opportunity to participate in these discussions from the viewpoint of the six core economic principles, basic decision-making, and the 22 key economic concepts that bring clarity to many of these events.
Every one is invited to participate, respond, and voice an opinion or view. We only ask thar responses to the mcee blog be civil and coherent. It will consistently monitored and any comments not adhering to common decency and thought will be immediately deleted and the respondent ask not to return.
I look forward to opening discussions and receiving your comments.
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