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Open Economics

Title

Open Economics

Author(s)

Dan Leighton and Max Wind-Cowie

Organisation

DEMOS

Date

10-Feb-2011

No. of pages

98

Key words

economic literacy; citizenship; public attitudes; managing change

Description

In late 2009 the researchers polled 1,000 people aged 15 year plus aggregated by socio-economic status about their level of financial and economic literacy. They then held a half day workshop for 12 people to provide qualitative data, discuss economic and financial knowledge and test attitudes towards macro-economic issues. They carried out these investigations in relation to awareness about the UK’s public deficit and responses to two opposing economic strategies for addressing the UK budget deficit.

Select quotations

“Although participants were reasonably confident about key aspects of financial capability, as might be expected, they expressed levels of confusion and a pervasive sense of powerlessness when it came to wider economic questions.”

“All participants were aware of the current economic crisis, but felt overwhelmed and confused by the different and contradictory views expressed in the media on the causes and the route recovery, so much that many were tempted to dismiss all of it.”

“In the course of the discussion a degree of understanding emerged about the difficulty of the task facing politicians.”

“…only a minority said that knowing more about the way parties approached the deficit would affect how they voted.”

Recommendations:

“Even where such programmes (i.e. economic awareness within Citizenship in the school curriculum) do exist, it is noteworthy that the ‘economic’ aspects focus more or less exclusively on students as future employees and consumers.”

“Yet despite a clear mandate for economic awareness within citizenship this strand can often be overlooked in favour of the more ‘traditional’ elements relating to human rights and parliamentary democracy.”

“Reticence in covering the economic strands of the citizenship curriculum is largely due to teachers lacking ‘specialist knowledge’ or ‘confidence’ in addressing the economic elements.”

“…economic literacy needs to be seen as a crucial subset of a wider civic literacy.”

“But the agenda can’t be limited to the classroom or young people. It requires the proliferation of spaces in which citizens and their representatives can understand, scrutinise and contest the use of economic expertise in decision-making.”

“We do not argue that the experts should be cast out of these discussions. Their contributions are valuable, but they should be open to challenge.”

Link

www.demos.co.uk/publications/openeconomics