The document outlines the importance of pre-university economic education, highlighting its positive influence on economic growth and individual potential. It reviews research findings on factors affecting student performance in economics and discusses the need for improved teacher preparation and professional development in both South Africa and Minnesota. Furthermore, it calls for collaborative efforts between universities and K-12 education systems to enhance economic literacy and support underrepresented students in achieving educational goals.

1. Economic Education: Path to a Vibrant Future

2. Outline Rationale for pre-university education and economic education Review of economic education research U.S. economists and economic education Educational reform in South Africa Education issues in South Africa and Minnesota Your potential involvement

3. Rationale Why is pre-university education essential? Primary and secondary school gross enrollment rates have a significant, positive impact on economic growth. (Barro, 1991) Education is tied to adoption of new technology, is shown to make physical capital more productive, and leads to capital accumulation. (Benhabis and Spiegel,1994)

4. Education Matters to Individuals

5. Rationale Why is pre-university education essential? What is economic literacy?

6. Economic Literacy U.S. National Assessment of Educational Progress in Economics, 2006 Identified how commercial banks use money deposited in checking accounts (52%) Used marginal analysis to determine how a business could maximize profits (36%) Analyzed how unemployment impacts income, spending and production (11%)

7. Rationale Why is pre-university education essential? What is economic literacy? Why is economic literacy important?

8. Importance of Economic Literacy Economic literacy is a foundation for democracy and market economies.

9. Education Research Literature is often based on production function analysis. Output is student performance.

10. Production Inputs Human capital of instructors (degrees, experience, coursework) School capital (school size, class size, equipment, materials) Labor (time in class) Technology (teaching methods)

11. Education Research Teacher education is the most consistently positive and significant input.

12. Economic Education Research in Minnesota Objective was to identify factors that affect student performance in economics.

13. Data 1,244 high school students Pre- and post-test scores, gender, race/ethnicity 28 Teachers Pre- and post-test scores, gender, teaching experience, degrees, number of college-level economics 22 schools Size, % of learners on free and reduced lunch, % of special education learners

14. Findings Increase in teacher knowledge significantly and positively affects student performance. Number of economics courses and completion of a Masters degree impacts student performance Student and teacher gender do not affect performance. Race, ethnicity has an impact.

15. U.S. Economists and Pre-University Economic Education Council on Economic Education is an affiliated network of state council and 200 university-based centers for economic education.

16. Council network timeline 1960’s – identifying basic concepts for K-12 developing standardized tests 1970’s – development of materials for teacher professional development 1990’s – development of voluntary standards 2000’s – development of national standards and assessments

17. South Africa Educational Reform One National Department of Education New national curriculum Outcome based education Economics required in R-9 grade level Economics is included in national assessment at grade 9 Economics is secondary level elective

18. Pre-University Education Challenges in SA and MN Challenges to prepare, admit, and retain students previously under represented.

19. A closer look at Minnesota

20. Minnesota’s Future Source: State Demographer using MN Dept. of Education data, August 2008

21. Minnesota has a Readiness Gap % in MN Scoring Ready or Above on ACT Source: Minnesota Office of Higher Education, Measuring Up 2008

22. Development Bank of South Africa, Roadmap for Education 93% of math passes in South Africa come from 21% of the schools, mainly white schools.

23. Economic Education South Africa and Minnesota Economics is now required at the pre-university level, however, teachers are generally not prepared to teach economics. Critical need to strengthen professional development programs for teachers of economics.

24. How to Become Engaged in Pre-University Economic Education Association promotes economics education Universities collaborate with schools

25. University of Minnesota College Readiness Consortium Helping learners master the knowledge, skills, and habits for success in higher education.

26. University of Minnesota College Readiness Consortium Enhance K-12 education systems Close the achievement gap for under represented groups Improving the coherence, relevance and visibility of university K-12 activities

27. How to Become Engaged in Pre-University Economic Education Your involvement: Provide professional development programs to teachers Find a balance among research, teaching, and community involement

28. “ If we are to successfully navigate future challenges, we must work diligently to maintain the quality of our educational system where it is strong and strive to improve it where it is not. We must find ways to move more of our students, especially minorities and students from disadvantaged backgrounds, into educational opportunities after high school. " -Ben Bernanke, Chair, Federal Reserve System

29. South African Foundation for Economic and Finance Education (SAFEFE) Vision: For South Africa to have citizens who are empowered to successfully participate in a transforming society and thus ensure the well being of the country. Mission : To develop the economic literacy of today’s learners by providing comprehensive, continuing professional developing opportunities for teachers.

30. “ It is our responsibility as lawmakers and educators to make the educational system work... Every American will need to get more than a high school diploma. And dropping out of high school is no longer an option. It’s not just quitting on yourself, it’s quitting on your country – and this country needs and values the talents of every American. That is why we will provide the support necessary for you to complete college and meet a new goal: by 2020, America will once again have the highest proportion of college graduates in the world.” -- President Obama, Address to Congress, February 24, 2009

31. Higher Education Readiness: A “Man on the Moon” goal that can be accomplished

32. Thank you for your time and attention.