Don't we need to try harder to teach financial and economic literacy? We can give the libertarian/paternalist "nudge" to solve some personal decisions like 401k contributions, but can that solve the problems in political and electoral contexts? People vote on minimum wage hikes without knowing basic supply and demand effects; they vote on trade and immigration issues without knowing comparative advantage. I've seen the pessimistic studies of ineffectiveness of "financial" education, but does that mean we need to try much harder (revamping curricula, etc.) or abandon the effort?
JeffCotner2 karma
Don't we need to try harder to teach financial and economic literacy? We can give the libertarian/paternalist "nudge" to solve some personal decisions like 401k contributions, but can that solve the problems in political and electoral contexts? People vote on minimum wage hikes without knowing basic supply and demand effects; they vote on trade and immigration issues without knowing comparative advantage. I've seen the pessimistic studies of ineffectiveness of "financial" education, but does that mean we need to try much harder (revamping curricula, etc.) or abandon the effort?
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