What do economic scholars consider powerful economic knowledge of importance for people in their private and public lives? Implications for teaching and learning economics in social studies

Niclas Modig

doi:10.1080/03075079.2020.1716319

Abstract

ABSTRACT Based on Young’s notion of powerful knowledge, acquiring disciplinary knowledge emerging from an economic epistemic community is expected to make an important difference for people when dealing with economic issues in their daily lives. In this regard, this article’s author asked Swedish scholars of economics at higher education institutions what they considered to be the most important economic concepts that people would need to acquire and understand. The article provides knowledge about the case of Sweden as a contribution to existing research. Although the article does not suggest a list of key concepts, the results clearly bear close similarities to the economic concepts proposed within the framework of threshold concepts. These concepts is one important resource to be considered when deciding on what economic content students should have access to in school enabling them to face economic issues in their private and public lives.

Highlights

People need economic knowledge to make well-informed decisions when facing economic questions in their private and public lives (Stigler 1983; Steiner 2001; VanFossen 2005; Miller and VanFossen 2008; Jappelli 2010)
Given that economic knowledge has a major impact on individuals and on society and that economic illiteracy is widespread, it is relevant to clarify the economic concepts that are important for people to know and master
Is there a consensus about important concepts? What concepts might be proposed as the economic concepts that are important for people to know and master so that they become economically well-informed and responsible citizens?

Summary

Introduction

People need economic knowledge to make well-informed decisions when facing economic questions in their private and public lives (Stigler 1983; Steiner 2001; VanFossen 2005; Miller and VanFossen 2008; Jappelli 2010). The lack of economic knowledge is even pervasive amongst social studies teachers, who are responsible for providing basic economic education (McKenzie 1971; Garman 1979; McKinney et al 1990; Sosin, Dick, and Reiser 1997; Scahill and Melican 2005; Maier and Nelson 2007; Miller and VanFossen 2008; Bernmark-Ottosson 2009; Grimes, Millea, and Thomas 2010; Asano, Yamaoka, and Abe 2013; Löfström and van den Berg 2013; Akhan 2014; Kristiansson 2014; Anthony, Smith, and Miller 2015; Ayers 2016; Modig 2017) This issue is a cause of concern because schools are important arenas for acquiring knowledge, which means that the current

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