Economic literacy is valuable for individuals. It gives people the tools for understanding their world and navigating the complicated waters of globalisation. Countries also benefit from having economically literate citizens, capable of evaluating economic proposals and rejecting the make-me-belief promises of populists and demagogues. Unfortunately, older citizens often fail to understand how their retirement plans work. Younger ones struggle to pay down their exorbitant student loans. And voters, in general, remain hopeless in the face of economic jargon that promotes a deficit of understanding. Perhaps, introducing children to economics in schools can make a difference in all our lives. We travelled to Portugal to understand what is being done to promote economic literacy. And we returned convinced that if we are to find viable solutions to climate change and inequality, economics education must change.
Manuel Serrano: what is the Economics Olympiad? What is the purpose of this initiative, and what do you expect from this year´s event?
João Pedro Santos: The Portuguese Economics Olympics (OE) is the most significant economic education initiative in Portugal, aimed at young people in high and professional school. Its main goal is to promote an interest in the study of economics in young Portuguese people, in order to improve the level of economic and financial literacy.
