Quiz: Do you have what it takes to study economics?
Mark Carney wants teenagers to understand how the economy works. Do you measure up?
Mervyn King used to explain money to schoolchildren by holding up a £5 note and making as if to tear it up – before telling them his job as Bank of England governor was to make sure the amount of stuff one could buy with his note did not change too drastically.
His successor Mark Carney is adopting a more formal approach to education outreach. On Friday, the BOE published a set of free lesson plans, intended to help 11-16 year olds make informed decisions and understand how their decisions will influence the economy. At present, only a third of schools offer the option of studying economics from the age of 14.
A second aim is to “demystify” the BOE’s role. “For our policies to be effective, the Bank needs to be understood, credible and trusted… but not surprisingly, not everyone wants to be steeped in fan charts, capital modelling and stress testing,” Mr Carney said at a launch event.
He added that the BOE would do everything it could to combat the perception that studying economics was “not for people like me” and to draw people from all backgrounds into its ranks.
The BOE wants to persuade at least 1,500 schools to start using its materials within three years. In the meantime, the FT has drawn on them to put together a short quiz for readers and their families.