Basic Economics – Young Minds, Powerful Lessons

It is difficult to find a text to ignite enthusiasm in children for basic economics. Actually, it’s difficult to find a text that teaches economics to adults (I do recommend Thomas Sowell’s Basic Economics) . . . which leads to all sorts of other problems…. But that’s for another day.

In the far, far background of my pile of projects I have toiled on a set of Fairy Tales that convey complicated math concepts in bite-sized nuggets as well as basic economics with the intent of passing along to my godchildren and perhaps my own kiddos some useful stuff….

So I keep an eye out for similar projects. From me to you via NYTimes Blog via Twitter:

They’ve explained how you can convey the economic concepts of popular tales to your children.

The Three Pigs
The Three Pigs

If you think about it, what is the Three Pigs really about? Is it just a jumble of portly pink farm animals running about or is it a lesson in investment and return on that investment. Pig #3 builds a brick house. That took significant time and money. Pig #1 built a house of straw – like most start-ups, here today, gone tomorrow, but he could build it quickly. Pig #2 thinking he improved on Pig #1’s concept without the burden of Pig #3’s concept builds with sticks . . . which really proves to be nothing more than heavy straw – much like a start-up with “seasoned professionals?”

On the simple math side, the Three Pigs introduces the concept of cost / benefit analysis as well as perseverance with harder path in the face of seemingly quick fix solutions. Add in a few simple numbers and let the kids decide for themselves – build with brick or go for straw and hope your Brick brother will bail you out….

Simple Economics for kids of all ages.

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