"Today, we are all economists."
—Chris Farrell, Sound Money

"Economic literacy is a vital skill, just as vital as reading literacy."
—Robert F. Duvall, president and CEO of the National Council on Economic Education

What is economic literacy, and why is it important? To state it plainly, economic literacy means having the tools for understanding your economic world and how to interpret events that will either directly or indirectly affect you. No one is suggesting that every citizen become a master economist, but knowing the fundamentals can help you make smarter choices in your everyday life.

To that end, the Economic Literacy Project aims to raise the level of economic consciousness nationwide. The process begins in the schools, where economic education must be considered to be as fundamental as that of mathematics or science. Awareness of economics' importance and relevance then needs to spread to the average citizen. It is not the understanding of economics that is difficult, but fighting the national perception that the subject is best left to academics and stockbrokers.

National Summit
On May 13 and 14, 1999, experts from around the country convened to design a program for raising the national level of economic literacy. This symposium, titled The Economic Literacy Project: Seeking a Blueprint for America, featured some 70 specially invited representatives of academia, business, labor, K-12 education, consumers, government, and finance institutions. It was hosted by Sound Money, MPR's weekly personal-finance show; the MPR Civic Journalism Initiative; and the Federal Reserve Bank of Minneapolis.

Listen to Sound Money's coverage of the summit, including special reports from Alice Rivlin, vice chair of the Federal Reserve Board of Governors, and Arthur J. Rolnick, senior vice president and director of research at the Federal Reserve Bank of Minneapolis.