Should Economic Education Be Left to the Public Schools? the Youth Enterprise Academies for Urban Youth

By Schug, Mark C.; Hagedorn, Eric et al. | Journal of Private Enterprise, Fall 2002 | Go to article overview

Should Economic Education Be Left to the Public Schools? the Youth Enterprise Academies for Urban Youth


Schug, Mark C., Hagedorn, Eric, Posnanski, Tracy J., Journal of Private Enterprise


Economic education is less frequently offered in large urban high schools than it is in the suburbs or medium-sized cities (Walstad, 2001). This is not surprising. We suspect that concerns about such issues as low academic achievement and low school completion rates would often overshadow the importance of economic and financial education. Nonetheless, there is growing evidence of problems resulting from poor economic and financial education including:

* A large net worth gap between whites($94,900 in 1998 as measured in 1998 dollars) and nonwhites (516,400 in 1998 as measured in 1998 dollars) (Federal Reserve System, 2000).

* A large number (10 million) of unbanked households in the United States most of which (57 percent) are minority households (Toussaint-Comeau & Rhine, 2000).

* A 51 percent increase in bankruptcy rates among the young from 1991 to 1999 (United States General Accounting Office, 2001).

What explains these problems? We suspect that lack of economic and financial education is among the most important variables. We suggest that we can no longer wait for public schools to act without competition in this area. Instead, colleges and universities along with community partners should consider offering effective economic and financial education programs for urban youth. This paper describes the Youth Enterprise Academy developed at the University of WisconsinMilwaukee by a partnership of a private foundation, state government, a private-not-for-profit organization, and the public schools.

Youth Enterprise Academy summer program

In Milwaukee beginning in 1998, several partners including the Wisconsin Department of Financial Institutions, the Helen Bader Foundation, the Wisconsin Council on Economic Education, the Milwaukee Public Schools, and the University of Wisconsin-Milwaukee (UWM) Center for Economic Education developed a model for improving economic and financial education. An important part of this program is the Youth Enterprise Academy and the Youth Enterprise Investment Clubs.

The Youth Enterprise Academy is a ten-day summer program for high school students. It is conducted on the university campus. The goal of the course is to increase the economic and financial education and participation of city youth in the economy. Three areas are emphasized. First, students study personal finance. Students participate in several activities that stress saving, investing, credit, and the importance of getting a good education (investing, in their own human capital). Students act as "Stock Analysts." They research various companies for their "clients" and eventually recommend whether stock of a company should be bought, held, or sold. The students use materials developed by the National Council on Economic Education as well as materials published by the National Association of Investors Corporation.

Second, the Youth Enterprise Academy emphasizes basic economics. Students participate in several activities to learn such basics as scarcity, choice, opportunity cost, incentives, profit, laws of supply and demand, market price, price ceilings, price floors and so forth. The students participate in two simulations-an auction market and private property rights simulations. They hear presentations from successful minority business people. A highlight of this part of the program is an all-day field trip to visit the Chicago Board of Trade of the Federal Reserve Bank of Chicago.

Finally, Youth Enterprise Academy focuses on developing leadership skills. We assumed that becoming a leader in today's economy requires being successful academically in high school and college. Students in the Youth Enterprise Academy examine career options, decide what courses to take now to get ready for college, and discuss how to finance a college education. Using the Internet, students visit the web pages of numerous colleges and examine various academic majors, tuition costs, and so forth. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Should Economic Education Be Left to the Public Schools? the Youth Enterprise Academies for Urban Youth
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.