"One who rides a tiger is afraid to dismount," says a colorful proverb from an earlier time. This may be an apt saying for the situation facing the new head of the Federal Reserve, Janet L. Yellen, who takes over at a time when successive rounds of Fed policy have taken the central bank into uncharted territory. By historical standards,…

This article represents the third in a "ghost story" series by the same authors. Readers may recall that Mr. Bernanke was "visited" by the ghosts of Adam Smith and John Maynard Keynes in the March/April 2010 issue of "Social Education" as these two famous economists debated the economic recovery (see EJ878912). Mr.…

This article presents an economic perspective of the institution of slavery in the context of world and American history. Slavery has existed on all continents and in many societies. Its existence has long been controversial and, in the case of the United States, ended only as the result of a long and destructive war. Slavery as an institution was…

Central banking in the United States has a long and controversial history dating back to the earliest days of the republic. One of the most widely presented arguments against a central bank has been that the U.S. Constitution does not expressly grant the federal government power to charter a bank. Recently, this issue has received new scrutiny in…

The U.S. economy today has been in recovery since 2009. But nearly everyone agrees that the recovery is anemic--too slow to reduce the high level of unemployment. Real Gross Domestic Product (GDP)--the total value of all the goods and services produced in the United States--increased at an annual rate of 2.8 percent in the fourth quarter of 2010.…

The U.S. economy took a historic nosedive in 2007-2010. It was the worst downturn since the Great Depression of the 1930s. However, evidence is emerging which suggests the country is in the midst of an economic recovery. In February 2010, the U.S. Commerce Department reported that GDP rose at a 5.9 percent annual rate in October through December…

Previous studies have focused on how well students are learning economics, how teachers are trained, and other outcomes associated with improved understanding of economics. However, almost nothing is reported in the research literature on economics teachers' views of the curriculum, how they teach their subject, their views on public issues, and…

History matters. It matters not only because people can learn from the past, but because the present and the future are connected to the past by the continuity of a society's institutions. Today and tomorrow's choices are shaped by the past. And the past can be made intelligible only as a story of institutional evolution. This story focuses on the…

In this article, the author takes a different approach in teaching U.S. history to young people. His approach is derived from economics but not economics as a long list of concepts embalmed in huge textbooks written for use in Econ 101 and 102. Instead, he suggests, history teachers can do much to improve their instruction by drawing upon a…

The purpose of this article is to: (1) Examine the historical development of the Federal Reserve System; (2) Provide background on Ben Bernanke, the new Fed chairman; (3) Explain the basic tools of monetary policy used by the Fed; (4) Examine the causes of the Great Depression, a topic of special interest to Bernanke; and (5) Provide some key…

Teachers often regard themselves as unlikely candidates for financial success, chiefly because they earn low starting salaries. But people of modest means can build wealth over time if they adhere to certain simple strategies. The goal here is to explain this point as it applies to K-12 teachers. It begins, however, by acknowledging the salary…

Statistics from a number of surveys indicate there is a high rate of economic and financial illiteracy in the United States. Several other studies have pointed out that problems related to the widespread lack of economic and financial understanding have serious consequences on the future economic well-being of many citizens. Financial and economic…

Discusses how a better understanding of economics can lead to increased understanding of moral decisions. Addresses what values are not inherent in economics and the positive values inherent in economics. Considers how economics can be used as a tool for character education. (CMK)

Maintains that policies that recognize the commercial value of resources and offer rewards for actions that preserve rather than deplete them, offer the best chance for environmental protection. Discusses recent experiments where the right to harvest a resource is sold as a commodity. Examines the role this plays in conservation. (MJP)

Argues that well-intentioned government policies, such as the Endangered Species Act, can actually cause harm to endangered species by creating disincentives to preserving the habitat for endangered species. Maintains that the use of incentives can lead to voluntary species protection. Includes instructions for an in-class teaching activity. (MJP)