Cultivating Literacy:
Economic literacy informs social and political discourse–a free, equitable, and flourishing society requires economic literacy to avoid sliding into authoritarianism.
Before any great things are accomplished, a memorable change must be made in the system of education…to raise the lower ranks of society nearer to the higher.
John Adams, Letter to wife, Abigail Adams (18th Century)
A flourishing society requires economic literacy
The third tenet of design economics emphasizes that economic literacy informs and drives social and political discourse. This principle recognizes that a free, equitable, and flourishing society requires widespread economic understanding to avoid sliding into authoritarianism.
Economic literacy goes beyond understanding basic financial concepts. It involves comprehending how economic systems work, their impacts on society and the environment, and how they can be shaped to serve the common good. Design economics aims to demystify economic concepts and make them accessible to everyone, not just experts.
This tenet is exemplified in initiatives like Middle-out Economics proposed by Eric Liu and Nick Hanauer, which presents economic ideas in accessible terms. Lynn Stout’s Citizen Capitalism concept also promotes economic literacy by proposing a system where all citizens have a stake in corporate success.
Cultivating economic literacy empowers individuals to participate more effectively in economic and political decision-making. It enables citizens to critically evaluate economic policies and their potential impacts, fostering more informed public discourse and democratic engagement.
By promoting economic literacy, design economics seeks to create a more engaged and economically informed citizenry. This approach aims to bridge the gap between economic expertise and public understanding, leading to more transparent, accountable, and democratic economic systems that truly serve the needs of all members of society.
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