I was talking to a friend last night when I had the realization that prior to knowing anything about AE, I took AP economics in high school. A few from our class entered into a national high school competition put on by the Federal Reserve known as "Fed Challenge."
From the website:
The High School Fed Challenge Championship is a competition designed to bring real-world economics into the classroom. Teams play the role of monetary policymakers by analyzing current economic conditions and recommending a course for monetary policy. The New York Fed invites high school teams in the Federal Reserve's Second District to enter this competition.
Goals
Somehow I have almost no memory of what it was that we actually did (I remember having to present our report to a panel of judges, mostly bankers, though the content of the report escapes me). Anyway this strikes me as hysterical now. "Foster a greater understanding..." Right.
So did anybody else do this when they were in high school?
I was involved with a similar project in the UK for the FEDs equivalent the Bank of England. We didn't pass the first round even though we were clearly the most economically competent group, we just weren't flashy. My economics teacher was distraught by the clear injustice. The project was called Target 2.0 - giving our own policy recommendations to keep inflation at 2% p.a.
This was before I discovered AE but I definitely remember I wanted to increase interest rates because the RPI was increasing quite quickly at the time.
The atoms tell the atoms so, for I never was or will but atoms forevermore be.
Yours sincerely,
Physiocrat
I remember the correct answer to the question "is inflation bad?" being "not necessarily - a small amount of inflation is necessary for a growing economy." I know that's the conventional wisdom so it isn't surprising that we were taught that, but it bugs me that "economics" courses teach conclusions rather than methods. Nobody in that class could have explained why inflation was necessary, or even where it came from, but we all knew that we had to have it. It isn't hard to see why so many people blindly trust the bernank.
As for the Fed Challenge, we got to the second round, which meant we went on a trip to the Saint Louis Fed and got to stay in a nice hotel right by the arch. Not too bad.
Posting some "Fed Challenge" presentations from an "End the Fed" perspective could be pretty good libertarian propaganda. I wonder how many kids take this challenge, and how many people see the presentations. Or maybe I'm just enamored by thoughts of using the system against itself.
I wonder how many kids take this challenge, and how many people see the presentations.
Each school that participates sends a team of about 6 kids ancd a faculty advisor. There are local, regional, and national rounds, meaning there are probably a few dozen teams that one would compete against in total. Anybody who started talking about the gold standard and ending monetary targeting would be laughed out of the room and would lose, I would imagine. Then again it could get interested people thinking...
I am in highschool and I am looking at the same thing. The only problem is I "discovered" AE or in better words that is makes sense to me. Is there a non Fed compititetion where my friends and I could have more flexibility? Also I'm still pondering going into a Fed compitetion with an AE perspective.
Is there a non Fed compititetion where my friends and I could have more flexibility?
Doubtful.
Also I'm still pondering going into a Fed compitetion with an AE perspective.
Do this. If you know your stuff and can argue whatever position you have, you will impress people. And if you're interested in pursuing economics as a career the competition will be a good experience for you. I think it's a mistake to pigeonhole yourself by saying that you're interesting only in "austrian" economics. Just be interested in sound economics (much of which is austrian!)
I think you made a great point. A lot of good economics is not austrian. I've always been interested in economics (literally always) but who really got me interested was reading Milton Friedman. Many people on the Mises forum listen to only austrians or people that they fully agree with. They take every piece of AE without bothering to counter it or consider it might be wrong. At the end of the day it is about keeping open to everything.
Many people on the Mises forum listen to only austrians or people that they fully agree with. They take every piece of AE without bothering to counter it or consider it might be wrong. At the end of the day it is about keeping open to everything.
Who exactly do you have in mind, sherpup? I don't think that's the case here at all. Perhaps your misperception is based on a limited participation in the forums?