Children are economists, it s time to chat about it! Economics is the study of choices people make to be happy. Kids do this each day when they decide which shirt to wear, which TV show to watch or what to eat for lunch. In making these choices, they are using the economic principles of scarcity, supply, demand, opportunity costs and diminishing returns.
Now is the perfect time to chat with your child about economics and prominent economist Dr. Arthur Laffer shows you how to get started. Written for families of elementary-age children, Let’s Chat About Economics identifies and illustrates basic economic principles through familiar scenarios.
This book provides a framework for adults (parents, grandparents and teachers) to discuss economics with young children and continue these observations and conversations throughout life. Children will recognize economics in action through everyday examples like shopping for groceries, planning a family trip, saving allowance and buying the latest, must-have tech gadget. When children understand the basic economic principles, they have a solid foundation of how the world works and can apply the same reasoning to make choices that serve their goals and unique purpose.
Don’t waste another minute, start chatting about economics with the children in your life today!
Arthur Betz Laffer is an American economist who was a member of President Reagan’s Economic Policy Advisory Board (1981–89). Laffer is best known for the Laffer curve, an illustration of the theory that there exists some tax rate between 0% and 100% that will result in maximum tax revenue for governments. He is the author and co-author of many books and newspaper articles, including Supply Side Economics: Financial Decision-Making for the 80s.
Laffer is a native of Youngstown, Ohio, who earned an undergraduate degree in economics from Yale prior to completing an M.B.A. and Ph.D. at Stanford University. He has been an instructor at the USC Marshall School of Business and Pepperdine University, and was named a Distinguished University Professor of Economics by Mercer University in Georgia.
He is the founder and CEO of Laffer Associates, an economic research and consulting firm in Nashville, Tennessee.
Michelle Balconi is a writer and speaker focused on creating connections between children and adults through economics.
Before writing, Michelle worked in communications for 15 years alongside technology investors introducing first-to-market products. Michelle feels fortunate to have met so many kind and interesting people as she grew up in Florida, spent many years in California and Massachusetts and now lives in Michigan with her husband and two children.
When she is not writing, Michelle loves to travel and chat it up with nearly everyone she meets. www.letschataboutecon.com