It is quite the time to be studying economics. Interest rates, housing inventory, international markets and supply chains have all gotten a lot of attention the past couple years. An economic shock could be defined by Covid-19.
There is potentially no better time to deepen an understanding of economics and the Federal Reserve Banks of Atlanta, Philadelphia and St. Louis are giving students in their districts a new opportunity for expertise in their area.
With a focus on teaching minority children in low- and moderate-income school districts, the Federal Reserve Education Fellows (FREF) program will train middle and high school teachers on how to make economics “relevant and interesting.” Atlanta Public Schools and Bibb County Schools will receive assistance here in Georgia.
“We believe in the power of classroom teachers. Research shows that when classroom teachers are trained to use effective teaching strategies and resources, student outcomes improve,” said Raphael Bostic, president and CEO of the Atlanta Fed. “The FREF program is helping educators expose a diverse set of students to economic principles and decision-making skills that will strengthen their ability to make good economic and financial decisions throughout their lifetime.”
One of FREF’s goals is to broaden the interest in the field to all students. Currently, nearly 70 percent of graduate students in economics are men – compared to only 40 percent in all graduate programs (that may be another problem later but that’s a different article). Only 12 percent of students are Black, Hispanic or Native-American.
“If we want more women and students of color in graduate economics programs, we must first increase the number of them interested in studying and pursuing careers in economics,” said Mary Suiter, assistant vice president and economic education leader at the St. Louis Fed. “It’s difficult for students to see themselves in a career if they’ve not seen someone like them doing that work.”
Teachers from participating schools attended a weeklong program in June at the St. Louis Fed, where professionals from the Federal Reserve and instructors from the University of Delaware, the Georgia Council on Economic Education, Illinois State University, and Starr’s Mill High School assisted with the training. The training is also a “train the trainer” program where participants will receive further instruction to become consultants for the next program.
