Let's Chat About Economics

This week we review 'Let's Chat About Economics' , a book HootLoot has previously mentioned as a way to help children learn important economic principles in both a fun and easy to understand way.

 

'Let's Chat About Economics' has been written to be read by both parents and children, using real life examples that we can all relate to in our everyday lives. The idea is to identify typical situations that family members can discuss and learn about together.

 

 After all, this is the best way to learn about Economics - in the very moment we need it, when we need to make choices! 

 The Authors

When the book was released HootLoot had an opportunity to talk with one of the authors, Michelle Balconi. The idea came to Michelle while watching her own children learning to make "choices" and putting fundamental economic principles into practice. Michelle teamed up with famed economist (notably The Laffer curve) and Ronald Regan's economic adviser Dr Arthur Laffer, to put the idea into print. It’s refreshing to see someone of Dr Laffer’s credentials get involved in this sort of project for children.

It's all about choices!

Economics is not an abstract concept, belonging in the realm of Academia, but rather a very pragmatic study of the decision making process. 

Every chapter of the book is dedicated to a particular everyday situation where families encounter the need to make economic choices.

For instance, Daddy explains to his son why red roses are discounted the few days after Valentines day while Mum helps her children decide whether going for a tropical holiday is a worthwhile decision and if so, at what price.

HootLoot, Lets Chat About Economics

 

It’s a great way to introduce concepts such as opportunity cost and diminishing returns and to help younger ones to learn and understand the process they go through with every decision they make. 

The power of images

Basic economic concepts such as supply and demand, elasticity, wants versus needs, are all explained in a very easy to understand manner. The use of illustrations rather than slabs of text make learning more effective, particularly for the younger ones. 

Thumbs up!

Overall we found the book very digestible and a great fit for the audience. Economics is not the most obvious discussion to start with children and the way that it was taught in school certainly won’t get them hooked, so a new approach is very welcome.  

Many will wonder why one needs to teach such concepts to children of such a young age and prefer to leave it until somewhere late in secondary school. But we firmly side with the Authors on this issue. Regardless of whether you want your children to be the next Richard Branson or Alan Sugar, we believe that a good grasp of basic economic principles will help them to make better decisions in everyday life.

HootLoot, Lets Chat About Economics

While the book works best for children aged 7+ as it requires a certain level of understanding and vocabulary, it provides parents with interesting examples that can be proposed to younger children in practical situations like a trip to the shops or whenever they ask for a new toy.

Empower children! (but stay away from the chocolate section)

Obviously we have immediately put the great ideas into practice and during a trip to the supermarket with our 4 year old we showed him that we could buy only 3 apples individually but at least 6 if we bought a whole bag of them, for the same price! Needless to say, it took the boy only couple of minutes to put such a powerful concept into practice as he asked for a big box of his favourite chocolates instead of the usual couple of pieces he gets on the way out....Ops!

Lets Chat About Economics can be purchased through Amazon (and is available on Prime)

Michelle has generously provided HootLoot with a number of copies of the book to give away to our social media peeps. Thanks Michelle.

Watch this space !! 

The HootLoot team

 
 

 

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