What are some innovative ways to make economics more engaging for the general public?

The stories about the economy must also be useful, in addition to being interesting. They must be relevant to what people are experiencing, help them make sense of what’s happening in the world around them, and offer advice on what should be done about it. In exploring today’s high interest rates, for example, economists should explain their implications on mortgages, car and credit card payments, and personal loans that people want to take out. It’s also important to discuss how people can benefit from high rates by leveraging high-yield online savings accounts, CDs, and risk-free Treasuries. Economists should provide guidance on both the negative and the positive effects, and thus make the information highly useful to their audiences.

There is a fantastic movement called Core Economics founded across Europe (including at my alma mater UCL) that seeks to rewrite Econ textbooks to reflect real world issues like poverty and climate change…I would also make Econ 101 mandatory at school and sell it as “self actualization” and righteous empowerment (which of course it is!)

Economists can help by keeping "four Hs" in mind: humor, humility, honesty, and hubris. Humor: Whether in delivery or substance, it's a great way to make any audience want to listen to or read what you have to say. Humility: It goes a long way. Economics is not the end-all be-all. Every group I speak to knows more about their business than I do. Honesty: It's the best policy. And "I don't know" is not only an acceptable answer, it is often the best answer. Yet how often does the public see an economist on TV say it? Hubris: Too common in economics. Whether writing or speaking, leaving your pride at the door organically builds bridges that connect audience and "expert." These build trust and respect, two powerful paths to engagement.

Enhancing the appeal of economics for the general public involves establishing connections with political processes and outcomes. By illustrating how economic principles directly influence political decisions, policies, and overall governance, we can make economics more relatable and engaging for a broader audience. This approach not only fosters a better understanding of the interconnectedness between economic factors and political landscapes but also encourages active participation and informed citizenry in shaping socio-economic policies.

Há algumas formas interessantes para tornar a economia algo intrigante ao grande público: - Aproximar a economia das pessoas com exemplos reais e práticos, n?o somente com econometria e fórmulas complexas - Conscientizar, de forma simples e direta, sobre os porquês, ajuda a encaixar as "pe?as" - Utilizar de meios e ferramentas de entretenimento que o grande público mais consome para conhecimento rápido, tais como vídeos com "storytelling", podcast... e n?o somente os meios tradicionais Narrativas que aproximam o público tendem a ser mais interessante se bem ilustradas e sem viés.

In a world of distractions, we must leverage all available tools for effective communication. Creativity in your communication doesn't entail compromising the message; instead, it reflects your commitment to engaging your audience and ensuring they remember your story. Games and simulations are excellent examples of creative methods to make complex economic concepts resonate with unfamiliar audiences.

My natural bias having a computational finance (or agent-based computational economics) background leads me to lean towards the use games, simulations and digital twins. Providing people with simple decision parameters they can play around with helps connect dots in structural and tractable fashion. Games and simulations are also easier to relate to because nowadays a large swell of the general public are familiar with games. Games are nothing more than stylised representations of micro or macroeconomic structures.

Economic Challenges through an App In a world inundated with complex economic concepts, this type of content may simplifie the learning process by turning it into a gamified experience accessible to all. An app that presents users with daily economic challenges, ranging from managing virtual businesses to navigating global economic crises. Users make decisions, witness the consequences, and compete on global leaderboards and the app fosters a sense of community through discussion forums, allowing users to share strategies and learn collaboratively. With a rewarding system, users earn virtual currency to unlock features and customize their virtual economic endeavors.

Games and simulations can turn complex theories into interactive experiences, allowing learners to see the real-world impact of economic decisions. This approach enhances problem-solving skills. Have emerged as a dynamic bridge between abstract economics and practical decision-making.

In my experience, gamification and simulation are fun and engaging ways to learn how economic principles play out in the real world. These could include setting up a mini-market or a pretend bank, helping everyone learn about economics through real-life simulations and hands-on experiences. One concrete example that comes to mind, is a board game that simulates the experience of farmers growing crops, having to contend with natural disasters and market forces, and realising along the way that under some circumstances, it is preferable for farmers to join up collectively to enhance their collective shared goods and improve their bargaining position.

In someway people understand visuals better, an explanation with corresponding visuals would make the subject more interesting. And with visuals I don’t mean the Economics curves (these often confuse people the most - for example explaining the export and pricing paradox between two countries!!!). We need to create better visuals that everyone can easily understand, animations and more

I always use DataWrapper as a free yet cool visualization software. But it is important to understand that we also have to keep the visualization simple and informative. Not too much unnecessary information to visualize and don't write unnecessary narratives. Keep your visualization simple but very informative!

Visualizing complex information has been one of the ways that allowed me to significantly increase interest in economic topics. Visualization in tools like Tableau Public, MetaBase, GapMinder, Shiny R, etc., makes it easier for a broad and non-specialized audience to understand what is being demonstrated. This allows us to showcase historical trends, differences in outcomes between groups, and make socially conscious and responsive designs.

I like this idea as I am a visual person. Visuals aren't just for kids and can also be used of education purposes Economic concepts can be incorporated into cartoons

I often talk about the macroeconomy and visualize its performance by using a human body analogy. You can assess some things by a person's outside appearance, but it's their vital signs - heart rate, blood pressure, and cholesterol levels - that are a true measure of their health. Similarly, it's important to look not only at the top-level data for series like GDP, Capital Spending and Retail Sales, which shows all are at record highs currently, but also at the growth rates (or vital signs if you will) that show clear deceleration and imminent decline in late 2023. Although the data used to generate both visuals is the same, it paints two completely different pictures with highly different implications.

When I deliver keynotes on the economy, I leverage humor (including some self-deprecating jokes) to break up the pacing and give audiences a chance to absorb some of the data I've shared. For example, when I talk about the global economy, I often refer to Russia as a gas station that also happens to sell guns. Gets them laughing every time!

Ronald Reagan made several good jokes about the difference between economic systems! My favourite is the Soviet worker who wanted to book a telephone installation. “We can visit you in 5 years” says the supplier. “Morning or afternoon?” enquires the worker. “It’s 5 years away - what does it matter?” “I have the boiler being serviced in the morning”.

What is more engaging to a reader: dry numbers and data followed by strict analysis or an anecdote about how this matters to them with a funny or engaging story? It’s clear that humor is a powerful tool in storytelling and adds a level of engagement which increases the likelihood of enjoyment for the reader and that they may share it further with similar readers in their industry. While it’s important to understand that humor should not replace data and supporting facts, contextualizing them with some whit is often a great way to attract the readers attention and likelihood of your analysis being shared further in your field improving reach.

Senso de humor nunca falha! Desde que os princípios de finan?as e as regras do mercado n?o sejam deturpadas, usar situa??es engra?adas para ilustrar os fatos econ?micos pode causar um grande interesse nas pessoas interessadas no tema, e até agregar novos interessados, que passam a se sentir atraídos quando se d?o conta que economia e finan?as n?o é uma chatice. Como professor de finan?as sempre guardei algumas piadas para contar aos alunos, principalmente naqueles momentos em que as aulas se tornam mais cansativas, seja pelo tempo decorrido ou pelo tema mais pesado.

Take the most urgent economic issue of the day like price inflation and explain its cause making fun of the culprits (usually spendthrift politicians).

Many central banks provide personal inflation calculators. The can be useful tools to see the impact of macro issues on individual decision making.

Personalisation and relevance are key: your everyday person doesn’t care so much for complicated formulas and theories (and nor should they.) Yet we all see the impacts of economics around us every day, be it inflation, interest rates/monetary policy, supply and demand. It’s about getting people into the mindset of “If X happens, then Y will happen to me.” And of course, none of that can be said with certainty, as it is Economics after all. Plus, a well-economically educated public can also make better informed political decisions. You begin to understand how political policies may affect you and you question, even if at a superficial level, will this make me worse off or better off.

Economics attempts to helps societies with the how and why we make the purchasing choices we do. Four key economics concepts: scarcity, supply and demand, costs and benefits, and incentives – can help many decisions that humans make.

personalization and relevance play crucial roles in making economics more accessible and meaningful. By tailoring learning experiences to individual needs and connecting economic concepts to real-life situations, educators can enhance engagement, motivation, and understanding among students.

One of the key issues in any adult American’s experience is buying a house. What should be the price that s/he should bid for the house, however? In his papers on the leverage cycle, John Geanakoplos makes the case that there are typically different types of buyers who attach different values to the house. There are the optimists who are willing to pay a significant amount because they believe the “good” states in which the house has value outweigh the “bad” states when it doesn’t while the “pessimists” have opposite beliefs. How does an individual place in such a ranking and why. Uncovering the beliefs of individuals about their subjective valuations will go a long way to teaching them about basic valuation principles in Economics.

The world is a classroom, so my advice is to think broadly about what constitutes economic phenomena and always ask questions in order to learn more!

The general public would find economics more engaging if you guide them to appreciate how economics applies to real world issues. For instance, the Fed has been raising interest rates to control inflation. If you can explain to someone how these interest rate hikes may help reduce inflation or how their decision to borrow to buy a car or take a mortgage to buy a house is affected by the rate hikes, they would certainly see how useful economics is.

Economic complexity has increased in last two decades. First economic environment has witnessed rapid changes due influx of cutting edge technologies aided by advancement in computing. Second economic analysis has itself become increasingly complex. Both have made communication a challenge. These complexities need to break down into simpler messages that can be customized to the target audience varying from practitioners to academicians to policy makers to consumers to general public. All media should be judiciously used to make an impact. Thorough understanding of all communication channels and their respective audience especially of social media is a must. Should be looking at examples of successful communication strategies to fine tune

Humility The danger is that Economists think too academically about the economy and future projects. Working off textbook theory. But our world is dynamic. By definition, things change, and therefore, textbook theory is not always relevant. Whilst we should learn from the past, we shouldn’t be fixated on it. Recognizing when economic projections were wrong is really important. This takes humility. Not only does this make Economics become more accessible, it also increases the learning process. Understanding how the world is adapting and changing. A great example of this is the fact that the US economy over the last 18 months has been significantly stronger than expected. Despite sharply higher rates.