Research on Economic Education and Economic Literacy among High School and University Students in Asia-Pacific Region

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This research project translated the Test of Economic Literacy, 3rd edition (TEL3) into Japanese, and administered the test to determine the present status and problems of economic literacy among Japanese high school and university students. The TEL3 was originally developed and conducted by Walstad of Nebraska University and Rebeck of St.Cloud State University. We conducted the TEL3 on 2,631 Japanese senior high school students in the 10th-12th grades (16 high schools), and on 2,877 university students (29 universities). The major findings from the test results are that there are similarities in economic literacy among high school and university students, with 6.6 % higher scores by university students. The both group demonstrated little understanding in several fundamental economic concepts, such as scarcity or opportunity cost, and that they have a relatively good understanding of microeconomics but not of macroeconomics.The research counterparts from Asian-Pacific region such as China, South Korea, the Philippines and New Zealand conducted the same test as well as the United States and Japan. Based on the test result of each country, we had the International Conference on Economic Education in the Asian-Pacific region at Waseda University in August, 2004, and made international comparison on economic literacy among the students in these countries. The investigators and foreign counterparts of this project examined these results and discussed how economic education in the region might be improved. The discussion is summarized in the report shown below in the "references".The research project also made a Japanese version of "the Financial Fitness for Life Test" which was also developed by Walstad and Rebeck. The investigators conducted the test in Japan in 2004 and made a presentation about the result of the test in the Annual Conference of NCEE : National Council on Economic Education in Little Rock, Arkansas.