Most people, including almost all economists whether liberal or conservatives, would obviously say “no.” Yet many educators, as well as the general public, believe it’s true.
In 1994, the Federal Goals 2000 Act expanded the national standards movement to include the teaching of economics in K-12 education. This led to the creation in 1997 of the Voluntary National Content Standards in Economics (VNCSE), which were organized around the core principles of the discipline. While there has been almost no controversy within the discipline over the VNCSE, notes Robert M. Costrell, the objections have come almost entirely from those outside the discipline. Costrell adds that, “There are many who believe that mainstream economics provides an unwarranted defense of free markets, or at least gives short shrift to the case for government intervention.”