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The exploration of economics crosses linguistic and geographical divides globally, as individuals depend on its insights to make improved decisions and lead a more fulfilling life.
At Florida State University, the Gus A. Stavros Center for the Advancement of Free Enterprise and Economic Education is spearheading various initiatives to offer high-quality economics education on campus and worldwide.
Established in 1988 through a generous legacy from Gus Stavros and his spouse, Frances, the Stavros Center was formed with the objective of promoting free enterprise and expanding economics education within schools and the larger community.
Joseph Calhoun, a teaching professor and the director of the Stavros Center, is actively realizing that mission statement in a multitude of ways.
“There are no geographical constraints for how that mission is fulfilled,” Calhoun stated. “No matter where the educator is located, if they engage with economics, personal finance, or entrepreneurship, it falls within our objective to connect with them. Whether from Eastern Europe or just down the street from a high school, the center can provide assistance. Our international outreach is something that aligns consistently with Gus Stavros’ vision for the center and is something he would have greatly appreciated.”
With over 21 years of professional experience, Calhoun has conducted numerous upper-level economics and personal finance classes at FSU. He also pioneered the Unconquered by Debt Program, which seeks to improve financial literacy among students via online resources and peer mentoring workshops.
Calhoun has instructed students abroad at all three of FSU’s European study centers via International Programs — twice at FSU Florence and FSU Valencia, along with a stint at FSU London.
“You aim to demonstrate to local students how the concepts we discuss in class are relevant not just to individuals in the United States, but also to those in the three locations where the students are studying abroad,” Calhoun remarked. “It deviates from the standard micro or macroeconomics curriculum as we contextualize it based on the students’ study abroad experiences.”
As per Calhoun, the Stavros Center’s global initiatives initiated through the book “Common Sense Economics: What Everyone Should Know About Wealth and Prosperity.”
Originally authored in 1993 by James D. Gwartney, a highly esteemed economist and professor who taught economics at FSU for over 53 years and served as the director of the Stavros Center from 2004-2015, “Common Sense” serves as a “primer” to economics — an easily comprehensible and non-technical book accessible to everyone, irrespective of their familiarity with the topic. Calhoun co-authored the third and fourth editions of the book.
“If you’re only going to read one book on economics and personal finance, ‘Common Sense’ is the ideal choice,” he asserted.
In 2019, an undisclosed benefactor granted an endowment to the Economics Fundamentals Initiative (EFI), a non-profit organization dedicated to fostering enthusiasm in the learning and teaching of economics, to have “Common Sense” translated into 12 different languages and distributed free of charge to educators. EFI enlisted Calhoun to aid in this initiative, which primarily focused on languages from post-communist nations, including Czech, Albanian, and Ukrainian.
To ensure accurate translations, Calhoun and the EFI collaborated with subject-matter professionals in each country. Some examples were tailored to each nation’s particular economic and cultural circumstances.
“When we reference checking accounts and mutual funds in the text, that might not be applicable to some of the nations the book is being translated into,” Calhoun noted. “Examples involving the Federal Reserve Bank are not relevant to people in other nations. Some languages, like Armenian and Georgian, lacked even terms for certain English economic words—they had to invent new ones.”
Thanks to this expanded global influence, “Common Sense” is now utilized as a resource in preparation for the Economics Olympiad (EO), an annual competition for high schoolers worldwide in the domains of economics and finance. The EO functions under the auspices of the International Olympic Academy, the primary educational and cultural institution for the International Olympic Committee, the custodian of the Olympic games.
The EO stands as the largest and fastest-expanding global competition in economics for high school students. Currently, there are 68 nations taking part in the EO, including the U.S., with over 80,000 students participating in the competition.
The competition consists of four stages, with the first round occurring at each individual school. Students who qualify move on to the regional round. Following this, qualifying pupils compete in a national round. Ultimately, the top five students from each country are chosen to represent their nation in the International Final Round, the fourth and concluding phase of the contest.
During this final phase, participants convene in the EO’s host nation for a two-day competition. Here, students engage in three rounds of demanding assessments, including multiple-choice questions, short answer responses, case studies, presentations, and collaborative projects supervised by leading economists, entrepreneurs, and scholars.
In 2024, the International Final Round of the Economics Olympiad was held in Ancient Olympia, Greece, with 87 students representing 18 nations. Calhoun was invited to act as a judge for the competition in 2024 and will once again assume that role in this year’s event.
Five students representing the U.S. will partake in the International Final Round for the very first time this summer.
Calhoun’s participation in the competition aligns with FSU’s emphasis on promoting faculty involvement in events that allow them to demonstrate their expertise and why it remains essential, particularly on a global platform.
“I was immensely inspired to observe high school students from around the globe who are eager and passionate about economics,” Calhoun remarked. “It was deeply fulfilling to support them and celebrate their success. I was very proud to wear my FSU shirt and to illustrate how my university advocates for education beyond Tallahassee.”
The post How FSU’s Stavros Center is distributing economics education around the world appeared first on Florida State University News.
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