A Note on Economic Principles and Financial Literacy

Zvi Bodie ()

No 2006-PB-07, NFI Policy Briefs from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: Finance is a branch of economics that deals with budgeting, saving, investing, borrowing, lending, insuring, diversifying, and matching. In setting standards of financial literacy we ought to make sure they are consistent with the basic principles taught in economics courses. In section I of this note I list four of the economic principles I believe can and should serve as a firm conceptual foundation for setting standards of financial literacy and for framing financial decisions. In section II, I illustrate how those principles can and should be applied to personal finance.

Pages: 6 pages
Date: 2006-04
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