The Poetry and Prose of Economics

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Exploring the lessons learned from children's behaviors, the role of economics in understanding human behavior, and the distinction between the poetic principles of economics and the more mathematical approach of introductory classes. Also, discussing the role of money in life and its potential for both utility and problems, and suggesting a shift in focus from financial wealth to true net worth in terms of satisfaction and happiness.

David Owen, author of The First National Bank of Dad, talks with EconTalk host Russ Roberts about how to educate our children about money and finance. Owen explains how he created his own savings accounts for his kids that gave them an incentive to save and other ways to teach them about postponing gratification, investing, keeping money in perspective and other life lessons. The conversation closes with a discussion of the value of reading to your kids.