Nations that establish national standards do so to insure equality of education as well as higher achievement, because they make explicit what they expect children to learn to insure that all children have access to the same educational opportunities. The United States needs young people who can compete in the global economy and adults who can use the knowledge and skills they acquired in school to deal with the complex issues of their own communities and of the world. Standards provide a nonpolitical, nonpartisan voluntary guide for states and local school systems to plan and implement what children should learn. Standards are statements of what we believe is important.
Standards insure quality, identify goals, and promote change.
The Standards in Economics will help raise the quality of economic education in America's schools so that children can fully and effectively participate in the complex global economy they will inherit. Educate America Act of 1994, demonstrating its importance as a core subject in American schools. The act initially included funding for development of voluntary national standards. The National Council on Economic Education was designated by the Department of Education to develop the standards in economics. In 1995, the federal government stopped funding standards development.