david dodge : on economic education remarks by mr david dodge, governor of the bank of canada, to the david dodge tribute dinner, hosted by the canadian foundation of economic education, toronto, ontario, 3 november 2003. * * * it ’ s an honour to be here with you tonight and to receive this award. one of the great privileges of working in the public sector is interacting with so many outstanding individuals from all parts of canada and, indeed, from around the world. to be here tonight, surrounded by people i have worked with over the years, and whom i can truly call my friends, is very exciting and tremendously rewarding. the program this evening focuses on the value of public service and the importance of economic and financial literacy for the well - being of canadians. these two themes have special significance for me, as my career has involved time spent in the public service as well as teaching. my long - standing interest in public service and economic education ( indeed, education more generally ) was sparked and nourished through my formative years at ridley college and queen ’ s university. ridley ’ s motto is terar dum prosim ( which roughly translates into may i be consumed in service ). and queen ’ s is sapientia et doctrina stabilitas ( that is, wisdom and knowledge shall be the strength of thy times ). so there it is : wisdom, knowledge, and service. education focuses on wisdom and knowledge. and education confers an obligation to serve. others here tonight have explored ways to strengthen the contribution of the public sector to our wellbeing. but i would still like to make some general remarks on the subject before moving on to economic education. as an economist, the question i most often ask myself is, how can we as a country increase our economic well - being? and when i look around the world, one thing is clear to me. the societies that have been the most successful in improving the welfare of their citizens are those that have provided a social climate in which the dynamism and creativity of individuals and businesses can thrive. they are societies that, in the words of robert wright, 1 are able to create “ win - win ” situations for their citizens. they are the “ efficient societies ” that joseph heath talks about in his book of the same title. 2 to move in that direction, we should, among other things, continue to work towards strengthening the relationship between the public and the private sectors. in particular

schooling. and as public policy - makers, we can ensure that workplace regulations do not prevent youth in school from gaining valuable work experiences. we should all be doing what we can to provide opportunities for high - school kids to work with skilled tradespeople on the shop floor, with computer technicians and programmers in our businesses and offices, and even with economists at the bank of canada. as we all know, kids are fascinated with computers. we should build on this fascination to provide opportunities for children to be exposed to the working world. computers also provide boundless opportunities for interactive learning in our schools, which we should try to exploit more fully. textbooks still have an important role to play - especially if done well and if properly adapted to canadian youth. but the internet, and especially interactive tools, such as games that simulate real - life situations, can be very valuable, effective learning vehicles. kids can have fun with them and learn a lot in the process - about money and credit, about how the economy works, and about how government and other institutions function. again, as i said earlier, the problem is that we often tend to think of the world as separate boxes private sector here, public sector there ; academic world here, work world over there. but, in fact, there are great benefits to be had by building bridges between the academic experience and the real world both the world of business and the business of daily living. we must encourage our youngsters, while still in school, to start familiarizing themselves with the world of banking, finance, and the economy more generally if we want them to be “ functionally literate, ” capable of handling their daily affairs effectively as tomorrow ’ s adult citizens. individuals with a good knowledge of economic and financial basics can make more informed decisions - to their benefit and to the benefit of the entire economy. not only can they manage their personal affairs and their households better, they can be more effective and productive members of society. they can also be better citizens, capable of making reasonable judgments on public policy issues that have a bearing on their personal prospects and those of the nation. now, children are not the only ones who need to learn. in our rapidly changing world, adults too need to keep up with developments and advances in many areas. learning ought to be a lifelong experience if we are to keep pace with a rapidly changing economic, financial, and technological environment. in this sense, it is important that all of us, as employers, pay greater attention