German ignorance of economics revealed
Germans know extremely little about economics and three quarters don't even have a full grasp of how percentages work, a new study has found.
The survey by 13 economists on behalf of the Max Planck Institute for Education Research in Berlin and Zeppelin University in Friedrichshafen and reported in business daily Handelsblatt found that about a third of all Germans also did not know that Rainer Brüderle is Germany’s economy minister.
The survey of more than 1,300 people found that nearly half did not know the nation's approximate unemployment rate.
Nearly three quarters didn’t have a full grasp of how percentages work. Nearly one in four did not know that they lived in what is known as a social market economy.
Knowledge about economic issues rose with age and income. Men performed clearly better than women.
The survey gave the average respondent six out of 10 on economic issues. Peter Kenning, professor of marketing at Zeppelin University said the survey was calibrated to test only a modest understanding of economics rather than being aimed at experts.
“We have to be clear about the fact that the questions did not constitute expert understanding, but rather really minimal understanding,” he said.