Every day, we make economic decisions that shape our lives, often without even being aware of them. Whether it’s choosing between a coffee and a juice, saving or spending, working or studying, or buying a book or a new phone, these decisions have a significant impact. Our entire life in society is shaped by countless economic decisions and relationships involving people, businesses, and the State. But have you ever wondered what is behind those choices?
Economics is the science that seeks to explain these decisions; it’s not just about numbers and complex theories—it’s the foundation of our everyday lives. As human beings, we respond to incentives. For example, we study because we believe it will lead us to have a better future for ourselves and our families. Also, we save to be better prepared for tough times or to purchase something we desire, such as a car or a home. However, many people aren’t fully aware that these actions originate from rational decision-making guided by core economic principles.
Understanding these economic principles and the effects of our decisions can help us make better choices, improving not only our quality of life but also the quality of life for others. Nevertheless, in Chile, economic and financial education remains a challenge. According to a study by the Chilean Financial Market Commission (CMF), the country’s knowledge in this area reaches only 58% of the maximum level, placing it around the Latin American average but below the OECD average. The problem? Without a solid foundation in economics, it’s easy to make decisions that negatively impact our well-being.
Economics in Education: A Required Change
For years, economics barely appeared in the Chilean school curriculum—relegated to the final unit of the 9th-grade History and Geography course. Aware of this weakness, a curricular reform was introduced in 2019, which, starting in 2020, added elective classes such as “Economy and Society” in 11th and 12th grades. It was a step forward, but still not enough.
Today, the Ministry of Education is taking it a step further by integrating financial education from 2nd grade through 10th grade, as understanding economics from a young age can make a real difference in the future.
Why E4E Chile: “Economics for Everyone”?
The year 2020 didn’t just bring a pandemic—it also triggered a surge in debt across Latin America and the Caribbean, reaching 72% of GDP. Chile is no exception: although the percentage of over-indebted people has decreased since 2021, it remains at 16.5%. What if I told you that Chilean households hold more debt than those in other countries with similar per capita income? (Source: CMF, January 2025). In addition, Chile is grappling with inflation and a fiscal deficit—issues it hadn’t faced in decades.
In this context, it’s not enough to “learn about economics when it becomes necessary.” We need practical programs since primary education to make better economic decisions throughout life.
The initiative of Universidad del Desarrollo (UDD)
Recognizing that education is key to transforming realities, the Universidad del Desarrollo took action. But it didn’t do it alone—it joined forces with the University of Chicago, an institution with one of the world’s prestigious economics education programs.
“E4E: ECONOMICS FOR EVERYONE”
E4E is a program developed by the University of Chicago to make critical economic thinking accessible to everyone. The E4E program is designed to teach fundamental economic concepts and principles through videos and educational materials using real-life examples.
Why the University of Chicago?
Since its founding in 1892, the University of Chicago has been a global leader in economics. With 33 Nobel Prizes in Economics awarded to scholars affiliated with the university, it has developed theories that have shaped global economic policy. Its focus on free markets, economic rationality, and evidence-based evaluation makes it the perfect institution for this initiative.
Additionally, three of the five founders of Universidad del Desarrollo (UDD) studied at the University of Chicago—the same university that, in the 1950s, had a significant impact on the programs of Chile’s top business schools through a historic partnership.
2025 Goal: Real Impact in the Classroom
2024 was the pilot year for us, with four schools and a total of 100 students reached. Now, the goal is more ambitious. In 2025, UDD and the University of Chicago will bring “E4E Chile: Economics for Everyone” to schools in the Metropolitan, Biobío, and Valparaíso regions.
With more than 60 video capsules and economists training instructors, Economics for Everyone is not just about teaching theory—it’s about changing the way students see the world. Because when a young person understands economics, they have the power to make informed decisions that can improve both their future and their countries.
In a world where every decision we make has a consequence, economic education is no longer a luxury; it’s a necessity. Economics for Everyone is a program designed to fulfill that need.
