Matt Yglesias poses an interesting question :

Daniel Drezner uses rhetorical devices when writing his columns, just like the rest of us. “Unless the entire country–particularly the political class–is required to take an introductory economics course, the mercantilist mindset will be hard to shake.” Which brings to mind a good question — why not require the entire country to take an introductory economics course? If everyone had to learn a little basic, non-calculus economics it seems to me that that would be a very worthwhile investment.

While I think this idea has some merit, this email sent to me by Hal Millard makes me think we should set our sights a little lower.

I’m a former newspaper reporter, now a pro freelancer. I’m not sure if you have worked in the trade or not, but here’s the dirty little secret behind the media’s seeming ineptitude in all things financial — J-schools, by and large — never teach the stuff. And that lack of a foundation is only compounded as reporters advance and become editors.

In fact, I went to a large, well-respected J-school and never once had to take any math class, much less a class on how to report and write about financial and economic issues. (I did have to take Econ 101, but that shit is no more advanced than the stuff you learned in high school).

The sad part is, I now derive most of my income from writing about business and finance. I’ve had to learn everything on the fly, and still I feel like a sham sometimes even though I somehow manage to be right most of the time and have never had a major fuckup (yet).

I can count on one hand the number of journalists (financial writers or generalists) I know of that can intelligently write about these things.

That’s just sad, because government officials and biased experts can consistently fool the vast majority of reporters every time.

There are even websites that explain “math for journalists!” And we’re talking things such as how to figure percentages!

In my opinion, no reporter (rookie cub or pro) should step foot in a newsroom until they can show they know how to construct and manipulate a spreadsheet program in order to analyze information, and completely understand a P&L statement and basic SEC filings.

But I’m not holding my breath. Until J-schools change or newsrooms provide much-needed remedial or continuing education for reporters, American media consumers will remain ignorant about what’s really going on behind all those numbers.

What are we to make of a situation in which the people who are supposed to be dumbing down complex subjects for the rest of us are making it up as they go along? Of course, this whole “blind leading the blind” situation would explain a lot of the positive coverage Bush’s economic proposals have received over the last few years…