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Tag Archives: Finland

South Korea and Finland Have the World's Best Education Systems

Why would France want to ban homework?

President Hollande has said that less homework means more equality. At home, income makes a difference. Higher income families have children with higher test scores and more help with homework. They have their own bedrooms, their own desk, their own computers, tutors and pressure. How to make all equal? Eliminate the home influence.

Interestingly, more equity does not necessarily mean a lower quality educational system. In The Global Index of Cognitive Skills and Educational Attainment published by Pearson, 39 countries and one region (Hong Kong) were ranked for successful educational outcomes. Finland, with its emphasis on the equity that France seeks, is ranked #1. In Finland, learning is idea and understanding based with almost no homework.

But wait.

Using a totally different approach, South Korea was ranked #2. In South Korea, students do hours of work after school while in the classroom, teachers use a highly disciplined rote learning approach.

And yet, Finland and South Korea are actually not so different. With Finland valuing equity and South Korea, the hard work ethos, both had high-quality teachers, accountability and a moral mission. Ranked lower on the list, the UK was #6, the US, #17 and France, #25. The full list is below.

Who would have thought that a country’s homework philosophy can reflect its economic values?

Sources and Resources: This Louis Menand New Yorker article combined the Hollande proclamation, the Pearson report and a wonderful discussion of the implications. Elsewhere, articles looked at President Hollande’s announcement, here, and the Pearson report, here. And here, is a link to the report itself which I recommend reading. Finally, I especially enjoyed these 26 amazing facts about Finland’s education system from Businessinsider. It sounds like a wonderful recipe for success.

From the Pearson report:

Finland and South Korea are Ranked at the Top of Pearson's Educational Outcomes Report

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Displaying different strategies, McDonald's and Starbucks call a 16 ounce cup different names.

Among the biggest coffee drinkers in the world, euro-zone consumers are cutting back.

As one Milan café owner explained, “Since the beginning of the year most of our regulars cut their coffees from around four to two a day. Sometimes, instead of getting a cappuccino or other types of more expensive coffees, they just have an espresso. This is the effect of the crisis.”

Meanwhile, in Brazil, partially because of good weather, supply is up for the highest quality beans (arabica) that the Italians and Spanish prefer. In addition, not only have some Europeans begun to switch to cheaper robusta beans but also growers who had withheld their beans awaiting higher prices are now facing a decline that might mean they will sell at a lower price.

It all adds up to classic demand and supply. Because of declining income, the demand curve for troubled euro-zone economies shifted to the left. Meanwhile, with bountiful crops, supply shifted to the right. The result? Price tumbled. And indeed, arabica coffee prices are down 30 percent from a year ago.

Sources and Resources: While I discovered the current status of coffee beans in a Barron’s column, my coffee prices, here, and consumption, here (source of table below), this August WSJ article tells more about European demand and was the source of the above quote. Also, for a nice combination of stats and stories, you might enjoy this Reuters video.

Per Capita Coffee Consumption: 2006/2007

Per capita euro-zone coffee demand is the highes in the world.

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euro zone map

A British charitable trust has offered a hefty reward for the best eurozone break-up plan. Their goal? Improve and influence policy though a 250,000 pound ($393,430) incentive prize.

As I read through the finalists’ plans, the unfathomable complexity of unraveling the euro became increasingly apparent because each proposal had a different but crucial focus:

  • One plan emphasized reconfiguration through which stronger and weaker economies formed separate groups.
  • A second said we should “unscramble the euro eggs” by establishing 2 new currencies,  a stronger “new euro white” and a weaker “new euro yolk,” each with predetermined values to avoid currency flight.
  • A third approach was most concerned with legal jurisdiction over assets and obligations. With 17 sovereign nations, who would have the final say?
  • For another proposal, timing and the details that would be implemented after a sudden German/French declaration were described. This plan said secrecy would be paramount, then the announcement, and then a weekly time table.
  • Finally, a fifth finalist said the key was focusing on how the weaker nations should “default” and “devalue.”

The winner will be announced on July 5.*
Fascinating but lengthy, the plans can be read from the links in this Guardian article. Also, if you are interested in other incentive prizes, here is a chart from The Economist.

An update: Here is information about the winning entry:

Submitted by Capital Economics, the plan focused on the exit of a weaker country. Quoted from the Wolfson website, here are some specifics:

“The team’s submission, Leaving the euro: A practical guide, centres on the departure of a single weak member such as Greece. It suggests that:-

  • A new currency is introduced at parity with the Euro on day 1 of an exit.
  • All wages, prices, loans and deposits are redenominated into it 1 for 1.
  • Euro notes and coins would remain in use for small transactions for up to six months.
  • The exiting country would immediately announce a regime of inflation targeting, adopt a set of tough fiscal rules, monitored by a body of independent experts, outlaw wage indexation, and announce the issue of inflation-linked government bonds.”

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