In the run up to the publication of the book What do we fail to teach our kids about money? by Andy Golding, the aforementioned question was put to the good, the great, the amusing, the interesting.
Here's how Dave Birch, digital money futurologist responded:
'' My kids have never had an economics lesson -- they had a state schooling under Blair and Brown -- but they understand money pretty well.
They understand forwards and options, salaries and mortgages, auctions and reverse auctions, diminishing marginal utility and comparative advantage much better than most bankers because they grew up playing Runequest, the Sims and World of Warcraft.
Once, when I was in kitchen making a cup of tea, I heard my younger son and his clan conspiring to corner a particular kind of magic sword and obtain super-normal rents from the distorted market.
Try explaining to them why US dollars are "real" and World of Warcraft Gold is "virtual" to see if you really understand money.''
What we fail to teach our kids about money? by Andy Golding will be published by Searching Finance in December 2011