About The Foundation

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“The way to greater happiness and prosperity for all lies in mutual understanding of economics and mutual cooperation in the true spirit of the Golden Rule. You and I and millions like us throughout America must first understand the problems and must clearly see the obstacles that hold us back. Then, whether we be in industry, agriculture, labor or government do our part by first removing the obstacles we ourselves are placing in the path of progress, then insist that others do their part. By our united might, through greed or ignorance, place blocks on the road to progress and prosperity. It can be done, it will be done, if you and millions like you will do your part.” - Calvin K. Kazanjian

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The Calvin K. Kazanjian Economics Foundation Inc. is a non-political education organization that was incorporated as a nonprofit organization under the Statue Laws of the State of Connecticut on April 4, 1947.

The Foundation operates from the income of inter vivos and testamentary gifts donated by its founder. Donations to the Foundation are deductible for income tax purposes to the extent provided by law.

The admonishment of Arthur Levitt, former chairman of the New York Stock Exchange, that “the American economy is the eighth wonder of the world; the ninth is the economic ignorance of the American people,” is true.

Lou Harris and Associates recently polled and documented the extent of economic illiteracy among high school students and adults. The poll revealed that:

• Fewer than half the students surveyed can define a budget deficit



• Fewer than half of the adults and 1/3 of students understand what it means to say that the Gross Domestic Product has increased



• Most adults thought that economists would recommend increasing regulations to reduce pollution rather than increasing the costs to those who pollute



• Sixty-percent of high school students did not know that if rent controls are placed on apartments that eventually there will be fewer apartments to rent



• Less than half of high school students surveyed understand that if the price of yen in dollars increases that Japanese cars will cost Americans more

Addressing the issue of economic illiteracy remains the mission of the Calvin K. Kazanjian Economics Foundation. The Foundation holds the view of Nobel Laureate in Economics James Tobin who, in 1981 said,

“High school graduates will be making economic choices all their lives, as breadwinners and consumers, and as citizens and voters. A wide range of people will bombard them with economic information and misinformation for their entire lives. They will need some capacity for critical judgment.”

This revelation came much earlier to founder Calvin K. Kazanjian, who in 1947 created the Foundation, dedicating it to the cause of economic literacy.