Iolani High School and Carmel High School Win National Economics Challenge Sponsored by the NCEE and the Goldman Sachs Foundation

For Immediate Release
May 22, 2007

New York, NY — Iolani High School and Carmel High School beat more than 1,000 teams from across the country to become the champions in the National Economics Challenge competition sponsored by the National Council on Economic Education and the Goldman Sachs Foundation.

Student teams from eight high schools across the country competed as finalists and traveled to New York to compete to win in one of two divisions. The Adam Smith Division challenges advanced placement, international baccalaureate and honors students, and the David Ricardo Division challenges single semester general economics students. The eight teams previously won state and regional competitions defeating nearly 1,000 teams from 36 states to advance to the championship series.

Student teams vying for the Adam Smith championship include: Vestavia Hills High School from Alabama, Carmel High School from Indiana, Iolani High School from Hawaii, and Belmont High School from Massachusetts.

Student teams competing to win the David Ricardo championship include: Anamosa High School from Iowa, Iolani High School from Hawaii, Melrose High School from Minnesota, and Wilton High School from Connecticut.

The final competitions were held today in New York City at the Science, Industry and Business Library. Connie Mitchell-Ford, Economics Editor for the Wall Street Journal was the co-host for the event.

About 200 educators, students and economists attended. Over $100,000 in U.S. Savings Bonds were awarded to the first and second place teams and their teacher-coaches for their winning efforts in the national and regional competitions.

These final rounds employ a "college bowl" format as student teams are called upon to answer tough questions on complex economic concepts and theories involving micro- and macroeconomics, international economics, and current events.

These young people from across the nation have demonstrated that they are among the best and the brightest," explains NCEE's President and CEO, Robert F. Duvall, "This is the seventh National Economics Challenge competition that NCEE/Goldman Sachs Foundation has hosted, and year after year, the students and teachers continue to amaze us with their expertise in this area."

NCEE and the Goldman Sachs Foundation created the National Economics Challenge in 2000 to promote student interest in economics, reinforce classroom instruction, advance academics and school spirit and reward scholarship. The National Economics Challenge is one of several key initiatives in NCEE's "Campaign for Economic Literacy" which seeks to focus public attention on the importance of economic literacy and the need for a high-quality, standards-based economic curriculum in every state.

"Competition is an undeniable and effective motivator, even in education," said Stephanie Bell-Rose, President of the Goldman Sachs Foundation. "The National Economics Challenge is proof positive of the power of competition in learning about economics and we are pleased to once again be a part of this exciting program and event."

The Goldman Sachs Foundation has awarded NCEE grants totaling over $2.3 million to launch its Advanced Placement Economics program and to support the Economics Challenge. The Foundation's goals are to promote excellence in economic education and to bring new opportunities to underrepresented and gifted high school students by improving their opportunities for admission to highly competitive colleges and universities.

The NCEE (www.ncee.net ) is a non-profit, non-partisan organization dedicated to improving economic, financial, and entrepreneurship literacy. Both directly and through its unique nationwide network of State Councils and more than 200 university-based Centers for Economic Education, NCEE's programs reach over 150,000 K-12 teachers and more than 15 million students each year.

The Goldman Sachs Foundation is a global philanthropic organization funded by The Goldman Sachs Group, Inc. The Foundation's mission is to promote excellence and innovation in education and to improve the academic performance and lifelong productivity of young people worldwide. It achieves this mission through a combination of strategic partnerships, grants, loans, private sector investments, and the deployment of professional talent from Goldman Sachs. Funded in 1999, the Foundation has awarded grants in excess of $94 million since its inception, providing opportunities for young people in more than 20 countries.