Economics teacher of year keeps Iolani students ahead of peers

By Glenn Scott
Advertiser Staff Writer

Pity Dick Rankin's students. For a few days near the end of a semester, they will arrive at Iolani School knowing they won't find Mr. Rankin, the person who last week was named Nasdaq's National Economics Teacher of the Year.

Iolani economics teacher Dick Rankin leads his class in applauding a student's presentation. Rankin, who often role-plays as presidents to get his students to think through monetary and policy issues, last week was named Nasdaq's National Economics Teacher of the Year. Richard Ambo • The Honolulu Advertiser

The president will invite them into his Oval Office to ask their advice on improving the economy. And the students, dressed in their most professional outfits, will act as economic advisers. Using the public speaking skills their teacher emphasizes, they'll look the president in the eye and offer advice based on what they've learned from a school-year of study.

Such are the scenes that students in Rankin's three sessions of advanced-placement economics have come to expect from an enthusiastic teacher known around campus as the colonel. Rankin, 54, is in his seventh year teaching at Iolani, a job he took immediately after retiring as an Army colonel who invested parts of his career as an armor commander, economist and, at times, a university-level instructor.

Rankin has had more topics than usual to discuss with the 48 students in his three sections of economics after returning late last week from New York City, where he won the national teaching award, a $25,000 prize and the distinction of pushing the button to open the Nasdaq exchange as CNBC network cameras captured the event live on television.

He credits his students.

"These kids are phenomenal over here," he said. "I taught an economics course at West Point and, hey, I'm essentially teaching the students here what I taught there."

The lessons seem to be working. Of his 32 Iolani students who took the advanced placement economics test last year, 25 of them, or about 80 percent, achieved the highest mark, assuring them college credit. Nationally, he said, 14.5 percent of all test-takers get the top score.

Two weeks ago, his students swept the top places in the annual state Economics Challenge, a one-day academic competition.

One of those students, senior Michelle Sato, said she wasn't surprised when Rankin won the award. She said his class is widely considered by Iolani students to be captivating.

"It's fun, but not actually because we play games," she explained. "It's the way he presents the information. It's definitely not a class where you fall asleep."

Sato met recently in the Iolani Oval Office with "President Nixon." As a Keynesian economic adviser, she proposed that he adopt expansionary fiscal policy. Afterward, she was humbled to realize how many pressures come to bear on presidential decision-making.

"There are so many factors to take into consideration," she said.

Rankin had flown to New York last week as one of five regional finalists in the contest coordinated by the National Council for Economics Education and sponsored by Nasdaq. Having already won an earlier round as nominee from the Hawai'i council, he represented the western region. Other finalists came from Arkansas, Connecticut, Kentucky and Minnesota.

Figuring he wouldn't win, Rankin said he coached himself to avoid looking disappointed during the announcement at a formal banquet at the Plaza Hotel. Turns out disappointment was not an issue. The next morning, Rankin said he was thrilled to be interviewed on CNBC. Then a Wall Street Journal reporter called, noting that the colonel's military past makes him a model for First Lady Laura Bush's troops-to-teachers program aiming to reduce the national teacher shortage.

As the council's teacher of the year, Rankin figures to do a share of ambassadorial appearances around the country to promote economics as a fundamental part of education. He's ready.

"When was the last time you used economics?" he asks, without prompting. "I bet I can cite examples where you use it day in and day out. Economics belongs up there with English and math."

Just as quickly, he praises teachers. "I love teaching. With these kids, it's just a fun thing every day," he said. "Teachers deserve more public acceptance. I tell people I was a brigade commander, but as a teacher I've never worked so hard in my life."

Rankin said he plans to donate portions of his after-tax award to Iolani and to the Hawai'i Council on Economics Education. Most of the rest he'll entrust to his wife, Cynthia.

"I'm just hoping there's enough left," he said, "to buy a new fishing reel."