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We explore how wheat spot and futures market volatility has been impacted by government farm programs during the 1950–1993 period. We find that changing volatility in both markets is highly associated with changing farm programs. The mandatory allotment programs of the 1950s and early 1960s (1/3/50–4/10/64) were associated with low volatility, while the voluntary programs initiated in the mid 1960s seem to have induced high volatility (4/11/64–12/22/85). Both market‐driven loan rates and conservation reserve programs appear to have helped volatility revert to lower levels since the mid 1980s (12/23/85–12/30/93). We also examine seasonality and causality in conjunction with the farm programs.

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The broad objectives of liberal education include the instilling of a sense of responsible citizenship along with knowledge that creates a better society. Although financial literacy is required at both the individual and public levels for an improved societal outcome to ensue, it is rare to find a finance‐related course within the general education curriculum of most universities. Liberal arts administrators and faculty are reluctant to include finance‐related courses because they are not perceived to be sufficiently broad in scope. The argument is accurate for a typical personal finance course. However, the purpose of this article is to show that it is possible to construct a financial literacy course with design features that make it acceptable for inclusion in the general education curriculum of a liberal arts university. First, the objectives of liberal education are highlighted, as enumerated by three independent organizations [American Academy for Liberal Education (AALE), Association of American Colleges and Universities and the Annapolis Group]. Next, the assessment standards of the AALE are utilized to develop the pedagogical features of the course design. A liberal arts focus can be achieved by including topical readings, in‐class discussions or debates and a research paper that highlights the societal impacts of financial decisions. Finally, it is illustrated how the design features allow the course to fulfil the assessment standards of liberal arts objectives including effective reasoning, broad and deep learning and the inclination to inquire.

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