Our politicians could learn a thing or two from ancient friar’s teachings

Sir, – Five hundred years ago, the Franciscan friar, mathematician and teacher, Luca Pacioli, was blazing a trail across northern Italy in the new wave of technical schools, teaching the sons and daughters of merchants, architects, engineers, artisans and artists.

Pacioli is the founder of double entry bookkeeping, and we still use his system to this day.

He taught business finance and mathematical concepts to his students and used tools to ensure his teaching was understood.

His teaching was taken into the businesses of his day and unleashed a transformational effect on the economy of northern Italy, and across the world.

Scottish politicians, academies, colleges and universities can learn from Pacioli’s example and study his methods and legacy.

The challenge is to dispel financial illiteracy and give students and entrepreneurs the Pacioli tools to build businesses and raise investment which generates growth, jobs and innovation, and which in turn provides the finances required to run the country.

Let’s give our young people in Scotland the education to lead Scotland to a brighter future by learning from a young age how to be successful in business and finance.

When entrepreneurs develop their own financial forecasts using their own forecaster, they take charge of their own projections rather than abdicating this to a third party, and therefore can articulate their finances to investors and lenders.

The measurement of these skills is the key, and university spin-out hubs (with exceptions) should ask themselves if they are using the correct key performance indicators to measure the acquisition of knowledge within their student entrepreneurs.

Pacioli knew this 500 years ago. His methods and example are there for those who want to learn it.

Even the great Leonardo Da Vinci deferred to “his friend Luca” for mathematical advice.

Tomorrow’s prosperity depends on business and financial literacy in our people.

Sandy Neish, Inverurie.

TEACHER: Franciscan friar Luca Pacioli had a transformational effect.