channel1 said:
Einstein said "If a physical theory cannot be explained to a child, it is probably worthless." so there should be a valid conceptual explination for something as basic as induced magnetism)
There is.
I figure by now you must be familiar with Galilean/Newtonian relativity. They both came to the realization that the way things look to an observer is dependent on whatever relative motion there might be between the person looking at the phenomenon and the phenomenon itself. Example:
If a guy is standing on the moving platform of a flatbed train car and bouncing a ball, it looks to him like the ball is just moving up and down. To someone on the ground watching the train pass, though, the ball will seem to be describing a series of parabolas. Galileo and Newton asserted that neither one was "right" or "wrong". It's just a neutral fact that the observation of a phenomenon depends on the relative motion between the thing and the observer. "Rest" or "motion" aren't absolute things. We can only speak of something being at rest or in motion
relative to something else. The general principle here is that the way something looks or behaves can be very different depending on how you and the thing are moving relative to each other.
Einstein had a hunch this same thing applied to a magnetic field, that a "magnetic" field was really just a case of something being in motion relative to an electric field:
Einstein said:
What led me more or less directly to the special theory of relativity was the conviction that the electromotive force acting on a body in motion in a magnetic field was nothing else but an electric field.
http://en.wikipedia.org/wiki/Relativistic_electromagnetism
In other words: there is no such thing as a magnetic field. Those things we call "magnetic" are, in fact, the result of something being in motion relative to an electric field. Or, equally valid, they are the result of an electric field being in motion relative to something else.
In other words, if you and the field are at rest relative to each other, all its properties and behaviors are going to be those things we think of as "electric". If there is relative motion , though, the same electric field now exhibits "magnetic" behaviors.
Now, having said "there's no such thing as a magnetic field," I have to contradict myself and point out that to the thing in motion relative to an electric field, all the magnetic effects it feels are quite real and definite. In the inertial frame of that thing, magnetic fields are quite real.
So, what you see in a current-carrying wire is a very large herd of electric fields in motion along the wire having magnetic effects on anything which is at rest or moving differently relative to the herd. This is why a current-carrying conductor automatically has a magnetic field: because the electric fields traveling down the wire are pretty much guaranteed to be in relative motion to everything else in the vicinity.
I hope that meets your challenge for a conceptual explanation a child could understand, least this physical theory be deemed worthless in your eyes.