TOP

Writing Economics Essay Like a Pro: The 4 Cornerstones

spongebob writing an essayIn a range of educational establishments, the essay in economics accounts for almost 60% of the total student score. In other words, a thoroughly researched and professionally written essay is a key to obtaining the desired grade during the exam. To construct a correct answer within the essay, you have to be aware of the essential cornerstones of the economic paper writing in your project:

1. The Importance of Grasping the Question

Before getting into the process, it is important to understand the key point that stands behind the question. If you have troubles with that, ensure to rephrase the question. The simpler version of question will make it easier to deal with. As you answer, do not forget to keep reminding yourself of the essay question. It’s not a secret that usually students tend to start off excellently, but as the end of the project is approaching the question seems to get blurred. Make sure to keep in mind that once you fail to answer the question, your mark will have a lot to be desired.

2. Simplicity Is the Key

For clarity of thought, ensure to use a sample language when working on the economics essay. Writing as simply as you can will help you to avoid stuffing the sentence with too many ideas. If you write in clear and short sentences, you will never get lost in a never-ending flow of words and get the desired focus on one issue at a time. At the same time, Shakespearian grasp of language will always add some extra points to your mark.

3. The Answer Is a Must!

It’s so typical to see a candidate, who has sufficient knowledge in economics, but unfortunately provides zero answer to the question. The result is pretty lamentable – you, as the author of the economics essay, get the lowest mark (if you get any!) When approaching the end of every paragraph, ensure to ask yourself – does it somehow answer the question? It’s a big mistake to wait till the last sentence of the essay is written and you realize you’ve been keeping a completely different question in your mind.

4. Evaluate Potential Outcomes

The good old joke says 10 economists in one room will provide you with 11 totally different answers. The reason lies in the nature of economics and the economists. There is no 100% right answer, experts of the field say. Taking into consideration the other viewpoints is a must, as well as discussing various outcomes of a particular situation. That’s what they call evaluation.

As you get better at economic paper writing, make sure to refer back to the question from time to time just not to write off point. This will make your writing legible enough and enable you to obtain a good grade in the discipline.

Read More
TOP

Minimum Wage Essay: Rates Up – Jobs Down

minimum-wage-essayAll over the United States workers are hardly making ends meet, usually staying at work for up to 50 hours for lower wages than they used to. One of the solutions includes the increased minimum salary of $10 per hour. Some of the American states have successfully implemented their own level of minimum wages that is higher than in the rest of the country. The other states are also considering potential changes.

The conservatives are extremely concerned about increasing the minimum wage level which may cause more businesses outsourcing their positions elsewhere – in the countries, where employees get less than $4 per hour (much less!).Their biggest fear is to be forced to pay employees over $10 per hour, which will make all US companies simply ship jobs abroad for wages lower than American workers would work for.

At the same time, liberals tend to consider the proposed increase a so-called moral obligation to ensure employees, who are engaged in a full-time job, have an opportunity to make a decent living – an annual income that left the poverty line behind. With that in mind, Barack Obama signed an order that guarantees all employees working on federal contract will get $10.10 hour minimum.

Some have already pointed at the idea that we must concentrate on the increase in the employee’s’ skill level, by means of academic support and requalification programs. The idea that workers with higher skill level would provide more jobs is not likely, seeing that so few products are still produced in the USA. Through rapid outsourcing of the manufacturing infrastructure, America had lost the very job opportunities that would require those better skills.

The heart of the problem lies in the fact that the current economy of the USA has been stripped of the manufacturing core, as well as its middle class jobs. For that very reason the US economy cannot provide an average worker with a job with a good salary. The issues like the USA decimating manufacturing base are usually caused by the agreements such as NAFTA.

The so-called ‘free trade’ agreements are the reason why the US manufacturers now have to compete with the countries of the third world, where the salaries are typically less than $4 per hour without any particular safety regulations. This made a lot of American manufacturing leave our shores.

Since well-paid positions in manufacturing field have left the territory of the USA, the workers with low skills set have switched to the service jobs that are low-paid, thus, taking the places that were usually filled by high school teens. Most of the jobs available now are created within the service sector. For instance, over 24 000 jobs provided last month were focused in restaurants and hotels. Even with excellent educational background all you can do is nothing since over the half of the recent grads are either underemployed or jobless.

To cut it, the policies that the USA is following nowadays should be changed through eliminating or modifying the existing ‘free trade agreements’. This will let the goods manufactured in the US compete all over the world. In case no appropriate measures are taken in the nearest future, the disparity of the wage will go on increasing, and there will be no middle class at all. And we all will have to serve to the plutocracy since there will be nothing but service jobs.

References:

  1. Thompson, J. P. (2009). Using local labor market data to re-examine the employment effects of the minimum wage. Industrial and Labor Relations Review, 62(3):343–366.
  2. Reich, M. (2009). Minimum wages: Politics and economics. In Brown, C., Eichengreen, B., and Reich, M., editors, Labor in the Era of Globalization, pages 353–374. Cambridge: Cambridge University Press.
  3. Lester, Richard A. “Employment Effects of Minimum Wages.” Industrial and Labor Relations Review, January 1960, 13, pp. 254-64.
  4. Burdett, Kenneth and Mortensen, Dale T. “Equilibrium Wage Differentials and Employer Size.” Center for Mathematical Studies in Economics and Management Science Discussion Paper No. 860, North-western University, October 1989.
  5. Neumark, D., and W. Wascher. “Minimum wages and employment: A case study of the fast-food industry in New Jersey and Pennsylvania: Comment.” American Economic Review 90:5 (2000): 1362−1396.
  6. Sabia, J. J., and R. V. Burkhauser. “Minimum wages and poverty: Will a $9.50 federal minimum wage really help the working poor?” Southern Economic Journal 76:3 (2010): 592−623.
  7. Daniel Aaronson, “Price Pass-Through and the Minimum Wage,” Review of Economics and Statistics, vol. 83, no. 1 (February 2001), pp. 158–169.
Read More
TOP

Economics Essay Style Guide

economics-essay-guideWhen writing on economics, make sure to stick to the core requirement – use the language that is understandable. Clarity of writing is the solid evidence of clarity in thinking. So, make sure to ponder over what you’re going to say, then say it in the simplest manner. Check the follow economics essay guide and learn more.

George Orwell offers a list of basic rules that can be applied even in the XXI century. First of all, Orwell recommends keeping away from using metaphors or any other sort of speech figures. If you see a short word will fit here or there, use it! The long one may spoil the scene. If it is possible to use active, never use passive – you’re on the right way. If you can easily choose an everyday English word, do so! A scientific phrase or a foreign word is not the best fit here.

Do Not Get Too Stuffy

When reading an economics essay, your readers appear to be interested in what you’ve got to say. If you want them to be hooked by your writing, never get stuffy. In order to write in plain English style, ensure to write as you or anyone you know would speak with ease.

Use Facts to Persuade Them

Readers do not like writers, who are either arrogant or hectoring. The point is that those people, who consider your viewpoints wrong are not necessarily silly or insane. People don’t like to be portrayed as stupid: use your analysis to prove issues. When you talk about your opinions – don’t just make assertions. Your goal is to tell your readers what you actually think and what is more important, persuade them! Using solid evidence, arguments and reasoning, you will find your way to success.

Do Make a Chat Room of Your Essay!

Being too chatty will turn your economics essay into a fiasco. That’s right, it is more irritating than explanatory. So, if you do not want your readers to throw your essay into the bin on the second paragraph, leave behind all the ‘ho, ho’ and ‘surprise, surprise’ stuff.

Exercise Brevity – It’s the Soul of Wit

Just like long sentences, long paragraphs can make the content pretty confusing. According to the successful essayists, the paragraph of the economics essay is a tiny unit of a particular thought. It’s not the matter of length. In other words, every paragraph you generate should be sequential in treatment. As for the paragraphs that comprise one sentence only, they should appear in your essay occasionally.

Don’t get too pleased with your work. It’s not a good idea to boast here and there of how smart you are by telling your target audience that you’ve got a scoop or that your predictions were 100% correct. This will definitely irritate them and any plans to impress them will eventually fail.

Economics essay is not the right project, where you can turn your didactic mode on. In case a lot of sentences start with the words like imagine, take, compare, prepare for, expect, note, remember or look at, your readers will get the feeling of reading a typical textbook. That’s not the best way to persuade your target audience to renew the subscriptions.

Regardless the audience you’re primarily writing for, they’re mostly interested in what you’re going to say. However, the style in which you present your viewpoints is your tool to encourage them either to keep on reading or just stop. If you want them to dive into reading, don’t forget what we’ve covered in our economics essay guide!

Read More
TOP

Qualities of a Good Economic Essay: What You Should Consider

pen on desktopWorking on an economic essay is hell, especially if you’re one of those students, who cannot boast of having excellent prose, leave behind the level of subject knowledge. You expect your paper score to be high, but unfortunately, you get C. What’s wrong with it? Did you miss something important? Knowing the basic qualities of a good economic essay will help you to produce the project that will be above all praise.

Let’s start with the common features that indicate a high quality economic essay.

  • A stunning economics essay includes a hooking introduction. This segment of the essay reflects the position that the author adopts in the paper. Mind that your position must be thoughtful and sensible, given in a convincing way. Make sure that every paragraph develops an argument in a certain order. Thus, by the end of the essay, your reader will be aware of what assessment you were trying to conduct.
  • A compelling economics essay involves working out the structure of the paper before the actual process of writing. Next, write down the structure of the argument that will logically guide your reader to the conclusive section and generate an outline. The outline is the so-called condensed version of your essay that throws light on what your argument depends on.
  • Clarity is a must-have for a winning economics essay. The logic of your paper should be clear to your audience. As a rule, economic reasoning is based on assumptions, and your task is to provide the key assumptions in your argument as clear as possible.
  • You will need more than just logic to prove your viewpoint is correct. Using solid evidence professionally is an essential part of any essay. It’s next to impossible to report a statistic and present it as the absolute truth. Think carefully about what evidence to use and make sure to use the one that is convincing.
  • An economics essay must have the following structure: its opening should hook the reader’s attention, before diving into the introduction and the issues that will be discussed in the paper. The following paragraphs will advance the argument. At the beginning of every paragraph of the essay body, the author should be able to clearly state where the argument is going and how this or that paragraph fits into the overall scheme of the essay. By the end of the economic essay, the reader should be 100% convinced to accept the point of the author

It’s hard to create a complete list of rules regarding how to write economic essays perfectly. However, learning how to write is a skill that one should work on for reasons obvious for each student.

Read More
TOP

Choosing Topics for Macroeconomics Essay

innovacionMacroeconomics is a subject that requires appropriate attention to write an essay on. If you completely zone out, when the question is about macroeconomics, you can easily generate a paramount quality essay no matter how complex the requirements may be. But you have no right to submit poor quality project since it is directly related to the academic progression. Make sure to stay dedicated and motivated under any circumstances.

The pressing issue is how to choose the right topic for macroeconomics essay. First of all, narrow down the area of search. Are there any segments of macroeconomics that you’re particularly passionate about? Are you concerned about the amount of unemployment in your particular region? Would you rather dedicate your research to fiscal and monetary policy or anything else? Choose the one that suits your interests.

Here are top ten macroeconomics-related topics found on the web. Consider these ones as your starting point or a chance to develop own title that will appeal to you.

Bitcoin

Bitcoin is not similar to anything you’ve seen before. It’s a type of currency that is completely different from what you call “currency” in your everyday life. This stuff provides online users with an opportunity to digitally purchase private currency. Use your essay to know more about Bitcoin and its benefits.

Paying for Education

This topic will most likely hook the attention of college and university students since in modern society the availability of education is a privilege in many countries.

Crowdfunding

Describe the mechanics of crowdfunding. Who has the right to use it? What are the benefits of crowdfunding rapid development?

Real Estate

What’s our place in the housing slump? Are there any measures to be taken to improve the situation we live in? What made us get this far? Conduct a thorough research on positive and negative decisions of housing market experts, and search for your own suggestions on how today’s real estate situation can be changed in modern economy.

GDP

Write on what the GDP is, how it is usually measured, and provide reasons why it is bunk. Make sure to properly estimate the things that are double-counted in GDP but give no measurable value to the society.

Paid Entertainers

Professional musicians, actors and other celebs are paid sky-high salaries. Perform a detailed research to find out why the society values their services that much, and how these outrageous salaries affect the modern economy.

Global Warming Effects

Look deeper into how global warming influences trade, agriculture, income distribution and so on.

Biofuel and Its Effects

Use your macroeconomics essay to predict the possible effects of using biofuels within the segments of trade and agriculture. Debate over how biofuels affect the other fields.

When searching for interesting macroeconomics topic for your essay, make sure to use economics videos, online and printed publications, as well as documentaries to gather fresh information required for the research.

Read More
TOP

How to Use Economic Analysis in Your Economic Essay

economic analysis essayJust like any other essay, the economic essay writing process starts with understanding the question. Make sure you are fully aware of the essential point that stands behind essay question. If necessary, feel free to break the question down into smaller and simpler version.

Then, in the process of pre-research and essay writing, make sure to keep reminding the question in order to come up with the most suitable answer. It’s not a rare thing that a lot of students start the project confidently and always stick to the point, but as they approach the end, they seem to forget what it all is about. Remember, once you lose your essential question, you will most likely get a low mark.

Use Economic Analysis

When the matter concerns economic essay, your tutor will most likely require you to use economic analysis to complete the project. What is it about? First of all, economic analysis is the application of various data to the theory of how individuals provide trade as well as make use of services and products.

In the economic essay, it is recommended to use both quantitative and qualitative tools. For instance, once you are provided with a theoretical material on the basic causes of unemployment, you can take the data in order to reveal its true causes, as well as compare them to original theory. Bear in mind that economic analysis used in the essay can be colored greatly by the preconceived notions of the author, to the point in what some of the data is under- or overemphasized in order to prove and support one’s viewpoint. On the other hand, economic analysis within the economic essay is highly crucial if the author wants to find the very truth regarding what makes economy properly work.

Even if you think that economic essay is considered a highly complicated and serious project, make sure to write it in simple sentences. Don’t combine too many ideas and terms within one sentence. The other thing is to always answer the essay question. A lot of students seem to have efficient knowledge of economics, but when it’s all about the essay writing, they fail to answer the main question. As a result, they get no points for the question. It’s not fair, you may say, but once there is no answer – there is no mark.

When reaching the end of the paragraph, ask yourself – how does the paragraph add to the answer? If required, provide just one-sentence summary that gives a direct answer to the question. There’s no need to wait till the last word of the paper to realize you dealt with the wrong question. Whether you make use of economic analysis to deal with the use of scarce recourses, some monetary terms or any other aspects, ensure to use a variety of information sources to support your statements and make sure your essay reflects the reality.

Read More
TOP

Sample Essay on the Economy of India: Current Threats

essay on economy on indiaEven if it sounds somewhat cruel, the current state of the Indian economy is pretty similar to the one of a sinking ship. The never-ending rupee fall is one of the most significant signs of an economy that is simply going down. Both – local and foreign experts are skeptical about the rupee bottom price, as well as about the Indian government’s incapability to restore confidence among the foreign investors.

The Finance Minister and the Prime Minister – all together they exert every effort in order to prevent the economy from going from bad to even worse. So, what are the biggest threats that India’s economy is faced with and that need to be worked out?

Credible Fiscal Policy

The increasing fiscal deficit that is caused by the disbalance between the government’s expenditure and revenue is a serious threat. The figure of the fiscal deficit has shot up from the level of 3,5% in 2008 to 5,8% in 2012. Experts recommend that all wages and subsidies expenditures must be minimized as well as directed at heath care, education and infrastructure fields.

Providing a Great Number of People with Food

In case the Food Security Bill is out there in the country, it will definitely add to the problem of exchequer. According to it, the government of India is going to provide a bunch of people with grains that are purchased at the sky high prices set within the market. Even though the government representatives try really hard to bring down the percent of the fiscal deficit, sticking to the current plan it all looks like a dream that is not going to become reality.

Low % of Skilled Population

Even though more than 13 billion people join the workforce of the country every year, 20% of them can boast of having some good skills. Highly proficient individuals are required to create new business segments that help to develop India. The government of the country has to take a range of measures in order to educate people and finally turn them into experienced and qualified segments of economy.

Black Money and Fraud

There’s a well-known fact that foreign banks have lots of black money coming from India. The sad fact about it is that it costs really a lot to the Indian economy. The specialists of the Global Financial Integrity have stated that at the moment India is at the eighth position among the world nations to deal with the most illegal finances. All the funds that are considered black money act like the aspect that weakens the whole segment of Indian economy. Some of the banks that represent the large international private sector do not even try to work in accordance with the range of regulations and restrictions set by the central banks. What is more, they cash in huge sums of black money in various assets like gold. This in turn has an enormous effect on the economy of the country.

Read More
TOP

Capital Theory Essay

capitalIt is hard to imagine any concept that would be more important for understanding economics than the concept of capital. It is only natural that the economic system comprising free enterprise and private property is often referred to as capitalism.

And it is surprising that such an important concept would be the subject of much controversy. Ever since the emergence of economics as a science in its own right different economists gave their own definitions of capital, included it into their theories, often giving almost diametrically opposite definitions of its role in the workings of economy.

The definition of capital, when reduced to bare minimum, would be ‘produced means of production’, that is, any form of wealth that can be employed to produce still more wealth. However, there is a distinction that is often overlooked by laymen – that of between financial capital and capital goods. Financial capital, e.g., of a business, is a sum of money that its owner will have if he or she sells all its assets and pays off all the liabilities. Capital goods, however, denote physical objects used in running the business, which cannot be expressed in numerical form. The confusion is further increased by the fact that economists often use the terms interchangeably.

Traditionally, economics differentiates between three different ways income is produced. These are rent, wages and interest. Rent is earned by landowner renting out land; wages are earned by workers selling their labor; interest is often defined as marginal product of capital.

However, it wouldn’t be an exaggeration to say that these definitions are somewhat out of date, for they don’t fit very well into the modern economic theories, most importantly, the price theory, according to which the boundaries of these categories are much more vague than it was previously considered.

For example, rent generated by property can easily be reduced to interest generated by investment – for property owner implicitly invests the property’s value by keeping the property instead of selling it, and gets a return on investment in the form of rent.

The very definition of interest as marginal product of capital doesn’t seem too accurate as well, for it mixes up financial capital with physical capital goods. And doing so it omits several important factors. For example, we may calculate the changes in incomes of a firm that rents additional physical goods; but in order to find out the interest rate of this acquisition we have to know the market price of these capital goods. Depending on the price, the interest rate may vary; moreover, it may fluctuate over time, which brings additional difficulties. Thus, the correlation between the productivity of capital and interest rate is not completely identical to that between productivity of labor and wage rate.

All in all, despite its importance for the understanding of economic theory, the concept of capital so far received woefully inadequate amount of attention from scholars. Current economic theories tend to apply simplifications that, while making analysis easier, do not take into account inhomogeneous character of capital.

Read More
TOP

Selecting the Right Risk Management Tool

business coachingRisk management is a highly complicated field of study, of necessity dealing with numerous factors, probabilities and variables. As a result, defining even an individual risk may be a very difficult task, further complicated by the fact that risks may be measured in a wide variety of ‘units’ (such as monetary costs, time, reputation, etc.) and that it is hardly possible to define in what ways different risks influence the probability of each other and how their overall possibility should be calculated.

Risk management tools exist for the sole purpose of alleviating the task of planners by creating some system, illustrated by metrics, parameters, priorities and suchlike that allows them to make some sense of this vastly contradictory, fluctuating and ambiguous set of factors.

When selecting the right tool for a particular organization it is important to study the company’s risk analysis and management process, define what is important for it, what its goals are, and then ask oneself some questions concerning how well this or that tool correlates with the declared task. Does the company intend to carry out a separate risk analysis or to organize an ongoing risk management process? Can the tool in question provide all the information necessary for the company? Does it provide the necessary level of detail? Can it be aligned with other project management tools?

While there is hardly such a thing as a tool that would be universally ideal for any company, there are still requirements that any serious tool should meet. First of all, it should support the four basic stages of risk management.

Firstly, risk identification – meaning that it should help define probable risks and the way they relate to each other.

Secondly, the assessment of risk impact – meaning that it should provide estimates of probability of particular events happening and the severity of their impact.

Thirdly, risk prioritization – meaning the tool should help define which risks are more crucial and which are less, and grade them according to the degree of severity.

Fourthly, planning of risk mitigation and ongoing monitoring – meaning that the more severe risks should be analyzed for the ways of their mitigation, less severe ones – tracked lest they grow in importance.

A full-fledged risk management tool should incorporate all these stages to be truly effective. However, when choosing a tool, an organization should keep in mind that it has to be in accordance with the organization’s nature, size and degree of complexity. For a small company it may be enough to run a risk analysis from time to time. For a large multinational corporation dealing with innumerable variables influencing its activities, risk assessment, analysis and management should turn into an ongoing process integrated into the workings of the organization, for in this case we deal with a much more complex entity in which things can go wrong in innumerable different ways.

One, however, should remember that risk management matters irrespectively of the organization’s size. With the world steadily growing more complicated and volatile, no business is simple enough to ignore analyzing its possible weaknesses.

Read More
TOP

Essay on Economic Benefits of Outsourcing

human resource outsourcingThe idea of contracting some business processes of a company to a third party isn’t a new one, but the technology allowing to make this practice viable and widespread wasn’t around until quite recently. About a decade or two ago outsourcing was one of the most important and widely used buzzword in business – and albeit today it isn’t as hot a topic as then, it still remains an incredibly important factor in global economy.

Although the changing economic situation has recently forced a number of businesses to drift back to perform most tasks within the parent company, there are still a number of notable benefits to outsourcing no one can deny.

1. Cost Effectiveness

The most self-evident reason to outsource is to save money. And the most self-evident way to do so is to contract some activity out to a country with lower average wages than where you live. The latter was especially popular for the last several decades, to the point that some nations such as India have become favorite outsourcing destinations for the entire Western world. Lower wages doesn’t necessarily mean lower quality – there are thousands of well-educated specialists in Asia and South America who would be eager to work for half as much as such a job would cost in the USA.

2. Time Zone Benefits

If you live in America it may be a good idea to outsource some activities to the Old World, and vice versa. The reason? Difference in time zones means that your outsourcers will toil while you sleep without asking extra for working odd hours and you will be presented with the results of their work first thing in the morning. It is a viable idea for hiring customer support this way as well, at least if you don’t mind their not always very good English.

3. Infrastructure and Technology Savings

One may contract some activity out to another company or business that specializes in rendering particular services and is well-equipped for this, thus freeing oneself from the necessity of purchasing specialized equipment.

4. Personnel Recruiting and Training Savings

Outsourcing allows you to maximize the benefits of one of the core principles of economy – specialization. It gives you an opportunity to avoid hiring experts or training your current employees to perform activities that are secondary to your business by hiring another company that is already well-equipped for dealing with this assignment.

5. Concentration on Core Activities

Outsourcing allows you not only to avoid extra costs, but to keep your business smaller and more manageable without sacrificing its overall output. You keep only those employees that perform functions that belong to the core activities of your company without having to support many additional departments.

Of course, outsourcing is not a magical cure-all for all economic problems of a business. Nor is it without drawbacks – but still, there are many situations in which cleverly organized outsourcing may mean the difference between a business that is manageable, profitable and developing and a business that is overcomplicated, middling and stagnant.

Read More