Freshman Economics104 paper

ECON 104H Fall 2014 Instructions for Current Issues Paper Due Date: no later than 5:00 p.m. on Thursday, October 16, 2014 Paper Length: about 3,000 words (roughly 8-10 typewritten double-spaced pages, excluding title page, charts, graphs, diagrams, and bibliography) Method of Submission: Must be submitted in the Drop Box in Angel by the deadline. This is an exciting (and important) time to be learning economics, and macroeconomics in particular. The recent (and current) turbulent economic times have brought to the forefront a wide range of issues that an intelligent voter or U.S. resident cannot hope to understand unless s/he is familiar with fundamental economic concepts. The objective of this assignment is to help you apply the concepts, theories, and methods you are learning in this class to understand better one or more of the issues/challenges that the U.S. economy is currently confronting. Therefore, please:

1. Select one macroeconomic issue currently being discussed or debated by U.S. residents and policymakers. If you have been keeping up with current news as I suggested, you will see that there are numerous current issues from which you may choose (e.g., unemployment; poverty; health care reform; education; U.S. government expenditures, debt, and deficits; tax policy and tax reform; how to deal with the lingering effects of the mortgage/foreclosure crisis; Social Security and retirement; Medicare and Medicaid; economic inequality; U.S. economic relations with the rest of the world, etc.). So I encourage you to select the issue that interests you the most, or in which you believe you have the greatest personal stake.

2. Find as much information as you can on the positive aspects of the issue, i.e., facts, figures,

historical trends, comparisons, previous research findings by scholars, etc., and present a synopsis of the positive aspects of the issue. The goal is to describe what the issue is, the current and historical magnitude of the problems associated with the issue, who is affected by the issue, what policies have been tried in the past to address the issue, etc.

3. Then investigate the normative aspects of the issue by researching the stance on the issue that has been taken by some of the major individuals (e.g., elected officials and other policymakers, scholars, other leading thinkers and commentators, etc.) participating in the debate or discussion. You should be as thorough and as clear as you can in explaining each individual’s position, including, for example: (A) a description of what macroeconomic policy proposals, if any, are being advocated; (B) what impact the policies, if enacted, are likely to have – both the impact claimed by the individual and the impact that other individuals, either supporters or opponents, have suggested may occur; (C) how the individual’s position on this issue is either consistent or inconsistent with his/her positions on other macroeconomic issues, etc.

4. Based on your understanding of the macroeconomic concepts, theories, and history that you are learning in this class, present a critical evaluation of each side of the issue you have chosen. Applying fundamental economic concepts, explain which parts of each side on the issue are based on sound and rigorous economic reasoning and which parts are not. (Please feel free to consult with me to learn about relevant macroeconomic concepts that have not yet been covered or discussed in class, but which will be covered later.)

5. Based on what you have learned in parts #2 through #4 above, briefly explain which solution(s) you believe will be best able to help the country deal with the problem(s) associated with the issue you analyzed. Justify your arguments using sound economic reasoning.

ECON 104H Fall 2014

Grading Criteria for Current Issues Paper Grading Criteria (based on instructions given on the reverse side of this sheet): 1. (10%) Relevance of the chosen issue to the macroeconomic concepts being learned in class. ______ 2. (20%) Research on the positive aspects of the issue, i.e., facts, figures, historical trends, comparisons, previous research findings, etc., including appropriate use of diagrams, graphs, charts, etc. ______ 3. (20%) Research on the normative aspects of the issue, i.e.,

competing arguments and stances put forth by major individuals (e.g., elected officials and other policymakers, scholars, other leading thinkers and commentators, etc.) participating in the debate or discussion. ______

4. (30%) Critical evaluation of each side of the issue, by applying fundamental economic concepts learned in this class. Include a brief explanation of which solution(s) you believe will be best able to help the country deal with the problem(s) associated with the issue you analyzed, justifying your arguments using sound economic reasoning. ______ 5. (10%) Structure (grammar, spelling, coherence, professional quality of presentation, etc.). ______ 6. (10%) Documentation of sources. ______ Paper Grade ______