Read rubric above and use this to make excellent paper please.

Write one essay, answering one of the following questions.

Word Limit 1500.

Late Penalties Apply as failed.

The sources on bottom under subtitle “Coursework” are courseworkso implement some into paper and find relatable to your question you choose. In question 6 there are some specific sources to be used as shown under question 6. But read details below to get thorough understanding.

You should research the essay but under the following rules:

You cannot use anyquotes. Everything must be in your own words. (The essay will be checked for plagiarism, all instances will be reported to the Academic Integrity Committee and I will suggest maximum sanctions).
You must provide references.
Being a google slave can damage your grade. You must use course materials and be guided by their content, not by ‘blue sky’ google searches. Close familiarity with the course materials is part of the quality criteria. If you use other sources, use reputable academic ones (e.g. from published texts and the school digital library), do not trust everything you find on the internet. Untrustworthy and poor quality resources are proliferating faster than good ones on the web and there is an increasing incidence of students getting things wrong by relying on ‘the internet’.

Submit the answer in a word document.

Explain why GDP is a flawed measure of well-being and explain the virtues and pitfalls of available alternative approaches and ways of thinking about this.
Explain and assess the arguments for ‘sound finance’ and ‘austerity’ to reduce public debt, and weigh them against the arguments in favour of Keynesian ‘functional finance’.
Analyze the causes of the financial crash of 2008.
Inflation and deflation can both be damaging. Explain how. Also, explain which monetary policies are used to counter both.
The Marginal Productivity theory of income determination implies everyone gets paid for the value they produce: Critically assess this claim, exploring the arguments and evidence for and against it, and outline the most prominent alternative theory of income distribution and inequality.

6.Imagine you are writing an article for Harvard Business Review or The Economist: Combine news and analysis from contemporary sources with what we have learned, and will learn in our class topics, to analyze these three themes (inflation, mass resignations and strikes, supply chain problems), fitting them together into an integrated account of post-pandemic economic conditions. Underneath is a page of resources for researching question 6 this, use some and use own too also of course. ““Post-pandemic conditions research resources

These resources are for researching and sharing materials on post-pandemic conditions; which we are discussing in several classes and is also the subject of a question in the second written assignment. If you answer that question, I expect you will cite contemporary sources and show knowledge of those on this page.

Audio-Visual material

Bloomberg report on tight supply chains (Links to an external site.)

Progressive magazine writer says capitalism and “just in time” production are to blame for supply chain problems (Links to an external site.)

Conservatives argue social spending is the cause of current inflation. this commentator says it’s not (Links to an external site.)

MSNBC report on supply chains …says some of it is due to labour market changes (Links to an external site.)

An Australian economist shows supply chains are not as lean and efficient as presumed (Links to an external site.)

Shortages blamed on covid are caused by structural problems in the world economy (Links to an external site.)

An investment analyst argues the greater danger is deflation and comments on Chinas role (Links to an external site.) “”

Coursework:

PRE CLASS PREP – Inequality and distribution

INCOME DISTRIBUTION AND INEQUALITY

Aspects of inequality—income, wealth, life chances and social mobility
Trends in inequality—explaining the recent growth of income inequality and decline of social mobility in many countries
The impact of inequality
What determines differential incomes? Rival explanations and judgements
Key themes and issues in the recent debate on inequality
Case studies of income determination and the social impact of inequality

Required reading

Powell (Links to an external site.) (page 182 to 190 – section on inequality)

Reading on criticism of the marginal productivity theory of income determination (see this blog post by Mark Thoma (Links to an external site.), and the original posts by Thomas Palley (Links to an external site.) and Dani Rodrik (Links to an external site.))

–

THEMES AND READING – MONEY

Themes

Money supply. Who creates money?
Money demand. Interest rates and the interaction of supply and demand. Liquidity preference.

Required reading

Ryan-Collins, J., Greenham, T., Werner, R., & Jackson, A. (2011). Where does money come from? A guide to the UK monetary and banking system. Intro and summary) (Links to an external site.)

You should also know what is in these videos (we will watch them in class (Links to an external site.))

Wartin Wolf, (2014) Strip private banks of their power to create money. Financial Times (Links to an external site.) April 24th
Hult library sub access here (Links to an external site.) (Links to an external site.)

Izabelle Kaminska Alphaville column, (2014) Martin Wolf on funny money creation, Financial Times, April 25th

–

AV material on money creation

Richard Werner on Money Creation

A useful Youtube series from ‘Positive Money’ group

–

PRE CLASS PREP – The debt versus stimulus dispute

FISCAL POLICY, DEFICITS AND DEBT

Prior knowledge required from ECN100: You should have a basic knowledge of what fiscal (and monetary) policy are, and their basic tools and purposes (eg impacting inflation, stabilization, stimulus etc.), and the concept of fiscal balance fiscal ‘stance’.

Rival views of fiscal policy—Keynesians versus conservative ‘sound finance’
Recent developments of private and public indebtedness and their causes
Fiscal policy after the financial crash and the case for and against ‘austerity’ and stimulus

Required reading

Excerpt from David Colander’s Student Workbook for his ‘Macroeconomics’ Text Download Excerpt from David Colander’s Student Workbook for his ‘Macroeconomics’ Text

–

PRE CLASS PREP The financial crash

FINANCIAL BUBBLES, CRISES AND CRASHES, AND POLICY

Prior knowledge required from ECN100: You should already have basic knowledge about the macroeconomic role of the financial and banking sector and some basic financial instruments (shares. bonds etc).
At this point also you should have completed our viewing of the Inside Job documentary, and therefore have a good knowledge of CDO’s and CDS’s, the effects of deregulation, the housing bubble, leverage, rating agencies and other key features of the recent crash.

Specific causes of the crash of 2008: Derivatives, leverage, speculation, the credit and asset bubble in housing and finance, sub-prime crisis, the crash and its effect.
Bubbles and crashes as generic features of finance. Modelling and disputing the behaviour of financial actors and the bubble-crash cycle. Rationality, exuberance, herd behaviour, incentives and expectations.
The standard view of finance as ‘intermediary’ and problems with this view
Peculiarities and pathologies of the financial sector and its relation to the rest of the economy

Required reading

In the weeks leading to this topic, we will have watched the Inside Job documentary in order to build up a picture of the factors leading to the recent crash

Ha-Joon Chang, (2014) Economics: The User’s Guide. Penguin chapter 8 Download Ha-Joon Chang, (2014) Economics: The User’s Guide. Penguin chapter 8

Tutors notes Download Tutors notes

PRE CLASS PREP Inflation Deflation and Monetary policy

INFLATION, DEFLATION AND MONETARY POLICY

Prior knowledge required from ECN100: You should already know the basic concept of inflation and how it is defined and measured. You should also know the basic role of the central bank and monetary policy—and the standard tools and aims of monetary policy.

Further consideration of prices and monetary policy
Why is inflation a problem? What causes it?
Why is deflation a problem—why has the world economy suffered deflationary pressures recently?
Recent experiments with Quantitative Easing, negative interest rates, and other attempts to combat deflation

Required reading

Tragakes, E. (2011). Economics for the IB Diploma with CD-ROM. Cambridge University Press. Excerpt on inflation Download Excerpt on inflation

Also, this page of excerpts on the current dispute about whether the US stimulus will cause inflation

PRE CLASS PREP Unemployment and the labour market

LABOUR MARKETS, UNEMPLOYMENT AND JOBS

Forms of unemployment, trends and impact of unemployment
Recessions and Depressions – and various explanations of them

Required reading

Tragakes, E. (2011). Economics for the IB Diploma Cambridge University Press. Chapter 10 part 1 Download Chapter 10 part 1

PRE CLASS PREP – COMPETING MACROECONOMIC VISIONS

You will need to know the basics of the AD-AS model and how prices supposedly adjust to points of equilibrium in the standard textbook accounts.

We will learn..

Why critics doubt some of the more optimistic belief in market forces to adjust towards full employment equilibrium
How Keynes developed this critical (more pessimistic) vision
How Keyne’s vision should lead us to draw the AD-AS diagram differently (with a sloping AS curve)
Disputes about how the price mechanism ensure adjustment is made and whether it will be made

Required Reading

Greenlaw, S. A., & Shapiro, D. (2017). Principles of Economics 2e. Chapter 25 and 26. Available at Stax free textbook website (Links to an external site.) https://openstax.org/details/books/principles-economics-2e

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