Description

Project: apply your knowledge of an economic theory to a real-world situation. The commentary must explain the linkages between the article and economic theory and provide evidence of the student’s ability to discuss current events from the point of view of an economist.

Commentary “Rules”

1. Word Count – Commentary MUST NOT EXCEED 750 words. Not included in the word count: the cover page, diagrams, diagram headings (of 10 words or fewer), labels of 5 words or fewer, equations and formulae. All other words count! 

2.Article –MUST be from published, credible news sources.  You can get extracts from newspapers or magazines (online or in print) but not from TV, radio, blogs or cartoons.  A general rule of thumb is to choose articles that are about a page long (12 point font).  The printed article must have the name of the publication and the url on it.

MUST be from 3 different news sources (for instance, you can’t use the BBC twice)

MUST be written in English

MUST have been written within 1 year of the writing of the commentary

3.Highlighting – No matter how long your article is, highlight those sections of the article that are relevant to your commentary. 

.This is not research based so no citations should be necessary.

STRUCTURE SUGGESTION:

1. Introductory Paragraph (50 - 100 words)

Briefly explain the situation and identify the proposed “solution” on which the commentary will focus – 1 sentence. 

Briefly overview the economic analysis and evaluation that the commentary will develop and consider in detail.

2. Diagrams: Diagram the “initial” situation described in the article.

Create a second diagram to display the solution. 

Place the diagrams in the paper as you refer to them.

3. APPLY and ANALYZE. Explain the situation IN CONTEXT by referring DIRECTLY TO THE DIAGRAMS. (250 words). This portion of the commentary should…

- demonstrate an ability to recognize and explain the economic theory (APPLY)

- demonstrate an ability to comment on aspects of the theory that pertain to this case AND point out how this particular situation may deviate from the theory… ie isn’t exactly what the textbook economic theory would predict due to other factors – namely questionable assumptions.  (ANALYZE)

->perfectly competitive markets

->ceteris paribus

->rationale decision making

->thinking at the margin

->symmetric (full) information available for consumers and producers

*Note: the analysis should fuse into the evaluation. In essence the analysis allows you to show that the expected (theoretical) conclusions may be slightly different