The “Economic Way of Thinking” in Action Goal: This assignment is designed to ge
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The “Economic Way of Thinking” in Action
Goal: This assignment is designed to get you both recognizing the ways in which the “economic way of thinking” can make sense of the world around you and writing about it. It is often said that you don’t really know something until you have to teach it or write about it. The ease with which you are able tocomplete this paper is a signal about how well you know the material.
Task:You must turn into me an example of using the economic way of thinking to explain some phenomenon you have observed in the world around you. This can be a current event, but some of the best papers address things students have observed around campus or that are not normally thought of as “economics.” If you want to do a current event, you should be very sure that you understand it and see an obvious application of the EWOT. You might wish to talk to me before starting either via email or in person. I will happily accept ones turned in early, so if you have a great idea for this essay, write it up right away. Also: try to avoid using examples that are the typical things that college students might talk about: parties, sports events, etc..Expand your horizons, do something different, and pay attention to the rest of life – you might learn something.You also may not use an example we have discussed in class. Try to use a very small number, and ideally only one, of the concepts from the course to explain the phenomenon. Do not try to stuff every concept you can think of into this paper. If you do that, yerdoin’ it wrong.
In fulfilling this assignment, you should be sure you do at least three things in your write up:
• Describe the event, behavior, or choice you are analyzing by giving me enough detail so that I understand it.
• Identify the relevant aspect(s) of the “economic way of thinking” that you will be making use of. You shoulddefine your terms or explain what the tool in question is about.
• Analyze/explain the phenomenon. Use the economics to explain the event, behavior, or choice in question in a way that wasn’t obvious to you before taking this course.
Format: You should figure about 500-600 words forthisassignment. It should be done in Times New Roman 12, with 1” margins and all the usual formalities of an academic paper. It should also be well-written and thoroughly proofread. If you turn in anything but that, such as one long paragraph that looks like it was written on your phone, I will not grade it and will ask you to revise it with a penalty.
Evaluation: What I am looking for is that you can both identify and explain concepts from the course and that you can provide a clear explanation of how the course concepts illuminate the subject at hand. I also am looking for papers that are well-written and well-presented. That includes being able to explain clearly what the phenomenon is that you are going to analyze. You can think of this as a chance to “teach” some economics by explaining something we having talked about in class.
This paper will be graded on a 100 point scale. Late papers will be penalized according to the syllabus. Unformatted papers will be penalized 10 points, in addition to any late penalties on the original or revised version.
Again, feel free to talk to me about this any time between now and the due date. You can email, set up an appointment or come to my office hours.
