economics help essays

How to Write an Economics Paper: A Step-by-Step Guide

Economics is often called “the dismal science,” and most students would agree that it never lives up to that moniker more than when they are writing an economics paper for a college, university, or MBA course. Economics essays can be challenging because they combine scientific accuracy and mathematical reasoning with the interpretive and theoretical approaches of the humanities, making them one of the most difficult types of essays to write. However, economics papers don’t have to create anxiety if you know the right way to approach an economics paper.

In this article, we’ll take a look at the right way to write an economics paper by examining the process from start to finish and offering some tips about the best way to approach each of the steps in writing an economics essay.

So, where should you begin to write an economics paper?

Read the Assignment

This might seem like a no-brainer, but the first step in writing any essay is to read the assignment and make sure that you understand exactly what the question is asking. Be sure that you are clear on each of the requirements of the assignment, and that means that you need to carefully review the question and find each of the pieces that require a response in the essay. Beyond this, you should consider whether any of the requirements are unclear. If there is anything you don’t understand, be sure to seek clarification before you start writing.

Develop a Research Question

Based on the assignment, try to develop one or two guiding questions that will help to direct your research when you start to create the assignment. What do you want to know more about? What would you need to know to address the assignment? Having sharp research questions will help to direct your research and point you in the right direction as you gather resources.

Gather Research Before You Write

Many students take the approach that the fastest way to write a paper is to start writing and grab research to support their points as they move through. However, this is an inefficient way to write. The most effective way to write an essay is to gather your research before you begin the writing process. By researching the question and evaluating resources early on, you will be in a better position to create a strong thesis statement and develop a powerful paper that will help you to address the assignment completely. One effective technique is to read each research source, pull out key quotes you might use in your paper, and produce a reference list entry for each source before you start writing. That way, you can pull from your bank of research without having to stop and research new material as you write.

Develop a Thesis Statement

Based on the research that you’ve done, you should develop a thesis statement explaining your unique perspective on the assignment and what you will demonstrate or prove during the course of the paper. A strong thesis statement is specific and sharp rather than vague and general. Your thesis should be original and not merely repeating something someone else has already done in a prior economics paper.

Outline Your Economics Paper

Many students skip this step because they think that it is a waste of time that they could be spending writing, but outlining can actually be a time-saver in the long run. Using your thesis statement, you should develop an outline that develops each part of the thesis into a paragraph or section of your outline. Each section of your outline should have supporting details, including resources, quotes, and evidence, that you will use to assemble your paper. The more detail that you put together in your outline, the easier it will be to write the final paper.

Write the Paper, Saving the Intro for Last

Your outline should make it easy to develop your paper. All you need to do at this point is to take the outline that you wrote, flesh it out by turning its points into complete sentences, drop in quotations and supporting information (with citations), and connect the dots with transitions. When you write the final paper, you should save the introduction for last. That way, you will be able to use the conclusion that you come to at the end of the paper to craft an introduction that will set up the paper. If you try doing the introduction first, you might feel tempted to tailor your conclusion to keep the introduction intact. This way, if your conclusion changes as you write, you won’t lose time or text.

Get Economics Essay Help If Needed

Writing economics papers can be hard, but these tips should make it easier. However, if you find yourself in need of additional help, it can be helpful to pay someone for writing help. When you hire an expert from an online service like WriteMyPaperHub.com , you can receive the kind of benefits that you can’t get anywhere else, including customized and personalized research and writing assistance from an expert writer with an advanced degree and years of experience producing papers for students just like you. Whether you need writing help because you are pressed for time or don’t know where to start, professional help can be the solution to help you solve your hardest essay challenges and to help you make the grade on your next economics paper.

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Economics Essay Topics: 162 Practical Ideas & Useful Tips

Essay writing is an inherent part of the economics studying process. Nevertheless, it is quite a challenging task. Are you a high school or college student who is struggling with an economic essay topic choice? Or maybe you are unsure about your writing skills?

We know how to help you .

The following article will guide you in choosing the best topic for your essay on economics. Here, you can find a variety of ideas for high school or college. The economic essay topics are divided into several categories that will help you with your research. And a pleasant bonus from our team! We have created a great guide on how to write an economics essay.

So, don’t miss your chance to write an outstanding economic paper! Check out our essay ideas, read our tips carefully, and be ready to receive your grade A!

• ⭐ Best Economic Topics
• 🤝 Socio-Economic
• 🗺️ International Economics
• 🛠️ Labor Economics
• 🌆 Urban Economics
• ⚽ Sports Economics
• 💉 Health Economics
• 💼 Business Economics
• 🏤 Globalization
• 🧮 Economic History
• 💫 How to Write?

⭐ 15 Best Economic Essay Topics

• 2008 Economic Crisis.
• Socio-economic policy.
• Economic systems – Singapore.
• Racial pay gap.
• Economic globalization.
• History of online trading.
• Child labor policies.
• The Economic Naturalist.
• Foundations of economic theory.
• Impact of unemployment.
• Universal Basic Income.
• The role of consumerism.
• Healthcare economics – Canada’s Medicare.
• Reasons for recession.
• Cryptocurrency & environmental issues.

✨ Excellent Economic Essay Topics

Has economics always been a subject of meticulous research? The question is quite controversial, right? There is no specific time when economics started its rapid progress. Generally, economics remains the topic of interest since the establishment of capitalism in the Western world.

Nowadays, the economy is the main engine that moves our world forward. The way we do business determines the geopolitical situation in the world. Moreover, it influences many other parts of our lives.

Economics studying is of utmost importance nowadays. It helps to gain a better understanding of processes that put everything in motion.

Economics is quite broad, so it has a great variety of subfields. And this is a fantastic opportunity for us to generate as many essay ideas as possible. Here, you will find great economic topics for your paper. As mentioned before, we have divided them into several sections to ease your selection process. There’s a wide selection of free college essays samples on economics in our database, too. So be sure to check that out.

🤝 Socio-Economic Essay Topics

• The economic impact of racial segregation in America in the 1950s.
• Designing a just socio-economic system.
• Socio-economic status of Hong Kong in modern-day China. Explain how the city of Hong Kong gained a special status in China. Why did it emerge as one of the most important cities in its economy? Comment on the significance of Hong Kong in the international economic arena.
• Economic growth in the United States in the post-World War 2 period.
• Mobile banking in Saudi Arabia: towards understanding the factors that affect the sector.
• The importance of Dior’s bar suit to the women’s fashion industry.
• Economic problems in the 1980’s Soviet Union. Talk about the significant problems with the economy the USSR had in the 1980s. What role did they play in its collapse?
• What socio-economic problems did segregation in South Africa cause?
• History of economic development in the UAE. Discuss the economic miracle in the UAE and Dubai. Explain how the government could turn the city of Dubai into one of the most famous tourist destinations. What strategies were applied?
• Gender inequality and socio-economic development .
• The problem of poverty in Venezuela.
• How the socio-economic and political position of women changed between 1880 and 1940.
• The economic impact of COVID-19 on global trade.

• How do the three main economic groups interact with each other? There are three critical economic groups: – Consumers – Producers – Government Analyze the interaction of these groups with each other.
• Extended essay: how the study of economic data helped our society to advance?
• Western industrialization socio-economic impacts.
• Inequality at the top: not all billionaires have the same powers. Analyze billionaires’ net worth, liquidity, political power, and wealth security. Explain why they have unequal social status. What factors determine the influence of billionaires?
• An analysis of systems that help us measure agricultural development in a country.
• Is social media a useful tool for brand promotion?
• The phenomenon of dualism in economic development.

🗺️ International Economics Essay Topics

• Globalization and its impact on international economic relations. Define the term globalization. What role does globalization play in international economic relations? Provide specific examples of globalization’s impact on the global political economy.
• The lack of justice for the cheap international labor market. Discuss the issue of cheap labor in various countries. Why do some workers often lack fundamental human rights while others abuse moral norms? Analyze the causes and effects of inequality in the workplace.
• Japan macroeconomics: problems and possible solutions.
• The issue of mercantilism in the history of Great Britain. Analyze the rise and development of mercantilism in the history of Great Britain. To solidify your ideas, provide persuasive arguments, and appropriate examples of mercantilism.
• Why does the problem of environmental protection remain unresolved among global economies?
• Nissan Motor company’s international business.
• International environmental concerns in economics: the case of China .
• The issue of international criminal justice in industry. Explain why international businesses often avoid criminal justice after wrongdoings. Select one case of unethical behavior of a company’s CEO or regular employee. Briefly introduce the problem. What were the causes and effects? How was the issue resolved? Express your own opinion regarding the lack of criminal justice in business.
• The economy of Singapore and its role in international trade.
• International microeconomics trade dispute case study: US-China dispute on the exportation of raw materials.
• The phenomenon of the “gig economy” and its impact on the global economy.
• The effect of population growth in the international economy.
• International economics in the context of globalization.

• How does Brexit affect the economy of the European Union? Analyze the immediate impact of Brexit on the EU’s economy. Predict future advantages and disadvantages of Brexit for both: Great Britain and the EU.
• South Africa: international agribusiness, trade, and financing.
• Historical essay: the economy of the Dutch East India company.
• The issue of Mozambique’s economy and possible solutions. Investigate the issue of extreme poverty in Mozambique. What are some possible solutions to the problem of poverty? Base your suggestions on the country’s cultural, historical, and geographical aspects.
• Imbalances in the global economy. Discuss the imbalances between trading countries on the scale of the global economy. What solutions would you suggest to deal with this issue?
• How will global economies adapt to China’s growing power?
• Etihad Airways company managerial economics.

🛠️ Labor Economics Essay Topics

• Ford Motor company’s labor economics.
• Labor economics: child labor.
• The UPS firm perspective: the labor market.
• Gender inequality of wage rate in modern business. Research how and why gender inequality is still an issue in the modern world of economics. What are some ways to deal with the problem? Present your ideas accurately and effectively. Provide solid arguments and appropriate examples to prove your position.
• What are the best ways to increase labor productivity in business?
• Labor unions adverse effects on economics.
• The decrease of the labor force in modern industries. Talk about the rising rates of robotization in the majority of industries. How will it affect the traditional labor force? Comment on the problem of unemployment caused by labor automatization.
• Violations of labor rights of workers.
• Modern labor essay: how can an entrepreneur guarantee the minimum wage to their workers?
• How can labor geography help develop a special economic zone? Talk about labor geography and its effects on developing an exclusive economic zone. How does the geopolitical location of a particular country influence its level of economic development?
• Entrepreneurship in the organic cosmetics sphere.
• Gender-oriented labor trade unions. A case study. Discuss the gender-oriented trade unions and analyze their impact on our society.
• Child labor in the Turkish cotton industry.

• The connection between economic growth and demography. Analyze the connection between economic growth and its demographic context. Investigate both sides: – The issue of overpopulation – The problem of low birth rate. From an economic perspective, what problem is more dangerous?
• The issue of sex discrimination in the workplace.
• The effects of Landrum-Griffin Labor Act. Explore the labor Act of Landrum-Griffin that was passed in the US Congress in 1959. Discuss its implications and consequences. Discuss its implications and consequences.

🌆 Urban Economics Essay Topics

• Cities and their role in aggregate economics.
• Urbanization in Hong Kong and its effects on citizens.
• The urban planning of the city of New York: a critical analysis. Analyze the urban history of NY. How has the city been developing? Discuss revolutionary solutions to the past and problems of modern times.
• The impact of a city’s design on the local traffic.
• Dubai’s spatial planning: creative solutions for building a city in the desert.
• Globalization, urban political economy, and economic restructuring.
• How do urban areas affect local wildlife? Comment on how modern production technologies in urban areas impact the natural diversity of wildlife. What impact does the rapid economic progress have on the environment? Suggest possible solutions.
• Urban sociology: does the city make us better people?
• Why should people be more careful about investing in real estate? Discuss the issues of overinvestment into real estate. Consider the economic crisis of 2008 as an example.
• How can regional authorities help improve a city?
• Urban life and its effects on education.
• The economic development of a city’s metropolitan area: challenges and solutions.
• Main factors for the emergence of cities in the Middle Ages.
• The ethics of relocation: is it justified? Talk about the case of relocating locals when building projects of great magnitude. To what extent can it be justified? Mention its economic and ethical side.
• The difficulties behind the construction of “green” buildings. Discuss the relatively new phenomenon of environmentally friendly buildings. Analyze both sides: the pros and cons. What obstacles lie behind the “green” building? What opportunities do the “green” buildings offer? Elaborate on your ideas by providing clear arguments or counterarguments.
• What factors play a critical role in the success of retail productivity in cities?

⚽ Sports Economics Essay Topics

• Do teams with higher budgets perform better on the field?
• Corruption in European football leagues: a critical analysis. Investigate the corruption issue in the European football leagues. State reasons and solutions for the problem.
• The managerial catastrophe of Arsenal F.C.

• The NextG sports company’s communication planning.
• Roger D. Blair’s Sports Economics literary review. Write a literary analysis of Sports Economics by Roger D. Blair. Discuss his opinion on the economy of sports. Do you agree or disagree with his position? Provide compelling supportive arguments or strong counterarguments.
• How significant is the impact factor of a local team on a city’s economy?
• Kinsmen Sports Centre: marketing metrics innovation.
• What role does statistical data play in sports? Analyze the part of economic statistical data in different sports organizations. How can statistics help to develop an effective financing plan? Comment on the impact of financing on the performance of a sports club.
• Sports and energy drinks marketing analysis.
• Is there a connection between the lack of money and any contemporary issues in a sports team?
• Performance-enhancing drugs in sports.
• The business of FIFA: a financial analysis. Investigate the finances of FIFA. What economic factors make them so influential in the modern world of football?
• The global sports retail industry.
• The Olympics: logistics and economy. Discuss the logistics behind the Olympics Games event. How the Olympic Games impact the economy of the host country?

💉 Health Economics Essay Topics

• Is bioprinting the new future of medicine? Analyze the new market of organ printing and discuss its challenges. Investigate bioprinting from an economic perspective. Will the outputs cover the inputs? How will bioprinting impact the financial aspect of the health care sector?
• Cost-effectiveness of pharmaceutical products in the United States. Comment on the immense cost-effectiveness of pharmaceuticals. What do you think is the price of pharmaceutical products reasonable? Is it ethical to set extremely high prices on the medicals?
• An economic evaluation of the antibiotics market.
• Health economics-SIC and NAICS.
• The financial side of cancer treatment: is it too expensive? Analyze the market for cancer treatment programs in various countries. Explore its costs and complications. What are some possible ways to reduce the price of cancer treatment and make it more affordable?
• The issue of fast food consumption: a multibillion-dollar market . Fast food has always been one of the notable causes of obesity, diabetes, and other illnesses. Investigate the economic aspect of the issue. Are high profits from fast food production worth peoples’ health conditions?
• History and evolution of healthcare economics.

• The financial management of a hospital: a case study.
• The issue of public healthcare in the USA. Write about the long-standing issue of medical sector operation in the USA. Analyze its history, financial, and social aspects.
• Demand in healthcare economics.
• What are the economic outcomes of a global pandemic? Taking the COVID-19 outbreak as an example, conduct research on the effects of a pandemic on the economy. How does it affect local economies? What impact does the quarantine have on the international economy? Provide appropriate examples to support your ideas.

💼 Business Economics Essay Topics

• When does an advertising campaign become unnecessary?
• Sustainable development of a nation’s economic stability. Discuss how a country can create a sustainable economy. Provide bright examples to solidify your position.
• How can a small business compete with monopolies?
• What are the limitations of the Lewis Model?
• The phenomenon of inflation: inevitable liability or a land of opportunity for our economies? Explore the process of inflation in modern economies. Does it only have adverse effects on the countries’ economies? Are there any advantages of inflation? Analyze it from a positive perspective.
• Economics, business, and sugar in the UK.
• The shadow economy of the finance sector. Dive into the backstage of the finance sector and research various “grey” areas where business can be done.
• Chinese and Japanese business systems comparison.
• Oil demand and its changes in the XXI century: a critical analysis. Analyze the oil sector and write about its fluctuation in the XXI century. How did the changes in oil demand affect the global economy?
• The social and economic impact of mass emigration.

🌠 40 More Good Economic Essay Topics

Scrolled through our ideas, but can’t find a suitable topic for yourself? No worries! We have more issues to share with you.

So, don’t stress out. Take a look at our list of economical essay topics. Here are 40 more ideas focusing on globalization and the history of economics.

🏤 Economic Globalization Essay Topics

• The impact of globalization on the tourist industry in the Caribbean . Analyze both: the positive and negative effects of globalization on the Caribbean. To make your paper well-structured, explore two advantages and two disadvantages. Don’t forget to improve your essay with strong evidence and appropriate examples!
• Toyota Motor Corporation: impacts of globalization.
• What are the effects of globalization on developing countries? To what extent do developing countries profit from globalization? Research the subject by comparing various examples.
• Defining globalization and its effects on current trade.
• Economic growth as a result of globalization: proper financial strategies. How can a country successfully achieve prosperity with globalization? Discuss proper economic strategies.
• The socio-political significance of the IT industry’s globalization.
• Human trafficking in developing nations as a result of globalization.

• Globalization and criminal justice policy.
• What are the advantages and disadvantages of globalization?
• Globalization challenges and countermeasures.
• The effect of globalization on worldwide trade and employment rates.
• Economic integration within the European Union: a critical analysis. Talk about the history of economic integration within the EU. What are the negative and positive outcomes of economic integration?
• Globalization and food in Japan.
• Does globalization bring negative effects to cultural heritage and identity?
• The Industrial Revolution as the first step towards globalization. Focus on the Industrial Revolution in Europe. Discuss its precursors and consequences. Why is the revolution considered to be a starting point of globalization? Provide specific examples of globalization processes that occurred in the economic sector after the Industrial revolution.
• Globalization 2.0 an analysis of a book by David Rieff.
• Globalization effects on fundamentalism growth.
• Does direct investment by foreign businesses come with strings attached? Dive into the shady area of globalization and discuss how to direct foreign investment can bring problems of geopolitical scale.
• Effects of globalization on sexuality.
• Alibaba’s globalization strategy: an economic analysis.

🧮 Economic History Essay Topics

• The rapid economic growth of Europe during the Age of Discovery. Analyze the factors that brought economic growth to Europe during the Age of Discovery. What factors contributed to the dynamic economic progress of that time?
• Brazil’s economic history.
• History of capitalism: from the Renaissance to the United States of America. Discuss the origins of capitalism and its centuries-long path towards XXth century America. How the establishment of capitalism impacted the economy of the USA?
• Max Weber: economic history, the theory of bureaucracy, and politics as a vocation.
• 2008 Economic Crisis: origins and fallout. Talk about the 2008 Financial Crisis. Discuss its causes and outcomes. What should have been done differently to avoid the global crisis? Comment on the economic strategies countries used to recover from it.
• The economic marvel of Communist China: from rags to riches.
• What made world economic growth of the Renaissance possible?

• The economic history of Canada: how did the settlers facilitate economic growth?
• What did the major powers of the XIXth century base their economies on?
• The Rothschilds: political and financial role in the Industrial Revolution. Research the dynasty of Rothschilds and how they came to power. What was their role in Europe’s Industrial Revolution?
• The link between the “oil curse” and the economic history of Latin America.
• Roman Empire’s monetary policy: a socio-economic analysis.
• How did the demand for different goods change their value in the 2000s years? Analyze the demand for goods in the 2000s years and their change in value. Why do these fluctuations in demand for products and services occur?
• The history of economic thought.
• Soviet Union’s economic timeline: from the new Economic Policy to Reformation. Discuss the economic issues of the Soviet Union from the historical perspective. Why did the Soviet Union collapse? What improvements in the financial sector should have been done?
• History of France economics over the past 20 years.
• The history of economic analysis.
• The concept of serfdom and slavery as the main economic engine of the past. Dive into the idea of feudalism and serfdom. Discuss its social and economic aspects.
• The World Bank’s structure, history, activities.
• The history of Islamic banking: concepts and ideas.

💫 How to Write an Economics Essay?

Generally, essay writing on economics has the same structure as any other essay. However, there are some distinctive features of economic papers. Thus, it is essential to figure them out from the very beginning of your work.

You might be wondering what those aspects of the economic paper are. Well, we have an answer.

Below, you will find a detailed plan that explains the fundamental concepts of the essay writing process. So, don’t hesitate to use our tips! They are indeed helpful.

Pick a topic and dissect it. Picking the right topic is the very basis of writing a successful essay. Think of something that you will be interested in and make sure you understand the issue clearly. Also, don’t forget to check our ultimate economics essay topics and samples list!

Research it. After selecting the right idea from our economical essay topics, research your subject thoroughly. Try to find every fascinating and intriguing detail about it. Remember that you can always ask your fellow students, friends, or a teacher for help.

Come up with a thesis statement. A thesis statement is an essential element of your essay. It will determine your focus and guide the readers throughout your paper. Make your thesis secure and try to catch the reader’s attention using context and word choice.

Outline your essay. Never underestimate the power of a well-structured outline! Creating an essay outline can significantly help you to determine your general plan. Evaluate which economic framework you will be using to address the issue. State the main points of your thesis and antithesis. Make sure that they answer the central question of your work.

Write your introduction. First and foremost, a practical introduction should capture the readers’ attention and state the essay’s key topic. So, put enough effort to develop an outstanding introduction. It will create the first impression of your paper.

Moreover, an introduction should include a thesis statement. As we have mentioned above, a thesis plays a crucial role. Thus, make sure it is clearly stated.

Another significant feature of the introduction is its coherence with the body of your essay. Consequently, the introductory paragraph’s last statement has to present the subject of the next section, generically. Also, keep in mind that no more than three key points can be discussed in a paper, even if it is an extended essay.

Thoroughly work on the body paragraphs. Usually, the body of the essay contains several paragraphs. The number of these paragraphs will depend on the nature of your question. Be sure to create one section for every critical point that you make. This will make your paper properly-structured, and the reader will quickly get your ideas. For your convenience, we created a plan to develop your ideas in each paragraph, So, use it and make your writing process easier!

• Argument. Present your argument in the topic sentence of the paragraph in a way that directly answers the question. A hint: the most effective way to introduce the critical point is to place the topic sentence at the beginning of the paragraph. This will help the readers to concentrate their attention on a specific idea.
• Comment and discussion. Explain the meaning of your argument and provide an economic analysis. Present clear evidence and persuasive arguments to solidify your position.
• Connection. Link your comments with the vital point of the paragraph. Demonstrate the coherence of your evidence with the point.
• Diagrams, tables, charts. If necessary, provide the reader with visual aids. Sometimes, an appropriate diagram or a suitable chart can say more than words. Besides, your paper will look more professional if you use any kind of visual aids.

Conclude your essay. In your conclusion, summarize and synthesize your work by restating your thesis. Also, it is crucial to strengthen it by mentioning the practical value of your findings. Remember to make your essay readable by choosing appropriate wording and avoiding too complex grammar constructions.

Thank you for visiting our page! Did you enjoy our article and learned something new? We are glad to help you. Don’t forget to leave a comment and share the article with others!

🔗 References

• High School Economics Topics: Econlib, The Library of Economics and Liberty
• Guide to Writing an Economics Essay: The Economics Tutor
• How to Write the Introduction of Your Development Economics Paper: David Evans, Center For Global Development
• Senior Essay: Department of Economics, Yale University
• Developing A Thesis: Maxine Rodburg and The Tutors of the Writing Center at Harvard University
• Academic Essay Writing, Some Guidelines: Department of Economics, Carleton University
• The Writing Process: Writing Centre Resource Guide, LibGuides at Dalhousie University
• Research Papers: KU Writing Center, the University of Kansas
• Unpacking the Topic: University of Southern Queensland
• Economic Issues: PIIE, Peterson Institute for International Economics
• Areas of Research: EPI, Economic Policy Institute
• Top 100 Economics Blogs Of 2023: Prateek Agarwal, Intelligent Economist
• Current Environmental Economic Topics, Environmental Economics: US EPA, United States Environmental Protection Agency
• Hot Topics in the U.S. Economy: The Balance
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Up: Home : Study Guidance > Effective Writing and Referencing > Writing the Economics Essay

• Writing the Economics Essay

An academic rhetoric (or organisation) is important to convince a reader that you understand the topic well – poor organisation can signal muddled thinking.

Thesis – Justification – Support

This is the rhetoric used by Bray et al.

Thesis – the main concept or idea that you are proposing

Justification – the reasons why your thesis is valid

Support – evidence that backs up your justification

Essay structure – your introduction, main body, and conclusion

Box: An example

The Thesis – Justification – Support rhetoric can be applied to an individual paragraph of an essay, or on an entire essay. For example, take the essay question:

‘The accumulation of capital is sufficient for ensuring sustainable growth in per capita living standards’. Discuss.

One possible answer would be:

Thesis: if we define capital as physical capital, the accumulation of capital will lead to diminishing returns

Justification: Demonstration of the Solow model : capital accumulation can result in higher levels of income but after a certain level not higher levels of consumption per capita (due to diminishing marginal returns).

Support: examples, such as India’s heavy investment drive in the 1950s, 1960s which was associated with low levels of ‘Hindu growth’; or econometric evidence, such as that from Mankiw, Romer and Weil (1992), which supports some of the conclusions of the Solow model (but also suggests improvements, see below).

The next section of the essay would play with the assumptions of the Solow model – for example by expanding our definition of capital to include human capital (and, if you’re really trying to impress, social capital and ‘natural’ capital as well).

You might also want to discuss if technological progress (the source of per capita income growth in the Solow model) is related to capital accumulation, for example through ‘ learning by doing ‘ (Arrow, 1962)

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Next: What makes good justification?

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Economics Revision Essay Plans

Last updated 17 Dec 2019

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This series of resources provides revision essay plans for a wide variety of essay topics, including synoptic questions.

For the 2019 papers check out our collection of videos on building A* evaluation into your answers

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Saturday, June 17, 2017

The importance of economics.

• What to produce? - Is it worth spending more on health care?
• How to produce? - Should we leave it to market forces or implement government regulations.
• For whom to produce? - How should we distribute resources, should we place higher income tax on the wealthiest in society?
• Policies to reduce unemployment
• Policies to reduce inflation
• The over production of negative externalities (e.g. pollution/congestion)
• The underproduction of goods with positive externalities (e.g. education, health care, public transport).
• Non-provision of Public Goods - (national defence, law and order)
• Tax negative externalities
• Subsidise public services like health care and education.
• Carbon Tax - should we implement a carbon tax to reduce global warming?
• Should we tax fatty foods?
• Efficiency v equality
• GDP and Happiness
• Economics - The Dismal Science
• How to deal/combat global warming?
• Does globalisation help or hinder developing countries?
• How to live in a society without oil?

15 comments:

a big hand of appluse for the writer of da topic who made it so easy to understand and absorbant. Mrs.Afaque...

this helped me a lot in my school project.a bit problem is there a filipino version?haha!

I really like the blog because of easy and focused approach that writer has used in simple and less words. Useful for those who just want a overview about economics.

very helpful and briefly detailed..thank you, writer.

this will help me 4 sure.. jejeje

your notes really helped me alot. i have my exam tomorrow and and i easily mugged up these notes.

waw! So nice...u realy helped me, thnx alot

thanks a lot to the writer...you just saved me from my prof's course.

Please elaborate on GDP Vs. Happiness?

Economics helps me to manage my money well when in school. thank you writer!

I will like to know how an economist is useful in an electoral decision or organization

I love the blog because the writer explained the importance of economics in simple terms and it helped me a lot with my school assignment

A definition of what an economy means is helpful in understanding the importance of economic systems. The economy is a structured system that uses production, distribution, and services to create a stable environment. Therefore, an economic system is the production, consumption of goods and services with a set of institutions and social relations to create a balanced society. There are a few different types of economic systems such as capitalist, social list, mixed economies and communism. Economic systems do not have to be on a global scale or even a national scale. For example, economic systems such as distributism, the Japanese system, social market economy and Georgism are some of the available options out there. These systems may be state or private. A few are cooperative ownerships. A mixed economy is considered one with a mix of private activity and state planning. The best gauge for the importance of economic systems is balance. The world requires a balance that will ensure the survival of the system. For example, the human race has to find balance with food, shelter, water, and even income in order to survive. Income is necessary in order to buy shelter, food, and other necessities of life. Though money did not exist in the past, we have an economic system that demands income be included in our survival. The UK has a capitalist system which the government maintains order to sustain life in the UK. Since society can be part of economic systems, it is also an important factor in people getting along in a balance of nature. Humans are social by nature therefore an economy that promotes this social interaction will also increase the effectiveness of the economic system in place and the balance of one's life.

thanks man! this helps me for my report tomorrow..

Very easy to understand Thanks

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How to write economics essays

All Economics exam papers at A-Level will have a 25-mark essay-style question, which requires evaluation .

There are different approaches that can be taken in dealing with essay questions, and there is not one essay writing 'template' or 'wizard' that can deal will all questions. However, a commonly used method is to use the first half of your essay to complete the analysis and the second half to evaluate - this is an easy approach to master, and can be used to answer most microeconomic and macroeconomic essays. More on this later.

What the mark scheme tells us

The mark-scheme for a 25-mark question is typically based on the ' levels ' method, with marks allocated in the following way:

4 marks for correctly demonstrating knowledge and understanding of economic concepts and models

4 marks for applying your knowledge and understanding to the 'context' put before you - this case a chocolate manufacturer

8 marks for providing an analysis of the decision (in this case, to raise price) - i.e. what are the expected effects, consequences and results

9 marks for evaluating a decision (question, issue, policy, or problem) based on your judgment , with reference to the problems or risks associated with the decision (policy, problem etc.)

Points to note

• Exam boards often state that, in a 25-mark question, definitions are not specifically required , but it is good practice to define key economic terms that are specific to economics, and to the question.
• Application does not happen in one section of your answer, but should run throughout your answer . In other words, answers that are purely theoretical and detached from the context will not earn high marks.
• For analysis and evaluation, developing a chain of reasoning is essential - ( read more on chains of reasoning ) you have to show exactly how you arrived at a point, judgment or conclusion. A carefully chosen, well draw, accurately explained and fully integrated diagram is essential for effective analysis. This is only possible if you start out by making your assumptions clear.
• For evaluation, it is essential that you provide an alternative approach , (alternative decision, policy etc.) and that your conclusion is not just a summary but a 'weighted' judgment .
• While you only have 30 minutes to write, it is essential you plan your route through your answer - 4-5 minutes planning is worth its weight in gold!

So, lets have a look at a couple of ways to deal with a 25-mark question. Both have similar openings and conclusions, but start out with different assumptions.

' Evaluate the decision by a chocolate manufacturer to raise the price of its 'luxury' box of chocolates .'

There are several factors a chocolate manufacturer will take into account when making a decision about its price. Factors affecting this decision depend on the market structure it operates in, the level of competition it faces, its size and ownership structure. These will affect its main business objective, which in turn will affect its decision regarding price and non-price factors.

We will assume that the chocolate manufacturer's objective is to maximise profits and that it is a price maker and facing a downward sloping demand curve. This means that it is not operating in a highly competitive market, and can raise price without suffering a complete collapse in sales. Profit maximisation arises at the output where MC=MR, which in the diagram is quantity Q. At profit maximisation, the area of supernormal profits (SNP) is area p a b c.

At this quantity, marginal revenue equals marginal cost, which means that any change in price or quantity produced will move it away from profit maximisation. For example, if the chocolate manufacturer increases price to P1, demand will contract along the demand (AR) curve, from 'a' to 'v', resulting in equilibrium quantity falling to Q1. At Q1, MR is greater than MC, which means there is an opportunity cost because the firm could reduce price and produce more, which would lead to an increase its supernormal profits.  So, reducung price and producing extra marginal units of output will add to SNP until MC=MR is reached. Hence, in terms of achieving its profit maximising objective, an increase in price above 'P' is clearly counter-productive. This is supported by the probability that demand for 'luxury' chocolates is price elastic, and the producer is operating in the elastic range of the AR curve. As a result, any increase in price will reduce total revenue, and also reduce SNP, which falls to area P1 v w x.

However, there are issues with this analysis. Are the assumptions about the chocolate producer and its market valid? Is the chocolate producer targeting profits, or attempting to achieve a different objective? Will  there be negative, and even unexpected consequences of the price rise?

The assumptions regarding the market structure certainly might not hold - in a less competitive market, with fewer firms, the price rise may have a much smaller effect because consumers have less choice. Demand may be more inelastic than predicted, especially if there is loyalty to the brand of chocolate - even though it is a luxury product.

Also, the chocolate producer may have previously been a revenue or sales maximiser and may have decided to change its strategy from revenue or sales maximising to profit maximising. As a revenue or sales maximiser price will be set at a lower level, to stimulate sales or gain more revenue. Management salaries or bonuses may be connected with sales, hence a low price will help the firm achieve this objective. The price increase will move it towards profit maximisation rather than away from it, and help it achieve its new objective. Alternatively, the producer may be a 'profit satisficer' looking to increase its profits but not maximising them. In any of these cases, the price rise might be a rational decision.

It is not known whether rivals will keep their prices on hold, reduce them or raise them to match the firm's price increase. If the firm has a few close competitors, then these firms may be interdependent, meaning it may be more beneficial to keep prices on hold to reduce uncertainty.

Furthermore, the price rise could encourage unwanted new entrants, attracted by the opportunity presented. Raising price could also send a signal to existing producers to launch their own 'luxury' version of the product.

Of course, there may be alternative decisions to consider to help it achieve its objectives, such as changing its non-price activities. So, the price rise could be justified if an effective marketing campaign could help increase demand (AR) and, diagrammatically, shift the AR (and MR) curve to the right, as shown.

In this case, profits are maintained, or even increased, as shown, with lower supernormal profits at area P1 k r m.

Taking a wider view, price rises reduce consumer surplus, and if personal incomes remain constant, consumer will have less income to spend on other goods and services, and the price rise will cause a negative income effect. Of course, a rise in the price of chocolate would not have the same effect as a rise in interest rates or house prices, so the income effect is very small.

In conclusion, the decision to raise prices cannot be judged without understanding the nature of the market, the level of competition and the firm's current objectives, and compared with alternatives. There is also the wider economic context to consider, such as whether the economy is in a recession, with pressure on disposable income, or whether the economy is growing, with consumers feeling confident. There are clearly risks associated with an increase in price, and it might be less risky not to raise price, and put more effort into non-price strategies. However, if the assumptions that the firm is already a profit maximiser, that there are no other changes to its non-price activity, and that the behaviour of other chocolate producers does not change, then a price rise seems unjustifiable as it would fail to achieve its dominant objective - to maximise profits - and raising price would, in this case, be an irrational decision.

Answer two - the alternative answer

We will assume that the chocolate manufacturer's objective is to maximise profits and that it is a price maker and facing a downward sloping demand curve.  We will also assume that it currently is not profit maximising, but producing at an output greater than profit maximisation, at output Q, and a lower price, at P in the following diagram. Profit maximisation arises at the output where MC=MR, which in the diagram is quantity Q1, and price P1.

At the quantity Q, while marginal revenue is negative at 'f' and below marginal cost at 's',  the chocolate manufacturer still makes a supernormal profit, shown as the area SNP (area Pvwx). Also, at the current price of P, price elasticity of demand is inelastic because, in the diagram quantity demanded, Q at price P is to the right of the mid-point of the demand (AR) curve. Given that, at the mid-point, PED equals (-) 1.0, which is where MR=0, at its current output, PED must be inelastic.

Given these assumptions, a decision to increase price above P will help the manufacturer achieve profit maximisation. Because the firm operates in the inelastic portion of its demand (AR) curve, the planned price rise reduces the quantity demanded, to Q1, but increases total revenue - at least up to the output where MR=0. The reduction in output that follows means that the variable costs of production fall, which means that marginal costs fall (from 's' to 't'), while at the same time marginal revenue increases from 'f' to 't'. Assuming profit maximisation is still the dominant objective, the price rise is clearly beneficial, as it leads to increased profits (area P1a b c) resulting from the lower marginal cost and the higher marginal revenue.

However, there issues with this analysis. Firstly, are the assumptions about the chocolate producer valid, secondly, is the chocolate producer wishing to increase profits, and thirdly, will there be any negative, and even unexpected consequences of the price rise?

The assumptions regarding the market structure certainly might not hold - the market could be much more competitive, and approach perfect competition. This would result in a very different outcome for the producer, especially in terms of a price elasticity of demand, which rises with increased competition. In a more competitive market, there are more choices for the consumer, and any price rise by one firm may result in falling revenue. Demand may be more elastic than predicted, especially because the price rise is for the 'luxury' version of the box of chocolates, where demand is likely to be more elastic.

Also, the chocolate producer may not be a profit maximiser, but may instead be a revenue or sales maximiser, in which case the price rise could move it away from maximising sales or revenue points. If the firm is a large producer where there is a separation of ownership and control, it is more likely that other 'managerial' objectives dominate decision making. If, for example, the firm is looking to maximise sales volume, perhaps because management salaries or bonuses are connected with sales, then a price rise would not be beneficial.

It is not known whether rivals will keep their prices on hold, reduce them or raise them to match the firm's price increase. If the firm has a few close competitors, then the fact that these firms may be interdependent means that it may be more beneficial to keep prices on hold and reduce uncertainty.

Of course, there may be alternative decisions to consider to help it achieve its objectives, such as changing its non-price policy. So, if there is also a successful marketing campaign designed to increase sales, or build a brand, price increases could be postponed until the brand is well established.

In conclusion, the decision to raise prices cannot be judged without understanding the nature of the market and competition and the firm's current objectives, and compared with alternatives. There is also the wider economic context to consider, such as whether the economy is in a recession, with pressure on disposable income, or whether the economy is growing, with consumers feeling confident. There are clearly risks associated with an increase in price, and it might be less risky not to raise price, and put more effort into non-price strategies. However, if all the assumptions listed above are fully met, then a price rise seems justifiable in that the firm can achieve its dominant objective - to maximise profits.

These are two answers which use a similar structure, and common introduction and conclusion - but start with different assumptions, and therefore have a different analysis, and evaluation.

There are other several possible approaches to this question, and other evaluative points that could have been included. For example, there could have been more emphasis on what rivals might do, and there could be more robust questioning about exactly how much the price is being increased by, and whether this is just a temporary strategy. The essay could also have raised the question of the possible external effects arising from less output and consumption (namely fewer negative consumption and production externalities). However, with the time constraint in the examination room, it is not possible to cover every 'blade of grass' and some good points may have to be sacrificed.

Finally, the 'starting point' and assumptions could have been different, which would have led to a different analysis.

Conclusion and key takeaways

Having a structure to help you tackle an essay-style question is very important.

Both essays use the same four-part structure :

• Part 1, the analysis - making assumptions, and using the correct diagram to show how a decision or policy will work to achieve an objective.
• Part 2, the evaluation begins with ' the bridge ' of the essay - assumptions are questioned and probably changed.
• Part 3 the full evaluation , where an alternative or alternatives are explained based on the change of assumptions.
• Part 4, the conclusion , where the evidence or strength of argument is assessed, and the decision, policy or assertion is 'accepted in full', 'accepted in part' or 'rejected' in favour of the alternative(s).

Finally, it is clear how important diagrams are in analysis and evaluation, and helping develop a logical chain of reasoning - so ensure that you have undertaken enough practice in constructing, applying and integrating diagrams to a wide range of past questions.

Other tips:

How to study economics

How to write the perfect conclusion

How to answer data response questions

How to include chains of reasoning

The Curious Economist

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Model 15-Markers

Unlock your potential with these IB economics model answers, designed to provide a deeper understanding of key topics and real-world examples. 

By studying these model answers, you’ll gain a solid foundation in economic concepts, learn how to structure your essays effectively, and develop critical analysis skills. As you explore the real-world examples provided, you’ll also gain an appreciation for the complexities and nuances of economic policies and their impacts on various societies. 

Our goal is to empower you with the knowledge and confidence needed to succeed in your IB economics journey, ensuring that you’re well-equipped to tackle any question or challenge that comes your way. 

Click on the questions below to see a model essay!

Microeconomics

Using real-world examples, discuss the consequences of a price ceiling on stakeholders

Using real-world examples, evaluate different approaches to managing common access resources

Using real-world examples, evaluate the policies a government might adopt to respond to a market situation in which significant asymmetric information exists

Using real-world examples, evaluate the effects for stakeholders of a government imposing an indirect tax on a particular good

Using real-world examples, evaluate the view that government regulation is the most effective way to deal with negative externalities of consumption

Using real-world examples, evaluate the view that governments should always try to prevent the creation of barriers to entry in a market.

Using real-world examples, evaluate the impact of large firms having significant market power.  

Macroeconomics

Using real-world examples evaluate the claim that according to the Keynesian and monetarist models a decrease in AD will always be deflationary.

Using real-world examples evaluate the view that  economic growth  will always lead to an improvement in living standards

Using real-world examples, evaluate the effectiveness of  monetary policy  to achieve low unemployment

Global Economy

Using real-world examples, discuss the possible implications of a persistent  current account deficit

Using real-world examples, discuss the consequences of a fall in a country’s exchange rate

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To Fight Inequality, America Needs to Rethink Its Economic Model

F or decades, economic policy in most liberal democracies has been premised on two core beliefs: that free markets would maximize economic growth, and that we could address inequality through redistribution.

The recent revival of industrial policy, championed by President Biden, is a clear repudiation of the first of these beliefs. It reflects a growing recognition among economists that state intervention to shape markets and steer investment is crucial for fostering innovation, protecting strategically important sectors like semi-conductors, and tackling the climate emergency.

But we must also reassess the second belief—that taxes and transfers alone can address the vast inequalities that have brought American democracy to such a perilous juncture. Doing so will lead us towards a more fundamental rethink of our economic institutions, and the values that guide them.

This is partly a pragmatic response to economic reality. The massive increase in inequality since the 1980s in America was mostly driven not by a reduction in redistribution, but by the growing gap in earnings between low skill workers, whose wages have suffered an unprecedented period of stagnation, and college-educated professionals whose salaries have continued to soar. And while inequality has increased in most advanced economies, that it is so much higher in the U.S. compared to Europe is mostly the result of bigger gaps in earnings than lower levels of redistribution. In other words, even if America were to increase the generosity of the welfare state to European levels it would still be much more unequal.

But the need to look beyond redistribution is about more than economics, it is about resisting the narrow focus on money that dominates most debates about inequality, and the tendency to reduce our interests as citizens to those of consumers. While government transfers are essential for making sure that everyone can meet their basic needs, simply topping up people’s incomes fails to recognize the importance of work as a source of independence, identity, and community, and does nothing to address the insecurity faced by gig-economy workers, or the constant surveillance of employees in Amazon warehouses.

This is not purely a moral issue. According to a recent paper by economists at Columbia and Princeton, the Democratic Party’s shift towards a “compensate the losers ” strategy in the 1970s and 1980s—taxing high earners to fund welfare payments to the poor—played a key role in driving away less educated voters, who disproportionately support “pre-redistributive” policies like higher minimum wages and stronger unions.

Things are moving in the right direction. President Biden has put “good jobs” at the centre of his economic agenda, claiming that “a job is about [a] lot more than a pay cheque. It’s about your dignity. It’s about respect.” Leading economists such as Dani Rodrik at Harvard and Daron Acemoglu at the Massachusetts Institute of Technology’s have started to challenge the prevailing orthodoxy that such jobs are an inevitable by-product of a well-functioning market economy. This shift of focus towards the production or supply side of the economy has been variously termed “ productivism ”, “ modern supply-side economics ” and “ supply-side progressivism .”

Read More: Why Joe Biden is Running on the Economy

And yet, to grasp the full potential of these ideas we must look beyond economics to philosophy. Contemporary thinkers such as Michael Sandel and Elizabeth Anderson have done much to put questions about work back on the agenda. But for a systematic vision of a just society that recognizes the fundamental importance of work we should revisit the ideas of arguably the 20th-century’s greatest political philosopher, John Rawls—an early advocate for what we would now call “pre-distribution,” who argued that every citizen should have access to good jobs, a fair share of society’s wealth, and a say over how work is organized.

The publication of Rawls’s magnum opus A Theory of Justice in 1971 marks a watershed moment in the history of political thought, drawing favourable comparisons to the likes of John Stuart Mill, Immanuel Kant, even Plato. Rawls’s most famous idea is a thought experiment called the “original position.” If we want to know what a fair society would look like, he argued, we should imagine how we would choose to organize it if we didn’t know what our individual position would be—rich or poor, Black or white, Christian of Muslim— as if behind a “veil of ignorance.”

Our first priority would be to secure a set of “basic liberties,” such as free speech and the right to vote, that are the basis for individual freedom and civic equality.

When it comes to the economy, we would want “fair equality of opportunity,” and we would tolerate a degree of inequality so that people have incentives to work hard and innovate, making society richer overall. But rather than assuming that the benefits would trickle down to those at the bottom, Rawls argued that we would want to organize our economy so that the least well-off would be better off than under any alternative system—a concept he called the “difference principle.”

This principle has often been interpreted as justifying a fairly conventional strategy of taxing the rich and redistributing to the poor. But Rawls explicitly rejected “welfare state capitalism” in favour of what he called a “property-owning democracy.” Rather than simply topping up the incomes of the least well off, society should “put in the hands of citizens generally, and not only of a few, sufficient productive means for them to be fully cooperating members of society.”

Doing so is essential for individual dignity and self-respect, he argued, warning that “Lacking a sense of long-term security and the opportunity for meaningful work and occupation is not only destructive of citizens’ self-respect but of their sense that they are members of society and not simply caught in it. This leads to self-hatred, bitterness, and resentment” – feelings that could threaten the stability of liberal democracy itself. A focus on work is also necessary for maintaining a sense of reciprocity since every able citizen would be expected to contribute to society in return for a fair reward.

Rawls’s philosophy offers the kind of big picture vision that has been missing on the center-left for a generation—a unifying alternative to ‘identity politics’ grounded in the best of America’s political traditions. It also points towards a genuinely transformative economic programme that would address the concerns of long-neglected lower-income voters, not simply for higher incomes but for a chance to contribute to society and to be treated with respect.

At the heart of this vision is the idea that productive resources—both human capital (skills) and ownership of physical capital (like stocks and shares)—should be widely shared. People’s incomes would still depend on their individual effort and good fortune, but wages and profits would be more equal, and there would be less need for redistribution.

How might we bring this about?

First, we would need to ensure equal access to education, irrespective of family background. Sadly, the reality in America today is that children from the richest fifth of households are fivetimes more likely to get a college degree than those from the poorest fifth. Achieving true equality of opportunity is a generational challenge, but the direction should be towards universal early years education, school funding based on need rather than local wealth, and a higher education system where tuition subsidies and publicly-funded income-contingent loans guarantee access to all.

We also need to shift focus towards the more than half of the population who don’t get a four-year college degree. Our obsession with academic higher education—justified in part on the basis that this will generate growth, which in turn will benefit non-graduates—is simply the educational equivalent of trickle-down economics. At the very least, public subsidies should be made available on equal terms for those who want to follow a vocational route, as the U.K. is doing through the introduction of a Lifelong Learning Entitlement from 2025, providing every individual with financial support for four years of post-18 education, covering both long and short courses, and vocational and academic subjects.

Second, we must address the vastly unequal distribution of wealth . Thewealthiest 10 % of Americans have around 70 % of all personal wealth compared to roughly 2% the entire bottom half. Sensible policies like guaranteed minimum interest rates for small savers and tax breaks to encourage employee share ownership would encourage middle-class savings. But to shift the dial on wealth inequality we should be open to something more radical, like a universal minimum inheritance paid to each citizen at the age of eighteen, funded through progressive taxes on inheritance and wealth. If developments in AI push more income towards the owners of capital, something like this will become necessary.

Finally, we need to give workers real power to shape how companies are run. The idea that owners, or shareholders, should make these decisions is often treated as an immutable fact of economic life. But this “shareholder primacy” is neither natural nor inevitable about, and in most European countries employees have the right to elect representatives to company boards and to ‘works councils’ with a say over working conditions. This system of ‘co-management’ allows owners and worker to strike a balance between pursuing profit and all the other things we want from work – security, dignity, a sense of achievement, community – in a way that makes sense for a particular firm. The benefits of co-management appear to come at little or no cost in terms of profits or competitiveness, are popular with managers, and may even increase  business investment and productivity.

Critics will no doubt denounce these ideas as “socialism.” But as we have seen, they have impeccable liberal credentials, and are perfectly compatible with the dynamic market economy that is so vital both for individual freedom and economic prosperity. Neither are they somehow “un-American.” As Elizabeth Anderson has reminded us , America was the great hope of free market egalitarians from Adam Smith through to Abraham Lincoln, whose dreams of a society of small-scale independent producers were dashed by the industrial revolution, and would have been horrified by the hierarchy and subservience of contemporary capitalism. Rawls’s ideal of property-owning democracy can help us revive this vision for the 21 st century.

Still, even sympathetic readers might wonder whether there is any point talking about a new economic paradigm when the U.S. has failed even to raise the Federal minimum wage since 2009. But this would be to ignore the lessons of history. As the neoliberal era comes to an end, we should learn from its leading architects Milton Friedman and Friedrich Hayek, who were nothing if not bold, and saw their ideas go from heresy to orthodoxy in a single generation. As Friedman put it “Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around."

It often takes a generation or two before the ideas of truly great thinkers start to shape real politics. Now, for the first time since the publication of  A Theory of Justice  just over half a century ago, there is an urgent need and appetite for systematic political thinking on a scale that only a philosopher like Rawls can provide. In the face of widespread cynicism, even despair about the American project, his ideas offer a hopeful vision of the future whose time has come.

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