Economic model

podcast: https://freakonomics.com/podcast/doughnut-economics/

Prompt

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In the podcast, economist Kate Raworth introduces a new economic framework called the “Doughnut model.” She argues, “the blind pursuit of economic growth leaves out too many people and puts too much strain on the planet’s resources,” which runs counter to our understanding of traditional economic thinking. Imagine you are an economist and the President of the United States asks you to critically analyze the “Doughnut model.” Based on your analysis, you are to make a recommendation to the President.

Follow the paper outline below:

Paper Outline

Introduction (10 points): The introduction (first paragraph) briefly summarizes what you consider to be the main point(s) of the article. If there are many, focus on the one(s) that you will analyze in the assignment.

Summary (10 points): A short summary of the podcast should be included. This summary should capture the key points presented in the podcast and any important facts or elements. Do not spend the whole assignment summarizing the entire article. Summaries should be succinct and to the point and be approximately one paragraph.

Explain the “Doughnut model” (30 points): The President has heard about the Doughnut model but does not know enough to enact a policy. In this section, you need to explain what the Doughnut model is (i.e., you will need to research this, going beyond what has been explained in the podcast). Note, the President has taken ECON 102 before, so you should be able to explain the Doughnut model using the models we have learned throughout this course.

Critical Evaluation of the “Doughnut model” (40 points): This is the most important aspect of this assignment.

Students should focus on whether they agree/disagree with the Doughnut model and what their recommendations may be. Students can also analyze how the material in the podcast will impact the economy in a macro setting. The analysis portion has the potential to be varied in nature. However, I recommend sticking to my guidelines below:

  • To evaluate the Doughnut model you need first to understand the author’s arguments. Start by identifying the assumptions inherent in the argument, checking to see if the conclusions follow from these assumptions. Try to distinguish the argument from the evidence provided to support the argument
  • To do a critical evaluation, essentially you should take apart the various steps in the argument and see if they make sense separately and as a whole. Can you use the tools learned in class to think about the argument in another way? Check to see if the author is missing anything in his/her argument or has used some tool or method incorrectly or inappropriately. Is there evidence that contradicts their argument?
  • I expect you to use at least 1 economic model we have learned in class. (ie, Supply/Demand, Cost curves, Market structures (Perfect Competition, monopoly, monopolistic competition, etc), utilities, etc).
  • All models must be drawn by hand. Any models “grabbed” from the text or internet will not count and will adversely affect your grade.

Conclusion (10 points): It is important to have a strong conclusion since this is the last chance you have to make an impression on your reader. The goal of your conclusion isn’t to introduce any new ideas, but to sum up, everything you’ve written. Specifically, your conclusion should accomplish three major goals:

  1. Restate the main idea of your essay, or your thesis statement.
  2. Summarize the main sub-points of your essay.
  3. Leave the reader with an interesting final impression.

Works Cited: Must cite at least 3 sources. Class notes/lecture can account for one source. The textbook can account for one source.

How to format your assignment

  • Your assignment should be typed, double-spaced, and have a font size of 12 points.
  • Minimum of 3 pages (not including models, works cited page).
  • The assignment should be in Word.
  • Your models must be hand-drawn, scanned as an image, and pasted to your word document.

– Original work only no plagiarism.

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