• Economics Research Assignment #1--                             

        Examining Economic Theories ----  Paper (Your Choice)    

    Assigned: 30 March     Due: 14 April

    General Information:

    1. This assignment is meant to provide you with a chance to do an in depth examination of an economic theory.  Your work should reflect the abilities of a senior in high school


    1. The rules of written English apply to this assignment.


    1. Plagiarism//paraphrasing are not acceptable.  You must give credit to your sources of information through parenthetical notation on each slide.


    1. Encyclopedias are not valid sources for a work of this type.  Valid sources have authors. 


    1. Be sure the language you use in your work is language you are able to understand and explain.


    1. Paper must include citation of sources.


    1. Papers must be done in MLA format, parenthetical citations, with a works cited page.  Type it in 12 point print. 


    1. Collaboration on research is good; papers must be prepared individually.


    1. Your work must deal with these elements: (This is the rubric)

    -when was the theory devised?

    -to whom is the theory attributed?

    -establish context--what conditions led to the creation of the theory?

    -what are the key points of the theory-- how does it

    (or is it supposed to) work?

    -identify and explain  flaws in the theory

    -your assessment-- nconclude with your thoughts on these questions:
    is the theory meant to describe how an entire economy works, or is it part of a larger picture- limited to a certain topic? 
    does the theory work?
    what elements of the theory still operate today?
    are there elements of the theory which might help solve or understand some of the economic problems we face today?


    You may choose one of the theories listed, or another you have heard of through family, the news, etc.  You must cite the sources you use



    Topic List


    Thomas Malthus—diminishing returns, checks on population --

    Adam Smith—competitive markets, absolute advantage, laws of the marketplace --

    David Ricardo—iron law of wages, comparative advantage --

    Jeremy Bentham—utilitarian socialism --

    Robert Owen—Utopian socialism  --

    Charles Fourier—Utopian Socialism--

    Karl Marx—Marxist Socialism-- 

    Herbert Spencer—Social Darwinism --

    Thorstein Veblen—Theory of the Leisure Class/conspicuous consumption --

    John Maynard Keynes—Deficit Spending -- 

    Joseph Schumpeter- Creative Destruction --

    The Business Cycle—1920’s-1940; the present-

    Walt Rostow—stages of growth  --

    Affirmative Action—JFK, LBJ, supreme court decisions --

    Supply Side/Reaganomics—the 1970’s, 1980's  --

    Milton Friedman, Alan Greenspan, Ben Bernanke-- monetarism  --

    Thomas Friedman- Globalization --

Last Modified on March 30, 2020