This assessment is based upon that outlined in:Frank, R. (2006)The Economic Naturalist Writing...

Question

This assessment is based upon that outlined in:Frank, R. (2006)The Economic Naturalist Writing Assignment, Journal of Economic Education, 37(1): 58-67, as well as his subsequent book: Frank, R. (2008)The Economic Naturalist: Why Economics Explains Almost Everything, Virgin Books, London.

The assignment requires you to use a principle, or principles, discussed in the course to explain some pattern of events or behaviour that you personally have observed.

Please do not include too many complex terms. Imagine youare talking to a relative or friend who has no background in economics. This is not a dissertation; you are not expected to do a substantial amount of research in support of your argument, although a relevant fact or two might help make your argument more convincing. Your topic does not necessarily have to be ‘important’, but please try to choose something interesting. A really successful assignment will be one that begins with a really interesting question and then uses an economic principle or principles to construct a plausible answer.

The assignment should be no more than 600 words.

Criteria and Marking:Your assignment will be marked against the following criteria:

Demonstrated understanding of key economic concepts (5 marks)
Demonstrated ability to apply key economic concepts to the problem at hand (5 marks)
Clarity of exposition (5 marks)
X factor (5 marks).

Robert · Accepted Answer

Though introductory econometrics has become a lucrative course in most of the colleges and 
universities, it has been observed that most of the students taking this course ultimately end up 
with leaving this course without really having learned even the most important basic economic 
principles. These students are also hardly better in answering simple economic questions than 
students without taking this course as an elective. 
The problem behind this is seemed to be that instructors of principles courses almost always try 
to teach students far too much. In doing so, the most important ideas do not get highlighted and 
given special attention among thousands of concepts. Everything ends up going by in a blur. 
In practice it has been observed that small number of basic principles do most of the heavy 
lifting in economics. Hence some focus on those, can actually teach students to master them at a 
fairly high level in just a single semester.
Some of the important principles are:

This assessment is based upon that outlined in:Frank, R. (2006) The Economic Naturalist Writing Assignment , Journal of Economic Education, 37(1): 58-67, as well as his subsequent book: Frank, R....

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