Cases: Applying Economics to the Real World
[WLO: 4] [CLOs: 1, 2, 3, 5]
Select two of the three cases presented below and prepare a three-page written analysis of each case (six pages total). These case studies provide a real-world application of the concepts you have studied during this course.
For this assignment, you are required to upload your work to your ePortfolio, in addition to Waypoint. Learn more about Folio, the ePortfolio tool, by viewing the
Folio Quick Start GuideLinks to an external site.
.
Case 1: Government Spending and Taxation
Review Special Topic 1 of Macroeconomics: Private and Public Choice.
Review Chapters 5 and 6 of Macroeconomics: Private and Public Choice.
Using the Government Spending and Taxation case, Chapters 5 and 6, knowledge you have gained in this course, and at least three additional credible sources, analyze the case by addressing the following:
Describe how government spending and the composition of the government has changed in recent decades. In other words, in what areas has the government cut spending and in what areas has the government increased spending in recent decades?
Determine if this change in government spending and composition will help Americans achieve a higher standard of living. Be sure to support all claims with research.
Assess whether democracy can survive if the majority of U.S. citizens pay little or nothing in taxes but benefit directly from increased government spending. Why or why not?
Propose the composition of government, government spending, and taxation that you believe would work best. Be specific and support your proposal with research.
Case 2: The Economics of Social Security
Review Special Topic 2: The Economics of Social Security of Macroeconomics: Private and Public Choice.
Explain how the Social Security system’s basic principles differ from private insurance.
Assess if the current Social Security system promotes income equality. Why or why not?
Propose how the Social Security system could be modernized to ensure long-term solvency and fairness in distribution. Be specific and support your proposal with research.
Case 3: Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government (Case 4 in the text)
Contrast the two views on how savings impact the economy.
Compare the two views on whether the economy would fluctuate, more or less, over the business cycle without government intervention. Be sure to address the inherent stability of the market economy and the impact of government interventions to steer the economy.
Hypothesize on which economist theory, Keynes or Hayek, you believe is more credible and explain why. Be specific and support your hypothesis with research.
must be six to seven double-spaced pages in length (not including title and references pages and formatted according to
APA StyleLinks to an external site.
as outlined in the Writing Center’s
APA Formatting for Microsoft WordLinks to an external site.
resource.
must include a separate title page with the following in title case:
title of paper in bold font
instructor’s name
due date
must utilize academic voice. Review the
Academic VoiceLinks to an external site.
resource for additional guidance.
Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.
must use at least three credible sources in addition to the course text.
The
Scholarly, Peer-Reviewed, and Other Credible SourcesLinks to an external site.
table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source.
To assist you in completing the research required for this assignment, review
Quick and Easy Library ResearchLinks to an external site.
tutorial, which introduces the University of Arizona Global Campus Library and the research process, and provides some library search tips.