ECOP1001: Essay 2: You are required to compare two schools of economic thought to answer your chosen question
Module / Subject / School:
ECOP1001: Economics as a Social Science
The University of Sydney
You are required to compare two schools of economic thought to answer your chosen question. Each question refers to specific schools of economic thought. Only discuss the schools of economic thought to which your chosen question refers. You will explain the differences and similarities between the two schools. You will assess which school is more useful to answer the question using the empirical real-world example.
Choose ONE of the following questions to answer:
- The Greek economy has been in crisis since 2009. Neoclassical economists assert that a market economy tends towards equilibrium. Marxian economists argue that capitalism tends toward recurring economic crises. How do these theories explain the state of the Greek economy?
- The COVID-19 pandemic is impacting economies around the world. What policy prescriptions would Keynes advocate, and why? How are these policies different from, or similar to, those of Neoclassical Economics, and why? Illustrate your answer using the Australian or UK economy.
- The Chinese economy has shown remarkable growth rates compared to other economies over the past 10 years. How does Keynesian Economics differ from Marxian Economics in its explanation of the path of economic growth? How do these theories explain the growth of the Chinese economy?
What we score:
Our Writer’s Comment
Spend your time deciding which question from the three provided you would like to answer. In choosing a question, be sure to review and deliberate over the schools of thought that you will be comparing and discussing in your essay. This is so that you won’t lose your train of thought when writing the essay and also be able to complete the assignment faster. Failure to do so may result in additional stress and undesirable marks. Many students will skip over this process, but you must refresh your knowledge of the schools of thought as you read the questions. When you begin writing the essay, you have to remember that your essay should only focus on and discuss the schools of economic thought that the question you have picked referred to. Avoid adding unnecessary ideas and discussions that could potentially make your essay confusing and complicated. Students tend to forget this in the middle of writing their essay, so keep this in mind throughout the process of doing this assignment.
In your essay, have an in-depth discussion of the differences and similarities of the schools of thought in order to get high marks. In addition to these things, you must not forget that you will have to evaluate which school of thought is more useful with the use of real-world examples based on observation or experience. It is easy to pick any example, but you must spend some time choosing one that will support your claim or evaluation.
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