Explain the issue, problem or observation
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Get it written →This paper should be approximately 5 pages and in APA format:
1. Explain the issue, problem or observation
2. Analyze it using the economic way of thinking – possible approaches include
a. Cost-benefit analysis
b. Externalities and unintended consequences analysis
c. Asymmetric and information problems
d. Perverse incentives
3. Conclusion:
a. This is where you allow for your own judgment and recommendations to come in
A Brief Example:
Policy: Minimum Wage and its suggested increase
Analysis: Some workers get pay increase
Some lose their jobs
Some are replaced with equipment
Some enter the market looking for work due to the new higher wage
Biblical parable about vineyard owner paying his workers what is agreed between them
Conclusion: Varies
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