Assignment:
Every lower division General Education course requires a minimum of 1,500 words of writing. To meet this GE (under Area D3) requirement, we will have an essay assignment with total of 30 points.
The details of GE learning outcomes for this assignment is:
General Education(GE) Learning Outcomes:Upon completing a course in Area D3 (Social Science), a student will be able to:
Discuss the influence of major social, cultural, economic, andpolitical forces on human behavior and institutions.
Part I: Economists in the History
Students need to pick an economist in the history (or current) and research on his/hermain contributions. In this research, students need to include their schools of thought, main ideas along with contribution and the historical background. To do so, students need to conduct "Literature Review" using scholarly or peerreviewed journal articles. Reliable sources can be from scholarly economic articles, books, economic journal, newspaper, academic blog and videos that support your writing.
You must cite at least two reliable sources both intext citation and references at the end of the paper.
Example of Reference (not limited to):
• Samuelson, Paul A. "Economists and the History of Ideas." The American Economic Review, vol. 52, no. 1, 1962, pp. 1-18. JSTOR, JSTOR, www.jstor.org/stable/1823476.
• New Ideas from Dead Economists: An Introduction to Modern Economic Thought, by Todd G. Buchholz
Part II: Current News Economic Analysis
"How to interpret America's experiment with hugebudget deficits"
Article to read:
1) "How to interpret America's experiment with huge budget deficits" from Economist, Released on Feb 15th,2018.
2) Conduct at least one more "literature review"to get the views of academic economists or other professionals on the subject. You must cite at least two reliable sourcesboth intext citation and references at the end of the paper.
Please note that our focus is on economic status and concernsnot on political side.
Questions:
1) What are the two ways of economy could go wrong according to Orthodox economics?
2) We have talked about the loanable funds market. Can you explain the previous answer (question 1) with what we talked in class? What happens to the real interest rate on theloanable market?
3) Provide your answer with loanable funds market graphs. (You can draw them in a separate sheet and attach at the end of the paper.)What other reasons that the orthodoxy does not applyaccording to the assigned article?
4) Overall, with the additional reference that you found, debate whether US budget deficits could be a huge problem or not. Your arguments should be based on the article that you provide.