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How to write an economics essay

Last updated on April 19th, 2018 at 01:18 pm

The trouble with writing an economics essay

As the famous joke on economists goes; if you lock economists in one room with a problem, you will get 11 different solutions out of them. And 9 out of 10 economists are going to agree with this statement. Jokes aside, why does should widespread disparity exist in this field of study and how does it complicate the process of economics essay writing? Simple. When it comes to economics, unlike the classical subjects of calculus or physics, there is no ONE right answer or solution. Every problem statement can be viewed from a multitude of perspectives, often juxtaposed to one another, posing a serious crisis to professionals in this field, as well as the students.

The most important step in writing an economics essay

More than adhering to the quintessential essay writing techniques and organization format, it is important to primarily understand the depth of the problem statement or essay topic at hand, to express your unique perspective. Developing a rational and original point of view, heavily backed by credible statistics, regarding the essay topic at hand is critical to writing an A+ economics essay. Students of economics thus need to conduct thorough research on the topic before attempting to write the essay, noting that an absence of this precursor will lead to an essay that fails to serve its purpose.

Now, coming to the techniques that will guide you through the massive task of expressing your perspective in a sophisticated and logical manner; you will find the below-mentioned steps extremely helpful and effective.

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1. Define. Define. Define

A cogent and well-drafted economics essay begins by defining the key terms and phrases used in the thesis statement before plunging into the depths of the subject matter. So suppose, your economics essay topic is something in the lines of – “The New Global Economy and the Essence of the Human Purpose”, your essay’s introduction part should ideally define key terms such as global economy, contemporary/modern/current economy, globalization, human purpose defined strictly under the relevant context, and its possible impact and consequences. Remember that these definitions should be simple, succinct, and direct. Avoid the use of overly complex and complicated words and sentence structures here.

2. Graphs go a long way

According to a theory, when the interest rates are higher than usual, it increases the cost of borrowing manifold. This means that people with a mortgage will have lesser income available. Consumers, in turn, will have a lesser incentive to take loans and/or use credit cards, and there will be an overall decrease in consumption…”. Seems like a complicated sentence that requires multiple readings to understand. But, if you supplement this explanation with a graph, like the one illustrated below, not only does your essay gain on simplified and clear explanation but also on authenticity. Ensure that your essay has an adequate number of graphs and pictorial representations of data along with a clear and detailed explanation.

3. Answer the question

This is the crux of your essay. The quality and the subsequent grade your essay ends up achieving depends on this essential element – whether or not your economics essay has managed to answer the question posed in the essay topic clearly. The curse of over-explaining every tiny detail of the essay content and forgetting to address the main question at hand haunts many-a- economics students and is surprisingly one of the most common reasons why students miss out on getting a good grade. While drafting your essay don’t lose track of what needs to be answered in the first place, in the attempt of trying to get into explaining every nitty-gritty of the essay. An effective technique would be to cross-check after writing every paragraph whether you are focused on the essay topic or digressed from the issue.

4.  Claim and the counterclaim

The mark of a great essay is that it doesn’t end up being strictly constricted and myopic on its own stance, it considers the opposing point of view as well. Not in terms of defending both the opposing points but in terms of explaining the specifics of the counter-argument and closely examining why it fails to stand against the main claim.

5. Make the introduction count

The job of your economics essay introduction is not only to shed an introductory light on the essential elements of your essay but also to grab the attention of the reader. Try to include a compelling example, historical fact, or a staggering statistic that is relevant to the issue at hand while simultaneously generating intrigue for your write up. For example, if your economics essay discusses patent lawsuits you could include a fact such as ” In 2012, the total spending on patent lawsuits by tech giants Samsung and Apple were at a record high,$20 billion, being more than their respective expenditure on research and development”.

These tried and tested methods when backed with thorough research are bound to enhance the quality of your economics essay. In addition to these, these simple handy tips will make sure that you avoid committing silly mistakes which might bring down your essay score:

  • Avoid redundancy.
  • Keep it simple and straightforward.
  • Refrain from using jargon and avoid making up your own acronyms.
  • Remember that in an economics essay there is no place for overly dramatic emotions. Avoid using adjectives and adverbs which are in the lines of “the results of the survey shattered the expectations of the experts.)
  • Active voice is your friend.
  •  Your writing has to be free from grammatical errors and journalistic tone.
  • Simple present tense should be followed in most cases such as ” David Ricardo observes that….”

A high-scoring economics essay should display a strong understanding of the subject matter while adhering to the strict decree of formal writing. Structure, language, the credibility of sources, and development of argument – all of these form the formidable foundation of a sterling economics essay.

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