Write an Economics Essay

Experts define economics as learning how to manage limited resources and how to distribute these amongst different entities. The nature of society means that there is a certain amount of resources available and they need to be apportioned in various ways. An economics essay might describe the different resources e.g. the physical ones such as oil, water, food, money, property, and so on. Then there are non-physical resources e.g. ideas, government policies and expenditure, procedures, taxes and the likes.

It is the job of economists to analyze all available resources. The subject of economics is focused on how various economic factors interact and behave and how the different global economies operate in practice. Analysis of economic factors, such as the analysis you might find in economics essays, looks at how the various players make decisions to achieve the best results within prescribed boundaries and in a rational manner.

Thus, students and professional practitioners in the field of economics are often asked to produce different papers on the subject. Generally speaking, economic essays can cover the theory of the subject, the history, or a writer may be asked to analyze a specific economic situation.

Main Terms

To understand the basic concepts of economics, you may want to refer to a list of the main terms that apply to the discipline. A review of the primary terms may also prove useful for brainstorming sessions and maybe as a way of finding good economics essay topics. There are various online sources where you can find a glossary of the main terms.

Popular Economics Assignments

Anyone studying economics can expect to be asked to write a paper or economic essay of the following type:

• Analysis essays – usually based on various articles from a range of financial publications like the Wall Street Journal. The objective of these assignments is to look at the work of Economists in real-world situations. Usually, this type of essay will provide a critique of how economics theory is applied in a particular situation.
• Exam questions that require the student to take a particular theory or concept and apply it in a certain type of situation.
• Compare and contrast essays are popular in the field of economics. These often ask the writer to describe various economic systems, for example, how socialism compares to capitalism.
• Papers or reports on specific topics. For example, a student may be asked to review a specific situation with a view to examining how a particular theory or policy is applied.

According to academic experts, there are some additional types of writing an economics student might be asked for. These include:

• History essays/papers that look at how the discipline has changed over the years with specific reference to various economic climates, conditions, institutions, practices and so on.
• History-of-thought essays/papers. These evaluate and document how economics has evolved and how economic theories originated and developed.
• Theory essays/papers. Here, the student is asked to devise new models or theories in the field of economics. All ideas must be supported by logical thinking.
• Literature review essays/papers are a common assignment in many fields of study and work. Hence, they are not specific to the discipline of economics. An assignment of this type is essentially a reasonably short evaluation of the work of others in the field and on the same or very similar topic.

When you are given economics essays or economics articles to write, you should always keep your tutor’s instructions to hand. These should prove helpful if you have any particular questions about the assignment you are tasked with. It can also help to talk to your tutor if you need clarification about what they want or expect from your paper.

The Steps Involved in Writing an Economics Essay

Select a Topic

A topic can arise from another question you are looking for answers to. It is acceptable to begin with a broad topic and fine-tune your focus as you go along.

The Research Element

Once you have chosen a topic, or have a rough idea of how you will approach your assignment, you will most probably need to look for external sources and references to support your written work. Many universities (or their libraries) provide guides to help students find appropriate sources for economics and other academic disciplines.

Fine-Tuning your Chosen Topic

Now that your topic has been chosen and you have reviewed a sufficient amount of relevant literature, you should try to get a focused perspective on that topic. Some experts say that topics can be narrowed down according to these four common factors:

• The period of time the situation or event relates to
• The action, whether it is a policy or event
• Geographical location
• The demographic group the topic relates to.

Elaborating on Your Topic

Most economics essay writing is done to prove that the writer’s particular argument, theory or hypothesis can be supported. There are three steps by which this can be achieved:

1. Make sure a good essay deals with an economic situation or, more particularly, take a specific phenomenon or problem for analysis.
2. Conduct an analysis of the chosen problem or phenomenon using various concepts, theories and assumptions to better understand or properly explain the phenomenon under analysis. Most likely, the subject matter will be something you have covered in class or in your course textbooks, so information should be readily available to you.
3. Support the theory or hypothesis in your economics essay with four types of evidence. These could be:
   • Concepts or theories covered in your class and/or course material (e.g. books, presentations and so on)
   • A model you created or found
   • Data that can be measured or quantified
   • Econometrics or data that has been used to test a theory/model.