The Structure of a Paper in Economics
The study of economics relies on making clear, concise, and logical arguments. Its arguments are based on theoretical models and applied principles. Writing a strong and coherent contention in an economics paper can be a long and complex process, and requires the use of quantitative analysis as well as the in-depth discussion of fundamental principles that describe how the economy functions. Papers in the field of economics rely on the fluid inclusion of these aspects into their arguments, and ultimately succeed when they are fully and thoroughly integrated. This page will discuss how to construct a successful argument, how to design and outline an essay, and how to fully integrate economic models and theory into the piece of writing.
The basic structure of an economics essay is mostly traditional. It features an introduction, a body, and a conclusion. Each of these contain characteristics which are described below.
Introduction
- The Introduction is usually a single paragraph that contains a detailed description of what the paper will be discussing. In this section it is crucial to contextualize your work, and provide the necessary information for your argument.
- It must also contain a clear and concise thesis. This will outline the issue you seek to solve, and briefly describe the argument you make. For example, if we are discussing the impact of FDR’s “New Deal” on the economy during the 1930’s, a thesis statement might look like FDR’s “New Deal” offered increased governmental spending to stimulate the consumption of the lower and middle class through creating jobs as well as establishing welfare programs. In the body section, we will carry on with this thesis and develop how it may be used to formulate an argument.
Body
- This section can extend to any amount of length, so long as all parts of it address and apply to the question at hand.
- This section should focus on the individual supporting claims that might help the thesis. For example, if we are continuing with our “New Deal” example, we might wish to discuss the Tennessee Valley Authority (TVA) and its wave of construction projects which created jobs, or we might discuss social security and other welfare programs.
- Each of these points should stand alone and make their own arguments elaborating on the thesis, such that the body paragraph would touch on one issue that describes exactly how this single hypothetical element resolves the issue. In our example, we might begin by saying The Tennessee Valley Authority was a program established by FDR’s “New Deal” which offered countless job opportunities to the lower and middle class, allowing them to have more spending power in the economy. The paragraph would then continue to explain exactly how these jobs gave the lower and middle class more spending power, by using theoretical models or basic principles of economics.
- The use of evidence is absolutely paramount in this section. It can vary from quantitative analysis to the use of economic theorems and models. Quantitative analysis involves applying a theorem that takes the form of an equation to the situation at hand. In the case of the new deal we might say that: The “New Deal’s policies may be analyzed through the use of Y = C + I + G + NX. The increase in government spending (G) going directly toward stimulating job growth would allow the middle and lower class to have a larger income, and thus spend more, thereby increasing consumption (C). The end result is an increase of output (Y), and thus establishes a stronger economy that performs at a higher level of output. The use of the quantitative model allows the author of the essay to establish an empirical approach to the essay, which is absolutely vital to the success of the essay. We might also apply other basic theorems (non-quantitative) to the example, where we would analyze the event by saying “Say’s law would further support the effect of this national policy. Say’s law describes production as the force that generates the most demand. We would see this manifested when the increase in job growth (production) would allow the middle and lower class to spend more (as they have more capital to spend), and thus further increase the output and economic state of the nation (As a student, it is important to include your citation).
- Note that it is always extremely important to provide citations for all information that doesn’t originate from the author. The common citation format for the field of economics is APA.
Conclusion
- The conclusion of an economics essay establishes the narrative that takes place over the course of the essay. In other words, it summarizes the points made, and offers a synthesized conclusion of the take away. In terms of our example we might say that “The “New Deal” allowed for the creation of new jobs which in turn stimulated the economy. By having an increase in government spending, we saw that through Say’s law, consumption increased as well. This lent a two-fold boost to the output of the economy, and ultimately helped the United States extrude itself from the Great Depression. It is in this section that the author would want to emphasize the main points of the essay and conclude with the overarching “meaning” behind their work. In this case, it is that the “New Deal” allowed the U.S to escape the Great Depression.