Choose ONE of the following topics for your essay
1. The US federal government has run deficits for the majority of recent history. There have been proposals in the past for requiring government’s to balance their budget, such as proposals for a balanced budget amendment or similar policy rules. What are the benefits of a balanced government budget? What are the potential problems? How do different schools of macroeconomic thought view this situation? You could also look at state-level analysis, as most US states do have some sort of balanced budget rule. A similar topic is the European Union’s Stability and Growth Pact (SGP) for eurozone nations, which requires them to maintain a budget deficit of less than 3% of GDP, except during times of economic turmoil (which has been ignored by some members and also be aware the SGP has been changed over time; the current version is different than the original). You could explain the purpose and goals of this act, the benefits and costs of fulfilling these requirements, and the problems that have occurred in under the SGP.
2. The Bretton Woods system provided a system of fixed exchange rates from the end of WWII until the early 1970s. Write an essay discussing some aspect of the international experience of under Bretton Woods. What are the benefits/costs of fixed exchange rates? How did the system operate? What difficulties were encountered that led to its eventual abandonment?
3. After the breakdown of Bretton Woods, some European nations decided to form their own system of fixed exchange rates called the Exchange Rate Mechanism (ERM) (which was a part of the European Monetary System, EMS). What were the motivations for its creation? How did it operate? Which nations had the most influence? What difficulties were encountered? There are many interesting essays that you can write on this situation, such as the exit of Britain from the ERM in 1992 or the role of West Germany in this system.
4. During the 1970s and early 1980s, many industrialized nations had massive inflation problems. There are many possible explanations: monetary policy, the breakdown of the Bretton Woods system, the oil embargoes launched by OPEC nations, or fiscal policy actions (excessive government deficits). These factors could affect aggregate demand or aggregate supply and thus create inflation. Possible essays in this area could focus on the supply shocks created by the oil embargoes, the breakdown of Bretton Woods and the resulting exchange rate volatility/monetary policy volatility in these nations, government budget problems. An effective essay could be an analysis of various attempts by governments to reduce inflation during the 1980s, or explaining why West Germany had such superior inflation performance relative to most other economies.
5. The Great Depression of the 1930s was a time of monumental change in many nations. Key industries such as manufacturing and agriculture were in massive slumps. Unemployment reached record heights. There are two approaches that you can take to this essay. You can analyse some of the causes of the Great Depression (it would be best to pick a few related ones since if you attempt to cover them all then you will not have a very in-depth discussion of any). Alternately, you can look at some of the economic policies used by governments to deal with the Depression. You can do this for any particular (more or less) capitalist nation, such as the US. Be cautious with this topic—there are many low-level history-type sources out there, most of which are dubiously accurate (e.g. falsely claiming Hoover was laissez-faire, etc.) and lack proper economic analysis. You could also analyse the policies taken by nations that explicitly abandoned capitalism for fascism or communism, although you should be warned that such an essay will require you to do some outside reading about non-capitalist economic theory. One particular topic along those lines would be to study Mussolini’s corporatist policies and how they influenced US policy and economic thought in the 1930s.
6. In the 1950s and 60s unemployment rates in Western Europe were substantially lower than unemployment rates in the US. By the 1980s the situation had reversed in many of these nations. Economists have done considerable research to explain this phenomenon. What factors caused high European unemployment? What is the effect of this unemployment on these nations? What policies have been tried/could be tried to reduce unemployment? (Hint: Charles Bean has a very good survey article on European Unemployment, which you can search for on JSTOR).
7. Central Banking and Monetary Policy: You can write an essay analysing the policies taken by the Fed or another central bank in a specific situation, such as during the Great Depression, the stock market crash of 1987, the East Asian financial crisis, etc. There is much debate about what central banks should be doing to deal with the current financial market instability—you could write a very good essay comparing the events of today with the actions taken by central banks in response to previous financial market problems. You should investigate the actual policies that were taken, their effects, and any problems that were encountered.
8. The Austrian model developed by Mises, Hayek and others has proven to have some value in predicting the recent economic situation. Write an essay on some aspect of Austrian theory. One example would be to investigate the Austrian explanation of the 1930s depression and discuss its application to today. Another example would be to compare the ideas of Hayek and Keynes (who had a spirited correspondence with each other) on the macroeconomy. The best source on Austrian theory is mises.org, which has many full-text books and articles available for free.
9. There have been numerous instances of hyperinflation through modern history, such as what is presently occurring in Zimbabwe. Perhaps the most famous example of hyperinflation is what occurred in 1920s Germany, although other nations as diverse as Turkey and much of South America have also experienced massive inflation problems. What factors caused these hyperinflationary episodes? What economic theories can be used to explain hyperinflation? What were the consequences of these inflationary periods on the economies of these nations?
10. An analysis of economic growth could provide an effective essay topic. You could analyse the causes of economic growth and then apply them to a particular nation (e.g. explaining the causes of US growth in the post-Civil War period, the growth in Japan after WWII or China since the 1980s, for example), or you could compare the economic performance of different countries today, e.g. explaining different productivity levels internationally. Many of these topics cross over into aspects of development economics, which is fine as long as you concentrate on macroeconomic issues.
A Virtuous Moral Character The improvement of an ethical character is a scholarly theme that has been contended for a long time. Numerous scholars have contended the purpose of their reality with the perplexity of this subject. This has enabled the savants to approach this subject in different ways. These scholars are Aristotle (in the Nicomachean Ethics), Confucius (in Analects) and Plato (in Apology, Phaedo). To investigate these logicians basically, it is imperative to assess their point of view contentions and what they are attempting to state. In the wake of instating thoroughly analyze of these rationalists, we will be in the situation of building up to what they concur or differ with respect to the improvement of an ethical character. An ethical character is characterized as a thought in which one is interesting and can be recognized from others. Maybe it can collect characteristics and qualities that are not quite the same as different people. It suggests to how people act, or how they convey what needs be. In another words, it is "human brilliance," or one of a kind musings of a character. At the point when the idea of prudence is talked, this would underline the uniqueness or claim to fame, however everything includes the mix of characteristics that make an individual the way he or she is. In view of this definition, the understanding of an ethical character can be seen in an unexpected way. In spite of the fact that these logicians separate with their contentions, they in some sense have similitudes. These likenesses will demonstrate how the matter of a character is imperative and critical to the human instinct. Nicomachean Ethnics is an astounding work written in 350 B.C by Aristotle. His work was centered around the significance of advancement and conduct among righteous characters. Aristotle illuminated the significance of ethnical conduct, and how activities assume a part in which an individual performs. "Eudaimonia," is with respect to the how an ethical character creates. It is an end in itself. Aristotle contended that it was known as an objective of a sound life. Aristotle is among the logicians whom gave an extraordinary understanding of an idealistic character. He states, "Magnificence [of character], at that point, is a state worried about decision, lying in a mean with respect to us, this being controlled by reason and in the manner by which the man of viable intelligence would decide it. Presently it is a mean between two indecencies, which relies upon abundance and that which rely upon deformity." A character is a state, though, the activities decide the way the individual demonstrations. A highminded character isn't an inclination or simple propensity to carry on unquestionably. Aristotle makes a contention about various temperances. Temperances identify with the emotions and activities from every person. For instance, the uprightness of a casual individual might be cleared up with terrible temper. Moreover, Aristotle contended that individuals get furious at specific things and repetitively venturing up to what he or she supposes is correct. Then again, as Aristotle expresses, the inadequate of this character is cruel and inadmissible. Notwithstanding any circumstance, it is improper to wind up irate when it isn't justified, despite any potential benefits. In the case of doing as such, the again demonstrates an inadequate non-highminded moral character. Aristotle likewise alludes to any non-highminded individual by inward uncertainty and situations. Despite the fact that the individual might be resolute or negligent, he or she should have the capacity to pay special mind to associates to excuse their activities. Aristotle contends that these horrible individuals are not ready to have faith in themselves. Then again, temperate people, pick up joy in their activities. "For in talking about a man's character we don't state that he is astute or has seeing yet that he is great tempered or calm yet we adulate the shrewd man likewise concerning his destiny of brain; and of perspectives we call those which justify commend ideals." (Nicomachean Ethics 13). Aristotle's positions appears to strife with Plato's theory. Plato will later contended that incontinence happens when a man's wants move him to advance or act in the way that he or she needs to perform. Be that as it may, we will talk about this later on. Confucius is another unmistakable assume that has been in respect to the cutting edge improvement of an ethical character. Confucius spends numerous years considering the ideas of human benevolence and the advancement of a character. His lessons were fundamentally brimming with ethnics on human practices. He talked more on the generosity of human as opposed to profound ideas. While focusing on his morals, Confucius was renowned for demanding things with a name. In another words, Confucius contended that things must be obvious to one's mind keeping in mind the end goal to work legitimately in a situation. The Analects composed by Confucius noticed the ideas of prudence and the upright of human consideration and the best approach to effective humankind. In XV.8 of the Analects, Confucius expresses, "The decided researcher and the man of righteousness won't look to inhabit the cost of mankind. They will even forfeit their lives to protect their mankind. "Confucius contends that the life of an indiviudal is to ensure one's temperance. The demonstrations of that individual must be protected to act to the great. Another platitude that substantiate Confucius contention is IV.25 (Eastern), it states, "Ideals isn't left to remain solitary. He who hones it will have neighbors." However, in the western philosophical view, Aristotle contends that the perspective of upright movement uncovers how the individual adds to an awesome life. Activities are essential when one live calmly with another. For instance, patriotism comes into mind with regards to America. Throughout the years, officers have been associated with their gallantry. In this manner, the warriors are battling for what they accept to be their respect, yet they are putting his or her life in risk. Confucius keeps on looking for learning. He is by all accounts extremely trivial, close, and little disapproved. Moreover, he can be common, studious and accommodating. This can be predictable with Plato's perspectives. Most social orders and culture makes progress toward goodness, and pioneers have his or her fundamental shared traits for individual conduct, which can be found in VI. 28. This platitude thinks about to Socrates. Confucius, as well, needs to spread the intelligence to everybody. He needs everybody to be well, not simply himself. In conclusion, another conspicuous figure in the realm of reasoning is Plato. Plato's works, for example, Apology show emotional records of the occasions prompting his passing, and delineating matters of concerns, moral living, and lucidity of thought and articulation. "Conciliatory sentiment" signifies "legitimate resistance of trial." Plato offers to examine about the guard of rationality as a lifestyle. A spirit is a piece of an existence, though, the spirit decides the things we do ordinary. Phaedo shows imperative contentions for individual interminability. In Phaedo, Plato contended that the spirit is "an option that is", instead of a feeling of "agreement." Unlike concordance, the spirit exists, which is more dynamic than others. Souls are more idealistic, which amicability does not relate to. Soul pre-exists which agreement does not. Then again, if soul is in a gathering of concordance, all souls would be as well, which isn't conceivable. In this manner, soul is a kind of material, which is abundantly upgraded than amicability. Another contention that Plato makes can be found in the "Republic." He contended that the spirit is partitioned in three sections, and each part is a sort of want. Separately, these wants are normal, appetitive, or vivacious. To be idealistic one must comprehend what is the gainful. He or she should want to be taught legitimately, which will in the long run prompt the insurance from the spirit. Plato outlines the instruction of the spirit in Books II and III. Significantly, an upright individual figures out how to live by a superior situation when he is youthful, and proceeds onward to make ethical practices. His activities are produced while he is developing and realizes why the thing he is doing is great. When he has taken in the great, at that point he would comprehend why his activities were righteous. Glancing back at Plato's contentions, he contends that prudence basically demonstrates one to act in various ways. These rationalists differ about having the right thought processes. They are diverse in which the temperate attributes of a character contrast from their wants and feelings. Rationalists, for example, Plato and Aristotle contended that the intellectual and full of feeling states were critical. . These rationalists concur that joy connects to prudence. They recommended everybody who is glad is one who is overcome, limitation, and comprehension. In any case, it is hard to get it. Plato and Aristotle both concur that a positive good character includes in excess of a Socrates' comprehension of the predominant. Both concur that it is essential to have amicability between the intellectual and the full of feeling materials from a man. These scholars have a few examinations. They concur that the great existence of a human includes nature. People look to the advancement of individual forces. Moreover, they concur that human great includes restorative activities, and a man can control his activities by the correct choice, regardless of any impediments ahead. Subsequent to dissecting these logicians and their contentions, I have presumed that Aristotle has the all the more convincing portrayal for building up an ethical character. Aristotle builds up a more noteworthy top to bottom contention for his focuses. He substantiates his focuses with energy and magnificence. In any case, it requires solid fixation and a more profound comprehension of what he is attempting to state. As I would like to think, I observe Aristotle to be clearer, and all the more difficult. I additionally find that the more present day lessons of Aristotle to be more understanding than those of the Eastern lessons. Maybe, these include different ideas when Western lessons are included. Aristotle contribute extraordinarily to the numerous points of reasoning, subsequently, his contentions are dependable which can be identified with our day by day lives. In outline, these rationalists gave intelle>GET ANSWER