Assignment Instructions/ Description
ECONOMIC ISSUE PAPERYour assignment is to complete an economic policy issue paper based on the analysis of the microeconomics of a rent control. This is your opportunity to apply and extend the principles of microeconomics to a real-world policy issue to demonstrate how economists think about policy issues. The paper should focus on how rent control is caused by some perceived problem with the market system in terms of economic efficiency such as social equity, or a perceived problem associated with government intervention in markets.
Steps in your analysis:a. PAPER OUTLINE:i. Define theproblem1. What is the nature, scope, magnitude and intensity of theproblem?2. How did the problem comeabout?3. Why is this a public policyissue?ii. Causes of theproblem1. Is there any evidence of a market failure in terms of economic efficiency and if so what is the nature,scope, and severity of the marketfailure?2. Is there any evidence of a failure of the market(s) in terms of social equity outcomes and if so to what extent and who isaffected?3. Is there evidence of government failure? If so, what is the nature, magnitude and scope of the government failure? How is the government failure interfering with the efficient and/or equitable operation of themarkets?iii. Setgoals1. What should be done about the problem andwhy?2. What should the goals be in addressing theproblem?3. What goal(s) should be a priority andwhy?4. How should goal achievement bemeasured?iv. Determine what can bedone1. Based on part iii, what general options or strategies are available to address the problem? Keep in mind that no intervention by government or maintaining the statusquo may be the “best”option. 2. Provide a preliminary assessment of each general option or strategy based primarily on the criteria of economic efficiency and social equity. Note: You need to provide some support for your assessment using the text and other technical sources (scholarly and/or professional publications).
Your paper should be typed and should reflect the quality associated with that of professional analysis. The suggested length of the paper is between 6-8 pages doubled spaced excluding appendices, cover page, and bibliography sources. Professional writing is first and foremost about effective and efficient communication with your intended audience; as such organization, clarity, brevity, and thoroughness will be highly valued elements of the paper.
Components Elements WeightPart 1 The problem is clearly identified and thoroughly described. The nature, scope, and severity of the problem are clearly explained. The history or background of the problem is provided in a clear and relevant manner. The reasoning for why this is a public policy issue worthy of analysis is persuasively presented. 20%Part 2 Market and/or government failures are correctly identified. The nature, scope, and severity of the market failures are clearly explained. Social equity issues are identified, the magnitude of the problem is accurately noted, and the parties most affected are identified. The nature, scope, and severity of any government failures are clearly explained. 25%Part 3 Complete, thorough, and persuasive responses are provided in replying to the questions regarding policy goals noted above. 20%Part 4 The general policy options or strategies are identified, clearly described, and are logically consistent with the nature and type of the policy issue and the policy goals. The assessment of the general options or strategies is based on efficiency and/or social equity criteria and is properly applied, and is supported by evidence, theoretical and/or empirical. 25%Writing and Presentations The writing and presentation is clear, concise, well-organized following the steps noted above, and grammatically correct with few misspellings or typos. Sources are properly cited based on the MLA or APA Style Guides. 10%
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