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Essay Assignment (100 points) MACRO As a social science, economics studies how individual behavior affects societal outcomes under conditions of scarce resources being allocated among competing uses.
Essay Assignment (100 points) MACRO
As a social science, economics studies how individual behavior affects societal outcomes under conditions of scarce resources being allocated among competing uses. Societal outcomes include the efficient use of resources, transportation and infrastructure, the character of neighborhoods, arts and culture, political leadership, school quality, the nature of economic opportunity, environmental quality, health of the population, equality and justice, respect for diversity, and freedom of expression. One important social consequence of individual decisions is the rate of economic growth. The objective of this assignment is to critique two news reports that discuss the prospects for your economic future and societal outcomes as impacted by issues related to economic growth. You will have an opportunity to exhibit the skills of logical reasoning, discerning judgment, and composition of a well-crafted essay.Learning Objectives: 1, 3, 51. Making Sense: Paul Solman reports for the PBS News Hour on August 31, 2017“Are We on the Brink of a Jobless Future?”https://www.youtube.com/watch?v=dNhBfvOQ_RY
2. Making Sense: Paul Solman reports for the PBS News Hour on June 29, 2017 “The Elephant Chart”https://www.youtube.com/watch?v=t1mWp2qp7A0
After watching the videos, write an essay of 1,000 –1,250 words in which you answer the following six questions in paragraph format.
From “Jobless Future”1. Vivek Wadhwa says that this is an “amazing and scary” time. Michael Osborne describes it as “exciting and terrifying”. Both seem to be thinking along the same lines. To what are they referring? In the tipping point between exciting and terrifying, which side does Jerry Kaplan endorse? What evidence does he provide for his perspective?2. The video refers to people who will be employed in “jobs we haven’t thought of yet”. Other than Zumba instructor, provide an example of a job people are paid to do today that could not have been envisioned 50 years ago. What role did technology play in creating this job?From “Elephant Chart”3. Describe what is being measured on each axis of the elephant chart. What is the meaning of the steep slope of the curve between the 70th and 80thpercentiles? 4. Why are the people at the high point of the curve between the 40th and 70thpercentiles described by Branko Milanovic to be “doing quite well”, even though they would be considered poor by American standards?
5. Both Carl Frey (in the Robot video) and Branko Milanovic (in the Elephant video) make a connection between economic circumstances and preferences in political leadership. What economic pressures in the US, UK, and France are enhancing the appeal of populist candidates? 6. India is an example of a country where living standards are extremely modest by US standards and where desperate poverty is commonplace. Yet economic growth in India is approaching 8% annually, more than three times the US rate. Identify at least one societal outcome that is currently observed in India and offer an intelligent prediction about how that societal outcome might change as India experiences more economic growth. Your essay should be written in paragraph form with complete sentences, not a bullet list nor an outline. Pay attention to creating a smooth transition between paragraphs and incorporating comments about both videos in one integrated essay. Use what you have learned about economic growth to demonstrate an intelligent economic understanding of perspectives represented by people speaking in the news story.
The essay must include your own thoughts and interpretation of the videos. Papers that contain significant passages of wording identical to the essay of another student will be considered plagiarism and will receive no credit.