PurposeYou will need to be able to critically evaluate economic arguments and convey your reasoning to a general audience in writing. This writing assignment will help you develop these skills. You will need to demonstrate your ability to apply economic concepts and tools to different, more open-ended contexts. This will also help you develop your ability to apply and to view events through the lens of economics.The critical examination involves a few steps. First, translating a written argument into a form that can be analyzed using tools you have learned in class. The next step is to use these tools to critically examine the argument being made. The analysis involves doing more than merely paraphrasing the textbook, class notes, or using jargon. It involves things like identifying which model/tool is appropriate for this context, checking to see if the assumptions required are satisfied, identifying any changes in circumstances, and working through the predictions, etc. You need to be able to compare your analysis with the author’s arguments and be able to articulate any differences or similarities in a precise manner. The final step is translating all of this back into clear language that readers can easily understand.TaskThere will be two writing assignments in this course to give you practice and opportunities to get feedback on your writing. This is an individual writing assignment.For this writing assignment, you will be given an economic podcast and will be asked to critically evaluate it. You will be graded on the quality and thoroughness of your analysis. Therefore, you will also be graded on the clarity, flow, and overall cohesiveness of the writing in your paper.Podcast:https://freakonomics.com/podcast/doughnut-economics/ (Links to an external site.)PromptIn the podcast, economist Kate Raworth introduces a new economic framework called the “Doughnut model.” She argues, “the blind pursuit of economic growth leaves out too many people and puts too much strain on the planet’s resources,” which runs counter to our understanding of traditional economic thinking. Imagine you are an economist and the President of the United States asks you to critically analyze the “Doughnut model.” Based on your analysis, you are to make a recommendation to the President.Follow the paper outline below:Paper OutlineIntroduction (10 points): The introduction (first paragraph) briefly summarizes what you consider to be the main point(s) of the article. If there are many, focus on the one(s) that you will analyze in the assignment.Summary (10 points): A short summary of the podcast should be included. This summary should capture the key points presented in the podcast and any important facts or elements. Do not spend the whole assignment summarizing the entire article. Summaries should be succinct and to the point and be approximately one paragraph. Explain the “Doughnut model” (30 points): The President has heard about the Doughnut model but does not know enough to enact a policy. In this section, you need to explain what the Doughnut model is (i.e., you will need to research this, going beyond what has been explained in the podcast). Note, the President has taken ECON 102 before, so you should be able to explain the Doughnut model using the models we have learned throughout this course.Critical Evaluation of the “Doughnut model” (40 points): This is the most important aspect of this assignment.Students should focus on whether they agree/disagree with the Doughnut model and what their recommendations may be. Students can also analyze how the material in the podcast will impact the economy in a macro setting. The analysis portion has the potential to be varied in nature. However, I recommend sticking to my guidelines below:To evaluate the Doughnut model you need first to understand the author’s arguments. Start by identifying the assumptions inherent in the argument, checking to see if the conclusions follow from these assumptions. Try to distinguish the argument from the evidence provided to support the argumentTo do a critical evaluation, essentially you should take apart the various steps in the argument and see if they make sense separately and as a whole. Can you use the tools learned in class to think about the argument in another way? Check to see if the author is missing anything in his/her argument or has used some tool or method incorrectly or inappropriately. Is there evidence that contradicts their argument? I expect you to use at least 1 economic model we have learned in class. You should be using the AS/AD model, Classical model, the Phillips Curve, etc. Your models should also be detailed. Make sure you read explaining what the models mean and clearly demonstrate the economic implications. All models must be drawn by hand. Any models “grabbed” from the text or internet will not count and will adversely affect your grade. Your hand-drawn models should be scanned and of high-quality. Conclusion (10 points): It is important to have a strong conclusion since this is the last chance you have to make an impression on your reader. The goal of your conclusion isn’t to introduce any new ideas, but to sum up, everything you’ve written. Specifically, your conclusion should accomplish three major goals: Restate the main idea of your essay, or your thesis statement.Summarize the main sub-points of your essay.Leave the reader with an interesting final impression.Works Cited: Must cite at least 3 sources. Class notes/lecture can account for one source. The textbook can account for one source.How to format your assignmentYour assignment should be typed, double-spaced, and have a font size of 12 points.Minimum of 3 pages (not including models, works cited page).The assignment should be in Word.How to submit your assignmentYour assignment should be submitted through Canvas. Any drafts submitted through email will not be accepted.You will submit your writing as a word document. Other formats will not be accepted.Your models must be hand-drawn, scanned as an image, and pasted to your word document.Grammatical mistakesStudents are required to proofread their assignments prior to submitting. Students are recommended to utilize the campus-writing center to ensure any grammatical/writing errors are corrected. I generally do not give lower grades for grammatical mistakes. However, if the writing is too incomprehensible/unclear, there will be a reflection in the overall grade. You are encouraged to take advantage of Glendale Community College’s Writing Center. https://www.glendale.edu/students/student-services/learning-center-tutoring/writing-center (Links to an external site.)PlagiarismRemember: NO PLAGIARISM!!! Your electronic work will be scanned for plagiarism using University software tools. Students must work on their writing assignments individually. Academic dishonesty will not be tolerated. Students who commit any form of academic dishonesty described in the course syllabus and below will receive an “F” for the course and subject to disciplinary sanctions. Make sure you review the course policy on academic dishonesty.Academic Dishonesty: Any acts that violate the right of another student with respect to academic work or that involves misrepresentation of a student’s own academic work. Academic dishonesty includes (but is not limited to) cheating on assignments or exams; plagiarizing (misrepresenting as one’s own anything done by another); submitting the same or substantially similar papers for more than one course without the consent of all instructors concerned; depriving another of necessary course materials, or sabotaging another’s work.Plagiarism: This involves passing off anyone else’s work as your own, and includes copying a whole paper or parts of it and claiming it as your own work. It also includes turning in your own same or essentially similar paper for two or more courses. Glendale Community College has very strict rules concerning plagiarism. If you use any other person’s work, words, or ideas, please cite and acknowledge the sources.Note that Glendale Community College has purchased a program that allows professors to check if any student paper, essay, or research paper has been copied or paraphrased from the Internet. I will use this program to check for plagiarism.A score of 10% or more is considered plagiarism and will receive an automatic F.below is my essay please edit according to the rubricthe Introduction is really good dont touch it the Summary is really good dont touch it for the Analysis is not good the Paragraphs not always organized by thoughts but flow mostly logical. Mostly smooth transition between ideas. Some long, confusing sentences. Some minor unnecessary repetitions. Some economic terms and concepts used without a clear explanation. Sources are referenced and cited correctly. so I need you to edit my essay from my mistakes from good to really good Paragraphs well organized by thought and flow logically. Smooth transition between ideas. Clear and easy to read sentences. No unnecessary repetitions. Economic terms and concepts clearly explained. Sources are referenced and cited correctly.the Critical Evaluation is currently bad Presents the evidence but with little analysis. and/or Interpretation of reviewed sources confusing or contradictory. Uses class tools with significant conceptual errors or does not show clearly that has identified and understood the reviewed sources’ arguments. Uses tools studied in class (or in other courses), but important elements are missing and/or incorrect. Uses 2 academic references so from that bad part in my essay I want you to edit it and follow this rubric Demonstrates independent thinking and critical reasoning. Uses evidence to refute/support arguments. Is able to recognize the limitations of the tools and make a clear conclusion. Uses appropriately the tools studied in class (or in other courses) to perform a complete analysis. Makes sensible inferences. Uses more than 5 academic references.the Conclusion is really good dont touch it1
Doughnut economics is a graphic representation of sustainable economic growth
(doughnut-shaped), which combines planetary boundaries and the corresponding social
boundaries concept. The name (doughnut) is derived from a diagram shape, i.e., round with a
hole in the center. The hole in the middle of the model shows the number of humans who do not
have access to life fundamentals, such as education, healthcare, etc. In contrast, the crust
constitutes planetary boundaries that are dependent on life and should not be overstretched.
These planetary boundaries include biodiversity loss, climate change, acidification of oceans, air
pollution, etc. Social boundaries have energy, water, food, health, education, and housing.
Economics influences the future making of decisions figures our reactions to social and
ecological challenges like inequality and climate change that explains the times we live in. In the
21st century, we must revise our thinking about economics. It is necessary that we need to
understand what precisely economic is and what it does, the way we can interrupt our growth
addiction, redesign dollars, finances, and firms to service humans; and invent economies which
are distributive and constructive by design. Doughnut model provides a revolutionary new
direction for directing development globally, corporate plans, and government policies and lays
down new standards on how economic prosperity resembles. This model picks up the best
emergent concepts from feminist, environmental, institutional, and behavioral economics to
thinking difficulty and Earth Science to look into this question: How we can rotate up growing
economies if they allow us to thrive, etc. Doughnut Economics puts forward modifications and
innovations for the next generation of economic philosophers (Ross, 81-86).
Doughnut Economic Model
In the 21st century, there is a big challenge of meeting everyone’s needs within the
planet’s means. This ensures that everyone’s essential needs (healthcare, education, food,
housing, etc.) are met without overstretching human pressure on the planet’s crucial systems that
support life, which humans rely on, such as protective ozonosphere, good soils, and a stable
climate. The model of social and planetary boundaries is a solemn approach to structuring that
problem, and it shows directions for the progress of humans in this century.
The doughnut of social and planetary boundaries (2017)
The ecological ceiling has nine planetary boundaries, which are in danger due to
environmental destruction and the possibility of the planet reaching a critical point. There are
also twelve social ceilings acquired from world governments in the Sustainable Development
Goals in 2015(Internationally agreed minimum social standards). There lies an environmentally
secure and socially fair space between planetary and social boundaries where humanity can
comfortably blossom. For instance, there is an increasing dissatisfaction in the housing need of
residents. About 20 tenants in the city have difficulty meeting their basic needs after paying their
house dues, and only 12% successful applicants. The president can solve this by building other
houses. Still, the doughnut model in the area spotlights that the emissions of Carbon dioxide are
above the 1990 levels by 31%, where 62% of these emissions come from building materials
imports, food, and final consumer products outside the city boundaries. In this case, the city
should ensure constructers use materials that can be recycled and biological-based products, i.e.,
wood. The doughnut model motivates policymakers to consider the atmosphere before making
any decision critically. The reason why houses are costly is not because of the fewer number
being built, but because of many dollars flowing globally. People currently see the best way to
invest through real estate, thus driving prices up (Sayers, et al. 2015).
The doughnut model is best preferred because it balances both the economy and the
environment, thus enables sustainable economic development. However, there are other
economic models that they must move hand in hand with the doughnuts models as illustrated
The elementary concept of the classical model is the automated nature of the economy.
This model explains how the economy can always arrive at the natural extent of actual GDP. The
size of real GDP is acquired when there is full employment of the economy’s resources.
Circumstances arise from time to time, making the economy drop below or go beyond the natural
extension of actual GDP; self-adjusting mechanisms exist in the market that strives to bring the
economy to its natural attachment of real GDP. The classical model states that the economy
should always be or close to a reasonable level of actual GDP. This is firmly based on two
beliefs; Say’s law and the reliance that prices, interest rates, and salaries are flexible.
This states that whenever an economy makes a definite GDP level, it should also initiate
the wages required to buy that real GDP level. This means that the economy can demand the
output that its staff and organizations decide to come up with, thus enabling the economy to
always be in a position of achieving the reasonable extent of actual GDP. The Say’s law explains
that when an economy comes up with a definite GDP level, it should also make the income
required to purchase that extent of actual GDP. This means that the economy is always in a
position of demanding the output that its staff and organizations decide to produce, thus,
enabling the economy to be the ability to achieve a reasonable level of actual GDP at all times.
Achieving a reasonable level of actual GDP is not very simple, as Say’s law suggests. However,
it is a fact that the wages got from producing a definite level of real GDP should be enough to
purchase that extent of actual GDP; it is not guaranteed that all of this income should be used up.
Part of this salary will be put into savings. Saved payments are not used in purchasing goods and
services that are to be consumed, implying that these goods’ demands will automatically be less
than its supply. Because of aggregate savings, the aggregate demand may fall underneath the
aggregate supply, which may prompt suppliers to reduce their production and the number of
resources they hire. Consider what may occur when money from aggregate saving is more than
all debtors’ requirements in an economy. As illustrated in the figure below, in this circumstance,
the actual GDP will drop below its reasonable level because expenditure investments will be
lesser than the extent of aggregate savings (Raworth, e48-e49).
In conclusion, economic probabilities may exceed financial experiences. Economics
future as an essential tool for directing human development relies on changing the beginning
point that economists embrace and the queries they often ask. The year 2020 provides a
worldwide power circular economics, and it must be purchased as such by countries. The way is
not sure and is risky, but if anything happens, 2020 is a lesson that leaving old ways may give
rise to creative, smart ways (Boffey, 2020).
Boffey, Daniel. “Amsterdam to embrace ‘doughnut’ model to mend post-coronavirus
economy.” The Guardian 8 (2020).
Raworth, Kate. “A Doughnut for the Anthropocene: humanity’s compass in the 21st century.” The
Lancet Planetary Health 1.2 (2017): e48-e49.
Ross, Florian. “Kate Raworth-Doughnut Economics: Seven Ways to Think Like a 21st Century
Economist (2017).” Regional and Business Studies 11.2 (2019): 81-86.
Sayers, Malcolm, and Katherine Trebeck. The UK Doughnut: A framework for environmental
sustainability and social justice. Oxfam GB, 2015..
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