How to write an economic review on AI
Feedback is the internal assessment component of the IB Economics Course. This component is worth 20% of your final grade, but given the flexibility and time you are offered, there should be no reason why you cannot score highly on this section.
The best part about writing comments is that you get to decide which concepts to write about. You decide which items to choose. In addition, you are relatively free of time pressure, which gives you ample opportunity to review and refine your comment.
This article is designed to guide you through:
How to choose an economics article
A systematic method for writing a comment.
A note on definitions
Key points to remember
choose a good item
In one sentence, this is the best advice I’ve ever heard about cheap reviews:
“A good comment turns the non-economic into the economic”
What does this mean?
It means that the article you choose must be efficiently “non-economic”, that is, use everyday language. However, there should be an opportunity for you to apply your knowledge of economics to the article.
Given this, follow these guidelines when finding your item:
1. Don’t choose articles that have too many existing reviews
Articles written by economists, or articles that already have a significant amount of analysis on the topic, are often not good reviews. This is because much of the evaluation would have been done for you and you will simply be rephrasing the article with little information. It’s best to find articles from everyday news reporters that have little economic information and analysis.
2. Articles must have something that you can evaluate
The best articles are those where there is some controversy, for example:
· Should that good be taxed?
· Should the monopoly be regulated?
· Should the government impose a tariff?
· Is it a good idea to raise interest rates?
· Is the economic growth of this country unstable?
Whatever the topic of the article is, you should be able to discuss and weigh the pros and cons of something. As such, articles describing policy options are often good for comment.
Therefore, it is not recommended to choose articles that just list a bunch of statistics about something that has happened to the economy.
3. Only have one approach to your evaluation
750 words are not enough to effectively assess multiple situations and policy options. Ideally choose an article that reflects this, i.e. only describes a situation/policy. If this is not possible, highlight the relevant part of the article you will be discussing.
4. Choose your concept before looking for the article
Think about the concepts in the syllabus area that you are most confident to assess. What this means is that you can confidently list and explain at least 3 advantages and disadvantages of the policy/situation and illustrate them with diagrams.
Good topics that are rich in evaluation could be:
Microeconomics:
Implementation of minimum and maximum prices
Taxes (Australian carbon tax is good)
· Externalities
Buffer Stock Plans
Regulation of monopolies and oligopolies
· Grants
Macroeconomic:
Monetary policy decisions
Tax policy decisions
Implications of economic growth
International economy:
Decision to implement protectionism (often tariffs)
Decisions to influence the exchange rate
The economics of development:
Receive help
Growth vs development
Find the item:
Once you’ve decided on the topic, finding the item should be pretty straightforward. Simply search Google for articles related to the topic. You may need a bit of trial and error. If you get stuck, try this approach:
country + theme
For example, Russia Tariff, China Peak Price, Australia Carbon Tax
Google now has a search feature for news articles.
If possible, have some diversity regarding the countries you discuss, i.e. don’t talk about China in all your articles.
A systematic way of writing the article.
This approach will work for the vast majority of articles you find. Note that this is similar to the approach described in ‘How to get full marks on an IB economics essay’.
1. Summarize the important aspect of the article in 1-2 sentences (preferably 1)
Assume that the moderator has already read your article, so you don’t need to spend too much time explaining what the article is about. With only 750 words available, every word must count. So keep this part as succinct as possible.
The main objective of this award is for the examiner to know which part of the article he considers to be the most important.
2. Show your intent to test and what you will test
Leave no doubt in the examiner’s mind, from the outset, that you intend to assess. Comments that are purely descriptive with little evaluation should be avoided and help prevent you from falling into that trap.
This should only be 1-2 sentences.
3. List and explain the advantages
The more detailed the perk explanation, the fewer perks you need to discuss and vice versa. Aim for at least 2 and at most 3, although on rare occasions you may only have one advantage that you will discuss at length.
With practice, you will intuitively discover how the length and detail of each benefit should be discussed. Ideally, include one diagram per benefit discussed.
As you go about writing your essay, it’s often helpful to qualify these advantages as well. Instead of simply writing “A key benefit is that the policy will reduce unemployment,” write “Since the economy is likely experiencing a deflationary gap, a key benefit of the policy is that it will help the economy move closer to its maximum level”. job.”
4. List and explain the disadvantages
The principles behind this are the same as for perks.
5. Weigh advantages and disadvantages
It often happens that the advantages and disadvantages do not carry the same weight. Depending on what is being evaluated and the economics under consideration, it is often more appropriate to lean one way or the other rather than simply write “it depends.”
This is essentially your conclusion. For the vast majority of evaluations, this should be a tentative conclusion, ie “Likely to be overall advantageous” rather than “Definitely overall advantageous.”
For policy evaluations, it may be important here to consider some alternative policy options. Remember also that doing nothing is a possible political option.
A note on definitions
Points are awarded for correct definitions and as such it is important that you define key economic words in your commentary. However, with a minuscule word limit, definitions incur an opportunity cost, the next best alternative being lost when an economic decision is made.
As such, a decision must be made about which terms you will define. Keep the following in mind when deciding how and what to define.
1. Definitions must be integrated in the best possible way
For example, if I were to define the maximum price:
Do not write:
The Chinese government has imposed a maximum price on pork. A price cap is defined as the maximum price that can be charged for a good or service.
Instead write:
The Chinese government has imposed a ceiling price, the maximum price that can be charged for a good or service, on pork.
The second approach saves words and flows better.
2. Don’t define absolutely every economic word in your essay.
You just don’t have enough words to define everything. Not all economic concepts are critical for your evaluation. Often, if you find yourself defining words like supply, demand, price, or quantity, you are defining too much.
For the most part, he shows his understanding of the economic concept, not by quoting a definition from a textbook, but by using it correctly in his analysis.
To get an idea of what needs to be defined, ask some data response questions and look at what is defined in part a).
Don’t let your comment suffer death by definition.
3. Avoid using footnotes
Footnotes are included in your word limit, and it will often take more words to write a full definition rather than seamlessly integrate it into your comment.
Key points to remember
1. The purpose of your comment must be to evaluate. Rating shouldn’t be the “extra” part you add for bonus points.
2. Your analysis should be directed at your article
Basically, imagine if I take your comment and swap your article for another article on the same topic. If your article still “works”, then your article is not targeted.
Be careful when using generic arguments like “A recession will mean a decrease in demand for the product.” If the product is alcohol or cigarettes, this is unlikely to be the case.
Also, if you’re saying, “The monopoly should be regulated by the government,” make sure the monopoly isn’t already regulated. Similarly, if he is suggesting that the government lower interest rates and interest rates are already close to zero (eg Japan), then his argument is flawed.
Draw diagrams to reflect the situation of the economy. For example, if the economy in your article is currently in a recession, draw your AD/AS diagram illustrating this with a deflationary gap. Do not have AD intersecting SAS at the full employment output level. If your item’s industry is a net exporter, draw the world price above the equilibrium domestic price.
final thoughts
The internal assessment component should be the easiest component to get high marks. You have the flexibility of time and you can basically choose your own exam question.
We hope that this guide will provide you with the necessary direction and help you achieve your IB economics objectives.
Good luck,
owen-yang
Executive Tutor – Australian IB Tuition
Founder – IB Blueprint
