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TASK
To give you a sense of what is acceptable writing and what is unacceptable writing, here we present six essays. These essays are possible student answers to three assignments which are similar to assignments you might receive in class.
Essays 1 and 2 deal with the following question:
Professions have a tendency to develop a separate terminology that only members can follow. One reason for doing so might be described as society-serving and another might be described as self-serving. In a short essay discusses which of these two reasons do you think is more important in the case of economic jargon.
Essays 3 and 4 deal with the following question:
The Heisenberg principle states that there is a limit to our knowledge of reality because as we study certain physical phenomena we change them. Might a Heisenberg-type principle be relevant to economics? Write a short essay explaining why or why not.
Essays 5 and 6 are responses to the following:
In a Wall Street Journal article, a woman named Ms. Luhrs is quoted as saying, “If you’re continually consuming, you have to keep working, you can’t get off the treadmill.” Write a short essay explaining whether this a rational statement.
Essay 5
Consuming Less Rationally
By Con Scientious
Underlying economic reasoning is economists’ analysis of individual choice. That analysis is based upon the observation that, generally, people act according to their rational self-interest, trying to get as much pleasure as possible out of life. From this proposition and subsequent measurement of pleasure, comes economists’ basic principle of rational choice: spend your money on those goods that give you the most marginal utility per dollar.
An economist would use this principle to assess whether or not Ms. Luhrs’s statement is rational. If Ms. Luhrs calculated the marginal utility per dollar of leisure to be greater than that of consumption of material goods, and thus, work, her statement would be assumed to be rational by economists. The article, “When Shopping Sprees Pall, Some Seek the Simple Life,” [The Wall Street Journal, May 24, 19995] discusses that the decision is hers and that it has been made after careful thought. For example, Ms. Luhrs’s statement “It’s a freedom thing, the way I see it,” demonstrates the high value she gives to freedom, and the low value she gives to material goods. The fact that many people do not share her valuation of leisure versus material wealth is irrelevant to the issue.
There is nothing in economics that says that people must want more and more material things. A second part of the principle of rational choice is the principle of diminishing marginal utility: as our consumption of an item increases, the marginal utility obtained from each unit decreases. It could be argued that Ms. Luhrs is demonstrating this principle: that after a certain point, work and consumption of material goods becomes less and less satisfying; the marginal utility of consumption of material goods falls.
Assessment of Essay
General Assessment
Specific Comments