Applying Economics to the Real World

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Oct 2, 2025

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6 pages

Cases: Applying Economics to the Real World

Select two of the three cases presented below and prepare a three-page written analysis of each case (six pages total). These case studies provide a real-world application of the concepts you have studied during this course.

Case 1: Government Spending and Taxation

· Review Special Topic 1 of Macroeconomics: Private and Public Choice.

· Review Chapters 5 and 6 of Macroeconomics: Private and Public Choice.

Using the Government Spending and Taxation case, Chapters 5 and 6, knowledge you have gained in this course, and at least three additional credible sources, analyze the case by addressing the following:

· Describe how government spending and the composition of the government has changed in recent decades. In other words, in what areas has the government cut spending and in what areas has the government increased spending in recent decades?

· Determine if this change in government spending and composition will help Americans achieve a higher standard of living. Be sure to support all claims with research.

· Assess whether democracy can survive if the majority of U.S. citizens pay little or nothing in taxes but benefit directly from increased government spending. Why or why not?

· Propose the composition of government, government spending, and taxation that you believe would work best. Be specific and support your proposal with research.

Case 2: The Economics of Social Security

· Review Special Topic 2: The Economics of Social Security of Macroeconomics: Private and Public Choice.

Using the Economics of Social Security case, knowledge you have gained in this course, and at least three additional credible sources, analyze the case by addressing the following:

· Explain how the Social Security system’s basic principles differ from private insurance.

· Determine how Social Security affects the economic well-being of the black community compared to white and Hispanic communities.

· Assess if the current Social Security system promotes income equality. Why or why not?

· Propose how the Social Security system could be modernized to ensure long-term solvency and fairness in distribution. Be specific and support your proposal with research.

Case 3: Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government (Case 4 in the text)

· Review Special Topic 4: Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government of Macroeconomics: Private and Public Choice.

· Review Chapters 11 and 12 of Macroeconomics: Private and Public Choice.

Using the Keynes and Hayek: Contrasting Views on Sound Economics and the Role of Government case, Chapters 11 and 12, knowledge you have gained in this course, and at least three additional credible resources, analyze the case by addressing the following:

· Describe briefly how Keynes’s and Hayek’s economic theory and views differ.

· Contrast the two views on how savings impact the economy.

· Compare the two views on whether the economy would fluctuate, more or less, over the business cycle without government intervention. Be sure to address the inherent stability of the market economy and the impact of government interventions to steer the economy.

· Hypothesize on which economist theory, Keynes or Hayek, you believe is more credible and explain why. Be specific and support your hypothesis with research.

The Cases: Applying Economics to the Real World final project

· must be six to seven double-spaced pages in length (not including title and references pages and formatted according to APA Style

Must include a separate title page with the following:

· Title of paper in bold font

· Space should appear between the title and the rest of the information on the title page.

· Student’s name

· Name of institution

· Course name and number

· Instructor’s name

· Due date

Must utilize academic voice.

Must include an introduction and conclusion paragraph. Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.

Must use at least seven credible sources in addition to the course text.

Must document any information used from sources in APA Style.

Should avoid over-dependence on direct quotes

· Direct quotes are a great way to strengthen our assertions and provide support. However, be sure to avoid using excessive direct quotes in lieu of original thought. Direct quotes will not meet the requirement for analysis, application, and critical thinking. Please ensure to not overuse direct quotes so that you can avoid losing points for this.

Must include a separate references page that is formatted according to APA Style.

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Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Here’s a clear, tutor-style breakdown on how to complete this assignment:

Step 1: Understand the Requirements

Length: 6–7 double-spaced pages (not including title and references).
Cases: Pick two out of the three provided. Each case analysis = about 3 pages.
Sources: At least 7 credible sources in addition to your textbook.
Format: APA style — title page, in-text citations, reference page.
Voice: Academic, original analysis with limited direct quotes.
Structure: Introduction, case 1 analysis, case 2 analysis, conclusion, references.

Step 2: Draft the Title Page (APA Style)

Include:

Title: Cases: Applying Economics to the Real World (centered, bold)
Student Name
Institution
Course Name & Number
Instructor’s Name
Due Date

Step 3: Write the Introduction (½ – 1 page)

Start with a hook: Why economics case studies matter in connecting theory to real-world policy.
Provide background: Mention the three cases and state you’ll analyze two of them.
End with a clear thesis: Example — This paper analyzes Case 1 on Government Spending and Taxation and Case 2 on the Economics of Social Security, evaluating their impacts on policy, equity, and long-term economic stability.

Step 4: Case 1 — Government Spending and Taxation (≈3 pages)

Structure:

Overview: Summarize changes in government spending patterns (defense, social programs, infrastructure, etc.).
Impact on standard of living: Discuss whether reallocations (healthcare, education) raise well-being. Support with statistics.
Democracy & taxation: Analyze the risk of a majority benefiting from government spending while paying little in taxes.
Proposal: Recommend your ideal government spending/tax mix, supported by credible sources (think balance between efficiency and equity).
Transition sentence to Case 2.

Step 5: Case 2 — The Economics of Social Security (≈3 pages)

Structure:

Overview: Explain how Social Security differs from private insurance (pay-as-you-go vs. risk-pooling).
Equity across demographics: Discuss impacts on Black, White, and Hispanic communities. Use credible reports (SSA, Brookings, Urban Institute).
Income equality: Assess whether Social Security narrows or widens disparities.
Modernization proposal: Suggest reforms (raising retirement age, progressive payroll taxes, personal accounts).
Wrap-up sentence to connect to overall course learnings.

(Alternative: If you choose Case 3 instead, follow the same 3-page breakdown with Keynes vs. Hayek.)

Step 6: Write the Conclusion (½ – 1 page)

Restate thesis in new words.
Summarize findings from both cases.
Reflect: What do these cases teach us about applying economics to policymaking?
End with a strong closing insight — e.g., Economic theories only matter if they can address the pressing realities of taxation, spending, and long-term stability of social programs.

Step 7: References Page

Use APA formatting (alphabetical order, hanging indent).
Include at least 7 credible sources (journal articles, government reports, think-tank publications).

Step 8: Final Checklist

✔ Page length: 6–7 pages (not counting title/references)
✔ APA style (title, citations, references)
✔ Clear thesis & structured paragraphs
✔ Minimal direct quotes (paraphrase instead)
✔ At least 7 credible sources beyond the textbook
✔ Original analysis (no copy/paste)

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