HOW TO EVALUATE IN ECONOMICS?

APPLICATION TO ECONOMIC COMMENTARIES

Your Commentary & Evaluation

• Your should allow at least 200 words for evaluation in your commentary.

• There are specific criteria which you must cover in order to effectively evaluate.

Criteria: 1 Advantages & Disadvantages

• Identify advantages and disadvantages associated with the issue/proposal/law/topic.

• Try to reach the point of effective decision making. Eg: Clearly the advantages outweigh the disadvantages because… Or this is the main advantage because…

• Eg: The disadvantages are minor in respect to their economic impact, while the advantages will have a more significant financial benefit for all parties.

Criteria: 2 Prioritize the Arguments for Controversial Issues

• You should identify the weakest & strongest argument for and against a specific topic.

• Eg: The weakest argument for protection may be nationalism while the strongest argument might be the infant industry or employment argument.

Criteria 3: Short / Long Term Perspective

• Eg: In the short term the possible consequences could be…

• Eg: In the long term the possible ramifications could be…

Criteria 4: The Perspective of Different Stakeholders

• Eg: The Union Movement & The Democrats would clearly support this proposal, but the Republicans and Business groups may be opposed because….

• Remember stakeholders are any groups or individuals that have an interest/connection to the topic/issue/proposal.