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How to Write an Economics Essay: A Complete Guide for Students

Economics is a fascinating subject that deals with the production, distribution, and consumption of goods and services. It also explores how people and societies make choices and respond to incentives in different situations.

If you are studying economics, you will likely have to write an economics essay at some point. An economics essay is a type of academic writing that requires you to analyze a topic or question using economic concepts, theories, and evidence.

Writing an economics essay can be challenging, especially if you are not familiar with the format, structure, and style of this type of writing. You need to have a clear understanding of the question, conduct thorough research, organize your ideas, and present your arguments in a logical and coherent way.

But don’t worry, we are here to help you! In this guide, we will show you how to write a good economics essay step by step, from the introduction to the conclusion. We will also provide you with some useful tips and examples to make your writing process easier and more enjoyable.

By following this guide, you will be able to write an economics essay that is:

  • Relevant: It answers the question or addresses the topic in a meaningful way.
  • Analytical: It shows your ability to apply economic concepts, theories, and models to the question or topic.
  • Critical: It evaluates different perspectives, arguments, and evidence and presents your own position or judgment.
  • Evidence-based: It supports your arguments with relevant and credible data, facts, and examples.
  • Well-structured: It follows a clear and logical structure that guides the reader through your essay.
  • Well-written: It uses clear, concise, and accurate language and follows the conventions of academic writing.

Ready to start? Let’s dive in!

Step 1: Understand the question

The first step of writing an economics essay is to understand the question or topic that you are given. You need to identify:

  • What is the main issue or problem that you need to address?
  • Why is it important or relevant to the field of economics?
  • How are you expected to approach or answer the question?

To do this, you should:

  • Read the question carefully and highlight the key words or phrases.
  • Define any terms or concepts that are unclear or unfamiliar to you.
  • Check the instructions or guidelines for the essay, such as the word limit, the format, the referencing style, and the assessment criteria.
  • Break down the question into smaller parts or sub-questions if it is too broad or complex.
  • Brainstorm some possible ideas or arguments that you can use to answer the question.

Step 2: Conduct research

The second step of writing an economics essay is to conduct research on the question or topic. You need to gather relevant and credible information, data, and evidence that will support your arguments and analysis. You also need to review the existing literature and theories on the topic and identify the main perspectives, debates, and gaps.

To do this, you should:

  • Use reliable and reputable sources, such as academic journals, books, reports, and websites.
  • Use a variety of sources, such as primary, secondary, and tertiary sources, to get a comprehensive and balanced view of the topic.
  • Use appropriate search tools and keywords to find the most relevant and recent sources for your topic.
  • Evaluate the quality and credibility of the sources, such as the author, the publisher, the date, the purpose, and the evidence.
  • Take notes of the main points, arguments, and evidence from each source and organize them according to the sub-questions or themes that you identified in the previous step.
  • Cite the sources properly and consistently using the referencing style that is required for your essay.

Step 3: Plan your essay

The third step of writing an economics essay is to plan your essay. You need to outline the main structure and content of your essay and decide how you will organize and present your ideas, arguments, and evidence. You also need to consider the logical flow and coherence of your essay and how you will connect the different parts and paragraphs.

  • To do this, you should use the standard structure of an economics essay
  1. Introduction: Sets the stage for your essay, introducing the topic and providing necessary background information to understand the context of your argument.
  2. Thesis Statement: Serves as the backbone of your essay, clearly stating your central argument or main point that you will support throughout.
  3. Body Paragraphs: These are the meat of your essay, where each paragraph focuses on a single point that backs up your thesis, bolstered by evidence and examples.
  4. Conclusion: Ties all your points together, summarizing the main arguments and restating your thesis, considering the evidence you’ve presented, and leaving the reader with a final thought or implication of your work.
  • Write a thesis statement that summarizes the main argument or answer that you will provide in your essay.
  • Write topic sentences that introduce the main idea or point of each paragraph in the body of your essay.
  • Write supporting sentences that explain, analyze, and evaluate the topic sentence using economic concepts, theories, and evidence.
  • Write transition sentences that link the paragraphs and show the relationships between the ideas.
  • Write a conclusion that restates the thesis statement, summarizes the main points, and provides a final comment or recommendation on the topic.

Remember, the clarity of your writing and the strength of your evidence are key to a compelling economics essay. Good luck with your writing!

Step 4: Write your essay

The fourth step of writing an economics essay is to write your essay. You need to follow the outline that you created in the previous step and write clear, concise, and accurate sentences that convey your ideas, arguments, and evidence. You also need to follow the conventions of academic writing, such as the tone, the style, the grammar, and the punctuation.

To do this, you should:

  • Write in the third person and avoid using personal pronouns, such as I, you, we, etc.
  • Write in the present tense and avoid using contractions, such as can’t, won’t, etc.
  • Write in the active voice and avoid using passive voice, such as The data was collected by the researchers, etc.
  • Write in a formal and objective tone and avoid using colloquialisms, slang, or emotive language, such as awesome, cool, etc.
  • Write in a clear and precise way and avoid using vague, ambiguous, or redundant words, such as very, really, etc.
  • Write in a logical and coherent way and avoid using long, complex, or run-on sentences, such as The results of the study, which were published in the Journal of Economic Development, showed that there was a positive correlation between the level of education and the income of the individuals, etc.
  • Write in a consistent way and avoid using different spellings, abbreviations, or formats, such as US, U.S., USA, etc.
  • Write in a respectful and ethical way and avoid using biased, offensive, or plagiarized language, such as The poor are lazy and ignorant, etc.

Step 5: Check the correctness of the citation

Citations are important for acknowledging the sources of information and evidence that you use in your economics essay. They also help the reader to locate and verify the sources that you have used.

There are different citation styles that you can use for your economics essay, such as Harvard, APA, MLA, Chicago, etc. However, you should follow the citation style that is preferred or required by your instructor, journal, or institution. You should also be consistent and accurate in applying the citation style throughout your essay.

One of the common citation styles for economics papers is the Harvard style, which uses the author-date system. This means that you cite the author’s last name and the year of publication in parentheses in the text, for example, (Smith, 2020). If you quote a specific passage or use a specific statistic, you should also include the page number, for example, (Smith, 2020, p. 42). At the end of your essay, you should provide a reference list that includes the full bibliographic details of each source that you have cited, such as the author, title, publisher, place, and date.

Here is an example of how to cite a book using the Harvard style:

  • In-text citation: (Acemoglu and Robinson, 2012)
  • Reference list entry: Acemoglu, D. and Robinson, J.A. (2012) Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown Publishers.

Here is an example of how to cite a journal article using the Harvard style:

  • In-text citation: (Krugman, 1991)
  • Reference list entry: Krugman, P. (1991) ‘Increasing returns and economic geography’, Journal of Political Economy, 99(3), pp. 483-499.

Here is an example of how to cite a website using the Harvard style:

  • In-text citation: (World Bank, 2020)
  • Reference list entry: World Bank (2020) World Development Indicators. Available at: 1 (Accessed: 15 December 2020).

For more examples and guidelines on how to use the Harvard style for economics papers, you can refer to this document: Quick guide to referencing: Harvard (Warwick Economics). However, you should always check with your instructor, journal, or institution for any specific requirements or variations of the Harvard style.

I hope this helps you with citations.

Step 6: Revise your essay

The fifth and final step of writing an economics essay is to revise your essay. You need to check and improve the quality and accuracy of your essay and make sure that it meets the requirements and expectations of the question and the instructor. You also need to proofread and edit your essay and correct any errors or mistakes that you may have made.

To do this, you should:

  • Review the content of your essay and make sure that it is relevant, analytical, critical, and evidence-based.
  • Review the structure of your essay and make sure that it is well-structured, well-written, and well-connected.
  • Review the sources of your essay and make sure that they are properly and consistently cited and referenced.
  • Review the language of your essay and make sure that it is clear, concise, and accurate.
  • Review the presentation of your essay and make sure that it is neat, tidy, and formatted according to the instructions or guidelines.
  • Use a spell checker, a grammar checker, or a plagiarism checker to identify and fix any errors or mistakes that you may have missed.
  • Ask for feedback from your peers, your instructor, or a professional editor and make any necessary changes or improvements based on their suggestions.

Congratulations, you have completed your economics essay!

We hope that this guide has helped you to write a good economics essay and that you have learned some useful tips and skills along the way. Remember, practice makes perfect, so keep writing and improving your economics essays. Good luck and happy writing!

Advanced Writing Techniques

Now that you’ve mastered the basics of writing an economics essay, let’s delve into some advanced writing techniques to elevate your essays to the next level. Here are a few tips:

  • Integration of Mathematical Models: Economics often involves the use of mathematical models to analyze complex relationships. When incorporating mathematical models into your essay, ensure clarity and provide explanations for the assumptions and implications of the model.
  • Statistical Analysis: Utilize statistical analysis to support your arguments with empirical evidence. Ensure proper interpretation of statistical results and avoid common pitfalls such as correlation vs. causation fallacies.
  • Engaging with Opposing Viewpoints: Acknowledge and engage with opposing viewpoints in a nuanced manner. Address counterarguments effectively and strengthen your own arguments through reasoned rebuttals.
  • Synthesis of Multiple Perspectives: Synthesize multiple perspectives on the topic to provide a comprehensive analysis. Consider different schools of economic thought and incorporate interdisciplinary perspectives where relevant.
  • Incorporation of Diagrams: Enhance the clarity and visualization of your arguments by incorporating diagrams or visual aids. Diagrams can help illustrate complex economic concepts, relationships, and data trends, making your essay more compelling and easier to understand.

By incorporating these advanced writing techniques into your economics essays, you can demonstrate a deeper understanding of the subject matter and produce more sophisticated arguments.

Economics Essay Example

This is an example of a well-structured economics essay that follows the standard format of an introduction, a body, and a conclusion. It also has a clear thesis statement, topic sentences, supporting sentences, transition sentences, and citations. It uses clear, concise, and accurate language and follows the conventions of academic writing. I hope this example helps you understand how to write a good economics essay.

The Impact of Globalization on Economic Growth

Globalization is the process of increasing integration and interdependence of the world economies, cultures, and people. It involves the movement of goods, services, capital, labor, information, and ideas across national borders. Globalization has been driven by various factors, such as technological innovations, trade liberalization, foreign direct investment, migration, and cultural exchange.

The impact of globalization on economic growth has been a subject of debate and controversy among economists and policymakers. Some argue that globalization has positive effects on economic growth, as it enhances productivity, efficiency, innovation, and competitiveness. Others contend that globalization has negative effects on economic growth, as it creates inequality, instability, environmental degradation, and social problems.

In this essay, I will examine the arguments and evidence for and against the impact of globalization on economic growth. I will also discuss the implications and challenges of globalization for the future of the world economy.

Globalization and Economic Growth: The Positive Effects

One of the main arguments in favor of globalization is that it promotes economic growth by increasing the availability and diversity of resources, markets, and opportunities. Globalization enables countries to access and exploit comparative advantages, economies of scale, and technological spillovers. It also fosters competition, innovation, and learning, which enhance productivity and efficiency.

According to the World Bank, the average annual growth rate of real GDP per capita in developing countries increased from 1.4% in the 1960s to 3.6% in the 2000s, partly due to the expansion of trade and investment flows. The World Bank estimates that between 1990 and 2010, globalization lifted more than 1 billion people out of extreme poverty and reduced the global poverty rate from 36% to 15%. Moreover, globalization has contributed to the improvement of human development indicators, such as health, education, and life expectancy.

Some examples of countries that have benefited from globalization are China, India, South Korea, and Singapore. These countries have adopted market-oriented reforms, opened up their economies, and integrated with the global system. As a result, they have achieved remarkable economic growth, poverty reduction, and social progress. For instance, China’s real GDP per capita increased from $439 in 1980 to $10,262 in 2019, while its poverty rate declined from 88% in 1981 to 0.6% in 2019.

Globalization and Economic Growth: The Negative Effects

One of the main arguments against globalization is that it harms economic growth by creating inequality, instability, environmental degradation, and social problems. Globalization creates winners and losers, as some countries, sectors, and groups gain more than others. It also exposes countries to external shocks, such as financial crises, pandemics, and natural disasters. It also generates negative externalities, such as pollution, climate change, and biodiversity loss.

According to the International Monetary Fund, the global income inequality, measured by the Gini coefficient, increased from 0.53 in 1988 to 0.61 in 2011, partly due to the uneven distribution of the benefits and costs of globalization. The IMF also reports that the global financial crisis of 2008-2009, triggered by the collapse of the US subprime mortgage market, caused a sharp contraction of the world output, trade, and investment, and pushed millions of people into unemployment and poverty. Moreover, globalization has exacerbated the environmental and social challenges, such as deforestation, water scarcity, human trafficking, and terrorism.

Some examples of countries that have suffered from globalization are Argentina, Greece, Venezuela, and Zimbabwe. These countries have faced economic and political crises, social unrest, and humanitarian disasters, partly due to their exposure and vulnerability to the global forces. For instance, Venezuela’s real GDP per capita decreased from $12,859 in 2013 to $2,548 in 2019, while its inflation rate soared to 19,906% in 2019.

Globalization and Economic Growth: The Implications and Challenges

The impact of globalization on economic growth is not clear-cut, as it depends on various factors, such as the level of development, the degree of openness, the quality of institutions, and the policy choices of each country. Globalization can be a source of opportunity or a source of threat, depending on how countries manage and respond to it. Therefore, it is important to adopt a balanced and pragmatic approach to globalization, that maximizes its benefits and minimizes its costs.

Some of the implications and challenges of globalization for the future of the world economy are:

  • The need to reform the global governance system, such as the United Nations, the World Trade Organization, the International Monetary Fund, and the World Bank, to make it more representative, accountable, and effective.
  • The need to strengthen the global cooperation and coordination, especially on the issues of common interest and concern, such as trade, finance, health, environment, and security.
  • The need to promote the inclusive and sustainable development, that ensures that all countries and people can participate in and benefit from the global process, while respecting the planetary boundaries and the human rights.
  • The need to foster the intercultural dialogue and understanding, that respects the diversity and pluralism of the world, while promoting the common values and principles of the humanity.

Conclusion

Globalization is a complex and controversial phenomenon that has profound and far-reaching effects on the world economy. It has both positive and negative impacts on economic growth, depending on the context and the perspective. It also poses significant implications and challenges for the future of the world economy, that require collective and constructive actions from all stakeholders. Therefore, it is essential to embrace globalization with caution and wisdom, and to strive for a more balanced, fair, and peaceful world.

Mastering the art of writing an economics essay is essential for students navigating through the intricacies of economic theory and analysis. This comprehensive guide has equipped you with the necessary tools to embark on your essay-writing journey confidently. From understanding the question to crafting a well-structured argument supported by evidence, each step has been meticulously outlined to streamline your writing process. Remember, practice and perseverance are key to honing your skills. Should you find yourself in need of further assistance or guidance, don’t hesitate to seek economics essay writing help. With dedication and the knowledge gained from this guide, you’re well on your way to crafting compelling and insightful economics essays. Good luck on your academic endeavors!