7303AFE: The World of Economics - Economic Theories - Report Writing Economics Assignment Help

Assignment Task:

Please read these instructions carefully and follow them closely. Your assignment will be assessed based on how well you adhere to the instructions.

This assignment (consists of four questions) is designed to get you to look deeper into the world of economics. It forces you to dive deeper into the information and gives you an opportunity to better understand the concepts that you are learning and apply them to a realistic topic, particularly in the context of the current COVID -19 crisis.

Please make sure you apply theories you have learnt in this course. You are free to use any number of references. Provide references related to each of the four main questions separately at the end of answers to all parts of each question of the four main questions You are granted only one attempt to submit your assignment before due date.

Question 1 – (10 marks - word limit 700)     

“GDP is how we rank countries and judge their performance. It is the denominator of choice. It determines how much a country can borrow and at what rate. But GDP is well past its sell-by date, as people are starting to realise. However brilliant the concept, a measure that was invented in the manufacturing age as a means of fighting the Depression is becoming less and less capable of imparting sensible signals about complex modern economies.

Pointing out the defects of GDP and even tentatively suggesting alternatives is no longer controversial. Former French President Nicolas Sarkozy commissioned a panel led by Joseph Stiglitz, a Nobel economist, to examine the issue. It was creating a dangerous “gulf of incomprehension”, Sarkozy said, between experts sure of their knowledge and citizens “whose experience of life is completely out of sync with the story told by the data”. 

Question 2 – (10 marks, word limit 700)

 “The “Great Lockdown” to fight COVID-19 will cost the world economy $US9 trillion and trigger a decline in global output 30 times greater than during the global financial crisis, according to International Monetary Fund predictions for the worst year since the Great Depression.

The fund’s World Economic Outlook forecasts global GDP dropping 3 per cent this year — eclipsing the 0.1 per cent reduction in annual output as a result of the GFC — with Australia’s economy contracting by a hefty 6.7 per cent in 2020 before heading into recovery.

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