This essay is not to be simply summaries of the readings in the designated sections, but rather your critical reactions to them. The text of the essay may not exceed 1250 words in length, including references at the end (approximately three and one-half typewritten, double-spaced pages). Longer and late papers will be penalized. Guidance sheets will be provided to help you formulate your essay.
Milton Friedman, Capitalism and Freedom. Chicago: University of Chicago Press, 1962, Introduction, Chs. 1, 2,
Robert Kuttner, “The Squandering of America’s Assets,” Challenge, 51 (1), January/February 2008: 78-90.
Amitai Etzioni, “The Free Market versus a Regulating Government,” Challenge, 52 (1), January/February 2009: 40-
Stephen Marglin, “Why Thinking Like an Economist Can Be Harmful to the Community,” Challenge, 51 (2),
March/April 2008: 13-26.
Jon D. Wisman, “Keynesian Economics and Economists’ Views on the State,” Forum for Social Economics, 16, Fall
the guidance of the essay:
The late Milton Friedman was a renowned Nobel Prize winning economist who has greatly influenced U.S. economic policy over the past 45 years. He is also known world-wide for his defense of free-market capitalism. Following his lead, many economists are willing to place a great degree of confidence in the ability of markets to efficiently and justly allocate society’s resources. The principal goal of this assignment is to develop a critical understanding of Friedman’s position and the issues it involves. A second goal is to practice writing a properly researched and crafted essay. Your essay should provide treatment of the following:
- What is the relationship that Friedman sees between capitalism and freedom?
- Why does Friedman believe that government regulation is almost always a mistake?
- How, according to Robert Kuttner, has deregulation had such negative consequences as growing inequality, less security, and financial crises?
- Why, according to Amitai Etzioni, is self-regulation by the market not sufficient? What does he propose to help prevent the regulated from controlling the regulators, regulations, or their enforcement?
- How does Stephen Marglin support his claim that “markets have undermined all that is good about community”?
- Why do economists judge the appropriate role of the state so differently? How might it be related to their differing views on public versus private goods? How might it be related to their views concerning human behavior?
Your essays must demonstrate a critical comprehension of the above issues. They should draw from all the readings in Part I, Section E of the syllabus and each of these readings must be referenced. References may include either a direct quotation or an idea from the readings expressed in your own words. Bothmust be appropriately cited. Your essay must use in text citations and references as set forth in the endnote below.All of the readings, not found in the course textbooks, are available in the E-Reserves section of our Blackboard site, as well as on reserve in the library (reserve room on underground floor). Counting everything, papers may not be more than 1250 words in length (Please provide word count at the end of the paper. It will be approximately three and 1/2 typewritten, double-spaced pages). This assignment is due at 11:20 a.m. on October 8. It must be submitted in hard copy.
Grading: There are 10 points for this Essay:
Eight points for content and quality of exposition.
One point for proper referencing.
One point for no more than 5 spelling or grammatical mistakes.
There will be a 2 point penalty for papers late 1-7 days. The penalty for papers later than a week will be the full 10 points and they will not be graded! There will be a 2 point penalty for papers longer than 1250 words.
Some hints on writing a good essay:
1) Outline your paper before writing it so as to ensure that the paper will unfold as you wish.
2) Choose a title for your paper that is suggestive of your essay.
3) State what your essay is about in the first paragraph.
4) Divide your paper into sections with section headings (your outline will make this easy).
5) Bring your essay to a clear conclusion in the last paragraph.
6) Check for spelling and correct grammar.
7) Check that your references are correctly listed at the end.
8) Read your paper out loud.
9) Continue revising until a big smile spontaneously comes onto your face.
10) Ask a friend to proofread and comment on your paper.
Examples of in text citation and reference:
- 1)“Only a crisis—actual or perceived—produces real change” (Friedman 1982, ix).
- 2)Friedman believes that the evidence supports the contention that competitive capitalism is necessary for freedom (Friedman 1982, 9).