Notesale: Turn your study into money

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Evaluation – the answer to your prayers
The plan
Definition of key terms - crisp, accurate
Analysis/explanation – points 1-2-3, 1 key point per para
Diagram to support explanation
Examples/evidence in support
Application to context (if one is given) 1-3 points
Evaluate (1 or 2 evaluation points per main point) as you go (what should/could be, important, priority – see below), evaluative
conclusions, not summary (waste of time)
Conclusion – reasoned, don’t repeat points already made
Refer back to key words in question/context throughout
What evaluation is
Evaluation is about making critical judgements and coming to reasoned conclusions using evidence in front of you and the wider
knowledge you bring
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Justifying an argument carries
more marks than making the argument since stating an argument may be simple
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HINT: DON’T BE AFRAID TO CHALLENGE THE CONVENTIONAL WISDOM
Weestep in evaluation
Wider context – bigger picture, use it to add to arguments, what else is going on, what other effects outside main effect
Efficiency – more or less efficient resource allocation
Equality/equitability (fairness) – some benefit more than others, distributive effects, who, why, is it retrospective
Scope, scale or magnitude – where people are affected, how much, who is affected, different stakeholders/economic agents
(consumers, workers, managers, investors, companies, government, policy makers/civil servants, the poor, the rich etc
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remember to think about what they know, perceive, remember, expectations, how they make decisions), why, results, strong or
weak effects, broad or narrow, some or all, equally?
Time – how long will it last, will it stay the same, diminish over time, or increase, learning effects
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because, is relatively insignificant because – something else more important, theory may not hold true because, idea often criticised
because, argument contradicted by evidence, no longer applies as conditions have changed, time lags means policy takes time to work
through, effects take time, possible conflicts, the writer argues that, but, tentative – may, might, can, could
Time and causation
Time taken to change policy, time to implement, short vs
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long term causes and effects; first, second and third round
effects, but how long does it take, do effects get weaker?; suppose other things do change, when do they change, what then happens?;
relative importance of different strands of argument – prioritise them; nothing happens in isolation – other possible changes?; are
effects exaggerated, or could they be more serious than stated?
Evidence
Evidence, what actually happened, is it reliable, is there bias in extracts? Up to date supporting evidence/examples – is it up to date?
Does it really support the argument?
The command words within a question that definitely require evaluation include:
Evaluate – e
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compare several possible views about a problem or an issue and come to a reasoned conclusion about which view
holds most weight E
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evaluate the performance of the Bank of England in maintaining macroeconomic stability in recent years
Assess - analyse an issue and weigh up the relative importance of different strands e
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assess the possible effects of a rise in the
external value of the pound against the currencies of our major trading partners
Do you think –invites a personal response but the highest marks are awarded for good analysis backed up with reasoned argument and
supporting evidence e
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do you think a national system of road pricing should be introduced for Britain’s motorway network?; should
school meals be free? ; should we charge for doctor visits?
Discuss –prompts you to provide and then compare a range of possible views about an issue or a problem
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g
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Make good use of your final paragraph – avoid repetition of points already made
2
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Put an economic event, a trend, a policy into a wider context
4
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g
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A singular economic event never happens in isolation, especially in a world where economies are so closely inter-connected
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Question the reliability of the data you have been given
7
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Consider both short term and longer term consequences (they are not always the same)
9
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Think about what might happen to your arguments if you drop the “ceteris paribus” assumption

Look for key stem words in question, focus on them, so your answer doesn’t drift into irrelevance, build evaluation on them
“Evaluate whether government should give financial assistance to firms producing cars in the UK to increase their competitiveness
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What does competitiveness mean? It is a concept with more than one
meaning? Which firms might be offered financial help? Who are the stakeholders involved in such decisions? Who gains and who
loses in the medium term from state aid?
“Using the data and your economic knowledge, assess how far interest rate cuts might improve the performance of economies such as the
USA and the UK”
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e
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g
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W h a t d o e s
“ s u s t a i n e d g r o w t h m e a n ? ” Is there a difference between sustained gro wth and sustainable growth? W h a t d o e s
a f a s t r a t e o f g r o w t h m e a n ? Are the two compatible? To what extent might a high rate of economic growth not be sustained
or sustainable in the long term? Distinguish between the short term and longer term consequences of high rates of growth
Put an economic event, a trend or a policy into a wider context
We live in an interdependent, global world with all sorts of interesting and often complex inter-relationships
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Considering the effects of a rise in government spending on transport infrastructure in terms of the UK’s ability to trade
and compete within the European Single Market
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Considering the macroeconomic effects of a
microeconomic policy e
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longer term macroeconomic effects of the introduction of a ban on smoking in public places
Be familiar with different schools of thought
Keynesian versus neo-classical economists on the roles that government intervention can play in managing aggregate demand; freemarket trade supporters versus economists who think protectionism is justified; economists who believe in progressive taxation vs
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No single school of thought has all the answers
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Be aware that a singular economic event never happens in isolation
A rise in the world price of oil is an external shock but is in the context of other world developments, some of which might amplify
effects of more expensive oil while others might lessen the impact e
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exchange rate changes, changes to monetary and fiscal policy the key point is that other events happening in the macroeconomy can alter the magnitude of the effects of an economic shock
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g
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“An economist is
someone who sees something working perfectly well in practice and wonders if it will work just as well in theory
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Be careful not to overload the reader (examiner) with a
barrage of statistics or examples, but judicious use of up to date information can add considerable weight to your answers
Consider short term and longer term consequences (they are not always the same)
Economic events happen at moments in time, but consequences can take time to show due to time lags between changes in one
variable affecting another (changes in interest rates, fluctuations in business sentiment, short vs
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There may be longer term effects on output, employment, investment and
living standards
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g
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What might happen to your arguments if you drop the “ceteris paribus” assumption?
Individuals, businesses and governments don’t always act rationally –how can they? The behaviour of economic agents can’t mirror
neat precision of economic textbook, remember the “law of unintended consequences”

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