1. Discussion Post (65 points possible)
For this discussion and for most of the semester, you will work with the same group of students in Discussion Groups instead of with the entire class.
You can view “How to Post in a Discussion Board in Canvas (Links to an external site.)Links to an external site.” if you’ve never posted a Discussion post or reply in Canvas.
Through the activities in this discussion, you will learn about two of the great economic thinkers that have dominated discussions and analysis of the economy for almost 100 years. John Maynard Keynes and Freidrich von Hayek offer distinctively different ways of thinking about economic freedom, government policy, and choice by explaining divergent economic theories about markets (i.e., supply & demand). Watch the D_02 Overview video from the Instructor explaining more about this assignment (Links to an external site.)
For this discussion, you will be asked to differentiate between two primary economic philosophies as well as distinguish between positive and normative economic statements.
Part (a) is your original discussion post, Part (b) are your discussion post responses to two other students, and Part (c) is your peer review rubric & comment to two other students.
Complete STEPS 1&2 below:
STEP 1: Read the biographies & watch the video
Read biography: John Maynard Keynes Reading time: 4 minutes with optional video 29 minutes (opens a new tab)
Read biography: Friedrich von Hayek Reading time: 2 minutes (opens a new tab)
View video (opens in a new tab): “The Hayek vs. Keynes Rap – “Fear the Boom and Bust ” (Links to an external site.) (7m:32s) [Transcript
If you would like a quick reminder about the difference between positive economic statements and normative economic statements, check out the quick video Positive vs Normative (Links to an external site.) (1m:24s). It’s really important to recognize the difference!
STEP 2: Complete Discussion Post
After completing Step 1 readings/video(s), post a brief summary following the prompts located below in the Formatting Instructions and then respond to two (2) classmates following the prompts in part (b), and then complete the Part (c) peer review rubric and comment for two (2) students. Check Syllabus Due Dates (opens a new tab)
Caution about avoiding bias in news articles:
IMPORTANT: Be sure to consider the source of the news article and avoid non-news/blog-type posts that rely heavily on editorial comments or are published by special-interest or advocacy groups. Your news source should relate positive economic-thinking (i.e. an objective sense of what “is, was, or will be” that is based on facts) and not normative economic-thinking (i.e., a subjective sense of what “ought to be, should be” that is based on opinion or recommendation). Refer to Positive & Normative Analysis (Links to an external site.) (1m:24s) for review, if necessary.
Discussion post etiquette in the class:
Be sure to use correct grammar and spelling, and while it is OK not to agree with another person’s opinion, you must post responsibly and intelligently, never flaming others for their beliefs. The ability to engage in logical discourse (i.e., have a respectful conversation even if you don’t agree with someone) is one of the central tenets of this course; using scientific reasoning and avoiding logical fallacy. (*reminder, take time to look words up in the dictionary if you don’t know what they mean).
I highly recommend that you 1) compose the entire discussion as a word-processed document responding to the numbered-bullet points below, 2) save it as a file (in case there is a technical problem and you need to re-submit it), and then 3) copy/paste it into the discussion. It would be inefficient to lose work/time due to technology problems or internet connection which would require re-drafting your assignment.
When you are ready to post to the Discussion board, click on the IMPORTANT
1. Discussion Post (65 points possible) For this discussion and for most of the
1. Discussion Post (65 points possible)