IFYEC002 Economics
THE NCUK INTERNATIONAL FOUNDATION YEAR
IFYEC002 Economics
Coursework 2 - Essay
2019-20
INFORMATION FOR STUDENTS
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This coursework is a take-home assessment.
Essay length: 1,250 – 1,500 words (not including appendices/bibliography)
This coursework contributes 10% towards your overall grade for this module.
There are 100 marks in total.
All references should be acknowledged using the Harvard Referencing System.
CW2 1920
© 2019 Northern Consortium UK Ltd
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IFYEC002 Economics
Coursework 2 -Essay
Background
The idea of economic growth as a key economic policy objective has a long history which
can be traced back at least to the mid-18th century when Adam Smith published The
Wealth of Nations. However, over the last 50 years, economic growth has arguably
become the dominant policy objective across the world and most countries have
achieved rapid economic growth. As such, for many governments around the world,
economic growth has become the dominant macroeconomic objective because of the
various benefits that it might bring to an economy.
However, Joseph Stiglitz, winner of the Nobel Prize in Economics in 2001, has noted
that, “GDP is not a good measure of economic performance, its not a good measure of
well-being.” (Asia Society in New York, 2008)
Stiglitz, alongside a number of leading economic commentators, has observed that the
pursuit of economic growth places a variety of costs upon individuals and society, and
may also conflict with other macroeconomic objectives.
Essay Title
Evaluate the extent to which the benefits of economic growth will always outweigh the
costs and that consequently economic growth should always be a country’s primary
economic objective.
100 marks
Mark Allocation
To access the full mark range, you should be able to
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demonstrate clear knowledge and understanding of the benefits and costs of
economic growth and alternative macroeconomic objectives.
clearly apply your knowledge to issues surrounding economic growth and
macroeconomic objectives (you may wish to consider the work of Stiglitz, other
economists and/or the experience of different economies of your choice to
provide some additional context). You may wish to consider the impact that the
pursuit of economic growth might have on different aspects of the macroeconomy
and different economic agents.
provide relevant and precise economic analysis of the benefits and costs of
economic growth
provide an evaluative judgement on whether the benefits of economic growth
outweigh the costs and if economic growth should the primary macroeconomic
objective of a country.
demonstrate effective study skills in the research and presentation of your work.
CW2 1920
© 2019 Northern Consortium UK Ltd
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