THE ASSIGNMENT:
Based on your excellent education and your expertise in economics, you have been hired by the U.S. Government to help with some of their policy issues. Decide which branch of policy you would like to work in. You can work in the executive branch and answer questions about unemployment or the treatment of monopolies. You could instead choose to work in the Federal Reserve and answer questions about prices and inflation. The area that you choose will help to determine the types of questions that you will be asked to answer. The three areas are listed below along with their respective questions. You will need to choose one area and then write a brief that addresses the relevant questions. Your paper will then be used by the administration to address the shortcomings of current policy and to design the fundamentals of nationwide policy moving forward. You should keep in mind that you are not writing for economists, but for highly educated people in other fields of knowledge so make sure that you explain any economic language that you use.
Topic: Unemployment
1. Your introductory paragraph should include your policy recommendation and a brief summary of your reasoning for this recommendation.
2. Set the stage by discussing the current state of the U.S. unemployment numbers and existing unemployment policy. You should reference the Bureau of Labor Statistics website to get some basic unemployment data. https://www.bls.gov/bls/unemployment.htm
3. The first big policy question that the administration needs to address is whether unemployment benefits should exist at all. What are some economic benefits and/or costs to providing unemployment benefits to workers that are out of work?
4. The second big policy question is how long these benefits should last. Does it seem economically beneficial to extend these benefits to workers for more than 12 months? Are there any alternative programs or approaches to these long term unemployed that might be a better use of federal funds?
5. Your final paragraph should restate your policy recommendation and it’s defense. What should we do moving forward?
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