Question

Minimum 1,200-word (approx. 5 page) Paper on Macroeconomist of interest to the student

   (except NOT Adam Smith, John Maynard Keynes or Karl Marx)

The Guidelines include a list of acceptable economists.

Guidelines for 1200 word Paper Economist Macro-3.docx

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Approval in advance: Economist for Paper must be approved in advance by the Instructor. It must be about:

an Economist most of whose work was in Macroeconomics, who refers to one or more principles discussed in this course.

Students will write one term paper on a noted economist whose primary field is Macroeconomics (a list is provided). The paper will follow proper MLA, APA or Chicago format and bibliography/Works cited, also in that format, and be at least 1200 words in length. Students will use no less than four sources – 3 academic sources plus a Textbook reference to an Economics topic that we currently teach in this course. The paper will cover four areas: 1. The economist's background (biography); 2. The school of thought to which the economist belonged; 3. Theories the economist created or advanced; 4. The economist's major contributions to Macroeconomics, with special reference to what we teach in this course. Upload to Canvas. Students may choose which economist they want to write about, but must get consent of the instructor regarding the subject of the paper. At least 3 academic-level sources plus the textbook must be used and noted -- NO Wikipedia, NOT from any other textbook, NO blogs.   If you do not do the Paper, you will be assigned a ZERO for this portion of the course – NO EXCEPTIONS.

Grading Rubric: in three equal parts (too short Papers will have reduced credit):

1. 1. Paper considerations (33%): Writing ability, over minimum length, knowledge of the topic, grammar & spelling (use a Spellcheck). Use APA or Chicago Style rules.
2. 2. Research (33%): A "Works Cited" page must be included, with not fewer than three (3) academic-level references, whether online or hardcopy, PLUS a reference to the specific relevant section of the Textbook for the Analysis piece ‒ for a total of (4) references ‒ Wikipedia is NOT acceptable as a reference, NOR ANY dictionary, NOR is a blog, nor general news sites such as Fox News, USA Today, Huffington Post, etc. The Economist is fine, as are The Wall Street Journal, Forbes, Business Week, and other reputable business-oriented publications. "Works Cited" page MUST be included. Simply listing websites is NOT ACCEPTABLE ‒ they must be identified clearly, stating the writer if known, publication, date, etc, as with any normal reference.
3. 3. Analysis (33%): Refer specifically to one of the economics topics (Unemployment, Economic Growth, International Economics, the influence of government on the economy, measuring the economy or measuring the well-being of participants in the economy, environmental economics, etc) as studied in our Macroeconomics class, WHICH MUST BE IDENTIFIED, using a graph or written description clarifying how the economist in the Paper added to our understanding of this topic.

Cheating by copying from the Internet without quotation marks or citation can lead to a zero on the assignment at my discretion.

David Ricardo (1772-1823) – Comparative Advantage (Macro)

Joan Robinson (1903-1983) ‒ Monetary Economist (Macro)

*Paul Samuelson (1915-2009) – Keynesian Economist (Macro)

Joseph Schumpeter (1883-1950) – "Creative Destruction" (Micro/Macro)

*Amartya Sen (1933-) – Economics of Well-Being (Macro)

*Robert Shiller (1946-) – Case-Shiller Housing Index (Macro)

Julian Simon (1932-1998) – anti-Malthusian; Simon-Ehrlich wager (Macro)

Margaret Simms (1947-) – African-American economic well-being (Macro)

Hans Singer (1910-2006) ‒ Development Economist "Singer-Prebisch Effect" (Macro)

Ellen Johnson Sirleaf (1938-) – President of Liberia; World Bank economist (Macro)

†Adam Smith (1723-1790) – Father of Economics; "Wealth of Nations" (Macro/Micro)

*Robert Solow (1924-) – Economic Growth (Macro)

Thomas Sowell (1930-) – Economic Policy (Macro)

Piero Sraffa (1898-1983) ‒ neo-Marxist, critic of Neo-Classical economics (Macro)

Paul Sweezy (1910-2004) – applied Marxist analysis to monopolies, stagnation & financialization (Macro)

*Jan Tinbergen (1903-1994) – Founder of Econometrics, co-winner of first Nobel Prize in Economics (Macro)

Lester Thurow (1938-2016) – “Third Way” Industrial Policy and Universal patents (Macro)

*James Tobin (1918-2002) – Keynesian economics (Macro)

Anne Robert Jacques Turgot (1727-1781) – early liberal economist (Macro)

Gordon Tullock (1922-2014) – Public Choice Theory (Micro)

Yanis Varoufakis (1961-) Greek leftist economist, former Greek Finance Minister (Macro)

Thorstein Veblen (1857-1929) – “The Theory of the Leisure Class” (Macro)

Paul Volcker (1927-) – former Head of the Federal Reserve (Macro)

Leon Walras (1834-1910) – General Equilibrium (Macro)

Knut Wicksell (1851-1926) – Stockholm School (Macro)

Janet Yellen (1946-) – former Chair of Federal Reserve (Macro)

Answer 1

Amartya Sen (1933-) – Economics of Well-Being (Macro)

Amartya Sen was conceived in a Bengali Hindu Baidya family in Bengal, British India. Rabindranath Tagore gave Amartya Sen his name. Sen's family was from Wari and Manikganj, Dhaka, both in present-day Bangladesh. His dad Ashutosh Sen was Professor of Chemistry at Dhaka University, Development Commissioner in Delhi and afterward Chairman of the West Bengal Public Service Commission. He moved with his family to West Bengal in 1945. Sen's mom Amita Sen was the little girl of Kshiti Mohan Sen, the prominent Sanskritist and researcher of antiquated and medieval India, who was a nearby partner of Rabindranath Tagore. K.M. Sen filled in as the second Vice Chancellor of Visva Bharati University from 1953-1954.

Sen started his secondary school training at St Gregory's School in Dhaka in 1940. In the fall of 1941, Sen was admitted to Patha Bhavana, Shantiniketan, where he finished his school training, in which he exceeded expectations, acquiring the most elevated positions in his educational committee and I.A. assessments in the entire of Bengal. The school had numerous dynamic highlights, for example, aversion for assessments or focused testing. Moreover, the school focused social decent variety, and grasped social impacts from the remainder of the world. In 1951, he went to Presidency College, Kolkata, where he earned a B.A. in Economics with First in the First Class, with a minor in Mathematics, as a graduating understudy of the University of Calcutta. While at Presidency, Sen was determined to have oral malignant growth, and given a 15% possibility of living five years. With radiation treatment, he endure, and in 1953 he moved to Trinity College, Cambridge, where he earned a second B.A. in Economics in 1955 with a First Class, beating the rundown too. As of now, he was chosen President of the Cambridge Majlis. While Sen was formally a Ph.D understudy at Cambridge (however he had completed his exploration in 1955–56), he was offered the situation of First-Professor and First-Head of the Economics Department of the recently made Jadavpur University in Calcutta. He is as yet the most youthful administrator to have headed the Department of Economics. He served in that position, beginning the new Economics Department, from 1956 to 1958.

Then, Sen was chosen for a Prize Fellowship at Trinity College, which allowed him four years of opportunity to do anything he loved; he settled on the extreme choice to think about way of thinking. Sen clarified: "The expanding of my investigations into reasoning was significant for me not on the grounds that a portion of my principle territories of enthusiasm for economics relate near philosophical orders (for instance, social decision hypothesis utilizes numerical rationale and furthermore draws on moral way of thinking, thus does the investigation of disparity and hardship), yet additionally in light of the fact that I found philosophical examinations compensating without anyone else." His enthusiasm for theory, be that as it may, goes back to his school days at Presidency, where he read books on reasoning and discussed philosophical subjects. One of the books he was generally inspired by was Kenneth Arrow's Social Choice and Individual Values.

In 1981, Sen distributed Poverty and Famines: An Essay on Entitlement and Deprivation (1981), a book where he contended that starvation happens from an absence of nourishment, yet from disparities incorporated with instruments for conveying nourishment. Sen likewise contended that the Bengal starvation was brought about by a urban monetary blast that raised nourishment costs, along these lines making a huge number of rustic laborers starve to death when their wages didn't keep up.

Notwithstanding his significant work on the reasons for famines, Sen's work in the field of improvement financial matters has had impressive impact in the detailing of the "Human Development Report", distributed by the United Nations Development Program. This yearly production that positions nations on an assortment of monetary and social markers owes a lot to the commitments by Sen among other social decision scholars in the region of financial estimation of poverty and imbalance.

Sen's progressive commitment to advancement financial aspects and social pointers is the idea of "capacity" created in his article Equality of What. He contends that administrations ought to be estimated against the solid abilities of their residents. This is on the grounds that top-down advancement will consistently best human rights as long as the meaning of terms stays in question (is a "right" something that must be given or something that basically can't be removed?). For example, in the United States residents reserve an option to cast a ballot. To Sen, this idea is genuinely vacant. With the goal for residents to have an ability to cast a ballot, they initially should have "functioning's". These "functioning's" can go from the expansive, for example, the accessibility of training, to the quite certain, for example, transportation to the surveys. Just when such hindrances are evacuated can the resident really be said to carry on of individual decision.

One eminent case of Amartya Sen's thoughts is the capacity way to deal with development financial matters, to which he was a significant supporter.

The ability approach is a hypothetical system that has educated endeavors to advance monetary development and destitution lightening. Notwithstanding its scholastic intrigue, the ability approach has educated the creation regarding new factual files that help governments and policymakers to follow the prosperity of residents in an increasingly strong and suitable way.

For instance, the capacity approach added to the production of the Human Development Index (HDI), a composite proportion of future, per-capita pay, and training that is utilized to assess the monetary development of social orders. HDI can be utilized close by conventional financial estimates, for example, Gross Domestic Product (GDP) to offer a more nuanced and complete point of view on the monetary prosperity of a country. Different lists, for example, the Inequality-balanced Human Development Index (IHDI), have based upon this establishment and further built up the thoughts of the capacity approach.

Sen's hypothesis prompted a contention on whether nourishment accessibility decrease was not the reason for the Bengal starvation. The two elements which he has featured are, the unfavorable impacts on the poor of the precarious ascent in the cost because of the swelling of money by the legislature and the decrease in advertise supplies because of theoretical storing which additionally supported costs further. Sen questions the postulation that total nourishment decay was the main factor causing the starvation.

The Nobel Committee has effectively valued Sen's investigation of the component of the starvation, which is significant in itself independent of the debate concerning exact reasons for the starvation. The Nobel Committee has done well in distinguishing' Amartya Sen' as the main universal market analyst of present day times who has tended to himself to the investigations in starvation's and craving in various pieces of the world. His request for customary guaranteed nourishment qualification and the evasion of expansion ought to clearly be invited in every single poor nation.

Welfare economics tries to assess financial approaches as far as their consequences for the well-being of the network. Sen, who dedicated his vocation to such issues, was known as the "still, small voice of his calling." His persuasive monograph Collective Choice and Social Welfare (1970)— which tended to issues, for example, singular rights, larger part rule, and the accessibility of data about individual conditions—propelled scientists to direct their concentration toward issues of fundamental welfare. Sen formulated techniques for estimating neediness that yielded valuable data for improving monetary conditions for poor people. For example, his hypothetical work on imbalance gave a clarification to why there are less ladies than men in some poor nations disregarding the way that a bigger number of ladies than men are conceived and baby mortality is higher among guys. Sen asserted this slanted proportion results from the better well being treatment and youth openings stood to young men in those nations.

Amartya Sen was the first Indian to receive Nobel Prize in Economics. Amartya Sen received the Nobel Memorial Prize/ Nobel Prize in Economic Sciences in 1998 for his contribution to welfare economics.

Work Cited:

1. Sen, Amartya (2010), "Equality of what?” in MacMurrin, Sterling M. (ed.), The Tanner lectures on human values, 4 (2nd ed.), Cambridge: Cambridge University Press, pp. 195–220, ISBN 978-0521176415.
2. Nussbaum, Martha (2000). Women and human development: the capabilities approach. Cambridge New York: Cambridge University Press. ISBN 9780521003858.
3. Harvard University - Department of Economics - Amartya Sen
4. Nadeera Rajapakse, « Amartya Sen’s Capability Approach and Education: Enhancing Social Justice », Revue LISA/LISA e-journal [Online], vol. XIV-n°1 | 2016.