How to Argue Different Economic Perspectives in Your Essay

Every economics student out there has to work on a sheer number of essays during their studies in order to demonstrate a clear argument, backed by firm evidence and accurate references. A great way to highlight the economic perspectives in your essay is to conduct thorough research and follow a well-structured outline focusing on the central thesis.

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Table of Contents

Essay Writing in Economics

Writing an essay in economics, regardless of the topic, requires careful analysis of different economic theories, concepts, and issues while emphasizing data analysis and the applications of economic principles to solve different real-world cases. Key components of a quality economics essay include:

Economic perspective
Relevant data and statistics
Application of economic models and theories
Use of interdisciplinary concepts
Policy implications of economic findings
Real-world relevance

Understanding Different Economic Perspectives

Different economic perspectives can create different arguments and ideologies, which are generally classified into three categories: conservative, progressive, and radical. Let’s elaborate.

Conservative Perspectives	Progressive Perspectives	Radical Perspectives
Conservative economists believe …that markets work well without third-party interference a “Laissez-Faire” view of markets can be embraced when the market works wellwell-functioning markets are responsible for allocating resources in societies extensive government intervention can disrupt market performance	Progressive economists believe…that markets should be solely responsible for allocating resourcesfree markets are unstablefree markets increase inequalityin some cases, government intervention becomes necessary	Radical economists believe…Market economics are divided according to economic systems One’s economic position determines class Market economies empower asset owners Market economies take advantage of labor free market capitalism means instabilityCapitalism must be replaced

Incorporating Different Perspectives in Economics Essays

In argument-based writing, you have to include different perspectives in your essay. Why?

Drawing comparisons from different ideologies will improve your credibility as a writer.
Referring to multiple perspectives will reduce the chances of negative comments.
Using different perspectives will introduce you to opposing ideas and encourage you to prove your point methodically.

Below are some guidelines for involving different perspectives in essays.

Using views that differ from your ideologies. (For example, in an editorial, Joana Williams argues that there were no parking issues on campus. I disagree with her perspective.)
Introducing ideas you entirely agree with. (For example, during a conversation, Joana Williams argued that there was a parking issue on the campus and outlined valid reasons. I completely agree with her and the reasons she gave.)
Introducing perspectives you generally agree with but disagree with in particulars. (For example, I agree with Joana William that parking is an issue, but I don’t agree with the proposed solution.)
Using viewpoints you generally disagree with but concede some ideas you agree with. (For example: I disagree with Joana William’s comment that there’s no parking issue on the campus. But, I must admit that she has highlighted some important points about students not utilizing public transportation enough.)

Introducing outside perspectives in your essay:

Start with thorough research to find relevant evidence suggesting your understanding of different perspectives. Keep in mind to represent their viewpoints in a fair and accurate manner.
Next, highlight the areas you disagree with and provide enough evidence to point out why your position is better. Also, point out the areas where you concede positions you agree on and highlight why you agree.
Lastly, highlight the sources you agree with, be it in part or in whole, and use them to support your call to action.

Addressing “Income Inequality” from Different Perspectives – Example

Conservative Economists: They argue that inequality results from the disparity in productivity that emerges between or among individuals. The measures to reduce inequality should be avoided as they can distort market allocation and the incentive structure.
Progressive Economists: They argue that social inequality increases from social circumstances. Children from affluent backgrounds get more opportunities. So, they support government programs that provide equal opportunities to all.
Radical Economists: They argue that income inequality results from a class-based economy. Even though they support various government programs for promoting equality of opportunity, they argue that such programs are not strong enough to eradicate inequality in a system that is majorly built upon inequality.