Instructions for final paper: 1. Select a normative policy question. • The quest

Instructions for final paper:
1. Select a normative policy question.
• The question needs to pertain to the labor market, broadly defined.
• The policy must not be one that we discussed in detail in class.
• The question needs to be normative, i.e. containing the word “should.”
• The question should be focused and specific to a country, e.g. “Should the minimum
wage be raised in the US?” rather than “Should the minimum wage be raised?” or
“What should be the minimum wage?” You can pick any country.
• The question can be something under debate right now, something that has been
under debate in the past, or something that you think should be on the policy agenda.
2. Provide institutional detail on the policy in question in the country you chose. If
applicable, provide background on the policy debate. Explain why you think the policy
question is important.
3. Describe the costs and benefits of the policy change under consideration.
4. Analyze the effects of the policy using the economic model(s) developed in class. Your
analysis has to contain at least one graph and/or equation.
5. Discuss what is known empirically about the effects of the policy. I do not expect you to
conduct empirical analysis of your own, but instead search for existing articles on the
topic and find out what is known in the literature.
6. Summarize what you have learned about the pros and cons of the policy (in other words,
whether the benefits outweigh the costs or vice versa). If the existing information is
inconclusive, what additional evidence would you need to be able to draw a conclusion?
The paper will be graded based on the presence and quality of the above 6 items.
The paper may be at most 10 pages.
The paper may be done individually or in groups of 2. If the paper is done in a group of 2,
both students will receive the same grade for the paper. Clearly indicate the names of both
students on the paper.
The paper will be submitted online through Canvas and will be due on Tuesday, April 30, at
5:00 PM.
Wrote out a guideline based on what was required above.
Step 1: Policy Question
Normative Policy Question: Should the U.S. government implement a federally funded job guarantee program to reduce unemployment?
Step 2: Institutional and Policy Background
Current Policy: Discuss current U.S. unemployment insurance, federal and state job programs, and other relevant labor market interventions.
History and Debate: Highlight past and ongoing discussions about job guarantee programs, citing examples from other countries or historical precedents in the U.S. (like the New Deal programs).
Importance of the Question: Explain the significance of the question, especially in the context of current economic challenges, such as post-pandemic recovery, technological displacement, or regional disparities in job availability.
Step 3: Costs and Benefits Analysis
Benefits: Potential reduction in overall unemployment, economic stimulation, improved community welfare, reduction in crime, and poverty alleviation.
Costs: Financial burden on taxpayers, potential market distortions, administrative challenges, and risk of inefficiency or corruption.
Step 4: Economic Models Analysis
Graphs/Equations: Use a simple labor supply and demand model to illustrate how a job guarantee might affect wages and employment levels. Include a graph showing shifts in labor supply or demand curves due to the policy.
Model Implications: Discuss potential multiplier effects on the economy, using basic Keynesian frameworks if appropriate.
Step 5: Empirical Evidence
Literature Review: Summarize findings from studies on similar programs, like those conducted during the Great Recession or in other countries with active job guarantee policies.
Case Studies: Provide examples where similar policies had measurable impacts, either positive or negative, on unemployment rates and economic health.
Step 6: Conclusion and Further Research
Summarize Pros and Cons: Weigh the benefits of reduced unemployment and economic stimulation against the financial and administrative costs.
Inconclusive Evidence: If data is lacking, specify what kind of additional research or data would be necessary to make a more informed decision (e.g., pilot programs, longitudinal studies).
Policy Recommendation: Based on the balance of evidence, tentatively recommend for or against the policy, with the caveat of further needed investigation.
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