The essay must compare TWO different schools of economic thought AND use the real-world example.
TOPIC: Do markets reconcile self-interests with the public interest? Use the Australian housing market to explain your answer.
Your essay should consider and compare the distinctive position on your chosen question of two of the following schools of economic thought – classical, Marxist or neoclassical. Each of these schools of economic thought has a distinctive position on each topic. It is important to explain these differences between the different schools of economic thought and to try to assess which of them is more useful in answering the question.
Use the question’s nominated real world example – Australian housing market, to illustrate points you wish to make to support your argument.
You also need to draw on at least FIVE scholarly works (NOT internet articles)..
A systematic structure to your essay is important.
One that you might consider is as follows: (i) introduction, (ii) a brief summary in your own words of the view of one school of economic thought on the topic, (iii) a brief summary in your own words of the view of another school of economic thought on the topic, (iv) a discussion of common features, if any, in the views of the two schools, (v) a discussion of differences between the positions taken by the two schools, (vi) some consideration of other related issues arising from your wider reading, and (vii) conclusion, summing up your essay and giving your overall judgement on the arguments you have reviewed.
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