How To Write An Economic Essay Conclusion

It’s important to use your time efficiently on economics exams. In the new (2013) syllabus, you only get 45 minutes per essay. And that’s not much time to do everything you need to do. It’s easy to waste time (i.e with introductions or descriptive writing) that earn you no marks at all. If you use this structure you’ll be sure to earn all of the possible marks for each of your IB Economics essays.

Some students will be able to write more than others, because they write more quickly. This structure was written with an average-writing-speed student in mind.

Part A (18 minutes)

Part A1: Definition and real life example

Definition: Define a key word in the question

Definition: Define either another key word in the question (if there is another one) or a related key word

Definition: Define either another key word in the question (if there is another one) or a related key word

Real life example: Briefly explain a real life example. Two sentences maximum; you’ll keep link back to this later in the essay.

Part A2: Draw and explain a diagram

Draw the diagram which will best help you to answer the question. Draw it accurately and fully labelled (I.e. “Price of Ice Cream, Quantity of Ice Cream, D1, S1, E1.”) and with a title on top.

Tell us what the diagram shows, in general.

Explain a specific insight of the diagram (i.e. “As the diagram shows, the warmer weather results in a greater demand for ice cream. At Price P1, the quantity demanded increases from Q1 to Q2.”)

Develop that insight further. Use points on the diagram to explain WHY greater demand for ice cream is causing the price of ice cream to increase. (i.e. “The rightward shift of the demand curve means that for any given price, more is demanded. And this puts an upward pressure on price. Producers get a signal from the market that there is excess demand, so they see that they can increase their prices and they do.”) This is often where the high marks are hidden for Part A questions –making sense of the theory for The Reader. (I always say think of “The Reader” as a simple guy who doesn’t understand any economics yet. He doesn’t understand the theory yet and doesn’t know any of your key words. If you can make this stuff make sense to such a person in the time allowed you’re a rock star).

Link your example to the diagram.

Part B (27 minutes)

In part B you are always being asked to evaluate –even if the word evaluate isn’t used. We have the CLASPP model, which lists a variety of types of evaluation. However, it’s useful to try to carefully structure your answer to do this well. To do this, we’re borrowing an approach you’ll learn in Theory of Knowledge. We’re going to treat the Part B question as a knowledge issue.

If you aren’t sure about this approach, you can read this. In general we’re basically trying to argue both sides of a case (i.e. how it’s good for stakeholders and then how it’s bad for them) and do this in a few different ways (i.e. the theory says X, but the theory depends on ceteris paribus, which doesn’t normally hold true). In this way (basically debating with ourselves) we can explore the strengths and weaknesses of the theory and make an informed conclusion.

Intro (Definitions, diagrams and case link)

It is okay to write things like, “As the diagram in Part A shows, … or “Demand, as defined in Part A, …” However, sometimes you’ll need to include additional definitions and diagrams to help you explain your evaluative points in Part B. You’ll have to make a judgment call on this.

Definitions. Define words that require definition. At least one.

Diagram. Draw a diagram if you’re going to need it for your explanation. This will be required about 50% of the time. Basically, if there is a diagram that relates closely to the question and it’s not already in your Part A answer, you’ll have to include it here.

If you do include a diagram do it like this:

Explain the diagram. What does it show in general.

Explain a specific insight of the diagram (i.e. “As the diagram shows, the increase in the price of vaccines has little effect on the quantity demanded.”)

Develop that insight further using points on the diagram (i.e. “The large increase in price from P1 to P2, results in only a slight decrease in demand from Q1 to Q2″).

Link the example to diagram and the question. “Therefore a tax on vaccines will result in decreased demand and is therefore hurts some stakeholders.”

Mention a real life example that relates to the question. It might be the same one you used in Part A. And provide one detail about it (i.e. “China’s grain output rose 5.4 percent 2008.”)

Body 1 (Case link, claim, counterclaim and mini-conclusion)

Claim: Link your case back to the theory. “As the diagram above (or in Part A) shows, this increase in supply would likely have resulted in a decrease in the market clearing price.” So you are answering the question of the case using course theory and also using your example.

Counterclaim: Criticize the theory. You could say, “However, this depends on everything else remaining constant (ceteris paribus), which only occurs in theory.” Point out that it depends on ceteris paribus, which almost never occurs. Or point out that it’s purely theoretical; it cannot be tested. Or perhaps there is something else unrealistic about the theory. Challenging theory like this is tough, but there are a lot of marks for you if you can do it well.

Miniconclusion: Link back to the question (answer the question). “So we can see that, it is likely that, in most cases, and an increase in supply will be followed by a decrease in the equilibrium price.”

Body 2 (Claim, counterclaim and mini-conclusion)

Claim: Explain something else the theory shows. Look to CLASPP for various ways to do this. We’ve already used “assumptions” (which is a very powerful one you should always try to include), so I’ll use stakeholders for this example. “Given that the market clearing price of vaccines will fall, a key advantage of the policy is that more consumers will be willing and able to consume them.”

Counterclaim: Criticize this claim

Mini-conclusion: Link back to the question (answer the question).

Body 3 (Claim, counterclaim and mini-conclusion)

Claim. (i.e. advantages)

Counterclaim (i.e. disadvantages)

Mini-conclusion. Answer the question (i.e. “Therefore the advantages outweigh the disadvantages in most cases”)

Conclusion (Synthesis)

Draw together the insights of the different mini-conclusions you have made in your body paragraphs and come to a measured, qualified conclusion. Make sure you also answer the question here. It’s easy to , but also try to say something original. Show that you understand that policy decisions are complicated. For example, implementing theories has unintended consequences (i.e. hurting some stakeholders).

 

Thanks to Niamh Bowman for her great ideas and help with this structure. Niamh is an IB and MYP Economics and IB Theory of Knowledge teacher at the Overseas Family School in Singapore.

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So much is at stake in writing a conclusion. This is, after all, your last chance to persuade your readers to your point of view, to impress yourself upon them as a writer and thinker. And the impression you create in your conclusion will shape the impression that stays with your readers after they've finished the essay.

The end of an essay should therefore convey a sense of completeness and closure as well as a sense of the lingering possibilities of the topic, its larger meaning, its implications: the final paragraph should close the discussion without closing it off.

To establish a sense of closure, you might do one or more of the following:

  • Conclude by linking the last paragraph to the first, perhaps by reiterating a word or phrase you used at the beginning.
  • Conclude with a sentence composed mainly of one-syllable words. Simple language can help create an effect of understated drama.
  • Conclude with a sentence that's compound or parallel in structure; such sentences can establish a sense of balance or order that may feel just right at the end of a complex discussion.

To close the discussion without closing it off, you might do one or more of the following:

  • Conclude with a quotation from or reference to a primary or secondary source, one that amplifies your main point or puts it in a different perspective. A quotation from, say, the novel or poem you're writing about can add texture and specificity to your discussion; a critic or scholar can help confirm or complicate your final point. For example, you might conclude an essay on the idea of home in James Joyce's short story collection, Dubliners, with information about Joyce's own complex feelings towards Dublin, his home. Or you might end with a biographer's statement about Joyce's attitude toward Dublin, which could illuminate his characters' responses to the city. Just be cautious, especially about using secondary material: make sure that you get the last word.
  • Conclude by setting your discussion into a different, perhaps larger, context. For example, you might end an essay on nineteenth-century muckraking journalism by linking it to a current news magazine program like 60 Minutes.
  • Conclude by redefining one of the key terms of your argument. For example, an essay on Marx's treatment of the conflict between wage labor and capital might begin with Marx's claim that the "capitalist economy is . . . a gigantic enterprise ofdehumanization"; the essay might end by suggesting that Marxist analysis is itself dehumanizing because it construes everything in economic -- rather than moral or ethical-- terms.
  • Conclude by considering the implications of your argument (or analysis or discussion). What does your argument imply, or involve, or suggest? For example, an essay on the novel Ambiguous Adventure, by the Senegalese writer Cheikh Hamidou Kane, might open with the idea that the protagonist's development suggests Kane's belief in the need to integrate Western materialism and Sufi spirituality in modern Senegal. The conclusion might make the new but related point that the novel on the whole suggests that such an integration is (or isn't) possible.

Finally, some advice on how not to end an essay:

  • Don't simply summarize your essay. A brief summary of your argument may be useful, especially if your essay is long--more than ten pages or so. But shorter essays tend not to require a restatement of your main ideas.
  • Avoid phrases like "in conclusion," "to conclude," "in summary," and "to sum up." These phrases can be useful--even welcome--in oral presentations. But readers can see, by the tell-tale compression of the pages, when an essay is about to end. You'll irritate your audience if you belabor the obvious.
  • Resist the urge to apologize. If you've immersed yourself in your subject, you now know a good deal more about it than you can possibly include in a five- or ten- or 20-page essay. As a result, by the time you've finished writing, you may be having some doubts about what you've produced. (And if you haven't immersed yourself in your subject, you may be feeling even more doubtful about your essay as you approach the conclusion.) Repress those doubts. Don't undercut your authority by saying things like, "this is just one approach to the subject; there may be other, better approaches. . ."

Copyright 1998, Pat Bellanca, for the Writing Center at Harvard University

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