Improving Evaluation Skills in A Level Economics exam answers

Improving your Evaluation Improving your Evaluation Skills in EconomicsSkills in Economics

The Hierarchy of Skills

KNOWLEDGE

COMPREHENSION

APPLICATION

ANALYSIS

EVALUATION

SYNTHESIS

Evaluate

• Compare a number of possible views about an economic problem or an issue and come to a reasoned conclusion about which view holds most weight

• E.g. evaluate the record of the Bank of England since it was made independent of government in May 1997.

Judging the Bank of England

Policy decisions

Domestic environment

External environment

Assess

• Assess - analyse an economic issue and then weigh up the relative importance of different strands of the arguments

• E.g. assess the possible effects of a rise in the external value of the pound against the currencies of our major trading partners

Rise in the exchange rate

• How big is the appreciation?

• How long does it last?

• Demand versus supply-side effects

• 2nd and 3rd round effects from the currency change

• Reactions of businesses and consumers to the exchange rate change

• What does the evidence tell us about what has actually happened?

Ten strategies

• Make good use of the last paragraph – don’t repeat points already made

• Look out for and refer back to the key stem words in the question

• Consider the issue from the points of view of different stakeholders

• Prioritize arguments - “The most important argument against protectionism in international trade is that… or “The least effective argument for protectionism in international trade is….

• Be aware that a singular economic event never happens in isolation

• Question the reliability of the data and detect bias in extracts

• Provide up to date supporting evidence and examples

• Consider both short and longer term consequences

• Drop the “ceteris paribus” assumption and see what happens

• Try to challenge views and statements – don’t accept the conventional wisdom

Key stem words in a question

• To what extent, if any, is it important for a UK government to restore and maintain a balanced budget?

• Key stem words?

• To what extent, if any, is it important for a UK government to restore and maintain a balanced budget?

Another example

• Assess the case for and against the government intervening to raise the disposable income of workers on low pay.

A micro question requiring analysis and evaluation

• Evaluate the view that, because price discrimination enables firms to make more profit, firms, but not consumers, stand to gain from price discrimination

Importance of evidence in your answer

• “Supply-side policies have been more effective than demand-side policies in reducing unemployment.” Evaluate this statement with reference to the UK economy in recent years

Evaluation phrases

• The arguments are finely balanced….

• On the other hand……

• However, in the long/short term……

• The most important cost is….. because….

• ..is somewhat insignificant compared to …

• Other stakeholders such as….

• In reality the theory may not hold true because….

• This idea is often criticized for

• The effects of a change in “A” depend on the price elasticity of demand and supply….. and if the elasticity changes, then the analysis can change

• The argument is contradicted by evidence which shows that….

• Although a fall in M should lead to a rise in N, time lags mean that policy changes take time to work through

• There may be a conflict involved with this policy because

Some more evaluation phrases

• However

• Hence

• Nevertheless

• Although

• It is likely that

• The tendency is

• But

• In retrospect

• With the benefit of hindsight

• In the short run… but in the long run

• It depends upon (e.g. Ped & exchange rate)

• The data suggest that

• According to the article

• The writer argues that …… but

Developing evaluation skills

• When factors such as causes, consequences or remedies are asked for, candidates should attempt to identify the most important ones and then to justify the reason for the choice

• Add evaluation points into your revision notes

• Revise in small groups - test and question each other

• Continue to read around the subject to build up a good awareness of current issues

• Read ‘comment articles’ on a regular basis to see how a writer builds and sustains an argument

• Cover all topics so that you can see how different topics fit together