Ch. #19 Supply side policies

Friday, February 7, 2020 – Friday, February 14, 2020

Friday
In class:

• Remind students they are to read Chapter 19 Supply-side policies by Monday, when there will be a short reading quiz.
• In-class students will review the upcoming expectations by viewing my site.
• Students will begin to critically read these two articles in anticipation of small group discussions on Tuesday/Wednesday:
  • Forbes article      
  • The Guardian article
    • The main points of how I view critical reading align with this site and are outlined below in #1 - #6)
    • To critically read, students will:
    • Place themselves into the mind-set that they are part of the writer’s audience.
    • Read with an open mind, giving the writer a fair chance to develop ideas and allowing yourself to reflect thoughtfully, objectively, on the text.
    • Consider the title to find clues to the writer’s attitude, goals, personal viewpoint, or approach.
    • Read slowly, or “close reading” in order to make more connections within the text.
    • Use the internet and other appropriate reference works, such as your on-line textbook to define terms, review concepts, view graphs to comprehend the author’s work.
    • Make notes during the reading process to be used in Tuesday/Wednesday Socratic seminar
      • Notes turned in will be assessed for clear, concise connections to course content that would appear to provide student support in a discussion format. (30 points)
      • Notes should be separated or clearly identified between pro and anti supply-side

Homework:

• Choice

Monday
In class:

• Reading quiz (10 points)
• Review tomorrow's Socratic seminar assignment
• Lecture PPT (#19 - #26)
• Graphing activity - Graphing list

Homework:

• Choice

Tuesday (Period 5)
In class:

• Make up's for Ch. 18 Socratic seminar. Write (type) your answer to the following:
  • b. Evaluate the effectiveness of interventionist supply-side policies to achieve economic growth. [15]
    
    
• Socratic seminar will be conducted in small groups and will consist of two 20-minute rounds (5 students X 6 groups)
  • In the first-round student will be in a group of pro-supply siders or anti-supply siders to evaluate (debate) by applying DEED and CLASPP from the two articles and any other research/knowledge.
  • In the second-round students will be rotated to take the other perspectives and discuss.
    • Opening video 5m
    • Read one of the two articles (pro or anti, related to your first round) 10m
    • First round discussion 20m
    • Read second of the two articles (pro or anti, related to your second round) 10m
    • Second round discussion 20m
    • All class debrief 10m
    • Turn in notes from original two articles
      1. See schedule
• Students will turn in their critically read article with typed or handwritten notes. (30 points) 
  • Some keys to success include:
    • Adequate depth and length of comments (this is the “critical” part!)
      1. Do not use “fluff” comments like “I agree with...” or “... is a good example”, etc.
    • Identifying the author’s thesis
    • Claims asserted (in the thesis and beyond)
    • Specifically, how the author is supporting the thesis and claims
    • Identifying empirical evidence (causality) vs. anecdotal evidence (correlation) presented to evaluate the writing and thesis
      1. This is the gold standard of discussion

Homework:

• Choice

Wednesday (Period 4)
In class:

• See Tuesday

Homework:

• Choice

Thursday
In Class:​

• Supply side free write in teams of two to produce a single essay (15 points)
  • ​Evaluate the view that inflationary pressures in an economy are best reduced using supply-side policies. [15] - Apply DEED & CLASPP
    • ​Develop your essay after reviewing the markscheme and Examiners report
    • Refine your work tonight and turn in on Friday
• Markscheme: 
  • Marks should be allocated according to the paper 1 markbands for May 2013 forward, part B.
  • ​Answers may include:
    • definition of inflation, inflationary pressures, supply-side policies
    • diagram to show the impact of supply-side policies on inflation via the shift of long-run aggregate supply (LRAS) to the right
    • explanation of how market based (eg deregulation, anti-monopoly policy, etc) and/or interventionist supply-side policies (eg price controls, subsidies, etc) may reduce inflationary pressures in an economy
    • examples of situations where supply-side policies have helped to reduce inflationary pressures
    • synthesis and evaluation.
    • Evaluation may include: the disadvantages of using particular supply-side policies, such as: the impact of market-based polices on equity, not as effective with demand-pull inflation, the impact of interventionist policies on the government budget and the time lags associated with supply-side policies. The advantages of supply-side policies, such as: increased real GDP, increased employment, more effective with cost-push inflation and possible improvement in economic efficiency. Consideration of deflationary monetary and fiscal policies as alternative policies to reduce inflation.
  • ​Examiners report: 
    • ​Candidates found this question quite challenging because questions on policies to reduce inflation normally consider monetary and fiscal approaches rather than supply-side policies. High achieving responses to this question explained how interventionist supply-side policies such as price controls and subsidies in key markets might reduce inflationary pressure. These points were then evaluated by considering the opportunity costs of policies such as wide scale subsidies and shortages that might be created by price controls. The highest achieving responses also considered how market-based supply-side policies such as strong competition policy and reducing the power of trade unions might reduce inflationary pressures and these policies were evaluated by considering the long-term nature of this approach and how, for example, reducing trade union power might negatively affect employee welfare. The highest achieving responses used real-world examples to illustrate such countries that use fuel subsidies to reduce energy prices.

Homework:

• Choice

Friday
In class:

• MC Assessment (30 points)

Homework:

• Read Chapter 20

Key learning
Graphic organizer​
Learning objectives
Learning objectives answers
Vocabulary
Diagrams

Chapter resources
​Textbooks:
Jason Welker (interactive)
Alternative textbook

Lecture notes:
Macro notes by chapter

Video lectures:
Jason Welker (our textbook)
AC/DC
Khan
Crashcourse

PPT lectures:
Jason Welker (our textbook)

Economic writing:
How to structure your essays
Command terms
Glossary

​Diagramming:
Key diagrams
​How to read and interpret graphs
Comprehensive list

Course resources
​​Course overview
Syllabus (Skyline)
IB course guide (official IB syllabus)
LO's by page #
Chapter index
IBO Sub reports
OSPI framework
Module review guides:
  Micro
  Macro
  International
  Development