Economics

Carefully consider all three before making a decision about which option to take.

Option I.   Do nothing.  If you choose this option and do nothing by noon on the 6th, your final grade will be one “unit” below the course grade as indicated in class or by e-mail. For example, if your course gradewas a B+, and you decide not to hand in anything, your final course grade will be B; a B- will be a C+, etc.Please indicate via e-mailthat you are taking this option if that is what you wish to do.

Option II.You may hand in onlyPart I ofOption III below. If the work is satisfactory (B or better), your previously indicated course grade will be your final course grade. If the work is unsatisfactory (C or below), your course grade will be one unit below the course grade as indicated in class or by e-mail. A unit is described in Option I above.

Option III.  You may hand in both Parts I and II below, in which case the exam will count as 25% of your grade

Part IIn a maximum of three pages, answer the following questions:

a.    Based on Neufeld et al., describe how cyclical voting can occur in terms of transitive individual and aggregate preferences. What was the Muscle Shoals project and why was it important? In the end, who won the battle over Muscle Shoals?
b.    White argues that the stock market in the 1920s at first reflected fundamental economic growth but that a bubble occurred at the end of the decade. What caused the bubble to burst, according to White? Was monetary policy helpful or harmful in the process, according to White?
c.    According to Bernanke, what role did the gold standard (adherence or abandonment) play in precipitating and extending the length of the Great Depression?
d.    According to Bernstein, was the New Deal a success or a failure?

Part IICompare and contrast the events from 2008 to the present to events from 1929-1935 or so. What are the basic similarities and differences? Why aren’t we in another Great Depression? Since you now are an expert in the economic history of the U.S., you are invited to testify before a Congressional committee to discuss your analysis. The patience (and attention) of the committee is limited, so your written testimony must be limited to four pages at most. (You may append as many illustrations as you think may be necessary; the tables in the on-line Economic Report of the President, 2014s probably have the best up-to-date data on GDP,etc.).

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