2. FIRST UP…
Don‟t get too confident if you got a good mark, don‟t
get too disheartened if you didn‟t
These grades are just my opinion, though obviously
I have used the marking guidelines as often as
possible
“Essays should be seen as an opportunity to show a
really good grasp of certain concepts and ideas, rather
than mere familiarity with them. So I am looking for
detailed explanations of relevant concepts. I‟d rather
they bored you and me with excessive detail than left us
wondering whether they really understood something.”
4. THE LSE METHOD
Say what you‟re going to say
Rewrite your PLAN
Say it
Follow your PLAN
Say what you have just said
Check your PLAN
5. FOR EXAMPLE
“First year students are generally good at grasping
the key concepts of Economic theory. However,
they often find the leap to undergraduate level
essay writing somewhat trickier, preventing them
from achieving the grades they are capable of.”
Discuss.
First thing‟s first… Write a PLAN
6. QUESTION IS IN 2 PARTS
Students quick to grasp concepts
This is generally the case
Some sloppy mistakes, such as incorrect defining the
MPC as the proportion of income spent
Students not so great at essay writing
Opening paragraphs of variable quality
Explanation of model incomplete/rushed
Diagrams often incomplete
Diagrams often ignored once introduced
Some students don‟t use course material enough, some
use it too much
Good news is, all this can be sorted out with practice
7. OPENING PARA – REWRITE PLAN
This essay will support the statement that first year
economics students are quick to grasp key
concepts, but find conveying that understanding in
an essay somewhat harder. The essays I marked
contained few technical mistakes. However, some
opening paragraphs were clumsy, models were
often hastily explained, diagrams were frequently
incomplete and then ignored for the rest of the
essay, while some students failed to display any
sign of independent thought. That said, the essays
showed plenty of promise and I believe that their
writing will improve significantly if they continue to
work hard.
8. ESSAY 1
MPC higher for decade level data than quarterly. Is
this decisive evidence for F against K?
PLAN
Fully explain K‟s model. C, Y, T, „real terms‟ etc
What does the MPC mean?
Discuss initial empirical support for K from q data, then
discuss contradictory decade level data, „pivot‟
Fully explain F‟s model and how it explains pivot
Conclude?
Not so fast… Is this decisive? Think for yourself, though
Nigel gives you a hint or two
9. ESSAY 2
Explain discounting, the real interest rate and their
role in the theory of investment
PLAN
Introduce theory of investment
Explain what discounting is
Difference between real and nominal rate
What does depreciation mean in this context
Why use the real discount rate
What are we actually explaining here?
Firm compares net present value of future profits to cost of
machine, then decides whether or not to invest
10. THIS WAS A DULL QUESTION
Not a lot of room to show initiative. But if you
showed none, you can‟t get more than a 2:1 (from
me anyway)
You could have invented your own example and run
it through the whole essay, or elaborated on the
Fisher approximation to give the actual formula
11. ESSAY 3
If the public decides to hold more cash and fewer
bank deposits, it should have no effect on the
quantity of money. One component will rise, the
other will fall.” Assess
PLAN
Eqbm Disturbance Transition New Eqbm
Explain quantity of money in detail
Then c , initially quant of money is unch
But now banks undercapitalized, so will sell bonds or
reduce loans. Discuss effects of both
This will continue until new eqbm reached. Compare
new to old using Money Multiplier
M = H / [c+θ(1-c)]
12. IN QUESTIONS LIKE THIS…
Unless told otherwise, ALWAYS assume a ceteris
paribus change. c changes in the first
period, nothing else. Otherwise you will confuse
yourself
Certainly bonus points here for discussing knock on
effects of a fall in investment, or a rise in i as
commercial banks sell bonds
But don‟t get caught up in this, better to stick to
what the question is asking
