Guide on How to Write an Economics Paper

Guide on How to Write an Economics Paper

Do you know how to write an economics paper? You have tried your level best to do so, but you end up doing the opposite of what you are supposed to. The simplest things can be complex to the naked eye and give more headaches than expected.

If you are wondering, “how will I write my economics paper?” this article is for you.  Providing the simplest breakdown of economics makes it easier to understand its complexity. Here is a walkthrough on how to write an economics paper.

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What is economics

Economics is a social science branch that touches on how the populace makes decisions when faced with scarcity. Also, it can be explained as the discipline of science that oversees the production, distribution, and consumption of goods and services.

Scarcity is defined as the excess of human wants to what is obtainable such as goods and services. Now the economic decisions can range from personal, family, business to community decisions. This article will detail homework hacks to guide you in writing economics papers.

Branches of economics

These branches help with explaining economics from different perceptions. They give a deeper understanding as each can be put into essential use in both professional and ordinary life. There are many branches under which you can come up with many international economics paper topics. They are;

1.   Cliometrics

This study deals with the history of economics with the help of demography and computer

2.   Agronomics

This branch touches on productivity, distribution, and management.

3.   Education economics

Teaches people how to examine different economic sectors and give lessons on them. It also instructs people on how to put in economics academic policy.

4.   Inflation economics

Deals with the study of facts given on the economic level. It aids in comprehending reciprocal dealings made by different business parties and how to answer their problem.

5.   Urban economics

Economic devices used to learn how operation and development occur in urban cities are studied in this branch.

6.   Welfare economics

This study covers the community’s welfare and the objectives that need to be discerned in the assignment of resources.

7.   Econometrics

This branch looks into how economic problems can be solved by the employment of demographical and mathematical methods.

8.   Microeconomics

This branch of economics deals with how an independent producer and consumer make different decisions. It covers why and how unlike goods have unlike values and how people develop well-organized and profitable decisions. It also studies how they interrelate and ally with one another.

Microeconomics concepts are;

·        Labor economics

Labor economics is the desire to comprehend the wage labor market dynamics and purpose. It focuses on the providers of labor resources, demand and attempts to understand income, wages, and employment design.

·        Demand

Supply and demand theory offers assistance on how to determine prices in an aggressive market. It gives closure that the price stipulated by the customer is exact with that of producers. This ensures an economic balance.

·        Production costs

Here goods and services will be priced per the determination of the resource’s cost that went into assembling.

·        Theory of production

The procedure of conversion of inputs into outputs is covered in this study.

9.   Macroeconomics

This branch tends to look into the decision-making, performance, structure, behavior, and performance of an economy completely. International, regional, and state economies are all included. The explanations of connections between a diversity of elements are made possible by the development of models. Such elements include savings, consumption, investments, inflation and finance, state earnings, and production.

Macroeconomics concepts include;

·        Unemployment

The unemployment rate and inflation rate have a contradictory relation in the economy. There is a perception that a stable temporary trade-off exists between inflation and unemployment.

·        Rate of exchange

Devaluation of a currency in a country compared to another can be accredited to the persevering generality of soaring inflation.

·        Rate of interests

Depletion in the buying power of a currency is implied when the degree of the price goes up each currency unit. Then the cash can provide only fewer goods and services than before. Individuals with a lot of money start dictating excessive interest rates because their mission is to safeguard their investment returns. As a result, interest rates go up, and when the opposite happens, inflation decreases.

Differences between macroeconomics and microeconomics


  • Handles midpoints and collections of the whole economy like the state income, collective output collective savings, and so on
  • It has a wide range and looks to explain a country’s economy entirely.
  • It is also referred to as the theory of income because it illustrates the alternating state income levels.
  • It also deals with the round flow of earnings and spending between dissimilar economic sectors
  • It assists in policies development considered suitable for distributing resources at the economy degree like unemployment and inflation


  • It looks into the decision-making of sole economic irregularities like the consumer, demand, price, etc.
  • It does not have a wide range, so it only explains a small component of the whole economy
  • also known as the price theory, it strives to explain the procedure of economic asset-allocation under comparative prices of goods and services
  • It assists with the development of policies suitable for the distribution of resources at a firm stage only

Economic theories

     i.        Common pool resources management

This theory looks into how communities can collaborate to control common resources through communal possession rights.  It further shows that no state or private governance is needed. Only commoners who have a deeper understanding of the community’s environment can collectively manage the resources.

   ii.        Behavioral economics

This theory shows how people do not frequently take action out of logical self-interest. Instead, mental prejudice makes people use flawed logic to make an unreasonable commitment. People tend to follow illogical instructions established on emotions, memories, and frame of mind. They will also use widespread directives to come to discernments that oppose probability laws.

 iii.         Information asymmetry

This theory teaches that economic methods foretold on ideal facts are usually short-sighted. Because in a true sense, one side of a deal usually has overpowering points. This theory helps to show how a well-detailed market can transfer information to less informed members. 

 iv.        Game theory

The theory of non-collaborative games entails how members base their conclusions on their expectations of how other members carry themselves. In their expectancies, they don’t know how the other members will maintain themselves. Non-collaborative games have members who make non-irrevocable accordance.

   v.        Theory of public choice

Also known as politics without guilt, this theory explains how politicians are concerned with self-service rather than serve the public. These politicians also make decisions that, in the long run, only benefit them.

On most occasions, an economics paper focuses on at least one theory. Other times there is more than one theory. To learn how to identify a theory in an essay, you should look at an economics paper example and try to identify the theories as you read.  You can identify the dominant theory present by looking at the keywords and the thesis statement.

Importance of economics

With the help of economists, forecasting can be done to provide essential information. The information steers companies and governments into making the right decisions to benefit their dealings in a major way. Statics and modeling give way to the providence of such economic intellect.

Economic matters such as inflation, wealth, tax, interest rates, inequality, and coming up markets impact our everyday lives.  It also supplies solutions to a scope of political, health, and social topics that influence households and vast groups.

Firms and industries of every magnitude depend on economics for development, product research, advertisement, and pricing strategies. This kind of impact means learning economics can unlock career choices over all parts of the economy. This can go from farming to mass production or from banking to a financial advisor.

To succeed in a business, it is crucial to understand consumer behavior. Economy theories and models foretell customer behavior which provides information for businesspersons. The information paves the way for better future strategizing.

Comprehension of local and global trends helps provide vital insight into how dissimilar cultures and communities interrelate. This is very important in pushing success.

It helps understand different kinds of policy choices and assess possible positive outcomes. Before you invest in something, you will have the needed information to make a wise decision.

It provides a technique for finding the possible result since a shortage of raw materials like oil and gas is inevitable. Human beings can use economics to calculate the best course of action to avoid scarcity.

The economy offers various well-paying jobs. This includes jobs like an economic consultant, market research analyst, and financial advisor.

It investigates how market dynamics such as scarcity, supply and demand, opportunity cost, and equilibrium influence the market. This makes it easier to maintain control.

Economics assists in deciding how to execute good individual spending. Good spending, in turn, means having a healthy financial life and being economically sound

Economics builds up and widens your logical reasoning needed to make come to a reasonable financial decision. It arms you with information vital for understanding the market.

How to write an economics paper

how to write an economics paper format

Most people hear economics and are scared because of its technicality and all the math involved. It gets even scarier when you are given an economics paper to write about. You begin to wonder, “How will I do my economics papers?” The format, rules, and structure of writing are different from what you are normally used to. This is why this article demonstrates how to write an economics paper.

Before you begin working on the paper, there are things you need to look into. You cannot start writing without researching. Creating an outline is a critical step that you should accomplish to have an easy time writing. These steps include;

a)   Understanding the question

There are several instructions your professor gives you as you receive the assignment. Most economics paper topics are given in the form of questions. It is important to make sure that you understand what you are required to do and what your professor expects. Read the question several times to make sure you have a good grasp of it. You should search for the definitions of the words you do not understand to avoid confusion. Do not hesitate to ask your administrator to clarify if the question or instructions are not clear.

b)  Research

Once you have understood the question, begin to look for the information you can use in your essay. The first place you should look into is your textbook. Even though it may not have enough information for your whole research, it is a good starting point. You can get more information in books, journals, and published sources to build your study. Always keep your main question in mind to avoid steering off the topic.

c)   Create an outline

Your economics research paper outline is like your map. With the information, you collect, write an outline that includes all the sections of your paper. Feed the information into each section. Use your outline to plan and structure your paper. Arrange your points in order of importance and chronologically. Your points should appear in a logical order and have a link to each other.

As you outline your points, keep your thesis statement in mind. Make sure that the evidence you are presenting is compelling. Your evidence should be in form of statistics, figures, and facts. Economics is not a matter of personal opinion, it is mathematical. Hence the facts remain facts, and with facts, you have sturdy evidence.

Once you have enough evidence and a good outline, you can begin writing. Below is the structure you should use;

a)   Title

Looking for appropriate research paper topics in economics takes time. Your title should be a reflection of what your paper is about and the question you are answering. You can consider your main keywords and use them to come up with a clever title. Stay away from titles that are too general or do not give enough description of your paper.

b)  Introduction

Your introduction must include two crucial pieces of information, what your paper is about and what contributions your paper will make. Your paper can extend, differ or improve on existing studies of the same research.

Your principal findings and general subjects do not have to be discussed in the introduction. Do not discuss how you became interested in a topic or errors you experienced during the study. In most cases, the introduction ends with a table of content. In brief, your introduction should;

  • Show the importance of your study
  • Indicate the research that has been done before
  • Identify a missing piece or controversy in the existing study
  • State how you will solve the issue in your paper
  • State the thesis of your essay
  • Indicate any limits your study cant exceed

c)   Literature review

A literature review comes after the introduction or sometimes within the introduction. This is how to write a literature review for an economics paper;

  • An address which studies have already been done concerning the topic and what is yet to be done
  • Begin your review with an assessment of the literature
  • Describe the parts of the literature that are related to your study
  • The aim is to create a link between your work and the works that have come before.

d)  Data

This section addresses the sources of data and the issues and features of the data. Your data section should;

  • Identify the source of your data
  • Describe this source
  • Explain why this is the source you used
  • Discuss any features of the data that may have an impact on your results
  • Discuss any features like demographics that the reader should keep in mind while evaluating the results

e)   Model section or methodology

This section of your paper discusses the technique you used to gain the data and attain the results. Looking at a sample economics research paper will help you understand how to write this section. Your methodology section should include;

  • The name of the method you used for your research
  • Discuss the method in depth
  • An explanation of why you chose to use that specific method
  • Identify any features of the method that may affect your study
  • Discuss any features of the method that the reader should pay attention to

f)    Results

Your results section discusses your findings after the study is complete. You should also talk about the implications of the results. Address how your results have breached the gap in the existing study. This is what your results section should contain;

  • Begin by restating the question you were seeking to answer
  • Remind the reader of the features in data and methodology that they were supposed to look out for
  • List out the results that have answered your research question
  • Remember to highlight and discuss unexpected and intriguing results that you did not anticipate
  • Comment on the results you had told your reader you would comment on

Giving detailed comments after every result is not advisable. You will overanalyze and repeat a lot of the information since all the results feed the same study.

g)  Conclusion

The conclusion section in economics papers is often underwritten. A lot of time is spent on the body that the conclusion ends up neglected. Conclusions are supposed to be brief and restate the main findings and main points. You are allowed to give suggestions on future researches that can be done to improve the study. Your conclusion should;

  • Include a paraphrased statement of the questions you have attempted to answer
  • Mention your main findings and contribute to the study
  • Include suggestions for future research
  • Restate the limitations of your study to remind the readers
  • Discuss a broader meaning your findings
  • Be in sync with your introduction and your body

h)  References

Scholarly work is used in academic papers to make the information being discussed credible. This is because scholarly work has complete and authentic research. In your economics paper, it is important to include scholarly sources such as books and journal articles. This way, your paper gains authenticity, and you reduce the plagiarism percentage. At the end of your document, create a reference list containing all the external sources used in your work.

i)     Revision and editing

Once you are done writing, it is important to proofread your work multiple times. This is a requirement for all forms of writing. It is recommended that you have a friend read your work and help you make adjustments and corrections. You should be on the lookout for grammatical and punctuation errors. Your economics paper format and structure may also need to be crosschecked and edited. Do not ignore this stage as it has a big impact on how your professor grades your paper.

Notes about the economics style of writing

Having good economic writing skills is a vital requirement if you want to score good grades. If your paper is ungrammatical, unclear, or journalistic, you risk failing as an economics student. Journalistic writing is defined as writing without using an analytical tone. Economists have a specific writing style you should learn if you want to be taken seriously by other economists. Some specification on how to write an economics research paper include;

  • Write using the present tense
  • Cite your sources using official referencing styles such as APA, MLA, and Chicago
  • Use the active tone of writing, use I and we to describe actions and expectations
  • Avoid using adverbs and adjectives unnecessarily
  • Do not use abbreviations and contractions such as isn’t, shouldn’t, i.e., etc. in your writing
  • Words that are written in other languages should be in italics or underlined
  • Use phrases that are clear and concise to avoid being vague or misunderstood
  • All non-economic commentary should appear in your first paragraphs and conclusion only
  • Only include political and social commentary if it is paramount to the study, it is not mandatory
  • Keep your sentences short and use shot words as well
  • Avoid repetition, it creates monotony and makes your paper boring
  • Avoid using passive voice in your writing
  • If possible, do not use negation such as not and no, positive statements are more persuasive
  • Avoid jargon, use regular words that are common and easy to understand
  • Do not make up your acronyms otherwise, your reader will not understand what you are talking about
  • Avoid using many and unnecessary words, instead of saying is equal to, write equals
  • Keep your work self-contained, do not use too many references may distract your reader
  • In economics, tables, graphs, and figures are vital, use them to present your findings
  • Remember, in economics, the long run is understood as a noun while long-run is an adjective, same applies to short-run and short-run
  • Buy and read economics books to build your writing technique and advance your economics knowledge
  • Keep your writing simple, assume your reader does not know economics, but you want them to understand your essay
  • Be your critic, go through your paper and point out every issue and error, then revise them

Closing remarks for economics essay writing

Economics is a mathematical subject. This means that it is based on calculations, empirical formulae, and facts. Writing an economics paper can be complicated, especially if you have limited time.

You now have all the essential information on how to write an economics paper. In case it is still complex or demanding, reach us on our website for your economics homework help

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