my macroeconomic theory essay need to fixed 1
Please try to keep the modified part in the same writing style as the rest.
That’s the email the professor send to me
I have read your essay and have the following comments and suggestions as to how you can improve it.
(1) You don’t need to be so explicit about the difference between income and wealth. You are discussing income inequality, no need to explain that further (the reader should be acquainted with the difference between income and wealth)
(2) Your statement that income inequality could have been a contributing factor for the Great Recession should be supported by a reference.
(3) Include all reports that you refer to in your bibliography.
(4) Try to improve your wording (e.g., the first paragraph of the section “Causes of Income Inequality”)
(5) Regarding the causes of inequality, you touch job polarization (see Autor’s paper for more details), but do not discuss globalization, deregulation, trade and financial liberalization, etc. (see, e.g., Keeley’s paper)
(6) When you discuss the effects of monetary policy, it seems to me that there is some overlap with wealth inequality.
(7) The effect if the minimum wage is debatable (classical economics assuming competitive markets says the higher minimum wage will increase unemployment, however, alternative models, e.g., monopsony (large firm vs many small employees) suggest small/no effect. Currently, there is some evidence that an increase in the minimum wage may decrease with little effect on unemployment [see, e.g., the Cengiz et al (2019)].
(8) The Finnish experiment seem to suggest that UBI may increase may increase measures of well-being, but does not seem to fix employment (you can find some references)
(9) In the concluding section, you say that “Income inequality reduces overall economic growth” Note that this is debatable (see, e.g, Forbes’s paper). It probably makes sense that you include one whole paragraph before the “Causes” section, where you discuss the impact of income inequality.