BSB113 Economics Semester 1 2018 Assessment 2: This assessment has a MAXIMUM WORD limit of 1400 words (excluding your reference list – but inclusive of in-text citations) The essay is to be submitted through SafeAssign via the BSB113 blackboard website (see BB assessment 2 folder for detail. You are advised to keep a copy of your work for your own records. The assessment should be submitted as a WORD document or PDF. Please note that other file formats may not be able to be opened and will be assumed to be a non-submission. It is your responsibility to check that the document has uploaded to SafeAssign and that it is the correct document. If you need help on how to check contact IT support (do not contact your tutor or UC). Work that has been submitted for assessment in BSB113 in previous semesters cannot be resubmitted for assessment. If identified, re-submitted work from previous semesters will be treated as plagiarism. QUT exercises zero tolerance on late submissions without an approved extension. If special circumstances prevent you from meeting the assessment due date, you can apply for an extension. If you do not have an approved extension prior to the submission date, you should submit the work you have completed by the due date and it will be marked against the assessment criteria. You will NOT be able to view your plagiarism report. Refer to the FAQs in the supporting assessment document (BB assessment 2 folder) as to why. We strongly recommend that prior to submission you ensure that you have read ALL the related assessment documents. Your essay will be marked against the published CRA for this assessment. (At the end of the Assessment Documentation). 2 Scope of research essay Meat and Livestock Australia (MLA) take a proactive approach to reducing their sectors carbon emissions. MLA have approached BSB113 Consulting1 requesting an economics analysis of greenhouse gas emissions associated with farming livestock (specifically cows and sheep). They have requested that the economic analysis is framed around the following article: Herrero, M. (2016, 22 March). To reduce greenhouse gases from cows and sheep, we need to look at the big picture. The Conversation. Retrieved from https://theconversation.com/to-reduce-greenhouse-gasesfrom-cows-and-sheep-we-need-to-look-at-the-big-picture-56509 The economic analysis should be presented in essay format and address the following tasks. 1. An overview of the contribution of livestock digestions to greenhouse gas emissions. Both global and Australian data comparisons are requested by MLA. 2. An analysis of the effect of greenhouse gas emissions from livestock digestions on the economic efficient equilibrium of the market. This analysis should be framed around a diagrammatic exposition of the economic theory of externalities, and as a minimum, should clearly identify the theoretical market and efficient equilibrium and any deadweight loss. 3. An analysis of policies to reduce livestock industry’s carbon emissions from livestock digestions (shifting the industry from the current market equilibrium towards an economic efficient equilibrium). This is to be limited to consideration of: (i) a livestock methane tax on producers (ii) a non-price policy on producers. MLA have requested that the focus is on the introduction of a new production technology (iii) an increased consumption of substitutes for meat that are not derived from livestock. MLA has indicated that they are particularly interested in the potential impact on the sector’s emissions from increased consumption of near perfect substitutes. A brief summary of the potential economic effects (costs and benefits) of each of the above policies (i, ii and iii) is required. However, MLA understands that a full analysis of the dynamic effects of these policy solutions in beyond the scope of this work, as the focus is on using a partial equilibrium analysis. 1 BSB113 Consulting provides economic analysis to Australian Government and Industry. BSB113 Consulting, real economics for real world problems. 3 Recommended reading Beavan, K. (2017, 22 Nov.) Australian red meat sector sets 2030 carbon neutral target at Alice Springs producer forum. ABC News. Retrieved from http://www.abc.net.au/news/rural/2017-11-22/meat-livestockaustralia-sets-cattle-industry-carbon-target/9180902 Coglan, L. (Compiler). (2016). BSB113: Essentials of Economics (4th ed.). Australia: Pearson Australia, Chapter 11. 2 Department of Agriculture. (2013). Australian agriculture: reducing emissions and adapting to a changing climate. Key findings of the Climate Change Research Program. CC BY 3.0. Retrieved from: http://www.agriculture.gov.au/Style%20Library/Images/DAFF/__data/assets/pdffile/0006/2359815/reducin g-emissons-adapting-changing-climate.pdf Gerber, P.J., Steinfeld, H., Henderson, B., Mottet, A., Opio, C., Dijkman, J., Falcucci, A. and Tempio, G. (2013). Tackling climate change through livestock – A global assessment of emissions and mitigation opportunities. Food and Agriculture Organization of the United Nations (FAO), Rome. Retrieved from http://www.fao.org/docrep/018/i3437e/i3437e.pdf Heffernan, O. (2017). Sustainability: A meaty issue. Nature, 544, S18. doi: 10.1038/544S18a. Retrieved from https://www.nature.com/articles/544S18a Herrero, M. (2016, 22 March). To reduce greenhouse gases from cows and sheep, we need to look at the big picture. The Conversation. Retrieved from https://theconversation.com/to-reduce-greenhouse-gases-fromcows-and-sheep-we-need-to-look-at-the-big-picture-56509 Herrero, M., Henderson, B., Havlík, P., Thornton, P. K., Conant, R. T., Smith, P., . . . Stehfest, E. (2016). Greenhouse gas mitigation potentials in the livestock sector. Nature Climate Change, 6, 452. doi: 10.1038/nclimate2925. Retrieved from https://www.nature.com/articles/nclimate2925 Philips, C. and Wilks, M. (2017, 22 February). No Animal required, but would people eat article meat? The Conversation. Retrieved from https://theconversation.com/no-animal-required-but-would-people-eatartificial-meat-72372 Wilks, M. and Phillips, C.J.C. (2017). Attitudes to in vitromeat: A survey of potential consumers in the United States. PLOS ONE, 12(2): e0171904.https://doi.org/10.1371/journal.pone.0171904. 2 This material will be covered in the week 7 lecture after the semester break. 4 General guidance notes The content In economics we generally start by framing the problem. We also refer to this as setting the context. In this part of your essay (Task 1), you need to articulate what the issue is. This is not simply a case of stating “I think it is a problem because …” You need to present an informed context which is supported by peer reviewed published research (not the Courier Mail) and data from reputable sources. In setting the context, you should also include details of the economic and social costs associated with the problem. The case that you make in this section provides the basis for economic policy solutions you will present in part 3. The theory needs to relate to the economics issue(s) identified in part 1. You will need to present the correct theoretical economic model and explain it using appropriate economic terminology (Task 2) In Task 3, potential policy solutions are critical analysed from an economic perspective. Your analysis should be framed with reference to the economic theory presented in Task 2. That is, how does each policy shift the market to the efficient equilibrium? The key to this part of the essay is to keep it simple. Give an overview of each policy, detail how it will work to address the issue under consideration and give a brief summary of the potential strengths and limitations of that policy approach based on what you find from the research literature. Note, you are not required to say that one policy is better than another. A key feature of economic analysis is that it is objective. Whilst this work has been commissioned by a particular stakeholder, it should be an unbiased and informed critical economic analysis and not a political document. For example, a particular policy solution may shift the market towards an economic efficient solution, but may not be great for the stakeholder (e.g. it may increase their costs and reduce their revenues etc.). In contrast, a policy solution may potentially improve the position of the stakeholder, but at the expense of economic efficiency. The latter should not be given a greater weight because of the audience. In summary: clearly frame the “problem” by setting the context use an appropriate economic theory to show how economist’s view this problem write an unbiased and informed critical economic analysis and not a political document. Do not get drawn into reporting emotive arguments (interesting as they are). be academically rigorous, ensuring that your analysis is underpinned by references to peer revie 5 Examples of scholarly sources include: Academic journals University working papers/publications Government and related departments/organisations reports (e.g. Australian Bureau of Statistics (ABS)) International economic organisations articles and reports (e.g. OECD, United Nations and World Bank) Central Bank articles and reports (e.g. Reserve Bank of Australia) Examples of high quality sources of relevant data would include ABS, OECD, World Bank, Government reports etc. A common theme of all of the above published literature is that it is peer reviewed. Peer review is a process that is used to ensure that published work represents the best scholarship currently available (and is also technically correct, not misleading etc.). In contrast, non-peer reviewed literature represents the opinion of the authors with only their guarantee that it is the best work possible. Reliance on non-scholarly sources as part of your research is to be avoided. Examples of non-scholarly sources include: newspaper reports magazines articles non-peer reviewed articles and reports (be careful of private consultation reports, political papers etc.) subject-based dictionaries and/or glossaries (including Wikipedia) personal blogs/websites Non-scholarly sources do have a role. As a matter of course you should be informing yourself about contemporary issues by reading a range of non-scholarly sources (e.g. by reading the newspaper). Within nonscholarly sources there is a hierarchy of more acceptable publications that you should engage with. These include good quality newspapers (e.g. The Australian and The Financial Review) and specialist magazines (e.g. The Economist)). Similarly, Wikipedia is a great starting point for looking up definitions or getting an overview of a subject. However, using Wikipedia as a key source in your work simply demonstrates that you have failed to engage in the challenging, but rewarding, academic exercise of researching high-quality scholarly resources. Reading hints and tips Is there a “trick” for working your way through the reading list. Fortunately there is. scanning the documents and locating specific words or phrases that are of interest. Focus on headings and subheadings, the contents page itself and the index for specific words (Top tip: it is easy to search PDF documents for keywords). when reading, be strategic. Some papers may be useful to support your arguments, other may not. get some help on how to read research papers. Studywell (http://www.studywell.library.qut.edu.au/) has some excellent advice on how to read (fast) and digest research papers. Maximum word length Your research essay has a MAXIMUM WORD limit of 1400 words (excluding your reference list – but inclusive of in-text citations). Your word count for each section will be specific to your individual essay (informed by the weighting in the criteria reference assessment table at the end of this document). Note that your essay should include both an introduction and conclusion (but do not overdo the introduction or conclusion as that means fewer words for the important bits). 6 Presentation You are advised of the following stylistic requirements: use font type Arial, font size 10 (minimum) line spacing should be single or no greater than1.25 margins should be set at 2.3cm all diagrams should be reproduced either by hand or imbedded in your document using a draw tool. For example, Paint or the draw tool in Word,3 or Excel. If you draw the diagrams by hand you will need to scan them so they can be incorporated in your SafeAssign submission. Cutting and pasting of diagrams from other documents is not acceptable and will be marked as copying (refer to CRA). all pages should be numbered (bottom footer right hand side) and include your student number (top header, right hand side) include a title page. This should include your name, student number and tutor’s name. Late submission Assessment submitted after the due date without an approved extension will not be marked and will receive a grade of 1 or 0%. If special circumstances prevent you from meeting the assessment due date, you can apply for an extension. If you do not have an approved extension you should submit the work you have completed by the due date and it will be marked against the assessment criteria. Helpful advice on writing your research essay Your writing style needs to be clear and efficient (after all you only have 1400 words). Some key advice would be: remember structure in writing - introduce, discuss and conclude. use short sentences - long sentences lose the reader. one argument/idea per paragraph. This assessment is a formal academic piece of writing. The words and language style you use will convey this. Language used should be appropriate. Things to avoid include informal language, shorthand or colloquialisms. A short check list of advice would include: use “do not” instead “don’t” use “cannot” instead of “can’t” write in the third person – avoid using personal pronouns. For example: “Research shows that ….” rather than “I think that …”. Descriptions should be quantified and/or relative to a comparable benchmark. For example: instead of saying “there was a massive increase in China’s economic growth” you would phrase it as “China’s economic growth, as measured by GDP, increased by X% over the period (include citation of where your evidence came from)”. instead of saying “GDP in China was better than everyone else’s” you would phrase it “GDP in China increased by X%. In comparison it fell by X% in USA and X% in the UK (include citation of where your evidence came from).” Tables and figures in themselves do nothing to enhance an argument unless they are clear AND explained AND interpreted by you for the reader. When inserting a table or figure into your work it is good practice to give each a number (e.g. Figure 1, Table 1) and title it (the title should describe what the table or figure is presenting) and refer to the table or figure number explicitly in the text. 3 See http://office.microsoft.com/en-au/word-help/draw-a-curve-or-circle-shape-HA010208316.aspx?CTT=3#BM14. There are also a lot of good instructions on the internet (including Youtube) on how to construct diagrams using the Draw tool in Word. 7 Place the table or figure as near to the paragraph that you are going to discuss it in (either directly above or below). An example is given below in Figure 1. If you have hand drawn your tables and figures attach them to the end of your document. Figure 1. How to present diagrams and tables In your reading, you will come across tables and figures that may be useful in explaining or supporting a point that you want to make in your own work. Try to avoid cutting and pasting from articles and the text book. Relevant tables and figures should be adapted to support your work and referenced. Figures (especially those relating to theory) can be redrawn in Paint or Word (using the draw tool). Similarly, tables of data can be created in Excel and imported into Word (or created in Word using the table tool) to reflect the information that is relevant to your analysis. Further support for Assessment 2 Support for this assessment item includes: Lecture 7/ tutorial 7 Consultations with tutors Supporting documentation (including this document) Please note tutors will be prepared to discuss your approach but will not read drafts. In addition to the above, generic skills support and help can be sought from a range of sources: 4S workshops o See Blackboard announcements for 4S workshops. Information of other generic skills workshops can be found at https://www.student.qut.edu.au/learning-and-assessment/workshops-andacademic-help/workshops Student Learning Advisors o https://www.student.qut.edu.au/about/faculties-institutes-anddivisions/faculties/business/manage-your-studies/study-support/student-learning-advisers Study smart o http://studysmart.library.qut.edu.au/