If you've enjoyed a good debate and you know what the function of each speaker is, then you're perfectly able to follow my analogy and advice on how to write a good essay.
Question:
Discuss the impact for the Australian economy of a sustained
appreciation of the Australian dollar.
1st speaker opening paragraph – no longer than 10-15 lines
- This paragraph outlines your case (should be able to see your entire argument in miniature in this paragraph)
- This paragraph infers/suggests/declares your position/stance on the question
- An opening paragraph is not a window dressing exercise
Here is what the opening paragraph looks like for an economics essay.
With the advent of closer relations with the United States in the 1960s and the reality of US $ as an international reserve currency, the Australian dollar was pegged to the American currency. Since then, Australia has moved from a ‘crawling peg’ system with the exchange rate hooked into the TWI - Trade Weighted Index - (1978-1983) to a managed exchange rate system. (T Riley: 2008: 133). The impact under such a system of a currency appreciation is,
predictably, both positive and negative and is integrally linked with the inbuilt advantages and disadvantages of the flexible exchange rate system itself. (ibid, 129-130) These include the advantages it bestows on international trade in terms of cost benefits, the boost to the national economy in terms of slowing down inflation and the reduction of the national debt. This is offset by the negative impact of a sustained appreciation on competitiveness in trade, an increase in unemployment, and the rise in inflation. Thus, the disadvantages in the case of a sustained appreciation would appear to neutralize any advantages that might accrue in the short term.
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