Free trade has long been a hot topic of debate amongst government policy makers. Economists contend that a world without any tariffs or import/export duties would benefit both consumers and producers. But in actuality, countries have been using tariffs and duties to punish each other over political disagreements and to bolster certain industries within their own economies for hundreds of years.
Write a paper on whether or not you agree with free trade, and whether or not you think it's possible to achieve in the foreseeable future. Visit the economics help website (see Resources) to view a model that represents the costs and benefits of free trade.
There are many topics you can sink your teeth into when it comes to discussing recessions. You can analyze causes of recessions in U.S. history, comparing and contrasting the causes and drawing lines of similarity between them. You can also analyze one of the prime causes of recessions, such as market bubbles and manias. Numerous examples of bubbles and manias that led to crashes and then recessions and/or depressions have occurred throughout history. One interesting example is the tulip mania of 17th-century Denmark.
Some economists say that recessions are ways for the market to self-correct after people have been lax with their lending and spending. Write an essay on whether or not you agree with this statement. Check out the book, "Manias, Panics, and Crashes: A History of Financial Crises," by Charles P. Kindleberger, to get a start on understanding the causes and effects of recessions and depressions.
One force that affects any country's economy is the policy of its central bank. Monetary policy is the process by which a central bank controls the money supply and lending interest rates to other banks, who then pass on those charges to their customers--you. There are many contrasting opinions amongst economists about which monetary policy is best. It's an interesting topic because it either directly or indirectly affects the amount of money you have right now in your bank account or pocket.
Start by researching the monetary policies of Alan Greenspan and Ben Bernanke. Bernanke is the head of the Federal Reserve (The United States' central bank). Greenspan is his predecessor.