What Is A Conclusion?
It is a piece of judgemental writing which normally comes towards the end of an essay. It can also be seen as a decision or final thought after an extended analysis or research. What this means is that, students generally have to attach a weight to their opinions. I strongly discourage candidates from writing a piece of conclusion that sounds like a ‘bullet-list’ of all the points used up earlier. For an instance,
In conclusion, the advantages of tariffs are higher tax revenue, reducing current account deficit, protect jobs and protect sunrise industries. Disadvantages are trade retaliation, distortion to comparative advantage, loss of jobs in long run and violating WTO rules
As conclusion, the advantages of currency depreciation are higher growth, lower unemployment, and improvement of government finances and the disadvantages are cost-push inflation, increase in value of foreign debts and lower standard of living
As can be seen, they don’t sound like a conclusion. They are more known as a SUMMARY
How to Write a Conclusion?
‘Pick a winner’
Between higher indirect tax onto cigarettes and the complete ban of public smoking, it is argued that the former is much more favourable. It creates a win-win situation for all stakeholders. There is consumer sovereignty for smokers, higher tax revenue for government and negative externalities get to be internalised
Between currency appreciation and depreciation, it is argued that the latter is much more preferred. This can be seen in the case of both developed and developing countries which have a sizeable manufacturing sector. Only those countries with huge foreign debts may prefer a rise in domestic currency
‘Both are losers’
In conclusion, both tariffs and quotas are undesirable economic policies. Despite both have their own merits and demerits, economic history such as the Hawley-Smoot Tariff Act 1929 had proven that the long term damage is always far greater than the short term gain. Protectionist measures in whatever way will lead to trade retaliations that benefit no stakeholders at the end
In conclusion, both unstable exchange rate and unstable inflation are perverse economic conditions and in no way their existence has any merits. Their damaging effects cannot be considered in isolation since both are inter-related. An unstable inflation usually leads to an unstable exchange rate
‘Both are winners’
As a conclusion, both expenditure dampening and expenditure switching policies are equally important to reduce the size of current account deficit. They both work wonders if are combined simultaneously
As can be seen, the social costs of smoking far outweigh its private costs. Given that is the case, both indirect taxation and ban of smoking in public areas have to be conducted simultaneously to combat such habit
Good luck for tomorrow. Hopefully my advice helps. Cheers