Reference no: EM132246667

Question: The last few classes we have been discussing how institutional arrangements vary across countries with some institutions being more Capitalist in nature and others more Socialist in nature. We've also been discussion the implementation and transplanting of institutions. With our discussion of both socialism, capitalism, and institutions in mind (and public choice if you so choose), answer the following prompt about setting up a colony on mars.

If you were involved in helping to form the constitution or rules of engagement for a colony that will be set up on Mars, how would you structure the government? Would you focus on forming a centralized or decentralized government? Would you try and encourage any informal institutions? Would the possible self-sufficiency of the group change your answer? What else would you want to consider in forming the constitution? Why?

How do your answers for Mars colonization differ from creating the institutions in a country undergoing economic transition/transformation?

Reflection Paper Guidelines

The reflection paper is a time for you to consider our classroom discussions, readings, and notes in light of a short prompt and to contemplate what aspects you agree with, disagree with, desire to learn more about, want to discuss in deeper detail, apply to current world events, etc. For the reflection paper there is no wrong opinion on the prompt - you will be graded on the development and depth of your discussion.

Your discussion should consist of at least three parts

• A well-developed thesis that is supported throughout the paper

• You should utilize the tools we have developed in class notes, discussions, or readings to show that you can place the prompt in the Comparative Economic Systems framework. Remember to write as an economist and use the economic way of thinking to develop your argument.

• Since the reflection paper will involve your opinion, it should also include additional details you are bringing to justify your argument - a historical perspective, a philosophical understanding of the topic, a discussion of human psychology, an economic consideration not discussed in class etc. Here you are working to bring something else to your argument from outside class but that is still founded in an understanding of the discussion to help support your argument.

The paper should be three to five pages in length, 1 inch margins, Calibri 11 font or Times New Roman 12 font and double spaced. You will submit the paper to Blueline. Please also use proper grammar and structure in your paper. If you are referencing certain readings, podcasts, etc. please make sure to footnote or cite them at the end.

Notice there is a wide page number suggest - this is to allow you each to develop your agreements differently and in your own style. Ultimately, I hope this assignment allows you to reflect on the class, is fun to write, and lets me get to know you a bit better.