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Deep Reading Assignment for ECON 160

Why are we doing this? 

Many college students struggle with reading. They feel overwhelmed with the density of college textbooks and are not sure how to approach primary sources. This assignment is intended to help you become a stronger reader who is armed with strategies that professors use when they read difficult texts. 

U.S. income inequality is the selected topic because many studies confirm it has risen dramatically over the past 30 years. It is a hot topic in American politics and economics (e.g., President Obama gave a major speech on income inequality in December 2013 — http://www.youtube.com/watch?v=TXFBW4ObxWE  –calling it a “threat to our way of life” and the “defining challenge of our time”). 

I have assigned the May 2011 Vanity Fair article “Of the 1%, by the 1%, for the 1%” by Joseph Stiglitz – http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105 

How did your economics professor read this article?

I read the article three times over one week. My first read was quick. I read to get the “gist” of it. Two days later, I read it carefully/actively for about three hours –including occasional breaks. I wrote questions and comments in the margins. I identified when he was making an argument; what exactly the argument was (in my own words); what evidence he gave to support the argument; and whether I thought his evidence was convincing. My third read was two days later. I wanted to step away from the article and let the ideas sink in. I re-read it quickly to see if I had missed something or if my values/beliefs had changed because I had read it. (Note: I googled or looked up any words, terms, or phrases that I had not seen before; and then “translated” them into my own words. There are several sections where he assumes tremendous background knowledge –e.g., marginal-productivity theory, collective action, financial system, Citizens United case, etc. So don’t feel intimidated! I will be pleased if you understand 75% of what he is writing.)

Suggested Reading Strategy

First, I recommend getting into a deep reading “mindset.” You might think positive thoughts like…reading this article is an opportunity for me to explore new ideas, arguments, and evidence about an important topic. I recognize that I may not possess all of the background knowledge that the author assumes, so I will google unfamiliar terms or phrases. I plan to actively question this author by using the margins of his article to summarize his statements, ask him questions, and give my agreement or my protest to his arguments.

Second, you might notate answers to the following questions.

1. Who is Joseph Stiglitz? What is his background? Is he qualified to write about this topic?
2. The article was published in Vanity Fair. What kind of publication is it? What kinds of articles are typically published there? Do articles published there have a particular political bias? Why did Stiglitz choose to publish there? Who was his intended audience? Am I a member of that audience?
3. What does the title of his article (“Of the 1%, by the 1%, for the 1%”) mean? What does it imply?
4. What is considered the 1% in 2012? Am I in the 1%? Here is a link to explore –http://www.nytimes.com/interactive/2012/01/15/business/one-percent-map.html )
5. Why is Stiglitz asking the audience to think about income inequality now? What points of view (or opinion) is he pushing/arguing against? According to Stiglitz, why have some economists dismissed the importance of income inequality?
6. What evidence is given to show rising U.S. income inequality? 
7. What economic and political reasons are given for why income inequality has increased? Are reasons given backed by assertions, evidence, or both? Which reasons did I find most (or least) convincing?
8. According to Stiglitz, why should we be concerned about how U.S. national income is divided? What evidence does he give? Is it convincing?
9. According to Stiglitz, what impact has income inequality had on our society? On our government? What evidence does he give? Is it convincing?
10. Is Stiglitz trying to change my views, values, or beliefs about income inequality? If so, was he successful? Why or why not? 
11. What idea or argument, offered by Stiglitz, will I remember two years from now?

Read the artical and then answer the quistion to answer for the quiz 

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