AP Economics:  Grading Rubric for Adam Smith Essay

            While this in no way is a satisfactory replacement for the Wealth of Nations, reading this essay should have prepared you to critique the economic system in the United States as it operates today as compared to Smith’s ideal.  There were five major points which students should have learned about Adam Smith’s understanding of how the economy works after reading Helibroner’s excerpt from the Worldly Philosophers:  First, that self interest drives the production of desired goods and services; Second, that competition moderates the self interest and keeps it from spiraling out of control; Third, that the invisible hand is the market mechanism which keeps suppliers changing their production and keeping it efficient; Fourth, that monopoly is the evil which will destroy this beautiful system; and Fifth, that the government will not need to intervene often to correct the market. 

Students will earn a 5 (90-95) if their essay:

1.       Describes in clear detail the five major points described above using application to today’s world to critique his vision;

2.       Accurately explains the Law of Accumulation and Law of Populations with a clear understanding that these were not the main idea of the essay, nor were the most important of his writings;

3.       The student has made thoughtful connections of Smith’s model to the U.S. economy today.

4.       Is written clearly, has no spelling or grammatical errors, and leaves the reader with a sense that the writer truly understands the major points of the essay.

Students will earn a 4 (80-85) if their essay:

1.       Describes the five major points correctly described above and considers these points as a comparison to the world today;

2.       Discusses the Law of Accumulation and Law of Population and explains them clearly;

3.       The student makes connections to Smith’s concepts and today’s economy.

4.       Is written carefully with no significant grammatical or spelling errors.

Students will earn a 3 (70-75) if their essay:

1.       Mentions clearly and accurately most of the major points of Adam Smith’s understanding of how the market works;

2.       Demonstrates an understanding of the Law of Accumulation and Law of Population;

3.       The student makes some mention of today’s economy in context of some of Smith’s ideas.

4.       Is written carefully with few grammatical or spelling errors.

Students will earn a 2 (60-65) if their essay:

1.       Is inconsistent but does mention at least the importance of the Invisible Hand, the driving force of self interest and the need for competition;

2.       Mentions the Laws of Accumulation and Population;

3.       Is essay is readable.

Students will rewrite any essays that do not meet the minimum criteria of a 2 and should seriously consider their decision to take this course.  The maximum score for a rewritten essay is a 55.