Economics and Management Personal Statement Example 4

Growing up in a country like India, I was exposed to income inequality as it is one of the biggest problems concerning the nation's development. As a part of my growing up years, I compared my friends and their vacation spots with mine and started questioning how a country might function with such vast income distribution differences. This curiosity led me to be zealous about economics and management.

Studying HL economics has helped me to apply the theories I learn to real-life situations. Keynesian economics and John Maynard Keynes's theories about the government acting as a balance intrigued me immensely. Additionally, studying HL math captivated my interest in the intricate relationship between math and economics, primarily how game theory can explain the strategic decisions made by firms in an oligopolistic market.

Reading about the close relationship between firms and the market led me to choose to write my extended essay on the cinema industry's market structure in Singapore. I also attended a 4-week online course offered by Stanford University and the University of British Columbia regarding game theory which introduced me to conflict among nations, political campaigns, competition among firms, and trading behaviour in markets such as the NYSE.

This helped me understand how different firms behaved and how their decisions affected the economy's supply and demand and sparked my interest in learning consumer theory at an advanced level. Throughout high school, exposure to scientific subjects such as physics enabled me to understand the meaning of ceteris paribus completely.

Having conducted experiments for my internal assessments, I saw how an experiment's result could change with the most simple and minuscule change in one of the external factors, much like economic theories. Personally, I believe having a foundation in quantitative subjects is extremely important to analyse economic theories at a higher level.

Inspired and influenced by Kalpana Saroj, the first female entrepreneur in India, I read biographies of entrepreneurs like Jeff Bezos to learn more about businesses and management. I started observing how different corporations function and found that corporates like NOKIA, have publicly acknowledged the existence of Gender Pay gap.

Upon learning this, I read a paper written by Nicole M. Fortin, Brian Bell and Michael Bohm, three professors of economics on Top Earnings Inequality and the Gender Pay Gap in 3 countries, Canada, Sweden, and the United Kingdom, which opened my eyes to the Blinder-Oaxaca decomposition method.

I researched the same in my home country, India, by reading a paper by Somasree Roychowdhury and Ishita Mukopadhyay. They point out how most of the employers in developing countries like India are men, which may be the reason for the discrimination against women in the workplace.

They also point out how women entrepreneurship and skill development of women is required to increase gender neutrality in workplaces. Studying economics in university will equip me with various skills such as a strong background in statistics, critical thinking and an understanding of what is valuable to the consumer, which is essential in making sound business decisions and marketing strategies.

In my spare time, I like to sing and have a passion for music. Being a part of my school band for five years helped me improve my social and communication skills. I also enjoy photography. Having partaken in the activity since I was 13 years old, I was the Head photographer at my school Photography Club and have achieved numerous laurels in various inter-school photography competitions. I regularly volunteer at Willing Hearts Soup Kitchen.

Studying economics and management at a university level will help me fulfil my dream of becoming a successful entrepreneur as I will get to learn how both the market and the consumer choices work. Tertiary education in an academically-rigorous environment such as the UK will expose me to a whole new culture and get me one step closer to my goals.