Economics Personal Statement Example 47

As a ‘third culture kid’, I grew up with a foot in two different worlds, my parents having migrated from ex-USSR states and started a new life in the West. It taught me to appreciate the economic differences arising from opposing institutional ideologies, which I am keen on continuing to explore at higher education. To feed my increasing curiosity, I read ‘Crises in the Post‐Soviet Space’ by Felix Jeitner et al., where David Lane explicates the juxtaposing living conditions of western countries and post-Soviet states through privatisation, a factor determined by governmental institutions.

From a young age, I have witnessed how governmental institutions are instrumental in influencing economic organisation, and I experienced their impacts on prosperity and opportunity. This point is confirmed by Daron Acemoglu and James Robinson in ‘Why Nations Fail’, tying the current economic differences between the West and post-socialist countries with their respective institutional trajectories forged by historical events. Institutional importance is also prevalent in ‘Economic Liberalism and Its Rivals’ by Keith Darden, where both books explain the transitions in international relations through institutional reorganisation as authoritarian regimes become pluralistic.

Institutions’ lack of consideration for the effects of industrial activity on ecosystems has exacerbated climate change, which will hamper economic prosperity for my generation. To that end, I wrote my Extended Essay on the extent to which a circular economy can be implemented in China by 2050. Analysing studies such as ‘A digital-enabled circular strategies framework for manufacturing companies’ by Eivind Kristoffersen allowed me to conclude that China, despite its government expenditures into digital technologies, would still not reach a circular economy in the near future due to its politicised governmental and economic processes. Furthermore, the increasing environmental crisis in China intensifies inequality, which was tackled by Kenneth Mayhew in a lecture. I agreed with his assessment that governmental institutions should enact strict legislation to protect the working class before attempting to become circular.

I found Oxnet, a course run by Pembroke College, fascinating in expanding on the responsibilities of institutions when facing climate threats. Professor Shankar discussed the different renewable energies that can mitigate climate change, keeping in mind the differences in wealth between nations. This was formative in shaping my belief that the onus of achieving a sustainable future should lie on HEDCs since low-income countries have weak institutions, riddled with high corruption and little interest in improving standards of living, let alone the environment. I am eager to further develop my understanding of governmental institutions’ role in shaping economic and sustainable trends, and their influences on inequality through studying economics.

To complement my classroom knowledge of economics, I have aimed to put it to practical use. I spent a week at BNP Paribas valuing commercial properties to determine the amount the bank would loan against those properties. The experience was insightful in seeing the effects of nationwide trends and local economic factors in establishing the market yield. Moreover, in a Model United Nations debate on the ‘Militarisation of Space,’ I reasoned that opportunity cost occurs when nations focus spending on weaponisation rather than sustainability, highlighting the interplay between economics and politics. Through such experiences, I have gained a deeper appreciation of economics’ real-world applications, which I hope to continue growing at university.

My initial curiosity about the economic differences between my home countries has led to my unparalleled passion for the discipline; I look forward to studying economics at undergraduate level.