Economics Personal Statement Example 48

Economics affects every part of our lives. Consumers, firms and governments make decisions every day with an economic impact. What I find so alluring about Economics is learning about how the ramifications of even the smallest decisions can impact us so greatly. Every decision can be analysed in a mathematical and theoretical way, to understand how and why it was made.

Taking part in Sir Paul Collier's MOOC, 'From Poverty to Prosperity', where he spoke about how some civilisations transition from savagery to successful states and how some fail, inspired me to research North and South Korea after the civil war. Of particular interest to me was how the use of a mixed economy in the South has helped it to become an economic power, whilst the command economy of the North has damaged the country due to a lack of trading. The impact of economic policy on development is a topic I aim to pursue further.

Economic thinking fascinates me. Whilst doing virtual work experience at PwC I saw this way of thinking applied on a large scale within the company's technological infrastructure. I witnessed the economic benefit of switching from human capital to technological capital in the form of drones being used on major stock auditing trips. It illustrated how this has the potential to reap positive economic returns due to reduced time looking at a company's assets, saving working costs spent on wages and travel.

Challenging traditional ideas is something I am enjoying in my Economics studies. I found 'Economics: A very short introduction' by Partha Dasgupta raised a multitude of questions. To take one example, I considered his statement, 'Monopolies are a necessary evil'. I could understand the requirement for monopolies in the electricity market, but I wanted to research further. Adam Smith said they were 'useless' and Joseph Stiglitz called them a 'problem'. This led me to pose the question, why do we allow monopolies to exist?

My A-Level subjects afford me a solid base to study Economics. Maths gives me the ability to use analytical thinking to find solutions to statistical problems, which will support studying econometrics modules. Further maths gives me an understanding of how to derive mathematical functions which assists in comprehending and deriving economic models. Spanish allows me to understand the power of communication in a language that is not my own. On an exchange trip to Benalmádena I discussed with my host the implications of Brexit on his life in a tourist location. Gaining insight into the economic impact of this issue, from an alternate perspective, allowed me to consider factors that I had not previously considered. I feel that this skill is valuable in the creation of economic policy for a better global society.

During my Spanish studies, I researched Enrique Fuentes Quintana, who was the Economic Minister of Spain after its transition to democracy. His fiscal policy, including the devaluation of the Peseta, allowed their economy to recover and grow over the following decades. I am intrigued as to how, throughout history, institutions have implemented economic changes to solve issues on a macroeconomic scale and I look forward to extending my knowledge.

Alongside my studies, I am the Head Boy of my school of over 1300 students. This has developed my leadership skills as I delegate responsibilities to others. I am passionate about cricket; playing for my school and club team has enhanced my teamwork and communication skills. As part of my Bronze Duke of Edinburgh Award, I volunteered for six months, helping to organise weekly running events for around 300 people within my community.

The chance to study Economics will provide me with an outlet to research and study a subject I have developed a strong and deepening interest in over the last year. At university, I am excited to become an active and helpful member of the student community and, through my studies, become an agent for future positive economic change.