Economics and Finance Personal Statement
I often ask myself if Economics is an art or a science. As you would expect, most people see numbers, statistics and figures. What I see is a complex but structured blue-print of ways to solve problems within both the political and financial sectors; I see an abstract piece of contemporary artwork containing individual elements all working in harmony which can be interpreted in different ways. Take the Keynesian (an active interventionist role played by the government to regulate the economy) vs. neo-classical (a lassiez-faire approach by letting the market regulate its self with little government intervention) debate on the solution for the US economy after the financial crash in 1929 which caused an unprecedented increase in unemployment rates and the catastrophic collapse of the US financial market which impacts were felt in some parts of western Europe. Or the Brexit campaign where the economic community was divided on the long-term effects of Britain leaving the single-market causing major uncertainties and confusion to not only the Houses of Parliament but also the general public who voted in the referendum.
It was the latter event that sparked my true passion for Economics. I was so intrigued by the topic, I based a section of my EPQ: 'How does immigration effect the UK Economy?' on the potential effects of leaving the EU on the British economy versus the EU Freedom of Movement policy. On my EPQ journey, one of the most impactful facts that I discovered, was the extent to which EU migrants contribute to our economy- far more significant than I could ever have anticipated. Furthermore, the magnitude of research that was required to produce an accurate interpretation of data from sources including the Word bank and IMF was an intriguing challenge and will hopefully stand me in good stead with the heavily analytical and research tasks that lay ahead of me on this course.
The greatest influence for my infatuation of Economics came from joining the debate club were we debate an array of current economic and political themes. During the debates, I would subconsciously apply my comprehension of economic theories to back up my arguments. An example of this was when we were debating "Should the government increase its regulatory influence on the financial market?" In this particular debate, I played the role of the opposition and raised points such as the impact it may have on FDI to the UK and the negative backlash the government may face from firms operating in the financial sector. But the advantages are that the market may be more stable and avoid any critical hits upon the economy (e.g. 2008 financial crash) but concluding that the pros outweigh the cons.
Having lived in Germany for 7 years, I am also fluent in German. Being bi-lingual has enabled me to appreciate the value of having a second language in my arsenal and the importance of being able to communicate my opinions to people from diverse backgrounds. I would like to develop my understanding of the German economy due its immense influential power across Europe through the EU and its resilience when facing an economic uncertainty. Policies to reduce structural unemployment through labour reforms such as bringing in human capital from its auxiliary nations and increasing the flexibility of working-hours has helped it sustain its dominance in the labour market. With the potential of an upcoming trade deal with the US (TTIP) and Canada (CETA), the economy looks like it is going from strength to strength through the boost of FDIs and free trade which will encourage intercontinental trade.
As a member of the 6th Form Committee I've been given the opportunity to demonstrate my leadership and organisational skills by organising an array of charity events. I was also responsible for the introduction of a new reward system for high achieving students. But my proudest achievement was establishing the "Denbigh Law Society" whose popularity is growing exponentially.
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