Economics Personal Statement

Whilst my parents often bemoaned my childhood hobby of virtual football card trading, I was unknowingly discovering the cornerstones of modern economics in market activity and the laws of supply and demand. As I grew older, browsing the news headlines quickly made it apparent just how integral a role economics now plays in our lives. It is involved at every level of society: from the balance sheets of a local greengrocer to the Bank of England's monetary policy, and it is this scope and diversity which so greatly piques my interest.

My fascination with Economics developed rapidly due to its overlap with my HL Maths course and its relevance to mathematical modelling. By reading Chiang's "Fundamental Methods of Mathematical Economics", I discovered the myriad ways of using applied mathematics as a tool to understand economics; such as the presence of high-order differential equations in market models, or the potential of using Gaussian elimination to forecast stock market trends. Moreover, reading Baxter's "Financial Calculus" elucidated the methods behind derivative pricing in the financial markets, but also made me question the true worth of economic modelling when shifted from theory into reality. With an introduction to economic modelling in the IB Maths syllabus, I feel confident and keen to tackle the rigorous aspects of this degree.

The branch of Economics which has most intrigued me is macroeconomics, for its applicability to real-world problems. Piketty's "Capital in the Twenty-First Century" is such an example, as it criticised the widening social inequality rooting back to WW1 through the equation that 'r is greater than g', and his proposition of a global wealth tax which struck me as an outlandish but inspiring notion. Studying macroeconomics encouraged me to further explore market failure and government policy, hence my Extended Essay was based upon an evaluation of whether an expansionary fiscal policy stimulated economic growth. My data analysis offered the conclusions that the Keynesian multiplier effect fortified growth, but conversely that growth was stunted by Ha-Joon Chang's view on the 'trickle-down' concept which he criticised in Peretti's BBC documentary, "The Super-Rich and Us". My research findings therefore incited me to represent my school team in the nationwide Target 2.0 competition.

Having undertaken work placements for firms such as KPMG, I gained a valuable insight into the sectors of audit and tax, and a deeper knowledge of the functioning of the international financial system. I also spent time shadowing a board member of the Central Bank of Bahrain to understand how national banks create regulatory framework post-2008 crisis. As the Head of the Economics & Business society at school, I organise and lead discussions regarding current economic affairs, debating themes ranging from government intervention by analysing the controversial 'circuit-breaker' rule following China's Stock Market Crash, to the volatility of currency markets by assessing the plunge of the Pound in the aftermath of the 'Brexit' vote. I also recently delivered a school presentation on the effects of globalisation and the future of economics.

Alongside my academic study, participation in the Model United Nations has honed my debating and public speaking skills, whilst giving me the experience of discussing geopolitical issues from various economic perspectives. Representing my school teams in cricket and rugby has taught me leadership skills and a team player's spirit, and I also regularly undertake community service as part of the school's Outreach programme.

Economics is a magnifying glass on how the world around us works, and I am eager to study it at university level because I would relish the challenge of understanding these complexities from an analytical standpoint, with a view on embarking upon the life of an economist in this rich and dynamic field.

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Author's Comments

LSE Economics and Economic History - Rejection
UCL Economics - Rejection
Warwick Economics - Rejection
KCL - Offer
Nottingham - Offer

10 A*s at iGCSEs, predicted 40-41 IB points.

LSE and Warwick blamed it on my personal statement, but I think that's a copout excuse.

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