Economics Personal Statement
Will the UK Pound appreciate once again? Will the GDP maintain itself over two consecutive quarters to avoid a boom? What will happen to the net trade? Ultimately, what are the implications? My fascination for the subject has grown; I enjoy examining the fluctuating currency of my motherland Pakistan and its Rupee in comparison to the Pound. Aided by my increased understanding of the social science, I have gained an appreciation of how these economies work.
My choice of A Level Maths exemplifies my love for problem solving as it gives me the ability to follow a procedure methodically and find the correct answers to mathematical expressions using calculus. Studying Economics, I was captivated by the fundamental principles that it serves: ideas from John Maynard Keynes' Animal Spirits Theory to the mechanism behind the circular flow of income diagram; Why Adam Smith, the father of modern economics, believed in Laissez-Faire, 'markets function best without government interference', to why Karl Marx opposed this and his view that economies actually work best with government intervention. For instance, Pakistan is the 6th largest populated country undergoing economic liberalisation and is ranked 141st in the world when nominal GDP per capita is concerned.
Classed as a developing country, the corrupt nature of its Politicians has restricted its potential (large producer of Textile) and thus, has been declining globally. Hence, I'm a firm believer in the necessity of moral, genuine leaders for a country's success. Similarly, neighbouring India is the fastest growing, ranked as the 7th largest economy, yet its wealth is hardly redistributed across its people, resulting in undeniable poverty and corruption. The concept of free-market versus command economies has ignited my excitement as I truly believe that no other discipline is this diverse to new theories, which are as varied as they are numerous.
As an English Literature student, I am capable of taking essay writing to an advanced level as I gather ideas from a variety of sources, including the books I read in order to achieve the best in my exams and provide well-rounded and referenced answers. My current coursework essay on Post-colonial literary theory has made me value the economic context of historicist texts as I have found a correlation between a society's welfare to that of the condition of its economy at the time. Acquiring both quantitative and qualitative skills, my expertise in Media Studies is an indication of my creative side as I can form different outlooks of economic agents showing that I am not a 'typical' thinker, relating to the prominence of behavioural economics as I believe that the well-being of citizens relies heavily on rational decisions made by those in power. My idea that, an economy functions best under a Mixed-market, giving businesses freedom, yet the government intervenes to fix any atrocities.
I'm keen on taking the most out of given opportunities, for example, having created YouTube videos for 6 years, I am now adept in softwares such as Adobe Photoshop and Sony Vegas. Inside academia, I won 'Most Hardworking Boy' award in GCSE and recently, voted Head Boy of 6th Form. Playing such a pivotal role in my A2 studies determines my drive to gain as much leadership experience early on, my volunteering for enrichment activities such as Tutor for GCSE Maths Students and supporting KS3 students with their reading also provides me with an array of transferable skills needed for my future career. Having held a part-time job since I was 13 reinforces my strong work ethic as I have taken responsibility to finance my own spending as well as maintaining my studies and free time. Working at Tesco has made me aware of forming friendly relations in a work environment whilst representing company values and giving best customer service. Studying Economics at degree level will give me knowledge about how our nation can sustain itself in its vital, coming years.
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