Economics Personal Statement
The economy is constantly ever-changing and adapting through innovation, cultural standards and growth. It's wide applications and dynamic concepts have made it one of the most diverse subjects to study. Combining this with human behaviour, this has shown me that there is always a narrow scope of randomness for any event.
The interactions of different agents within an economy and how they settle to conclusions, has led me to understand that there can be more than one solution to any problem. Because of such diversity and variability, economics has become one of the most exciting subjects for me to study.
Eager to explore the field of economics and finance, I have read books such as "Fooled by Randomness" by Nassim Nicholas Taleb. The book explored the idea of luck versus skill, and how the small fragment of "economic randomness" is often underappreciated in the world of finance.
Being intrigued by the study of human behaviour and its effect on economics, I have pursued further reading and research into the field of behavioural economics. This is where I have learnt the idea of bounded rationality and how it can cause discrepancies in the markets, especially when individuals don't have the sufficient information to make rational decisions.
Mathematics has also played an important part of my studies, largely due to the enjoyment received from solving a complex problem, but also from understanding its importance in the world of economics and finance; whether it's the use of correlation between economic growth and inflation, or calculus to find the profit maximising level of output on a revenue curve.
Following statistics at A level, I have learnt to be analytical and most importantly, have improved my ability to analyse data; I believe such skills will be crucial to my studies at university. Studying geography I have learnt to look and explore the broader factors of how economies and different industries are affected by external factors, such as pollution levels raising concerns to human well-being, and causing damage to the primary sector business.
As an independent-study student, I was constrained by limited availability to gain valuable insight from work experience directly associated to my chosen field. However, I have used opportunities, where ever they present themselves, to apply my knowledge of economic principles and firm behaviour to different situations.
As a store assistant, I had noticed that a situation regarding diminishing marginal returns had arisen. I had quickly noticed this when my colleagues would struggle to complete their tasks due to the excess quantity of labour among the fixed supply of capital and space in the store.
The result was that the labour quality of my colleagues had limited capacity to improve, and this was increasing the store costs. By intervening into the matter, I was able to work with the manager and develop a new strategy to reduce costs, waiting times and increase the productivity of workers.
Most recently, I have explored the hidden economy markets of Sri Lanka, where I tested the applications of price anchoring strategies on negotiating with antique sellers to maximise my utility.
During my time there, I noticed that to overcome price discrimination was to offer the lowest available price first, as this eliminated them the power to set a high price from where you would gradually decrease, and the seller would still make big supernormal profits.
My experiences have shown me first hand, the applications of economic theory, and how much I can achieve with a background in economics. My passion to learn, collaborate with others, and develop on the rigorous and exciting content university has to offer, is what I believe will allow me to strive academically, and prepare me for my career as an economist.
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