Economics Personal Statement
The construction of logical arguments is what I enjoy most in economics, as it compels the mind to make a link between the technical and arithmetic worlds, presenting knowledge in a coherent manner. Physics, whilst significantly aiding me in the application of theoretical models, its reign over laws and formulae appeals less to me than the unpredictability of human nature. Breaking situations into manageable chunks is rigorous yet challenging. Although I originally believed pure mathematics had no real meaning into the working-world, its integration into economics has captivated me in its pivotal role in an economy, furthering my interest in the science.
Subjectively, economics is the roots of an economy as its the study of choices and subsequent allocation of resources. In a time of severe economic uncertainty, the rationale of households, firms and governments will prove decisive to the future. Our resulting behaviour is what particularly intrigues me, as when combined as aggregate demand, can deeply affect the economy. In most micro/macro scenarios therefore, rationality can be the solution. However, as exemplified through Nash's equilibrium in oligopolistic markets, rationalising often turns instinctual, resulting in an area of welfare loss, an unnecessary cost which points to the flaws of society. Harnessing our thinking process may be the key to the betterment of an economy.
Born in Spain, I experienced the impacts of the financial downturn, and how its effects filtered throughout the economy. Having partly taken the course to comprehend these consequences, I was drawn to microeconomics which focused on looking at situations in a simplified view. This interest led me to Tim Harford's 'The Logic of Life'; highlighting that seemingly dumb actions, such as becoming addicted, are always logical from a consumer's standpoint, implying rationality varies between individuals.
Enrolling in a 6-week pre-university course at the University of Manchester, I familiarised myself with the concept of economic modelling and allowed me to put economic theories into practice. The multiplier through which National Income is determined captured me. Upon entering the RES's Young Economist of The Year competition, I critiqued the lack of effective preparation by economic agents when asked to evaluate the effectiveness of taxation on greenhouse emissions. I concluded that whilst diminishing levels of asymmetric information are strides forward, greater enforcement is required, internationally, with the sudden roar for change recently suggesting rationality will ensue when there is no alternative option.
Partaking in the NCS program has significantly developed my problem solving and teamwork skills. Volunteering for the Salvation Army and MCRVIP has consolidated my desire to impact the real-world and provided the opportunity to take a different outlook of our world. Handling business inquiries and arranging donations refined my communication and decision-making skills. Participating in the Senior Mathematics Challenge furthered my critical thinking and application of theories. In my spare time, I have pursued my interest in computer science by learning basic HTML and Java. Applying this, I completed the iDEA Silver award and play badminton. Economics A-level has been nothing less than enjoyable and its uses have truly shifted my perspective of interest. The primary economic principle states that unlimited wants cannot be satisfied by limited resources, every choice being a microcosm of that principle. I hope to test the limitations of this concept.
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