Economics uses mathematical models to
determine the government policy that maximises social welfare, its conclusions
reveal many things about history and have implications for politics and more. It
is this broadness that interests me. Economics has been beneficial for me as it
has increased my level of critical thinking about broad areas such as the
impact of government policies, how they may be improved, as well as the nature
of society in general.
Following a presentation given by a fellow student
in Economics Society last year, I developed a special interest in financial
crises. This led me to watch ‘The Big Short’ which I thoroughly enjoyed.
However, it left me with many questions and I set out to evaluate its level of
accuracy. Subsequently, I took a short course on financial crises which was
offered at school. Here we discussed the creation of the housing bubble by
cheap money, the securitisation of mortgage assets and the implosion of the
banks that owned them when house prices began to fall. I read ‘Too Big To Fail’
(Sorkin) which explained
why the implosion of these banks had such a large impact on the real economy, and
suggested they be broken up. Afterwards, I read ‘How Markets Fail’ (Cassidy) which suggested that free
market theory was to blame for the crisis – or rather, its failure to properly
account for irrationality. It was interesting to see the contrasting
perspectives: one that suggested a practical policy change would be sufficient,
and one that supported the idea that a fundamental theoretical revision is
necessary. I am currently writing my Extended Project Qualification
titled ‘Are financial crises inevitable or can they be avoided?’.
My A-Level subjects have prepared me well for
studying Economics at University. In Mathematics, I have practised using
functions, linear algebra to derive equations and calculus. Additionally,
Economics lessons has given me an insight into how these methods can be used at
an undergraduate level for Economics. For example, I have derived the equation
for the Short Run Phillips Curve from the equation for the Short Run Aggregate
Supply curve, which required me to turn static variables into dynamic
variables, involving complex manipulation. Furthermore, Biology requires many
graphical and statistical analysis, which I put into practice at the BASE
competition when I had to do a SWAT analysis.
I have a strong work ethic, which can be
displayed through my GCSEs, having studied additional courses in Mathematics
and Science. I have also developed skills outside of academia which has helped
me to become a well-rounded individual. I have been tutoring GCSE students for
a charitable tutorial firm which has helped me to develop my interpersonal
skills. I was also a prefect at my last school; this has been useful as it has developed
my management skills as we put on community events. Altogether, committing to
these extracurricular activities outside of school have also improved my time
managements skills and organisational skills.
Having assisted several charity dinners for
Brighton Education centre, I have been able to enhance my teamwork skills, as I
have been taken out of my comfort zone. Self-studying the FSMQ Additional maths
and further additional science have given me great self-discipline, which is a
crucial attribute required for a rigorous degree like Economics.
Following my undergraduate degree, I would
like work in a career in finance. Having completed work experience at Lazard, I
was able to see the diversity of the financial sector. I was given the
opportunity to shadow analysts, advisors, and asset managers. An opportunity to
study this degree at an undergraduate level will be crucial in assisting me to
my chosen career; my enthusiasm and appeal for my subject will not only prove
beneficial in preparing me for my career, but it will also maximise my
potential and help develop me as a person, which is a lifelong process.