Sample Economics Personal Statement
Economics offers an opportunity to apply both mathematical skill and a logical, analytical approach to the major forces that shape our societies. As a hardworking, ambitious student, with a flair for the high level of critical thinking and mathematical analysis that Economics requires, I am inspired by its a scientific, evidence-based approach to the ethical and political debates that shape policy and impact on all our lives.
Having worked hard to gain the top grades in Economics, Mathematics and related subjects, I have also taken every opportunity to observe and participate in their application. Interacting with the economics sector of the Welsh Assembly, I have witnessed the complexity of integrating economic theory with political policy. Having observed the Analysis and Appraisal Unit, Research Unit and the Chief Economist at work, I was introduced to elements of cost benefit analysis and the difficulty of placing values on non-monetized social costs and benefits. Having been intrigued by these key issues in economic policy making it was hugely rewarding to observe and discuss their complexities outside of a textbook. Spending time with the Migration Advisory Committee offered hands-on experience of applying theory to a specific situation. Presented with academic literature and statistical information, I summarised the potential effects of lifting restrictions on economic migration from Bulgaria and Romania. This stimulating, enjoyable exercise not only offered practise in the analysis of economic research but also alerted me to the importance of this analysis in the creation of policy.
My interests in economic policy have also led to me undertaking additional course exploring in the field. A five-week course, run by the Ludwig Von Mises Academy, entitled “Competition, Monopoly and Antitrust” combined extensive reading and lectures to offer additional depth to my A-level study in this area. By studying the antitrust laws the course demonstrated how competition could be a dynamic process in opposition to static equilibrium and how antitrust laws can interfere with, rather than promote, this process. While the course leader calls for their abolition, he also encouraged an analytical approach to the material and I came away aware of the imperfections of these laws but convinced of the need for reform rather than abandonment. I also attended a course entitled “City Regions”, hosted by Cardiff University, which explored the extremely key role of major population centres in the stimulation of specific regional economies.
I have indulged my interest in Economics through independent study, including extra-curricular reading, such as Dixit and Nalebuff’s The Art Of Strategy on Game Theory. This proven ability to utilise my passion for the field to undertake self-tutoring will also help me to complete my A-level in Further Maths during my gap year, honing my ability to deal with the complex mathematical concepts involved in Economics and my ability to complete work under my own motivation. This ability to teach myself partially extends, I believe, from the voluntary tutoring in Maths, Physics and Calculus that I have undertaken during my time at school. This has not only improved my knowledge of these subjects but also my interpersonal and communication skills, which I will continue building on through extensive, voluntary charity work during my gap year.
The more I learn about the complexities of economic policy, the more I value the scientific approach Economics brings to bear on finding resolutions to important issues. I believe that I have shown not just the ability, but more importantly the continued passion and determination, to progress to undergraduate study and make a real contribution to the field in the future, whether through further research in an academic context or in policy.
We hope this example of an Economics personal statement has been helpful, and has inspired you to write your own.