Economics Personal Statement

Sample Economics Personal Statement

“Let history not say about our age that we were those who were rich in means but poor in will.” – Kofi Annan

The constant globalisation of our world implies a global justice system, a global consciousness, and a global economy; it is an exciting time to consider how best to use my potential, and while completing work experience at a law firm during my GCSEs I was fired with a desire to uphold human rights. The subsequent advent of the recession shocked me; it is an indictment of how neglect of human cost can devastate the entire system whether through gambling by the banks or untenable government policy-making. There is a gulf between idealisation and reality in this fascinating field which demands consideration of the potential impact of decisions, and the study of Economics would give me the tools to pursue a career with a strong focus on economic principles in a new climate which is striving to learn lessons from the recession.

Macroeconomics fascinates me. Fiscal and monetary policy has a colossal impact on the economy as a whole and in order to learn more about economics in practice, I took an Extended Project Qualification at A-Level. Through analysing the extent to which stock prices represent the value of firms, I will gain insight into personal and commercial investments and the extent of the banks’ influence. Outside of the syllabus I have read widely including Greenspan’s “The Age of Turbulence”, which introduced me to the complicated causes of globalisation. His placing of the US in the context of its own socio-economic history as well as the wider world has broadened my knowledge of international systems and I find Greenspan a fascinating figure, given his impact on an economy with such an international presence. His analysis of the economic issues facing future governments is intriguing and may help us to apply past lessons to avoid future failures.

I chose to take Further Maths as an extra AS level to enhance my understanding of numeracy in Economics. I have particularly enjoyed algebra and statistics, and using the Product Moment Correlation Coefficient. Studying Maths has given me the analytical skills to examine data, construct conclusions and assess policy outcomes in a logical way. Studying Chemistry has shown me that scarcity of resources arises not only in Economics thereby broadening my perspective and encouraging lateral thinking. Studying French has given me useful linguistic skills and an interesting insight into the French socio-economic climate. I attended a conference in Paris where a young entrepreneur shared his success story of starting his own international business. He had to focus on the internal elements of his firm and consider culture, strategy, operations and organisational behaviour in order for his firm to succeed. This indicated the extent to which economic management must reflect its environment.

My work for the Youth Committee in my community has given me a taste of microeconomics and management. Organising events has introduced me to budgeting and time management to minimise setbacks and waste. This will enable me to effectively manage my commitments. Working as part of a team has developed my leadership qualities through delegation, improving my communication and organisational skills which were also key on my Duke of Edinburgh Gold expeditions. I volunteer as a Maths and Religious Education tutor to younger children weekly and have found motivating my students extremely rewarding. I also enjoy playing netball weekly and take part in dance shows at national mosque events.

From choosing tea over coffee to increasing interest rates, Economics is the study of the incentives that drive decisions in society and above all is a reflection of human behaviours. After my Economics degree, I wish to use my knowledge of models and theories to help implement new constructive policies to help drive economic recovery.

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