Economics Personal Statement

This Economics personal statement got her the opportunity to pursue Economics at London School of Economics, University College London, University of Edinburgh and University of Manchester.

Fairness in the economic world? Non-existent, full-stop.  The richest 1 percent control 39% of the world’s wealth, according to CNBC’s website.  Splurging and squandering of wealth is an everyday affair without raising an eyebrow in some societies. Contrast this to the millions for whom paradise means a decent meal. Why does this indecent disparity occur? This gnawing question has been with me since I was old enough to witness the differences among people. A random read on macroeconomics opens up answers which have long evaded me and suddenly it dawned on me that this is the path that I want to take, and become a respected, innovative economist researching uncovered fields for the betterment of mankind.

The beauty of Economics lies in its intricate self-explanatory diagrams, simple yet powerful assumptions and complex yet precise mathematical models; all invaluable to fully understand the key concepts. Why does a senior citizen pay lesser than I do for a bus ticket ?  Why do flight tickets cost more at peak seasons? Learning the reasons behind these price variations and elasticities in Economics and their potent effect in increasing total revenue makes me appreciate the practicality of Economics in our daily lives.

In the book “Maonomics” by Loretta Napoleoni, the Chinese have successfully devised a framework of “capi-communism”, applying capitalist principles to overcome the imperfections of communism and I believe this has propelled China into a major economic powerhouse. However, China’s increasing rich-poor divide is now a matter of concern as it will create adverse implications on the social well-being of its citizens and present future economic problems that will have to be tackled. The book “Adapt” by Tim Harford suggests that success always begins with failure; but I am of the view that although experimentation is vital in a business’s success, careful and strategic planning will minimise this.

The satisfaction I derive from proving complex equations and solving demanding problems fuels my interest in Further Mathematics. This led me to the National Mathematics Olympiad Competition where I represented my school. The brilliant manipulation of areas on the Lorenz curve diagram and the use of statistical approach to find the Gini coefficient, a measure of income inequality show the immense contribution Mathematics makes to the study of Economics. Econometrics is the area that particularly interests me due to my penchant for Mathematics-related studies and because I find using statistical models to provide empirical evidence to economic theories intriguing. A brief job attachment at an accounting firm has provided first-hand knowledge of how each cost factor impacts the final cost on production and services. Furthermore, by working with the accountant on a company’s profit and its tax obligations, I learnt the correlation between tax rate and productivity; lower tax rate will fuel productivity but a higher tax will be needed to cover revenue for development and welfare programmes, therefore a fine balance needs to be worked out.

Being an athletic person, I have actively participated in numerous marathons and charity runs which have instilled values of perseverance and discipline in me. Volunteering at various Children’s Homes has given me experience in dealing with children with different needs, requiring different approaches, akin to using myriad methods when dealing with challenging economics problems. As chief editor of my school’s Golden Anniversary magazine, I led various teams in the evaluation of articles, designs and costing in coming up with the exclusive issue within a challenging time frame. The project provided me with useful lessons in team work and time management.

As a government-sponsored student, I value the opportunity given to me to read economics in the United Kingdom, where I will be able to study economics from an international perspective.