My grandfather came to this country as a teacher in 1960. Most of my family is still in India and I’ve been visiting my relatives on a regular basis. When I was a young child and visiting India, my youth protected me from asking questions about serious economic disparities. I have now been greatly perplexed by the enormous gulf in living standards and this has unsettled me. Seeing poverty and beggars coming to me who look like me and are the same age as I made me wonder why my life is comfortable and not theirs. It made me think I could be that girl begging at my car window dressed in rags and not at school. Recent poverty crises in Africa also made me wonder why some African countries are doing well while others are in crisis and yet they have lots of resources. In the UK the huge difference in living standards is less tangible. Economics is what really answered the question of why a girl just like me was begging and I was not begging from her and also why some countries are not as successful as they could be.
It has been an inspiring revelation to me how economics explains disparities of wealth affecting countries and individuals. I’ve been building my essential grasp of economics and am greatly enjoying studying the subject at A level. My other academic subjects have helped me gain skills that will further help me in later life. My academic study of mathematics has helped me in the analysis of problems in economics as well as understand economic theories. My study of biology has shown me how the scientific method is applied. This has made me appreciate how evidence is gathered and theories are tested. For my future academic study, I want to learn about economic theories and quantitative techniques and how they are used analytically. The work experience I’ve done has given me a glimpse of how some economic theories and principles are applied in practice and I would like to have further insights before finishing my university education.
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My study of economics has motivated me to regularly read articles in The Economist magazine. I have been amazed at how these articles on current world affairs are much more enlightening than being informed by standard news media. I am compelled to study economics further because with this knowledge events and decisions with regard to individuals, nations, and globally can be understood.
I have attended lectures and courses relevant to Economics. I attended a Young Investment Banker Programme where we took part in a live trading demonstration (there were three teams: the sales team, the traders, and the research team) where we learned what the terms 'short' and 'long' meant with regard to stocks and general resources. This was particularly interesting because of the simple supply and demand economics involved and it was insightful to know that the economics we are currently learning in school actually takes place on a global scale. Attending the course has further inspired me to continue learning economics as an academic subject and I look forward to applying my knowledge. At the most basic level, I’ve been helping with the petty cash books at my father’s place of work. I’ve been doing this for the last year with me assisting a senior administrative member of staff and I learned the importance of being able to account for each penny. I have also gained work experience in a larger firm where I was allowed to shadow a management accountant and gained insight into how larger firms operate. I listened to an insightful talk by a senior executive of a large global company and this made me fully appreciate the composition of economies by different-sized businesses. These experiences made me appreciate how all sizes of businesses can be successful and in turn create jobs and also raise tax funds for the government. I am very curious about what is required for an economy to be functional and thus successful. Conversely, I would like to learn why there are failures or absences of successful economic systems around the world. On a spreadsheet, the less successful economies may just have a lower GDP and other economic parameters, however, I always think of that girl and why it is that she is not applying to study at university and I am not begging for food. I’ve read about how solving poverty is not as simple as giving international aid. Questions about why international aid has not been as successful as predicted, led me to choose my EPQ title as “To what extent has the giving of foreign development aid been successful over the past fifty years, and what alternatives are possible?” While studying economics at school I found some areas that we do not cover under the specification and have taken it upon myself to submit an article to my school magazine regarding the subject of behavioral economics, as I had just read a fantastic book called 'Misbehaving' by Richard H. Thaler. I touched upon topics such as sunk costs and why they matter macroeconomically, the effect of payment depreciation, and therefore the general theme of how some of the economic models we use today are fundamentally flawed due to aspects of irrational behavior that we as humans have.
Alongside my academic studies, I enjoy learning to play the classical guitar. It has shown me how new skills are learned with repetition under the guidance of an experienced teacher.
I find that I can recharge my physical and mental energy levels by making sure I have regular exercise. I particularly enjoy swimming and am a member of a local club.
I am looking forward to continuing this hobby at a university swimming club. Achieving the Gold Duke of Edinburgh award has been instructive with regard to the importance of teamwork and I look forward to learning how teams work together in economies both on individual and larger levels.
My work experience placement at Heathrow airport had group exercises and I volunteered to be the leader of my team. I learned the importance of planning before going ahead with a team effort. I was in charge of finance for my team and though initially daunting the whole exercise made me appreciate the importance of risk management.
My experiences to date have stimulated my curiosity with regard to learning economics further in depth. I am enthusiastic to learn further and committed to this choice.
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