Economics And Statistics Personal Statement

Economics and Mathematics Personal Statement 2

Economics is at the forefront of the many decisions made by politicians, investors and even ourselves as consumers, every day. I am thoroughly fascinated by its application to the modern world; Economics is relevant to everyone, be it a large world-wide corporation or a small-scale business. Reading newspapers and books such as 'The Bottom Billion' and 'Globalization and Its Discontents' highlight that the gap between rich and poor countries is widening at a rapid rate. Currently, we are facing mounting problems such as poverty, a growing world population and the appropriate allocation of limited resources. I am only just beginning to understand the nature and the proposed solutions to these problems, such as introducing thorough and unique economic reform in these poorer countries but ultimately the creation of a level playing field that allows all countries to compete in the market should be the aim. My appreciation for Economics has come from its significant effects on society and how the choices of others can influence activity in markets.

Mathematics is a pivotal subject, which I believe complements and integrates into Economics. It is the language that Economics is written in, and mathematical models are the most effective way of demonstrating complex economic processes. It is this simplicity in Mathematics which I love. Whilst reading 'The Logic of Life', I became interested in the concept of game theory. The application of mathematical ideas to discover patterns in strategy games and to predict sequences in human behaviour, make it an important area of Mathematics which combines with Economics. This is one of the reasons I wish to continue to study Mathematics at university. This summer, I was fortunate enough to gain an internship at an investment management firm, where I shadowed their in-house economist. The work of an economist; analysing graphs of economic trends and using the information to suggest new behaviour in the markets taught me the importance of graphs in economics and that the skill to interpret them is vital. Fuelled by my interest, I have taken up AS Further Mathematics because as well as developing problem-solving skills, I have enjoyed the topics in Pure Maths, in particular calculus, which is useful in microeconomics. Statistics is another branch of Mathematics which is closely associated with Economics. The development of statistical methods to analyse the economy will improve economic policy as well as our general understanding of Economics. As the importance of Mathematics and Statistics increases, studying its uses in Economics will reap many benefits in the future.

Studying two languages at A2 level has prompted me to consider the prospect of living in Europe. It has improved my speaking skills as well as my understanding of other cultures. Within school, I am a Senior Prefect and a Head of House and take an active role in organising house events and participating in school life. Music is a keen interest of mine outside of school. I play the flute to Grade 6 standard and I have been a member of the ******** ******* Concert Band for over 9 years. Music can assist learning, which led me to write a physics 'rap' song called '*** ****** ****** *****' for a film explaining radioactivity. The film won 3 Sci-Cast awards and was featured in the Evening Standard newspaper. Starting and running a student business, a sweet shop for students at my school, for the NFTE scheme enabled me to learn about managing finances and working as a team and to also see the way in which Economics affects the real world in the way of businesses.

Being able to contextualise parts of Mathematics into the way the economy works is something that interests me and I am eager to learn more at degree level. I believe that my love and command of Mathematics, my passion for Economics along with my dedication and hard-working attitude will make me successful in higher education and beyond.

 

Universities Applied to:

  • Warwick (MORSE) - Offer AAAa Firm
  • Queen Mary (Economics, Mathematics, Statistics) - Offer AAB Insurance (Declined)
  • University College London (Statistics, Economics and Finance) - Offer A*AAe
  • King's College London (Mathematics with Management and Finance) - Offer AAAe
  • London School of Economics (Mathematics and Economics) - Rejection

Grades Achieved:

  • Mathematics A2 - A
  • French A2 - A
  • Spanish A2 - B
  • Further Maths AS - B

Article by TSR User on Thursday 15 February 2018

Living in a time of immense economic uncertainty has sparked my curiosity to explain the rationale of consumers, firms and governments.

The severity of vast global problems, from financial crisis to poverty, has also attracted me to Economics: a subject relevant now more than ever to the prosperity of all societies. I want to complement this with a fluency in Mathematics, to lay sound foundations for analysing economies and financial markets.

Due to my growing interest, I am teaching myself Economics A-level in my gap year, alongside Further Mathematics, to explore the quantitative methods which make economic theory more rigorous.

The logic and ingenuity of Mathematics in solving problems strongly appeals to me, and I thoroughly enjoy learning new and applicable concepts. I am particularly keen to study Statistics, as it can clarify economic phenomena by deriving and testing models with data.

During my internship at Brevan Howard Asset Management, I saw its practical importance in asset and risk evaluation, which has become so prominent with the recent financial crisis. I even related it to my Mathematics A-level, as Gaussian distributions are assumed in stochastic models for asset pricing. Curious to learn more, I read Taleb's 'The Black Swan'.

Seeing how models may fail to predict rare and devastating events has compelled me to learn how Statistics evolves to provide more accurate analysis in volatile markets. Moreover, the synergy of economic and financial principles in trading decisions has made me excited to study them with quantitative techniques.

An approach to Economics that intrigues me is game theory and I relish its mathematical elegance and usefulness. I am fascinated by the incentives and strategies of firms, and curious as to whether these produce optimal payoffs in reality due to bounded and biased rationality.

Researching these ubiquitous concepts has made me passionate to analyse strategic choice in markets, to better grasp the logic of the economic decisions around us.

I have pursued my interest in current economic affairs by reading Paul Krugman's online blog. My curiosity has driven me to question the Keynesian policies he advocates and the contrasting fiscal austerity widely implemented today.

Attending the LSE public lecture on UNCTAD fuelled my fascination with inequality, absorbing for its role in the Eurozone crisis and in poverty - evidence of the diversity of economic problems.

From Sen's 'Development as Freedom', I realised that the issues underlying poverty, like income inequality and capability deprivation, are multidimensional and must be tackled with political, social and economic
principles.

I practised this at school through Model UN, where I researched, analysed and constructed logical arguments for growth and development, winning prizes at international summits. This strengthened my enthusiasm and skills for learning how economic policies can solve global problems.

My gap year internships will complement my study with a strong awareness of Economics in society. At Griffins' Insolvency Practitioners I will see the practical sides of business, finance and accounting and the effect of the lack of credit and economic growth on firms.

At the think tank 'Reform' I will assess government policies and their impact on the public sector and the wider economy. Contributing my research to papers for publication will require the analytical and essay-writing skills I gained from my A-levels, as well as communication and organisation skills I honed in positions of responsibility at school.

I hope to transfer these skills to my degree and to clubs and societies at university. Playing county tennis and teaching myself classical guitar also gives me a work-life balance.

Through my exciting internships and motivated self-study, I have been committed to engaging with Economics and Mathematics both in theory and in practice, to deepen my passion and skills for these subjects in preparation for my degree.

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