Thecommon representation of social welfare, or utility, NOT SURE IF THEYRE THE SAME THING CHECK asan arbitrarily defined and abstract concept in A level economics is at acrossroads to the quantitative approach that my favourite economists take,which are attempts to maximise social welfare by treating it as a optimisationproblem in a dynamic system. I’ve been looking at applying methods invariational calculus to determine the relative impacts that factors such as IDK can have on socialwelfare, and i’m intrigued by the application of these techniques as a means ofderiving appropriate policies, particularly the use of differential equationsin control theory.
It’s fascinating how an elaborate set of equations can be sosuccessful in modelling complex human behaviour, and yet still fall short atpredicting extreme shocks SOMETHINGABOUT 2009, where perhaps the contribution of the variable SOMETHING wasn’tconsidered sufficiently. Following a presentation given bya fellow student on the financial crisis, I developed an interest in theinstances where our previous understanding of our economic systems had failedus. ‘The Big Short’, an enjoyable insight into THE YEAR crisis, fostereda curiosity that introduced me to literature such as A BOOK I READ , which discussed thecreation of the housing bubble by cheap money, the securitisation of mortgageassets, and the implosion of the banks that owned them when house prices beganto fall. I found it captivating to follow the soundeconomic analysis that supported the existing contrasting perspectives; somethat suggested a practical policy change would be sufficient, and others that afundamental theoretical revision is necessary.
‘Too Big To Fail’ (Sorkin), wasparticularly striking in its radical insistence that big banks be brokenup, but it’s the more critical argument Cassidy presented in ‘How Markets Fail’that free market theory was toblame for the crisis – or rather, its failure to properly account forirrationality was to blame. I am now writing my Extended ProjectQualification titled ‘Are financial crises inevitable or can they be avoided?’,in which I hope to contribute to the conversation using ideas from behaviouraleconomics and Austrian macroeconomic tenets to highlight the role that individualincentives played in propagating the recession.TheMEI maths course content is particularly enjoyable due to the purposeful anddetailed methods taught that supplement a deeper and more fundamentalunderstanding of my other subjects. C4 calculus aided me in deriving theequation for the Short Run Phillips Curve from the equation for the Short RunAggregate Supply curve, which required translating static variables intodynamic variables, and some complex manipulation.
Statistical analysis of hugedatasets, especially non-parametric measures of rank correlation allowed me toidentify and categorise relationships present in biological contexts. Theimplications of statistical techniques in economics became apparent to me in atask during a BASE competition, where I represented my school.Inmy spare time, I have been tutoring GCSE students for a charitable tutorialfirm – this developed my interpersonal skills – and I was a prefect at my lastschool – which developed my management skills as we put on community events.
Altogether, committing to these extracurricular activities outside school havealso improved my time managements skills and organisational skills.My teamworkskills have drastically improved as I have helped host a couple of charitydinners for Bright Education centre which has pushed me out my comfort zone.Self-studying the FSMQ Additional maths and further additional science havegiven me great self-discipline required for a rigorous degree which consists ofa lot of independent learning.I would like tofollow my undergraduate degree into a career in finance. Doing work experienceat Lazard showed me how diverse the financial sector is, as I shadowed staffwho were analysts, advisors, and asset managers.
I am willing to work hard tobreak into my chosen career, and I hope you will give me the opportunity to dothis at your institution