Economics with Accounting Personal Statement
Submitted by Hardeka
I am part of an economy that influences society in ways I am yet to discover. I see economics as a ubiquitous subject that's altered the way I view the world. I'd look at mundane objects and wonder about the economic value of such goods. This initial thought process was developed through 'The Undercover Economist'. I'm intrigued by the inter-connectivity of the world and how societies use scarce resources to produce goods to be distributed amongst the world. The sheer beauty of economics embodies my passion in using economic concepts to provide theories explaining global situations.
I've attended lectures at LSE such as 'Financing Development: how the World Bank's meeting global needs' by Kristalina Georgieva, 'Recession and Recovery' by Jagjit Chadha. He discussed economic performance and the link to recession. The fluctuations in the economy can be explained through spending, taxation and other factors, allowing me to develop why economies enter this phase. Visiting the Bank of England made me enquire how the bank contributes to achieve a stable financial system. Courses such as Future Learn targeted in economics skilled me in finance fundamentals. I learnt about investment theories and human behavioural bias in terms of decision making on investment. I'm a subscriber to the Freakonomics podcast that explores in-depth questions such as "Why are we still using cash?" I came across the idea of tax evasion, crime and money not existing in the future, featuring guests specialising in their respective fields.
As finance director in Young Enterprise, I was responsible for the financial health of our business and to optimise our financial position. I faced direct business in contestable markets, winning through the regional finals. My own company allowed me to develop my economical mind set through the supply and demand of our products and enhance my strategic planning and finance skills from the application of mathematics complemented with economic reasoning.
At my summer school on Property and Finance held at the University of Reading, we presented a proposal on the development of a regeneration project and consider the externalities Reading will face. The RREF directors suggested I research investment property and the financial side to real estate and offered me work experience at a real estate firm, giving me better insight of what the real world of work demands in a corporate office. I was fortunate enough to be selected for a 3 day taster course at Warwick University that covered game theory- something I hope to learn more of at University- stock markets and behavioural economics. We have decisions to make and engage in economic interactions that involve some sort of trade daily. The idea of Prisoner's Dilemma fascinated me on the paradox of two individuals with the same set of interests ending up with different outcomes. Studying economics here enabled me to further expand my knowledge in diverse environments. I recognise the complexities firms are influenced by global economics, theoretically and empirically, and the financial transactions through summarising and analysing data.
I wish to study the effects of psychological, social, and cognitive factors on the economic decisions of individuals and the link to behavioural economics perhaps proposed through the Marxist economic theory. Wanting to analyse how command, free market or mixed economies breaks down the barriers of traditional theories to motivate the proletariat to be involved in hopes of discovering the right kind. The debate between being in capitalism, an idea the classical economists believe in, to a socialist (Keynes' view) is crucial through the time of Brexit negotiations. I find myself enquiring the world of economics and its infinite possibilities due to the different processes it entails from speculating financial information to predicting forecasts that's vital to the monetary policy function on central banks to determine what economies may face.