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Personal Statement

Economics involves more than just mathematics - it includes theories like behavioral economics and green economics. The complexity of economics attracted the author as a novice, and through studying economics their desire to learn has grown elastic like the available knowledge. While mathematics is important, theories like nudge theory add a more human element by viewing people as Homo sapiens rather than only Homo economicus. The author wonders if they could discover another theory to help shape a better world. Studying economics has led the author to realize the importance of being well-rounded with skills like mathematics, communication, analysis, and leadership.

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farahin zaman
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0% found this document useful (0 votes)
171 views1 page

Personal Statement

Economics involves more than just mathematics - it includes theories like behavioral economics and green economics. The complexity of economics attracted the author as a novice, and through studying economics their desire to learn has grown elastic like the available knowledge. While mathematics is important, theories like nudge theory add a more human element by viewing people as Homo sapiens rather than only Homo economicus. The author wonders if they could discover another theory to help shape a better world. Studying economics has led the author to realize the importance of being well-rounded with skills like mathematics, communication, analysis, and leadership.

Uploaded by

farahin zaman
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Economics can be very wide and the complexity is undeniable.

Economics does not only involve


mathematical analysis, it becomes more complex with the interference of theories such as
behavioural economics and green economics. There are many considerations that should be
made before making a conclusion in economics. The complexity of economics attracted me as a
novice. Through the studies of economics, my demand in learning it is as elastic as the
abundance of knowledge that is readily available and about to be discovered in [Link]
relying on mathematics applied in economics makes everything seem so rational. I love the idea
of Richard Taylor adding “more human” and being “irrelevant” in his nudge theory. I believe I
was also nudged to do well in my exams to ensure I can secure a place in the top schools
around the world. The simple nudge theory brings more meaning in economics and instead of
viewing us as Homo-economicus we are actually Homo-sapiens and our behaviour always
shows that we are Homo-sapiens. With many economics theories I've studied, I started to
ponder whether I will be another person who finds another economics theory that can help to
shape the world into a better one. When I was in college, I did a programme called Japanese
Campaign. Now I realized the campaign is actually nudging the school members to walk on the
right path as the project involves putting masking tapes as a divider for a two way route to
reduce the time taken travelling from one class to another. I never knew I was nudging by
placing the tapes until I am in my first year learning economics in IB and I started to wonder how
many more theories are undiscovered? I am so curious! I learned that every knowledge is
impacting humans in many aspects and not even a single knowledge should be labelled
unimportant. Therefore, I think the future economist should be a well rounded economist with
good communication skills, competent mathematics capability, self driven, analytical with
leadership skills. One of Mahatma Gandhi's sayings is, “If you want to change the world, start
with yourself” . I am a highly empathic person and I would like to bring changes to the world.
Thus, I started with myself by participating in a debate team and with hard work and aspirations
I was selected to participate in Musleh International Debating Championship and it was a great
opportunity to be able to express my thoughts on the platform and enhance my communication
skills. I also won a medal for the Kangaroo Mathematics Championship and Beaver Informatics
Challenge. I was also selected to participate in Several Mathematics Olympiads. These had
somehow improved my mathematics capability and not to forget I won several medals in Chess
tournaments during my college years. Besides, I was also the Head of the Academic Bureau in
my college. I can foresee myself as a person, who is able to go through challenges with many
great capabilities held within me. I added more fun in my life as I am now a black belt holder for
Karate and a Red belt holder for Taekwondo. Indeed, a healthy and active person is needed in
this highly competitive world. I value my self- improvement as it is paramount for the course I am
aspiring to, Economics.

Economics allows me to discover the other side of the coin, the other side of the world and the
other colour of life. I believe the knowledge of economics is what I've been seeking for all this
year and to be able to study at my dream universities would be an epic combination. With all of
my heart, I am ready to spend my years acquiring this wonderful knowledge and the chance I
have by securing myself a scholarship boosts the awakening fire within me.

Common questions

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Involvement in competitive tournaments and leadership roles benefits an aspiring economist by fostering key skills such as strategic thinking, decision-making, and leadership. Competitive tournaments like chess and mathematics Olympiads develop critical and strategic thinking, which are vital for understanding complex economic models and solving intricate problems . Leadership roles, such as heading an academic bureau, enhance one's ability to manage teams and projects, an important skill for collaborative economic research or policy implementation. Together, these experiences provide a strong foundation in both analytical and interpersonal skills necessary for a successful career in economics .

The author emphasizes individual self-improvement as crucial for preparing for a career in economics, suggesting that continuous personal development is vital for success in a highly competitive field. Actively participating in diverse activities and seeking academic challenges represent a commitment to honing skills essential for economics, such as analytical thinking, problem-solving, and effective communication . This perspective aligns with the view that economists need to be well-rounded individuals capable of adapting to various challenges and applying their skills in interdisciplinary contexts .

Participating in activities like debate, chess, and martial arts can enhance one's skills relevant to economics by developing critical thinking, strategic planning, and discipline. Debate can improve communication skills, essential for articulating complex economic ideas and engaging in policy discussions . Chess aids in strategic thinking and problem-solving, skills important for analyzing complex economic systems and scenarios . Martial arts foster discipline and focus, necessary for conducting detailed economic research and maintaining ethical professional conduct. These activities collectively build a well-rounded individual capable of approaching economics with a diverse skill set .

The author associates personal achievements in sports and academics with future success in economics by highlighting the development of discipline, strategic thinking, and analytical skills. Achievements in sports like karate and taekwondo contribute to mental and physical discipline, which are valuable in handling the rigorous demands of economic studies . Similarly, accomplishments in academics, such as participating in mathematics championships and debates, enhance intellectual capabilities, problem-solving skills, and effective communication. These attributes are seen as foundational for excelling in the complex and demanding field of economics .

The author views academic achievements as integral to personal growth and essential for pursuing a career in economics. Achievements in mathematics, debate, and other academic competitions are seen as vital in developing critical reasoning, analytical skills, and communication abilities. These skills are crucial for success in the complex field of economics, which requires a blend of quantitative analysis and qualitative insight . Personal growth through extracurricular activities enhances one's capacity to handle challenges and adds depth to one's understanding of economics, preparing for a dynamic and impactful career .

The author suggests that economic education profoundly impacts both personal and professional life goals by broadening perspectives and enhancing understanding of global issues. Through the study of economics, the author gains insights into the interconnectedness of the world, making informed decisions possible and enabling meaningful contributions to society . This education aligns with the author's life goals of making a positive change in the world and achieving a fulfilling career in high-impact economics, thus illustrating how academic development can integrate personal aspirations with professional opportunities .

The integration of behavioral and green economics adds complexity by introducing elements that go beyond traditional mathematical analysis. Behavioral economics, as exemplified by Richard Thaler's nudge theory, incorporates psychological insights into economic models, acknowledging that humans do not always act rationally and are influenced by various biases . Green economics, on the other hand, considers the environmental impact and sustainability in economic activities, thereby expanding the scope to include ecological considerations and ethical implications. Together, these theories require economists to think beyond numbers and take into account human behavior and environmental considerations, complicating traditional models that view individuals as rational actors and markets as efficient .

The author views the application of nudge theory in everyday scenarios, such as implementing a Japanese campaign with masking tapes for efficient movement in schools, as practical illustrations of how small environmental changes can influence behavior . This reflects broader economic principles by demonstrating how non-coercive interventions can lead to better outcomes in resource allocation and decision-making. Nudge theory embodies the economic principle that human behavior can be influenced effectively by strategically altering the context in which decisions are made, aligning with the broader aim of economics to optimize resource use and improve overall welfare .

Curiosity is central to the author's journey in understanding economics, as it drives the desire to explore and uncover the complexities within the field. The author's openness to new ideas, such as undiscovered economic theories, reflects a commitment to continuous learning and adaptation, which is crucial in a field as dynamic as economics . For economists, curiosity leads to innovative thinking and the ability to view problems from multiple perspectives, enabling the development of comprehensive solutions to economic issues. It is this inquisitive nature that pushes boundaries and contributes to theoretical advancements and practical applications in economics .

Nudge theory, developed by Richard Thaler, is transformative because it shifts the focus from purely rational decision-making to the influence of cognitive biases and social factors on economic behavior. It recognizes that small changes in the environment can significantly impact decision-making, thus challenging traditional economic models that assume rationality. This perspective allows policymakers to design interventions—nudges—to guide better decision-making in health, finance, and public policy without coercion . By embracing the human aspect of decision-making, nudge theory provides a more realistic framework for understanding economic behavior and shaping policies that are humane and effective .

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