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Our society is wholly shaped by Economics. The subject has interested me due to the advancement our world has undergone. Despite this, poverty lingers. (So,) when initially reading ‘Dead Aid’ by Moyo, it was very conflicting coming across “Aid has helped make poor poorer and growth slower.” (However, it was only) When I completed the book(After reading), I (understood why this was the case. I) learned that there are many hindrances to Africa’s development such as disease and location. Moyo suggested that aid contributes to Africa’s poverty. The main criticism I have is that Moyo uses statistics to show a correlation between recipients of aid and poor economic growth and implies that it is causal. This is not the case and other issues inhibit Africa’s growth such as corruption. Despite this, I agree with her solution to Africa’s poverty which is education. ‘Dead Aid’ taught me that economics looks at society and resource allocation, not just money.
Through my research, I learned that the key to India’s growth is its exports due to rising globalization. India can specialize in producing certain goods as they have a comparative advantage, hence, I had the impression that globalization would always be effective. However, after reading ‘Globalisation and its discontents’, I realized that this is not the case. Stiglitz believes that economic crises have risen in the last 25 years and makes it clear that the IMF is attached to a rigid agenda that is not always appropriate. Restrictions like tariffs make poorer countries less competitive in markets where they might have an advantage. Reading this I was able to gain a greater insight into the faults with the management of national economies.
Having worked as a data entry clerk,( I gained invaluable experience in handling data in industry.– vague language) I was always asked to focus on the quantity of data processing rather than the quality of the data, (Through this) I was able to gain a more critical view of how public statistics are used and the flaws with our company’s methodology. This caused me to question how effectively we use statistics to make judgments. I learned the importance of not only focusing on the quantity but also the quality of data given when making decisions.
(Comment- I’m questioning this paragraph, I mean, from reading this you have told me you don’t like the company’s approach and learned that quality and quantity are both important. Perhaps some more content is needed as to what field of data is this from and maybe how you made the judgments- in other words, what you did, if you want to criticize, the interviewers MIGHT ask you deeper questions that I am unaware of, but if you are confident in forming an argument of your criticism, that’s great. However, as you have read mine, my work experience paragraph says what I did, e.g. building designing and talks on various projects, what I learned, and how that inspired me to want to pursue it at uni)
Being a maths student, it became apparent that I enjoyed the quantitative part of economics. I attended some lectures where I was introduced to econometrics, I was enthralled by the idea that statistics and real-world data are used to test economic theories. (WhAT dId YoU LeaRN?)
Mathematics too has always been a great interest of mine. My passion for maths has led me to pursue this in my own time. I attended a maths seminar where I learned about theories in maths that I wouldn’t have come across in a classroom. The Butterfly Effect taught me that a change in the initial condition could lead to a drastic change in results. This reminded me of globalization and its instability. The Greek debt crisis caused bond yields to rise in other Eurozone countries too. Rising bond yields caused a change in fiscal policy in other European countries, there were cuts in spending and an increase in taxation which had knock-on effects with negative economic growth. I concluded that had there not been a change in the Greek economy then other economies wouldn’t have been affected. Linking both the butterfly effect and globalization has taught me the importance of the influence of mathematics in economics and thus, the diversity of maths drives me to learn more about it at university. This is a very strong paragraph.
(Being a self-motivated individual, I am currently working towards grade 8 piano and have achieved several academic awards. Learning piano has allowed me to realize the amount of determination needed to complete a grade in music is similar to one working in the field of economics which is what I aspire to do once completing my degree. )
Overall the strength to use Maths with Economics to impact our world amazes me and I cherish the opportunity to pursue this by studying at the degree level.
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