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Essay / My desire to continue my education in the field of economics
My interest in economics was first sparked when I participated in the Student Investor Challenge where I built a stock portfolio based on my analysis and research on financial markets. I learned that incentives drive behavior and that economists analyze that behavior to evaluate and predict outcomes at the micro and macro levels. I was amazed by the interconnectedness of human behavior and its social, geopolitical and financial consequences which can all be analyzed by applying mathematical concepts. This led me to watch the documentary “Freakonomics” and read the book by Levitt and Dubner. Although it initially seemed to lack economic content, it reinforced for me that human behavior is ultimately driven by different incentives. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get an original essayTo expand my knowledge, I completed an independent research project on the 2008 financial crisis, focusing on Lehman Brothers. This encouraged me to read multiple sources through a critical lens, thereby improving my independent research skills. Studying this crisis taught me that the main reason for the fall was the endless chain of risks, especially the giving of subprime mortgages to people with bad credit history. After reading Dowd's "Moral Hazard and the Financial Crisis," I learned that banks had no incentive to behave responsibly since they would not bear the burden of their actions. This led me to watch Ferguson's "Inside Job" and read several Economist articles in which I learned how Greenspan's refusal to regulate derivatives was a vital factor in the crisis. By participating in Adam Tooze's “Crashed” conference, I understood the radical and apocalyptic nature of the crisis, making it arguably the worst in history. I was intrigued to see how banking structures are integrated into the global economic and social environment, which has caused a global recession. My independent research highlighted to me the complexity of economics and inspired me to delve deeper into the subject. The considerable impact of the crisis led me to explore the banking sector and its economic power. Observing employees at JP Morgan and the Common Wealth Bank of Australia showed me how multinational financial institutions operate. This experience allowed me to understand the measures that have been adopted to control banks' exposure to risk and how these controls use statistical methods to predict potential crises. My professional experience at Taylor Wessing allowed me to understand the economy from a different perspective. I undertook a business challenge to think about the direction in which the company should go. Studying the Irish economy allowed me to analyze data to highlight the attractiveness of Ireland's low tax environment, which I used as an incentive to make decisions, supporting my recommendation of Dublin. I learned that Dublin, being in the EU, would grant the company greater access to European markets, which would be beneficial post-Brexit. Studying A-Level Economics introduced me to real-world economic models. The case study of the automobile industry used in asymmetric information prompted me to read Akerlof's “Lemon Market”. I learned that imperfect information causes companies to sell low-quality used cars at higher prices because the lack of..