The Personal Element in Microeconomic Model in Freakonomics

Economics was an academic subject that I had not explored until I read “Freakonomics” by Levitt and Dubner. They use arguments throughout the book to explain or disprove “conventional wisdom,” which was what I found fascinating and led me to want to develop my economic knowledge. Consequently, reading the sequel “SuperFreakonomics”, and regularly listening to the “Freakonomics Radio” podcast broadened my knowledge of microeconomic models and practices used by economists. Podcasts are my favourite medium to consume information, hence, I began listening to “EconTalk” by Russ Roberts and “The Economist Radio”, which focus on a plethora of topics helping me to ascertain knowledge beyond the narrow remit of the A level course; in current, relevant topics surrounding macroeconomics.

Economic models can equip firms, households, governments and individuals with the relevant information to make decisions; which can have not only private benefits but also far-reaching positive externalities, increasing societal welfare, which is why the subjective is closely linked with politics.

Subsequently, I was fortunate enough to undertake work experience at the House of Lords, shadowing a Baroness. Observing how macroeconomic policy is constructed and implemented in select committees was enthralling and helped me to greater understand the theory which I have learnt in my A level. As a part of this, I witnessed an amendment to a Northern Ireland bill that sought to limit the Prime Minister’s power in the prorogation of parliament. This was incredibly interesting as it showed me how the field of economics is broad and can interact with other subjects.

Accordingly, I undertook an Extended Project Qualification, in which I am exploring the economic impact of the recent increase in far-right nationalism in both the UK and the EU. As part of this “Far-Right Politics in Europe” by Jean-Yves Camus and “The Nationalist Revival” by John Judis both investigated the relevant and interesting topic of the reactionary right and the rejection of globalisation by rural areas. Behavioural economics is an area of Economics which is exciting to me, because of a large amount of research currently being undertaken, and the book “Nudge” by Sunstein and Thaler gave me a good introduction to the topic, and a taster lecture on Game Theory and Clustering at Exeter College in Oxford was extremely valuable as it allowed me to understand the basic principles of this very complex topic.

I enjoy learning about other subjects, especially mathematics, having gained a gold award in the UKMT maths challenge five years in a row. I have also attended mathematics master classes at the University of Surrey, which has given me valuable transferrable skills in logic, problem-solving, and data analysis. Extra-curricular activities aid me in maintaining a balance between work and leisure. I enjoy playing team sports, such as football and cricket and have captained both my local teams. I also completed the Duke of Edinburgh silver award and a JSLA sports leaders award, both of which require hours of volunteering to aid the local community. I was also deputy head boy as part of which I helped to fundraise over £10,000 to build a shelter and make a lasting impact, benefitting future students.