Admission Essay: Economics

There a close-knitted relation between economics and psychology as economics is based on practical decisions while psychology focuses on how decisions are made. Thus, having majored in psychology gives a student venturing into economics an added advantage in understanding decision-making processes. In fact, understating psychological factors influencing a decision-maker will improve efficiency in addressing such challenges as food crises, climate change, and market failure. A background in economics would be crucial in understanding resource use and management (Baumol & Blinder, 2008). Similarly, the application of psychology in economics enhance decision-making that would eventually reduce the impacts of unsustainable consumption and development. The economics and psychology knowledge applies to investment, sustainability, and proper use of limited resources to meet human needs.

I aspire to work with the communities to solve the social and economic issues by utilizing locally available resources as well as enlightening the masses. The approach will allow me to understand the challenges and give me an opportunity to access firsthand information required to solve social problems. Moreover, touring of different places with diverse cultural practices has been an essential part of my life. Having been in Europe, Asia and America assisted me in acquiring different perceptions about social and economic aspects. The people and cultural information gained through my interests will be crucial in anticipating the needs of the community.

Besides, I plan to experiment the alternatives approaches practiced by different cultures to meet human wants efficiently.
The art of communication has proven essential during my internship experience at Deloitte Touche Tohmatsu LLC, Beijing and Rifa Securities Ltd, Hong Kong. It allowed me to have seamless interaction with the clients, colleagues, and management. Hence, the skill will help me in passing on information from research projects to the relevant stakeholders in future economic projects. Additionally, communication skill is essential in engaging with other students, lecturers, and administrators, which is essential to tackle economic problems.
Campus Leadership and volunteer programs have been crucial in developing my leadership personality, which is vital in championing for economic. Besides, leadership skills enhance a sense of responsibility and drive to make a positive impact in the society. Over the years, my proficiency in data analysis has improved due to participation in psychology research. The analytical skills will help me in understanding economic problems that are affecting the population of interest. The analysis is also essential in decision making as it provides the evidence required to take a particular course of action. Besides, fluency in English and Chinese (Mandarin) will enhance my interaction with the respondents in collecting reliable and valid data for analysis. Despite being involved in research, I have not had an opportunity to present my findings to the management/administrators. However, research on presentation skills coupled with little practice will help me in mastering the skills.
Notably, participation in a research project and volunteer work has shaped my career goals in several ways. Firstly, my experience in a project that studied the impact of psychological factors on decision making helped to understand the process of decision making. The project prompted me to undertake a program in economics as it would assist me in collecting and analyzing data to help people make effective decisions. Secondly, a leadership and volunteer program enlightened me on how to apply available resources and skills to empower the youths. The programs were crucial in understanding alternative ways of solving social problems. A combination of psychology and economics will contribute to efficiency in utilizing available resources by improving the effectiveness of personal and groups’ decisions.

Reference
Baumol, W. J., & Blinder, A. S. (2008). Economics: Principles and policy. Mason, OH: Thomson/South-Western.