My Motivation to Study Welfare Economics on a University Level

After getting CGPA 10 in Senior Secondary Examination I decided to pursue commerce with Economics and Mathematics as two of my main subjects. Having studied Indian Economics in Grade 11 I have found that while India is developing at a fast pace but still is facing the problem of poverty and unemployment. I have Studied Principles and functions of management. With this I have understood the basic principles given by F. W. Taylor and Henry Fayol. A comparative analysis of their studies show that though their approaches were quite different from each other but still they aim at the goal of improving efficiency and effectiveness of the organization. I could also apply the functions of management in the various events held at my school as I was a member of the organizing team. I was able to reinforce this knowledge after being elected as the Head Girl of my school in successfully completing the multidimensional tasks.

Moreover I have studied Microeconomics and Macroeconomics with which I have been introduced to the concepts of cost, revenue, equilibrium, forms of market, price elasticity, foreign exchange rates, and theory of demand and supply. Mathematical and statistical grasp have complemented my progress in interpreting and analyzing the available facts. While reading The Undercover Economist by Tim Harford I could come across examples from everyday life in which some of the above mentioned topics like price elasticity and monopolistic form of market play a significant role. I gained the awareness on how green belts are not just limited to the environmental aspect but have also influenced economic outcomes. After reading the book I could conclude how the strategies are planned by businesses to attract all types of customers and how tactfully they earn huge profits. I have attended ten model united nations conference and have received many awards. I have researched and discussed about Tax avoidance and the world of dark money in the Economics and Financial Council (ECOFIN) of a model United Nation’s Conference. Negotiating and debating on this topic as the delegate of Russian Federation enabled me to understand the depths of various economic policies formulated across the globe. Towards the end I could a draft a resolution which was passed by a two third majority. This experience further ignited my quest to know more about the various global economic issues. Next I became a part of the Executive Board in ECOFIN which stimulated a discussion about Cryptocurrencies. These experiences have strengthened my skills effectively communicate my views.

I have closely been following the Economic crisis in Venezuela. What interests me the most in this is how a country with abundant oil resources which was once termed as the model of democracy in Latin America has reached such a disastrous state that it is struggling to maintain its own economical stability. I have extracted that the country must immediately restructure its Economic policies to stabilize the currency and control hyperinflation. It must also restructure it’s debts by coming to certain agreements with the lenders. Emphasis must be laid on producing necessary commodities like food and medicines within the domestic territory of the country. In the long run Venezuela should try to diversify it’s sources of income instead of being dependent only on on revenue from oil exports.

I believe that the environment in universities will be beneficial for me to build up my understanding of this subject. I want to continue my ambition in Welfare Economics but I am sure that the diverse outlook offered by the universities accompanied by passion and dedication towards the subject will lead me to several more career options.