by Thomas Wadman, Y13
Earlier this year I took part in the Royal Economic Society’s Young Economist of the Year Essay Competition. It was a fun and rather relaxing project, compared to my AS level exams! It involved writing a unique essay of between 1,000 to 2,500 words, on a subject set by the President of the Royal Economic Society, calling on key elements of my studies, examples from the real world and imaginative discussion.
I chose to write about the subject of monetary policy and whether or not current levels of interest rates penalised thrifty savers. I argued against the statement, citing the works of economists such as Keynes who gives detailed explanations about the motives for reserving consumption of which little is focused on the increase of wealth through the manipulation of interest rates. It was enjoyable to extend my learning beyond that of the classroom and research theories by myriad economists. 20 Economics teachers from across country the judged the entries to create a shortlist. These entries were then passed to the RES judges including Sir Charles Bean (former deputy governor of the Bank of England), Stephanie Flanders (award winning BBC journalist and Economics Editor, now J.P. Morgan Asset Management’s chief market strategist for the UK and Europe) and Professor Jonathan Haskel (Imperial College). I was very pleased to be shortlisted in the final 19 essays out of a total of 1,700.