Economics Applicant Thread UCAS 2012

Yeah but economics is a lot more respected and more top unis offer it as well...

But generally people who don't know why they do what they do are not very good academically, so they find economics too competitive/challenging, etc. Just judging from what I see in my school

A lot tend to avoid pure econ due to higher level of maths.

Both are important.

I wouldn't study a degree which would lead to brilliant job prospects, if I didn't enjoy it, e.g. medicine

Then again, I wouldn't study a degree I would love if it didn't lead to anything.

Economics/ related degrees can offer both

I didn't see much of a correlation between knowledge of future career and academic performance - I knew many people at Cambridge who didn't who what they wanted to do in the future.

I agree, but what careers do you consider soulful?

One person in my school said something along the same lines. They are still planning to become an investment banker though....

It's an odd and unique situation with Economics. I think it's easier for people to know whether they would be interested in studying Physics, Mathematics or History etc. -- insofar as 18 year olds picking their university courses and future careers know what they're getting themselves into and roughly what they will be studying.

People who think they are interested in economics are often really only saying they are interested in current affairs, politics; the annual budget, public policy and so on. Then they go to university to study it and find that you don't really learn or discuss much of that at all. After 5 years of studying economics at university, I'm still not interested in current affairs, the economist magazine, the banking collapse etc. IMO, all studying economics does is teach you how to be a good problem-solver. Applicable knowledge you gain from it is limited. Certainly from a macro/micro perspective, it's not too relevant. It's useful to know some econometrics but I have found that the top companies in finance tend to use their own specific algorithms derived by experienced quants which mean that a fresh graduate with a 'working knowledge of EViews' doesn't really help. Though practising collecting data and looking to get a general idea of what's going on is a useful skill.

I think that economics is a heavily oversubscribed course because people believe that it will lead to a good career. I have no problem with people who choose to study something because they believe it will lead to a good career -- each to their own. But the silly thing is, contrary to popular belief, studying economics doesn't really carry an advantage in the job market. Something like Chemistry, Physics, Engineering opens more doors and leaves the ones in finance open. And purely for finance, Mathematics or Statistics would be a better choice than Economics, generally. The only career that Economics holds an advantage for is working as an economist. Even then, for any decent post, you need a postgrad economics degree (which you can still obtain having done mathematics, physics etc.).

So yeah, you're all ****ed. Just kidding. But not really.

You do realise that an economics degree doesn't automatically lead on to investment banking, don't you?

Or am I the only person to take the approach that it's boring, souless, and generally less desirable as a career than being a geriatric in North Korea.

I would tbh, but thats just me. Personally, if I really loved a subject that didnt necessarily have 'good' employment prospects, I'd study it regardless. Luckily, economics is a subject with decent job prospects.

I don't really understand why there is such a stigma around wannabe investment bankers. I agree that people wanting to do economics for the sole purpose of getting into investment banking are deluded, as a science or maths degree would probably be better suited. They are also arguably easier to get into and easier to perform highly in if you are scientifically minded. However, I don't understand why people are slightly embarrassed to say investment banking is what they want to do or why people would frown upon someone who is planning to go down that route. Education is important to most of us on here, but for most people it is a way to get a job, and who cares if that job is banking? How is it any different from becoming a lawyer or an accountant?

Bankers haven't had the best press recently - they're painted as having caused the financial crisis (not completely true, though also not completely false), and then having taxpayers bail them out while they continue to receive huge bonuses even while they're failing (also not false).

But that seems to be more of an institutional flaw than the responsibility of individuals. The same issues occur in law, albeit on a smaller and less influential scale but things still go wrong.

Can anyone help me answer this...

Discuss the effectiveness of reducing Government spending in order to reduce demand pull inflation. (18 marks)

So far i have
. defined Government spending and DP inflation
. Written about the different branches of government spending
. Drawn the diagram and have written--- C + I + G + (X-M)
. Written about the extent to which you have to cut Government spending as there are other influences e.g. imports
.And have written about ceteris paribus

Any help would be greatly appreciated

Can anyone help me answer this...

Discuss the effectiveness of reducing Government spending in order to reduce demand pull inflation. (18 marks)

So far i have
. defined Government spending and DP inflation
. Written about the different branches of government spending
. Drawn the diagram and have written--- C + I + G + (X-M)
. Written about the extent to which you have to cut Government spending as there are other influences e.g. imports
.And have written about ceteris paribus

Any help would be greatly appreciated

on the other hand, you can argue how a deflationary policy / austerity measures are not popular and therefore it might harm the government especially as it's goal is to be re-elected. Also such policies that lead the economy to a recession or stagnation, some dangers might be increased unemployment and social difficulties (ie. greece today). You can argue how the central bank can reduce demand pull inflation without risk of dismissal and popularity lost (since the people don't elect the central bank). hope it helps

Multiplier. How government spending can influence the larger parts of AD, how it depends on what is reduced as well as an overall reduction, reverse accelerator process etc.

Not necessarily straight-forward to cut government spending due to political pressures