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Re: Cambridge vs Oxford MPhil Economics
These two departments don't really compare in economics field. Only a fool would choose Cambridge over Oxford in any economics subfields you name. You will understand my statement if you read several of Cambridge economic's department faculties papers. If this is too much to do, then at the very least read ten random Curriculum Vitae of each school. My advisor who's an expert in behavioral/experimental economics (game theory) specifically advised me not to apply to Cambridge university because he said they are a dying economics school with their old economics thought.
Unfortunately, both of them aren't that good in economics, at the very best second tier competing with some top 20-30 schools in America. Instead, the only recognized economics school in Europe are the top schools in each nation. U Bonn, U Bocconi, PSE, Stockholm, and at the top there is LSE. Why? These schools place their phD graduates at Harvard, MIT, or Princeton (three traditionally best economics schools) LSE is the reason why Oxford is second tier economics school. Cambridge is fourth tier at best. I will still answer your questions in order.
1) Oxford... if anyone says otherwise, don't trust them, and you should ask whether they are actually economics students.
3) Well, I am not from the future but with high probability Oxford will remain better.
And you mention that you are interested in pursuing finance afterwards. Then the answer is clear. You shouldn't go to either Oxford or Cambridge. You should pursue LSE degree. LSE is the one and only top in financial economics thanks to gigantic UK stock market which attracts the best researchers and students around the world.