wk84boss

Hello fellow students/applicants/scholars! I am trying to apply to masters economics program in asia, europe and america and I need your help in reviewing my statement of purpose and hopefully polishing it. Any comments are welcome! 1000 Word Essay Question: 1. Your interest in economics 2. (Optional) Discuss at least one topic in economics that you find most interesting 3. Your background in quantitative analysis/skills gained in your undergraduate studies 4. Your career aspirations, and how the program might help you to achieve them Essay: One world government is the ongoing endeavor of current planners, the issues of globalization gave me huge interest to pursue the MSc Applied Economics at XXX University. Economic mechanisms, especially game theory, are driving the evolutionary development of globalization. With that in mind I find it necessary to understand graduate level economic foundations and be able to contribute to policies that affect globalization. If peace-building leads to successful peace-keeping, then what laws are appropriate to the on-going process of globalization? To answer how one should live is quite difficult, however Milton Friedman argued that economic freedom is the necessary condition for political freedom. Economics is a very unique discipline that gives key insights of social interaction in which outcomes are interdependent to the involved parties. In the beginning of my college career I had no interest in economics in it of itself because I was preoccupied of studying this discipline in order to get a good finance career with security. However when I took intermediate microeconomics, the professor introduced to the class basic ideas of game theory that got me hooked on economics from that point on. The concept of equilibrium, especially Nash Equilibrium, shocked my whole outlook in life that I enrolled in game theory to learn more about its uniqueness. Equilibrium is much more than just supply = demand, it is when there is no incentive to unilaterally deviate. Every decision-making and social interaction is based upon the strategies of game theory, regardless if people are aware of it. Game theory challenged social norms and what I believed how people should behave. When I took the course industrial organization, I have seen a snapshot of how game theory can be used by competing firms with the incentives to obtain profits. Learning about the public policies as the reactions to those incentives further begged the question about whether those incentives can be ethically sound with moral fiber. Karl von Clausewitz once said: “War is the continuation of policy by other means.” Deducing from that statement, policy is the continuation of economics by other means. All nations use game theory to satisfy desired goals under the conditions of scarcity. Game theory is still a young field that needs more sophistication as human behavior progresses. The controversy lies in the appropriateness of using the methodology of equilibrium to capture certain strategic edge when two or more parties engage in scarce resources. The famous non-zero sum game of the Prisoner’s Dilemma exhibits an obvious conflict between ethics and self-interest. Cooperation is needed such that no conflict can arise from these two opposing elements. However cooperation can be nullified depending upon the amount of information member(s) know, how long the games are, whether there is a first-mover advantage or if it’s simultaneous, and sometimes factors that arise that are beyond the member(s) control. I believe understanding the other member(s) behavioral patterns and knowing when to readily adjust to such changes of behavioral patterns will bring about insight to future outcome. Understanding game theory is crucial in order to implement globalization. Incentives of nations conflict with one another. Without proper treatment of game theory that is imbedded in politics, globalization can become unfavorable for the masses. Most people are irrational and for them to achieve to become the ‘economic superman’ is quite a task that maybe can not be obtained. Morality comes in different flavors for diverse people. Man-made laws are based upon three major moral ethics, namely: consequentialism, deontology, and virtue ethics. These three are incompatible with each other. It is difficult to reconcile people’s different ethical approaches that bring about freedoms with maximized utility levels. With this fundamental problem we have different results of capitalist systems. With that in mind the world leaders want a one world government such that every citizens of this world can benefit. Integration of politics and economies are the biggest challenge in the 21st century. That is why game theory is not only important to understand what appropriate strategies are used in certain situations, but the implications on how nations interact. The quantitative courses that I have taken during my undergrad were rewarding. I have taken calculus and business statistics that provided the foundational basis to undertake upper level economics courses. Financial economics introduced me to the quantitative methodology in rationalizing problems in finance with economic theory. I learned in this course various financial and statistical formulas one use to obtain certain risk to reward ratios on certain financial instruments. Financial economics uses elements of econometrics, forecasting, and certain mathematical principles for investments. Game theory was the toughest course I undertook during my undergrad years. My professor who taught game theory is an absolute game theory fanatic in which he made us soak everything there was to know about that field. It was not only challenging to learn the ideas and mathematical tools used in game theory, but I had to read actual works by many famous thinkers that contributed to game theory. One of the works I did appreciate reading of course was John Nash’s PhD thesis, which I believe is one work that shifted game theory to a higher frontier that John von Neumann left off. The postgraduate degree program can help me to provide research and analysis of economic policy decisions in my future career path at an international economic organization or think tank. I am deeply committed to study and to gain a masters degree. Graduating from Yongsan Internationl School in Seoul, which is the best high school in all of Korea, has equipped me with global experience a student usually never experiences. I appreciate the culture of Korea and to live in a fast-paced Asian society where globalization is the talk nowadays. The city of XXX has given me another reason to apply for the masters program because the economy of XXX is closest towards free-market capitalism in the world. The opportunity to study in such a cosmopolitan yet culturally unique financial city far outweighs the benefits to study elsewhere. The experience I can gain from XXX University is undeniably a huge asset I can take anywhere in this world and bring fresh global perspective in my future endeavor in economic policy analysis. I have full confidence that the degree program at XXX University will help me achieve these goals and beyond.