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Admission Essay on Economics

Whenever I think about my childhood, I remember the times when my father would come home after a tiring day at the factory, which he owned. He would sit back near the fire place and tell me: “My dear son, if you want to be successful, you need two ingredients: strategic thinking and hard work.” These words rang in my ears on the day when my father’s factory was announced bankrupt. I looked at my father who was sitting near the same fireplace and murmuring to himself: “What did I do wrong?!” That was the moment when I felt the urge to work out the system of economic knowledge, find out how not to make the same mistakes my father had done. To put it plain, I wanted to know how money work.

Economics governs our life. Since the time people started communicating, they needed to identify their material needs, find the way to satisfy them and this is how they learnt to exchange and bargain the goods in order to get profit and increase their standard of life. So, economics forms the basis for the successful development of the society, assigning definite roles to all the parties in the process of material interaction.

Despite the fact that many people consider economics boring, I am deeply fascinated by the way the life of the society is governed by its laws. Although this sphere of human activity is traditionally tightly related with the idea of money and profit, it is not all about material gaining. Understanding the basic principles of economics can help improve the financial climate in the society, so that everybody benefits from it.

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