Topics: Monetary policy, Public finance, Keynesian economics Pages: 26 (10328 words) Published: February 25, 2013
1. What was the main attraction for you to study Economics at University? A prestigious university which is very established in the world of economics and in terms of the experience the economics faculty is rich in knowledge. Idea of supervisions interests me as it gives me a chance to discuss economics and learn new ideas from professors who are at the forefront of economics. Allows me to criticize my views and always adapt them to what I believe is right. Famous economist have ome from Cambridge, some with opposing views which shows me that Cambridge creates an environment which doesn’t direct you to one view/belief but rather allows you to explore different theories and ideologies. 2. Why Cambridge and why did you choose Fitzwilliam in particular? “Fitzwilliam College was founded in 1869. It is a dynamic, international community which believes in the power of education to transform individuals and society.” 3. As an individual what has been one of your main achievements and proudest moments to date? Open University because at a time where I had to balance a lot of work and revision I managed to submit the course within the deadline time and pass the course. 4. What would you say is one of your major strengths and weaknesses? My biggest strength I believe is to cope under situations which are very pressurised but one of my main weaknesses would be 5.Why do you think the world is facing a financial crisis and some countries are having to put in place measures of austerity? Asset-bubble, over-spending, tax evasion, investing in toxic assets, sub-prime crisis, over confidence in period leading up to bubble burst, paying of accumulating debt/deficits, bail-outs 6. A common theme in your personal statement is about reducing inequality and creating a more equal and stable economy. Based on your study of economics to date and the books you have read , give me some examples of how this could be achieved please. Great levelling, great compression showed that a society like the UK and US can move to one of greater equality. Debatable as taxing heavily on private sector and wealth generators could deter entrepreneurs, brain drain unless move towards a more egalitarian state is a global effort. 7. What are the conflicting schools of Macroeconomic thoughts and why did this lead you to the conclusion that Economics is an ever-evolving science. Margaret Thatcher, Milton Freidman, Hayek all right wing – smaller state, free the capital markets. Keynes not so much pro-capitalism but rather more for governemtn intervention when the free-market fails. Behavioural economics, relatively new, can be seen to now help policy makers in terms of what policies are needed to tackle current problems such as the lack of consumer and business confidence in the economy. I intend to read Nudge which apparently helps David Cameron in terms of some economics decisions. 8. Please explain how you will go about critiquing Archetypical Economic Theory in a way in which the Ricardian Equivalence proposition contradicts popular Keynesian economics. An economic theory that suggests that when a government tries to stimulate demand by increasing debt-financed government spending, demand remains unchanged. This is because the public will save its excess money in order to pay for future tax increases that will be initiated to pay off the debt. Question credibility and how effective the multiplier effect is. Critique the transmission mechanisms resultant from different monetary policies. See the extent to which for example a fall in interest rates actually boosts AD – obviously completely ineffective in current economic climate due to liquidity trap. 9. Various Central banks have had to be bailed out in recent months by their respective governments? What are your thoughts on this? Moral-hazard – idea that banks can continue and purse same practices as the sub-prime mortgage as they know the government can always back them up 10. What do you think of the Gaza...
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