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THE KY-ASU ECONOMIST
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TUESDAY | 30.11.2021
OCTOBER + NOVEMBER 2021 ISSUE Europe's Energy Emergency
Who Benefits from Budget 2022? Pandora Papers
Roaring Twenties - Significance of the American Economic Boom in the 1920s
OPEC Oil Price Shock of 1973
The Fall of the Berlin Wall in 1989
Life at LSE studying Economics & Economic History: A CHAT WITH MERISSA SOFEA
Email: kyuemeconsclub@gmail.com
Insta: @kyeconomicsclub
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Contents
Click the titles to direct you to the pages!
Europe's Energy Emergency
Who Benefits from Budget 2022?
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Pandora Papers
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Roaring Twenties - Significance of the American Economic Boom in the 1920s
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OPEC Oil Price Shock of 1973
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The Fall of the Berlin Wall in 1989
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Alumni Interview : A Chat with Merissa Sofea
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Econtertainment - Pick-Up Lines for Economists
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Keeping Up With the Economics
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A highlight of key economic events of the month
Europe's Energy Emergency
BY MARYAM SOFEA
Winter is approaching and it is going to be a very cold one for Europe this year as energy prices skyrocket. At Europe's leading benchmark, the Dutch Title Transfer Facility, prices increased from €16 megawatt per hour in January to €75 (Liboreiro & de Filippis, 2021) by mid-September, and by early October, prices have hiked up by 500% (Ellyat, 2021). The root of this energy crisis in Europe ranges all the way from earthquakes to geopolitical disputes between countries. With more inoculations for the Covid-19 virus happening since spring, a significant number of economies have lifted their tight restrictions. As a result, more businesses started operating causing an increasing amount of energy being used up leading to this increase in demand. But the cause of the swelling of demand does not stop at the outcomes of Covid-19. Early this year temperatures defied expectations in Europe and were colder than expected causing significantly higher demand for energy than usual as more power was needed to warm buildings. We have seen the causes of the increase in demand for energy but what is behind the supply scarcity? Unfortunately for the environment, decarbonisation campaigns in Europe are one of the factors. Recently, Europe has made the initiative to lead globally in overcoming climate change by producing net zero economies. But because of this, the confidence of investing in fossil fuels has decreased as investors believe that the market for fossil fuels will be obsolete in 30 years (Adam, 2021).
References: Adam, N. (2021). Gas Shortages: What Is Driving Europe’s Energy Crisis?. Techilive. Retrieved 20 November 2021, from https://techilive.in/gas-shortages-what-is-driving-europes-energy-crisis/. Ellyatt, H. (2021). The U.S. was right — Europe has become a ‘hostage’ to Russia over energy, analysts warn. CNBC. Retrieved 20 November 2021, from https://www.cnbc.com/2021/10/07/europe-is-now-a-hostage-to-russia-over-energy.html. Liboreiro, J., & de Filippis, A. (2021). Why Europe's energy prices are soaring and could get much worse. euronews. Retrieved 20 November 2021, from https://www.euronews.com/2021/10/28/why-europe-s-energy-prices-are-soaring-and-could-get-much-worse.
Keeping Up With the Economics
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A highlight of key economic events of the month
Who Benefits from Budget 2022? BY YAANN TAN
On 29 October 2021, the Malaysian Minister of Finance, YB Dato’ Sri Tengku Zafrul bin Tengku Abdul Aziz, tabled Budget 2022 with the theme “Keluarga Malaysia, Makmur Sejahtera” (A Prosperous Malaysian Family). Budget 2022 amounts to RM332.1 billion which is the largest allocation ever. This is in an effort to continue the nation’s economic recovery in the aftermath of the COVID-19 pandemic. With this budget, 5.5 to 6.5% economic growth is expected (Yusof, 2021). This article will highlight which stakeholders will benefit from some of the key efforts and schemes outlined, and how. Households and firms affected by the pandemicinduced economic downturn will of course be receiving more aid through a new cash aid scheme - Malaysian Family Assistance. One of the cash aids from the RM8.2 billion allocated to households is a one-off payment of RM2,000 to households with 3 or more children and a monthly income of RM2,500 or less. Other one-off payments include RM500 to single parents and households earning less than RM5,000, and RM300 to senior citizens. Additionally, SMEs will be able to defer income tax instalment payments for up to six months (until June 30 2022) (Yusof, 2021). The Health Ministry will also receive RM34.2 billion. With this allocation, which is the second-largest behind the Education Ministry, the government has signed agreements to acquire 88 million doses of COVID-19 vaccines. This is sufficient to provide third doses to all Malaysians 12 and above. The tourism industry, a victim of the pandemic, will also receive substantial aid.
Source: https://www.channelnewsasia.com/asia/malaysia-budget-2022-key-takeaways-covid-19health-carbon-neutral-tourism-women-children-2278456
This includes an RM600 million wage subsidy for tour operators who faced at least a 30% income decrease. Budget hotels and homestays will receive grants totalling RM30 million for repair works, and initiatives to promote domestic tourism will be funded RM60 million (Yusof, 2021). Women and children could benefit considerably from Budget 2022. It will be made mandatory to elect at least one female director in all public-listed companies. Furthermore, firms that hire unemployed women, housewives and single mothers will receive incentives of 30% of their monthly wages in the first six months, then 40% for the following six months. In an attempt to tackle the issue of the rising number of orphans from the passing of their parents due to COVID-19, RM25 million will be directed to Yayasan Keluarga Malaysia to ensure their education, welfare and future (Yusof, 2021). There are some concerns over the risk of Budget 2022 as 29.5% of the funds are expected to come from borrowing and government assets, while projected tax revenue collection is only RM171.4 billion (Tai, 2021). Hence, the Malaysian government will have to find the right balance between trying to solve the country’s socioeconomic issues and maintaining financial stability.
References: AdaTai, L. K. (2021, October 29). 2022 Budget Snapshots. Retrieved November 17, 2021, from https://assets.kpmg/content/dam/kpmg/my/pdf/budget-snapshot-2022.pdf. Yusof, A. (2021, October 29). 5 key takeaways from Malaysia's 2022 budget. CNA. Retrieved November 17, 2021, from https://www.channelnewsasia.com/asia/malaysia-budget-2022-key-takeaways-covid-19-health-carbon-neutral-tourismwomen-children-2278456.
Keeping Up With the Economics
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A highlight of key economic events of the month
Pandora Papers BY ADIBA AZMAN Have you ever pondered upon the operations that benefit the affluent and wealthy while the rest of society bears the brunt of their actions? Consisting of 2.94 terabytes of data in the form of PDFs, images, emails, contracts, and tax declarations, the recently released Pandora Papers on the 3rd of October 2021 reveal the financial secrets of many prominent figures (Díaz-Struck et al., 2021). The leaked names include 35 current and former world leaders who are among more than 330 politicians and high-level public officials in 91 countries and territories (ICIJ, 2021). Included is also a global lineup of celebrities, executives, billionaires, fugitives, con artists, and murderers. Some may question the purpose of the Pandora Papers as in reality, offshore financial centers are legal by law. However, legality is not in the picture when assets such as property, shares, cash, and transport are hidden to avoid tax obligations. Therefore, the purpose of the Pandora Papers is to expose how the elite commit tax evasion and corruption as it poses certain risks to society. Uhuru Kenyatta, current president of Kenya was one of the big names whose secret assets were leaked. The leaked records report the possession of 5 offshore companies with assets worth more than $30 million (ICIJ, 2021). The irony of this is that Kenyetta has been a staunch supporter of fighting corruption and increasing transparency of the financial system as Kenyan wealth inequality intensifies with “The richest 10% of people in Kenya earning on average 23 times more than the poorest 10%” (Oxfam International, 2019).
Kenyetta’s hypocrisy is the epitome of the elites abusing their superiority while the rest of the world suffers from the surging wealth gap. Uhuru Kenyatta is only one of many examples. According to studies, the world’s ultra-wealthy own the bulk of the $11 trillion realms of offshore companies (Starkman et al., 2021). The reactions of nations to the Pandora Papers have been approached differently. Some countries such as India, Brazil, Sri Lanka, and Spain have promised inquiries from the people while others such as Russia have merely deflected and brushed off claims (Siddique & Weaver, 2021). The Pandora Papers act as a wake-up call to society. For some power players, they will have to tackle the flaws of leaders who have been abusing their powers while others who enable this to happen need to reform current policies to curb what potentially causes this looming threat of inequality.
References: Díaz-Struck, E., Reuter, D., Armendariz, A., Cosic, J., Escudero, J., Gutiérrez, M. F., Torres, M., Kehoe, K., Williams, M., Ajiri, D. H., & McGoey, S. (2021, October 4). Pandora papers: An offshore data tsunami. ICIJ. Retrieved November 19, 2021, from https://www.icij.org/investigations/pandora-papers/about-pandorapapers-leak-dataset/. Gordon, J. (2021, July 22). Offshore Financial Centers - Explained. The Business Professor, LLC. Retrieved November 19, 2021, from https://thebusinessprofessor.com/en_US/global-international-law-relations/offshore-financial-centers. ICIJ. (2021, November 10). Offshore havens and hidden riches of world leaders and billionaires exposed in unprecedented leak. ICIJ. Retrieved November 19, 2021, from https://www.icij.org/investigations/pandora-papers/global-investigation-tax-havens-offshore/. Oxfam International. (2019, October 20). Kenya: Extreme inequality in numbers. Oxfam International. Retrieved November 19, 2021, from https://www.oxfam.org/en/kenya-extreme-inequality-numbers#:~:text=Less%20than%200.1%25%20of%20the,fastest%20growing%20in%20the%20world. Siddique, H., & Weaver, M. (2021, October 4). Nine countries launch investigations into pandora papers revelations; Kremlin dismisses claims – as it happened. The Guardian. Retrieved November 19, 2021, from https://www.theguardian.com/news/live/2021/oct/04/pandora-papers-live-sunak-says-hmrcwill-review-leaked-documents. Starkman, D., Shiel, F., Díaz-Struck, E., & Boland-Rudder, H. (2021, November 19). Frequently asked questions about the pandora papers and ICIJ. ICIJ. Retrieved November 19, 2021, from https://www.icij.org/investigations/pandora-papers/frequently-asked-questions-about-the-pandora-papers-and-icij/).
EDITORIAL-
A featured piece submitted by passionate individuals from the KY community on a topic they feel strongly about
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Roaring Twenties - Significance of the American Economic Boom in the 1920s
BY NAWAL ALISYA
The article will argue on the significance of the boom in America in the 1920s by focusing on politics, economics and social implications. The ‘boom’ is a term used to refer to the dynamic growth of the American economy in the decade that followed World War 1. Several years after the US successfully transitioned from a wartime to peacetime economy, she prospered into the world’s richest country ("Roaring Twenties", 2021), giving rise to a consumer society. A boom was experienced across various sectors of the economy, ranging from automobiles, construction, chemicals, to household appliances.
Politics
The economic boom is significant as it played a hand in politics. The booming economy during Republican reign ensured its successive re-election as voters rewarded the government for positive economic outcomes circa the elections (Pells, 2021). The boom guaranteed the election of Republican candidates : Warren Harding, Calvin Coolidge and Herbert Hoover ("The attitude and policies of the Republican presidents - BBC Bitesize", 2021). The policies imposed by these presidents followed a trend of opposing federal regulation in favour of business expansion. Warren Harding (1921-23) lowered top-rate taxes from 73% to 25% (Church, 2018). He introduced tariffs on imported goods which cultivated the policy of protectionism. Similarly, Calvin Coolidge adhered to the creed “The business of America is business” through his laissez-faire policy. Herbert Hoover brought with him the concept of ‘Rugged Individualism’. The economic boom was significant as it impacted people’s perception of the role of the government at the time; Americans shouldn’t be dependent upon the government, instead they should work harder and rely on volunteerism to solve their problems.
Instead, it can be argued that Republican triumph was due to the slew of weak Democratic candidates in the 20s. Candidates William G. Mcadoo, Alfred E. Smith, Robert M. La Follette and Governor Alfred E all failed to unite varying socioeconomic groups under Democratic partisanship. The significance of the boom on politics was confined to the 20s-era. The 30s saw Roosevelt’s implementation of Keynesian economics through increased government spending. His New Deal established alphabet agencies, which instilled the idea of American dependency upon the government. Republican progress came undone by Democrat policies in the 30s. The end of the boom mirrored the downfall of the Republicans, thus, the economic boom was significant in politics as it was integral to republican success in the 20s as the party’s policies coincidently complimented the nature of the boom.
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Economics
The economic boom was significant as it dictated the new power-players of the economy. Industries that shot to prominence in the 20s included the automobile, household appliance, chemical and technological industries. Before the 20s, automobiles were only produced by blacksmiths, therefore, it was time-consuming and expensive. Henry Ford introduced the assembly line which successfully increased efficiency and affordability. Prevalent mass production played a significant role in the cycle of prosperity. Mass production led to raised wages which meant that people had more disposable income to spend on consumer goods which increased demand and ultimately, once again, led to mass production. The emergence of new technologies and the large-scale electrification of America meant that the household appliance industry benefited from the boom. It led to wide usage of radios, washing machines, the Hoover vacuum cleaner and the refrigerator. Moreover, the boom allowed the chemical industry to become more lucrative. With scientific progress, the USA became the world’s leading supplier of dyes and fertilisers. The discovery of new materials like rayon, bakelite and cellophane meant products were cheaper. Economic growth fueled mass marketing. Companies strategically affiliated their products with luxury, prestige and glamour. The annual sum spent by American companies on advertising skyrocketed by five-fold between 1914 and 1929, reaching $ 3 billion ("The Consumer Economy and Mass Entertainment", 2021). Conversely, the significance of the economic boom was not extended to traditional industries like agriculture, ship building and textiles. Its impact was short-term, the GDP fell by 30% and industrial production in the US dropped by 47% in the thirties. Unemployment peaked at 20% (Romer, 2021). The prosperity of booming industries inadvertently worked against the survival of traditional industries.
Social The significance of the economy was confined to exclusive echelons of society. The economic boom widened the disparity between the wealthy and less fortunate. Income inequality peaked in 1928 with the top 1% possessing 19.8% of all income (Johnston, 2021). 60% of Americans earned less than $2000, whilst 40% were under the poverty line. African Americans were not beneficiaries of the boom ("Life for black Americans - BBC Bitesize", 2021). The 1920s saw the downfall of sharecroppers. As the prices of their produce plummeted, three-quarters of a million lost their jobs, which led to an exodus of opportunity-seeking African Americans from rural south to urban North. African Americans were often given menial jobs and were paid less than their white peers for the same task. Unsurprisingly, not many people of colour were even employed in factories as companies usually operated on a white-only policy. The significance of the boom on the African American community was stunted as segregation, discrimination and disenfranchisement monopolised black lives to the point that it outweighed the importance of any changes brought about by the boom. For women, the boom loosened the regimented victorian-era standards imposed on them... In my opinion, the most significant impact of the boom for women was that they had more control over their futures. Family planning through the use of contraceptives was made available in the 20s at a time when the government declared contraception as an issue of public health. The number of educated women was on a rise, opening doors to better paying jobs. Women were also able to join the workforce with minimal skills. The manufacture of radios required long, thin fingers, hence giving women applicants an edge over their male peers. This income was the key to their financial independence. Women were able to venture to cinemas and clubs without chaperones where they would publicly drink or smoke. They were more unlikely to remain in unhappy Conclusion To conclude, the roaring twenties was significant across all three dimensions: politics, economics, social. We can observe that the benefits of the boom extended exclusively to certain political parties, industries, and social groups. However, it is still important to note that even those that did not share the boom’s prosperity were impacted by the boom in some way. Link to the article’s unabridged (orignal) version: https://tinyurl.com/editorialoctnov21 References: Church, G. (2018). Readers React: The myth of Warren Harding's failed presidency. Los Angeles Times. Retrieved 20 November 2021, from https://www.latimes.com/opinion/readersreact/la-ol-le-warren-harding-trump-20180807story.html. Johnston, M. (2021). A History of Income Inequality in the United States. Investopedia. Retrieved 20 November 2021, from https://www.investopedia.com/articles/investing/110215/brief-history-income-inequality-united-states.asp. Pells, R. (2021). Great Depression | Definition, History, Dates, Causes, Effects, & Facts. Encyclopedia Britannica. Retrieved 20 November 2021, from https://www.britannica.com/event/Great-Depression. Life for black Americans - BBC Bitesize. BBC Bitesize. (2021). Retrieved 20 November 2021, from https://www.bbc.co.uk/bitesize/guides/zpy8msg/revision/1. Roaring Twenties. U-s-history.com. (2021). Retrieved 20 November 2021, from https://u-s-history.com/pages/h1564.html. Romer, C. (2021). Great Depression | Definition, History, Dates, Causes, Effects, & Facts. Encyclopedia Britannica. Retrieved 20 November 2021, from https://www.britannica.com/event/Great-Depression. The attitude and policies of the Republican presidents - Economic boom - WJEC - GCSE History Revision - WJEC - BBC Bitesize. BBC Bitesize. (2021). Retrieved 20 November 2021, from https://www.bbc.co.uk/bitesize/guides/zw9wb82/revision/2. The Consumer Economy and Mass Entertainment. Pressbooks-dev.oer.hawaii.edu. (2021). Retrieved 20 November 2021, from http://pressbooks-dev.oer.hawaii.edu/ushistory/chapter/republican-ascendancy-politics-in-the-19
Blast from the Past Recounting a significant event that occurred in the past of this same month
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OPEC Oil Price Shock of 1973 BY ABIRRAMI GUNALAN
References: Corbett, M. (2013, November 22). Oil shock of 1973–74. Federal Reserve History. Retrieved November 16, 2021, from https://www.federalreservehistory.org/essays/oil-shock-of-1973-74. History.com (Ed.). (2010, February 9). OPEC enacts oil embargo. History.com. Retrieved November 16, 2021, from https://www.history.com/this-day-in-history/opec-enacts-oil-embargo. Schneider, G. L. (n.d.). The 1973 oil crisis and its economic consequences. Bill of Rights Institute. Retrieved November 16, 2021, from https://billofrightsinstitute.org/essays/the-1973-oilcrisis-and-its-economic-consequences. U.S. Department of State. (n.d.). Oil Embargo, 1973–1974. U.S. Department of State. Retrieved November 16, 2021, from https://history.state.gov/milestones/1969-1976/oil-embargo.
Blast from NOVEMBER: the Past The Fall of the Berlin Wall in 1989 BY EMELINE YONG
On November 9th 1989, thousands of East Berliners crowded the Berlin Wall following an announcement that mistakenly insinuated the opening of the wall’s borders. That very evening marked the night the wall collapsed (BBC, 2019). For Germans, this momentous event signalled the fall of communism and the start of Germany’s reunification. To the rest of the world, it symbolised the end of the Cold War. The History of the Wall Post World War II, Germany was formally partitioned amongst the Soviets, Americans, British and French in 1949. The capital city, Berlin, was divided into two. The Soviets formed the German Democratic Republic (GDR) which occupied the Eastern zones of the city while the other three allies controlled West Berlin (History.com, 2009). East Berlin was a typical communist city. They operated under a command economy, wherein all decisions were made by the central governing party, the SED. Whilst East Berlin had a relatively advanced economy compared to the other Soviet communist states at the time (due to their prosperity before the war started), the standard of living there lagged considerably behind West Berlin, which thrived economically under the capitalistic system governed by the other allies (Hamerow et al., 2021). Overall labour productivity was only around 38% of their free market counterpart’s due to the lack of incentives and competition. In 1980, the average East German worker had 48% less disposable income than the average West German (Times, 1984). Hence, large numbers of East Berliners fled to West Berlin in search for better employment prospects and living conditions. It was estimated that 3.5 million East Germans crossed the border before the wall’s erection (McLean, n.d.). The brain drain caused by the exodus of people, which disproportionately comprised of educated and highly skilled workers, was devastating to East Berlin’s economy. Walter Ulbricht, East Germany’s party leader, claimed that the other side owed him $17 billion in compensation for reparations and manpower losses (Dowty, 1989). This prompted the construction of the Berlin Wall on August 13th 1961, which proved to be mostly successful in stopping further defections.
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Recounting a significant event that occurred in the past of this same month
The Aftermath of the Wall’s Collapse The transition process for the East was particularly hard following the wall’s collapse as they had to face direct competition from West German firms in both the goods and job market. Few Eastern firms could compete in the international market; suffering from economic inefficiency and lack of innovation (Hamerow et al., 2021). Net outmigration of around 2 million people to West Germany was recorded at the time (Wellen, 2013). In the following two years, unemployment in East Germany increased to over a million while the working hours of 900,000 employees were shortened as a last resort to keep local firms afloat. Unemployment rates as a whole rose to 15% with a third of the potentially employable workers being unemployed, in retraining, hired in state-created jobs or forced into early retirement (Maier, 2016). So, where does that leave Germany now? Over the years, an estimated $2 trillion of taxpayer money was spent improving the infrastructure and social safety net of the East (Beard, 2019). Despite that, East and West Germany are still not equal in terms of wealth, employment or productivity today (Gramlich, 2019). The catch up game still continues, but many are optimistic for what the future holds.
West Berliners tearing down part of the wall as East German guards looked on, on Nov. 11, 1989. Credit... Keith Pannell/Mail on Sunday, via Reuters References: BBC News. (2019, November 5). Fall of Berlin Wall: How 1989 reshaped the modern world. https://www.bbc.com/news/world-europe-50013048 Beard, S. (2019, November 9). East Germany still reeling from the economic aftermath of the Berlin Wall. Marketplace. https://www.marketplace.org/2019/11/08/berlin-wall-economic-aftermath-affects-east-germany/ Dowty, Alan (1989), Closed Borders: The Contemporary Assault on Freedom of Movement, Yale University Press, ISBN 0-300-04498-4 Gramlich, J. (2019, November 6). East Germany has narrowed economic gap with West Germany since fall of communism, but still lags. Pew Research Center. https://www.pewresearch.org/fact-tank/2019/11/06/east-germany-has-narrowed-economic-gap-with-west-germany-since-fall-of-communism-butstill-lags/ Hamerow, T.S., Wallace-Hadrill, John Michael, Leyser, et al. (2021, November 17). Germany. Encyclopedia Britannica. https://www.britannica.com/place/Germany History.com Editors. (2021, August 11). Berlin is divided. HISTORY. https://www.history.com/this-day-in-history/berlin-is-divided Maier, C. S. M. (2016, November 17). Twenty Years After the Fall of the Berlin Wall. UNU-WIDER. https://www.wider.unu.edu/publication/twenty-yearsafter-fall-berlin-wall McLean, J. (n.d.). The Building of the Berlin Wall | History of Western Civilization II. Lumen Learning. https://courses.lumenlearning.com/suny-hcccworldhistory2/chapter/the-building-of-the-berlin-wall/ Times, T. N. Y. (1984, January 8). SHORTCOMINGS OF A “COMMAND” ECONOMY. The New York Times. https://www.nytimes.com/1984/01/08/business/shortcomings-of-a-command-economy.html Wellen, R. (2013, October 11). Not All the Migration After the Fall of the Berlin Wall Was From East to West - FPIF. Foreign Policy In Focus. https://fpif.org/migration-fall-berlin-wall-east-west/
Life at LSE studying Economics & Economic History:
A Chat with Merissa Sofea Introduction:
Hello, my name is Merissa Sofea and I’m currently in my third year reading Economics and Economic History. I did four A-Level subjects during my time at KYUEM (Economics, Mathematics, History and Marine Science - Marine Science was low-key my favourite thanks to Mr. Vroege). I was in batch KY 20.0! I’m currently working part-time at a geopolitical risk advisory organisation and at a pilates studio in Angel. I also self-studied and prepped for the SATs while balancing A-Levels and university applications. If you’d like to see what it’s like being an international student in the UK, check out my YouTube channel: Merissa Sofea! I post now and then between assignment deadlines and long holidays. You can find me on Instagram (@merissasofea), LinkedIn (Merissa Sofea Zulkurnain), and on YouTube (Merissa Sofea)! :) Feel free to hit me up on any of these platforms.
Why did you choose to study Economics & Economic History?
Why not just pure economics or pure history? During A-Levels, I realised that I fell in love with History but also did pretty well in Economics. My passion for both these subjects grew more intense when I was researching courses to take at university. Doing thorough research is definitely a great way to find out more about yourself and what you see yourself doing in the future. Getting to study both these subjects is a privilege for me and I am very grateful. What were your other course choices and why did you not pick them? I did (for a long time) consider studying International Relations and Politics. I also did, in fact, apply for these courses in different universities for my UCAS application. Based on my experiences and extra-curricular activities, these courses resonated more with me. After thinking about it for what felt like forever, I decided to go with Economics and Economic History instead because I really wanted to be able to learn about past events, find solutions or theoretical approaches for sustainable growth, and quantify this. How to decide what course to study and where? First thing you should do is create a list of your skills and another list of the things you’re passionate about (whether knowledge or talent-based). Then, find a common ground between these two lists and find out which careers would best fit your skills and passions. Next, I would strongly advise you to discuss this with either your parents, peers or guidance counsellors. Other than that, you could also talk to seniors who are in your dream universities or reading your dream courses. What reading material would you recommend? I actually spent a lot of time reading The Economist, TIME and BBC History magazines. I recommend reading academic papers and citing them in your personal statement. Not only is analysing academic papers a nice edge for applications, it also helps prepare you for life at university.
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11 What do you like about studying at LSE?
Econtertainment
For starters, I love how diverse it is here! It might be a bit daunting to think about making new friends in a new country, but honestly my closest friends at university are all from different countries. My greatest advice for you is to just make the first move and say hi to a classmate/someone sitting next to you in the library etc. :)
Which topics do you find most interesting?
Well, during my first and second year, my modules were 50% quantitative and 50% qualitative. I definitely found the Internationalisation of Economic Growth module really insightful. My quantitative courses also trained my problem-solving skills, which will be super useful when applying for jobs.
How different is university life from your life at KYUEM? How was your time at KYUEM? My life at KYUEM was quite a jump for me. I went to an all-girls boarding school for 5 years, so you can imagine how I felt on the first day. To be honest, it wasn’t difficult making friends at KYUEM at all. I formed bonds with people I still am close with to this day. In fact, we still meet up now and then for lunches or dinners. Friends you make in KYUEM are forever. How did you undergo the transition? Is the transition big? Since I learned how to adapt to a new and different environment during my time at KYUEM, transitioning to university was not really that tough. Sure, I missed my family at times. But with a good support system, you’ll thrive. Just remember why you’re in university and what your future goals are. That’s what I always do :)
What advice would you give to a student who is about to start their course? What do you wish someone told you before you started university? I wish someone taught me how to cite academic papers correctly and form bibliographies for assignments. Also, check out UniDays for student discounts. You can save so much by just bringing your student ID everywhere.
How do you achieve a study-life balance at LSE?
EconIs it harder to do so in KYUEM or LSE? To be honest, I wouldn’t say it’s harder. But it is definitely different. In KYUEM, we were still spoontertainment
fed to an extent. Studying in classrooms at night with friends, chilling in the lounge and playing sports in the evenings seemed like a fixed schedule that literally everyone worked around. At LSE, I had to grow up quickly and handle really adult things. This is especially the case for your finances i.e. rent, utility and phone bills, personal spending etc. That’s why I decided to take up jobs to help with my expenses. Having to balance work with studies is initially difficult but eases with time once you establish a good schedule. Any study tips? I’d say you should always stay on top of your lectures. If your lectures are online, make sure you watch it live unless you really can’t. At university, there’s always something going on, multiple problem sets you have to complete every week, assignments you realised were due at the last minute. To avoid any issues and to make sure you make the most out of your education, create a monthly and weekly planner for your classes/studies/other responsibilities. This will really help you manage your time properly. Be sure to have breaks! Burn outs are real. Any club involvements in LSE? During my second year, I was most involved in clubs and societies. I was the President of the LSE Student Union ASEAN Society, which was honestly a fun experience. I am also an active member of the Netball team and won an MVP title in my second year. You’ll participate in matches against different universities, which is great for networking and making new friends. Of course, there is also the Malaysian Club filled with people who will make you feel at home. There is an annual Malaysia Night and you’d really want to join in. This is a great opportunity to bond with other Malaysians at LSE. I played the villain during MNight too! Don’t feel pressured to join too many clubs or career-oriented ones. It’s okay if you’re still figuring things out. Trust me, everyone is too.
What are your future plans? Do you plan to study for a Masters? As of now, I am planning to apply for a Masters in Economic or Social History. It’s still a work in progress but nothing is set in stone for me yet. What are your career aspirations? I still don’t have a solid plan as I am open to trying new things. Right now I am leaning towards Consulting opportunities. I have done a few internships in business consulting, policy research and even retail. It’s good to try out different sectors to find a job that suits you and your interests. Once you enter LSE, you might feel like you have a desperate need to be an investment banker because everyone else says so. At the end of the day, you are your own person. If you feel like Audit or Consulting fits you better, then go for it. Don’t succumb to peer pressure. It is also perfectly okay for you to change your mind after starting off your career in a different sector. I have so many friends who switch jobs after one year in. You have nothing to worry about! Be excited!
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Econtertainment
Pick-Up Lines for Economists Try these on your econs-savvy crush(es) ;) * With explanations attached in case they quiz you!
BY LOH YI TIAN
1) "How can I lower your barriers to entry?" - Barriers to entry are factors preventing new firms from entering a market. 2) "Your presence is one big positive externality." - Positive externalities are the positive side effects experienced by third parties during production or consumption of a good. 3) "Being your prisoner is no dilemma." - In game theory, the Prisoner’s dilemma is a paradox which features two selfish parties faced with the choice of cooperating or defection. Each party stands to benefit the most by defecting unilaterally although the best outcome occurs during multilateral cooperation. 4) "Give me a chance to maximise your utility." - A measure of happiness or satisfaction used by economists. 5) And if you’re also an economist, "Since both of us are economists, how about a little horizontal integration?" - Horizontal integration occurs when a business acquires another firm operating at the same point of the supply chain. *Non-economists could replace horizontal integration with vertical integration. The latter occurs when a business acquires another firm operating at a different stage of production.
Reference: T. (2021, July 15). Best Economics Pick up Lines Banker, Econ, Economist Jokes). Kezia Pickup Lines. https://keziapickuplines.com/best-economics-pick-up-lines/
For more pick up lines, visit: https://www.pickuplinesgalore.com/economics.html and https://keziapickuplines.com/best-economics-pick-up-lines/
CREDITS WRITERS Abirrami Gunalan
Adiba Azman
Emeline Yong
Loh Yi Tian
Maryam Sofea
Merissa Sofea
Nawal Alisya
Yaann Tan
EDITORS
Cheah Yi Wen
Dakshayini Mahendran
Raeyn Rezqi
TEACHER ADVISOR Ms Thanalatchemy Karuppiah
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