After completing this course, you find yourself at a party. It just so happens t
ID: 2429457 • Letter: A
Question
After completing this course, you find yourself at a party. It just so happens that an important decision-maker in the job that you are applying for is also there. He is an Economics major, of course! He knows that you are going back to school, and that you have just studied ECN 2013. He asks you to explain the most meaningful concept(s) that you have learned, He is aware of what is going on the economy and has an appreciation of macroeconomics.
He wants you to impress him and convince him that it would be worthwhile for the company to continue paying for your education. In a little speech between 250 - 300 words, what will you say?
After completing this course, you find yourself at a party. It just so happens that an important decision-maker in the job that you are applying for is also there. He is an Economics major, of course! He knows that you are going back to school, and that you have just studied ECN 2013. He asks you to explain the most meaningful concept(s) that you have learned, He is aware of what is going on the economy and has an appreciation of macroeconomics.
He wants you to impress him and convince him that it would be worthwhile for the company to continue paying for your education. In a little speech between 250 - 300 words, what will you say?
Explanation / Answer
Economics forms the basis of the banking & finance system. For one to understand, and, to work in this sector or just to have an understanding of how the financial system works, it is macroeconomics that one should opt for as a course of study. Over the last decade, newspapers have only been about the recession, bank runs, derivatives as financial instruments for investment, inflation, zero or negative interest, etc. This has been the truth across the world. Eurozone, the common currency, the debt crisis in the European nations took the US bank runs & recession to the United States.
If one has an understanding of the concepts, this does make for something intriguing unfolding over the years. From the economy experiencing high GDP growth to investment in risky financial instruments that led to bank runs, European nations facing a debt crisis, firms going bust. A person seeing this unfold, and, the one who has taken this as a formal course of study can be intrigued to work for one of these institutions. Following policies that the Government implements, fiscal or monetary, to spur economic growth, increase or decrease inflation depending on whether it is an emerging economy, or, an advanced economy.
Negative interest rates as a part of the monetary policy in the Scandinavian countries, and, increasing interest rates for decreasing inflation in the emerging economies can be interesting areas of research. This is what is happening in the present; combining this with the macroeconomic theory - Keynesian, classical, neo-classical macroeconomics makes for not just learning for a certain period of time but a formal career in banking & research. Even without opting for a formal career, it can contribute to one's career in any other industry as these aspects impact other sectors as well.
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