Admission Essay: Economics

There a close-knitted relation between economics and psychology as economics is based on practical decisions while psychology focuses on how decisions are made. Thus, having majored in psychology gives a student venturing into economics an added advantage in understanding decision-making processes. In fact, understating psychological factors influencing a decision-maker will improve efficiency in addressing such challenges as food crises, climate change, and market failure. A background in economics would be crucial in understanding resource use and management (Baumol & Blinder, 2008). Similarly, the application of psychology in economics enhance decision-making that would eventually reduce the impacts of unsustainable consumption and development. The economics and psychology knowledge applies to investment, sustainability, and proper use of limited resources to meet human needs.

I aspire to work with the communities to solve the social and economic issues by utilizing locally available resources as well as enlightening the masses. The approach will allow me to understand the challenges and give me an opportunity to access firsthand information required to solve social problems. Moreover, touring of different places with diverse cultural practices has been an essential part of my life. Having been in Europe, Asia and America assisted me in acquiring different perceptions about social and economic aspects. The people and cultural information gained through my interests wi…