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Economics

Economics Analysis Admission Essay

The Johns Hopkins University has a tradition of academic excellence which is why I am not surprised that the school offers MS in Applied Economics. In my opinion, economists have relied too long on theoretical models to understand historical events and predict future ones, with mixed results. Now some realize that data analysis should have a greater role in economics and I am one of them which is why I am interested in this program so that I can improve my economic data analysis skills. I view economics as the study of allocation of resources by individuals, corporations, and organizations to meet their different objectives.

I want to study in the program because I am aware of the quality of instruction as well as the interaction opportunities available at the Johns Hopkins University. I value out-of-class learning as much as in-class learning and am excited by the idea of meeting interesting and qualified students in the program. I have experience in data analysis but I believe there is no single universal approach to data analysis that is equally efficient in all fields. In the Applied Economics program, I hope to learn how the data analysis is done in the economics field to achieve the purpose of the research and what are the most common challenges faced in economic data analysis.

I still remember the very first day of the very first economics course I took. Upon learning about the law of supply and demand, I thought what makes economics interesting is that it is common sense and practical. I still believe economics is the study of practical world but over time I have come to realize that the world doesn’t always work in obvious ways and data analysis could help us understand the non-obvious things.

Somehow I find economics very similar to psychology in the sense that both apply to our daily lives and at the same time, both realize that human beings act in both rational and irrational manner. I will be a great fit in the program because I am convinced that detailed study of economic data will help us improve our economic forecasts as well as understanding of past economic events including the recent financial crisis. Many economic theoretical models have significant shortcomings that could be minimized by more frequent use of economic data analysis in the research studies.