THE POWER OF ECONOMICS
Updated: Nov 25, 2020
Economics has always interested me, from its versatility (from finance to public policy) to the way it contributes to every corner of society. The different branches of economics are what piqued my interest, especially macroeconomics as it looks in depth at the wider world and how it works. I see myself as a prominent and well-respected economist in the future. Many economic systems we are living in are flawed and can be done so much better . That is why I chose this degree. As I am going to make great change as an economist; either it be me creating a new branch of study, governing a country or even both, I will find more innovative and productive ways to increase everyone’s quality of life and stimulate economic growth.
Arthur Lewis is a pivotal economist overall, regardless of his skin colour he had made many points in his career as an economist which can still be implemented now and are even used to help certain governments. His book ‘The principles of economic planning’ is a great look at his research on how problems can arise in a mixed economy if not executed correctly, presenting his views on the social control of business and the nationalisation of previously privately owned businesses. He is a massive influence of mine and I look forward to reading his other book ‘Politics of West Africa’. I look to his works as a template on how to successfully run a country, and I am confident in my future as an economic leader when I rely on works from economists such as Arthur Lewis.
A modern economist who is currently doing the work I aspire to do is Sandile Hlatshwayo. Her specialised field of International economics has her placed at the International Monetary Fund where she (via Fortune.com) ‘helps identify and evaluate global risks through predictive modelling, text-based analytics, and strategic foresight tools (e.g., scenario planning)’. As previously mentioned, macroeconomics is an interest of mine, so this is why she is an aspirational Black professional for me – as her research is proving to be beneficial towards the economy and improving the quality of life of those she is helping.
Diversity among economics, especially Black economists, is heavily important because it gives people from those communities opportunities to provide an alternative aspect on how to deal with certain problems and this also allows us to highlight the inequalities these systems hold. According to Gov.org 87.3% of all civil servants were from the White ethnic group, while Black and Asian people only make up 10% of the jobs. This shows a disproportionate overview of the workforce. But with many more Black students taking economics as a degree this may be remedied in the future.
Jaden Razak, is a BSc Economics student at the University of Greenwich