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The impact of globalization on China
The impact of globalization on China
The impact of globalization on China
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Statement of Purpose After three years at Union College, I will graduate this spring with a double major (in the honors track) in economics and mathematics. I am looking forward to extending and developing my academic interests in international economics, which is the area of specialty I have concentrated on in my coursework and research during my undergraduate study. With the experience of growing up in China, I want to explore how globalization affects my country. I am currently working on my economics senior thesis – using a macroeconometric model of the Chinese economy to examine how increasing consumption, as a ratio of GDP (C/Y), might increase China’s real GDP in a series of short-run steps spread over a number of years. In particular, …show more content…
Since Seward Fellows gave me the chance to take one more course in each term, I decided to major in mathematics as well and learned more materials that help me to pursue success in economics. The experience of participating in the Putnam Exam and becoming a Meritorious Winner (top 10%) in the Mathematical Contest in Modeling encouraged me to take more advanced math courses. I finished all the course requirements for the math major by the end of the second year. In order to practice my logical thinking, I kept submitting, for two years, correct solutions to the math department weekly problems. In particular, my mathematics background helps me better understand and establish the macroeconomic model of the Chinese economy for my senior thesis. With the experience of majoring in both mathematics and economics, I am curious about how to combine these two different subjects. Therefore, I took experimental economics to better understand how people use mathematics to make right economic decisions. I participated in a group project in that course to analyze the inequality aversions under different institutions and environments. In particular, I am interested in prisoner’s dilemma in that course and decide to do a mathematics independent study about game theory in the coming
Skyrms’ writing goes beyond traditional game theory, and exposes some weaknesses in its application. He rejects the theory’s traditional interpretation of rational actors and actions by discovering some glaring inconsistencies. Skyrms conducted a number of experiments using one-shot prisoners’ dilemmas. The ultimatum the author introduces in the first chapter serves as a simple example of a one-shot prisoners’ dilemma. In the initial form of the example, Skyrms proposes there is a cake that must be divided between two individuals. Each individual is looking to maximize his or her utility, and therefore, wants as much of the cake as possible. However, there is a third party, or what Skryms labels a “referee.” The two individuals must determine the percentage or portion of the cake they want and summit these requests to the referee. The percentages must not exceed 100%, or the referee will consume all the cake. It is therefore not in either parties’ best interest to request a significantly large portion. Additionally, if the total of the two requests is below 100% of the cake, the referee will take the left-over portion. The two parties will then aim to maximize their portion, however the best claim that an individual submits is dependent upon the other party’s claim. There are two interacting optimization problems (Skyrms 3, 4).
Another factor on the way to success on oligopoly market is understanding and using with advantage the game theory, in particular, prisoner’s dilemma. Game theory, a mathematical approach to strategic behavior, was stated by John von Neumann and Oscar Morgenstern in 1944 (Farris & Happel, 1987, p. 267). Game theory is useful in analyzing the actions in any strategic situation, from a game of chess to the pricing and output decisions of oligopoly firms where firms cooperate or conflict. The classic game is the prisoner’s dilemma:
During Nash’s time at Princeton, he worked on his equilibrium theory. In 1950 he earned a Ph.D. with a dissertation on non-cooperative games. This thesis contained what would later be recognized as the Nash Equilibrium. During the next few years he work...
However, the impact it has made on China can be considered to be great as it brought China under the limelight in the global economy. Globalization has had many positive and negative ramifications on the Chinese economy. In the short run, it may be so that the negative impacts outweigh the positive impacts, but that is easily debatable. This is because all the negative impacts of globalization can be corrected with economic policies that can be efficiently undertaken by the Chinese government. In this manner, China in overall will be able to enjoy all the benefits of globalization and contribute more to the rest of the world as it continues to grow economically and socially. In today’s world, globalization is an important part of the development and prosperity of each nation and China too should be able to reap from its benefits. Today, as China proudly holds a place in the global economy as the world’s second largest economy and most populated country in the world, it can be said
For example, some economists analyze historical employment trends to make future projections on jobs, design policies or make recommendations for solving economic problems(”Economists”). The idea of solving problems like this interests...
Among all the programs available, I firmly believe that the Master in Finance program at Princeton University will be the ideal preparation for my career because of its strong emphasis on quantitative techniques with practical business problem solving. The core courses offered by the program will help me build concrete foundation in financial theories and computational methods; the elective courses, such as Forecasting and Time Series Analysis, will further enhance my modeling techniques for financial forecasting in a broader application. Besides excellent teaching fellows at Princeton University, the close personal attention from academic and career advisors will be invaluable to my professional growth. Furthermore, the small cla...
The crucial importance and relevance of economics related disciplines to the modern world have led me to want to pursue the study of these social sciences at a higher level. My study of Economics has shown me the fundamental part it plays in our lives and I would like to approach it with an open mind - interested but not yet fully informed.
“Seriously kid!? You have the whole world at your feet, just pick something already!” he said with an aggravated look upon his face. Mr. Bluemer and I had formed quite the straightforward yet amiable relationship after serving him dinner almost every night in the dining room of the retirement home I worked at. “Mr. Bluemer, it is not that simple. I can’t just pick a job off the top of my head, there are too many things I like!” We had been having this argumentative conversation for a few nights now, ever since my college applications opened. “That’s just it Rebecca, you already know what you like, which means you already know what you should be in the future.” Mr. Bluemer had always been an insightful individual to discuss ideas with. Having gained an abundance of wisdom throughout his 86 years of life, I knew I could turn to him for guidance, but what I did not realize was that he would be the one person to inspire me the most.
Tragakes, E. (2012). Economics for the IB diploma (2nd ed.). Cambridge, UK: Cambridge University Press.
I became an enthusiast of finance ever since I was at high school. At the political economy class, my teacher asked us: if you have a million RMB, how would you use it? She then introduced us the concept of investment, and I was intrigued specifically by the stock. For the latter two years of my high school, I have been reading books and articles regarding the stock market in the U.S. and in China. As one of the outstanding students ranked top 1% in College Entrance Exam in Hainan Province, China, I was accepted by the City University of Hong Kong with a full scholarship. With the strong interest in finance, I chose quantitative finance and risk management as my major.
Economics is probably the science that arguably has had the most impact in today’s times. In fact it can barely be called a science in a strict sense, since human behavior is not governed by laws of nature unlike other non living objects, which makes the prediction and forecasting stock prices, economic conditions all the more difficult. In recent decades economists have tried to give a more structured and mathematical explanation to their theories concerning how human beings make their decisions. However these theories have come under immense criticism as they don’t hold true in real time. In reality, human beings rarely behave rationally which is the basic assumption in many of the economic theories; rather we make a lot of our decisions based on our intuition and limited knowledge available to us. When the financial crisis of 2008 came upon us, a lot of questions were raised on the apparent predictive abilities of the various economic theories. Merely 12 economists were able to foresee the massive crisis which now shows signs of deepening into a double dip recession.
Learning is a continuous process and the day that you stop learning is the day that you start decreasing your rewards and lower levels of satisfaction. My ardent desire to acquire knowledge has motivated me to pursue higher studies at graduate level, and to take up a career in research in industry. I have taken this decision after carefully considering my academic background, profound interest in research and strong aptitude for problem solving.
In today's world, economics associated disciplines are of fundamental significance and application and this has encouraged me to pursue a degree in Economics. Economics has an important relevance in all of our lives. As consumers we try to make the best of our limited incomes. As workers we take our place in the job market. As citizens of a country our lives are affected by the decisions of our government: decisions over taxes, decisions over spending on health and education, decisions on interest rates, decisions that affect unemployment, inflation and growth. As dwellers on the planet Earth we are affected by the economic decisions of each other: the air we breathe, the water we drink and the environment we leave for future generations are all affected by the economic decisions taken by the human race. It is these stimulating issues that excite me about economics. I enjoy studying Economics enormously and believe my passionate interest in economics is continually strengthened by my regular reading of 'The Economist'
I develop and deliver technical solutions to collection of applications used by retail giants across the globe. My responsibilities have given me scenarios to put on my problem solving and interpersonal skills in real life situations. Frequent interactions with client aroused in me, an urge to get into a management consultant role. But, with time I realized that I have to upgrade my skill-sets and make myself more relevant and attractive to the job market. I also realized that I have to diversify my aspects of management such as leadership, entrepreneurship and finance etc. and Broad MBA will equip me with these skills and will increase chances of succeeding in my goals, manifold. After accomplishing virtuous knowledge of IT industry, I believe that Broad MBA program will help me learn more about business problems drawn from real-life scenarios and prepares me to take the next step toward career success. I believe Broad is more than just a place to learn. Through Broad MBA, I will not only shorten my learning cycle but also get a chance to learn from world class faculty, established curriculum and diverse peer groups. This innovative pedagogy will help me put the big foot forward towards my goals, build a professional and personal network and edify me as where to look for information and how to interpret it, when required. The Broad is well respected for the quality of its program, which has been recognized for its cutting edge design and delivery, with rankings that indicate its place among the top tier programs around the world. It will help me create a unique learning experience and it will be my passport to new world of opportunities. While global economic vagueness make me, insecure but I believe that now these challenges wil...
When I graduated from high school, forty years ago, I had no idea that mathematics would play such a large role in my future. Like most people learning mathematics, I continue to learn until it became too hard, which made me lose interest. Failure or near failure is one way to put a stop to learning a subject, and leave a lasting impression not worth repeating. Mathematics courses, being compulsory, are designed to cover topics. One by one, the topics need not be important or of immediate use, but altogether or cumulatively, the topics provide or point to a skill, a mastery of mathematics.