Year 13 economists get a taste of university life!
On Wednesday, November 13th, the year 13 Economics cohort attended a series of economics taster lectures at the University of Birmingham. The lecture focused on key economic concepts like unemployment, consumption, and income. It explored how voluntary unemployment, where people choose not to work, contrasts with involuntary unemployment, where lack of skills leads to joblessness. We also discussed consumption as a measure of prosperity—higher disposable income means greater spending on goods and services, indicating well-being. The lecture highlighted GDP as a common income-based measure of economic performance but noted its limitations, such as ignoring environmental costs and income inequality. The Easterlin Paradox was discussed, which suggests that beyond a certain income threshold, increased GDP doesn’t correlate with higher happiness. We also considered how welfare should be a key policy focus, emphasizing happiness and life satisfaction over mere economic growth, a concept supported by studies like those of Blanchflower and Oswald. Overall it was a very informative and positive day and it was very supportive in our education.
Eshaan Prabhakar 13HFI
Over the day we had to attend three lectures, each focusing on a particular topic related to economics. The first lecture focused on the happiness of economics, implying how economics factors such as income and wealth influence overall life satisfaction and quality of life. Moreover, students engaged in discussions about the happiness of economics, which broadened our understanding to why losses often feel more significant than gains. The second lecture’s focus was on the Productivity Puzzle, which looked at how productivity growth has been unusually slow despite advancements in technology and other factors boosting productivity. Lastly, the third lecture centred at the university in general, explaining the application process, grade requirements and facilities provided at UOB.
Overall, the trip highlighted the diverse career paths in economics and motivated us to pursue our academic interests with greater enthusiasm. Meeting with professors provided valuable insights into university life and the study of economics at a higher level. We are grateful to the university staff for their hospitality and look forward to more such educational visits in the future. It was an inspiring and educational experience for us all.
Ravjot Singh 13HFI
