SOP Sample for PhD in Applied Economics

STATEMENT OF PURPOSE

“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”

 ― Alvin Toffler

I have always believed in learning new things and acquiring knowledge, all the while putting it into practice. This quote has given words to my thoughts on the process of acquiring knowledge. In the course of my undergraduate degree, I took a keen interest in developing my skillset and knowledge while keeping abreast of the latest trends in the world of finance, economics & business. I am self-motivated and a self-starter. I am highly motivated to accomplish my goals and think critically to solve issues that I face while interacting with my surroundings in day to day life.

Academic Background:

Since my school days, I have also enjoyed Math and Social sciences like Political Science or History. I consider myself luckiest to get into Dubai’s one of the premier institutes; PGHT,  for my undergraduate degree in Arts. My area of interest was Economics, Applied Statistics, Industrial Mathematics & French.  This was the time when I started reading a lot about UEA’s economy in newspapers and magazines. The main reason I took interest in economics was that I always wondered why our country still considered underdeveloped. I  always wondered why our country in spite of 60 years of independence could not do well or develop as fast as other countries who got independence at the same time.

During my post-graduation days, I studied growth and development and I really enjoyed this subject. Growth and development is one such subject where I read theories that were meant for poor countries. Most of the theories spoke not only about how a country could develop itself, but stated exactly what were the main concerns for a less developed country. Arthur Lewis’s theory of unlimited supply of labor, dualistic theories propounded by professor Kennedy, dependency theory of underdevelopment and Myrdal theory of circular causation are some of the theories which clearly understood the causes why a country is underdeveloped. I felt I could relate to these theories as they explained a situation similar to my own country. This increased my interest in the subject even more.

My Research Activities:

I started developing interest in research during my course work in MA Economics. To pursue this in a diligent way, I joined the Department of Economics at the University of Dubai in 2014. I conducted research assignments at our Masters’s level in Macroeconomics and Nobel Economics. In Macroeconomics I conducted a research assignment on the topic I worked on, ‘whether high levels of central bank autonomy help a country’s economy’. I worked in two countries Thailand and Indonesia. In my research, I showed how the Bank of Thailand had more fiscal and monetary independence whereas low levels of political autonomy. Whereas the Bank of Indonesia has low levels of Fiscal, Monetary and Personnel independence. Only in the case of the Personnel independence Bank of  Indonesia is higher than the Bank of Thailand.

I also worked on how a country’s Central bank autonomy and its effects on the economy. I looked into three variables like GDP (output), exchange rate and inflation. If we compare the central bank autonomy of Thailand and Indonesia then Thailand has been able to maintain not only low levels of inflation but output as well as exchange rate stability. Thailand’s economy has done very well in comparison to Indonesia’s economy post central bank autonomy. This shows how more autonomy a country’s central bank receives the better the economy performs.

In Nobel Economics, we were asked to take up a Nobel laureate and show why his contribution was innovative or analyze as to why he won a Nobel prize. I took George Stigler for my case study. I got a chance to work on all of his famous works, read research papers and then analyzed as to why his work was so innovative. According to my research, George Stigler’s work was recognized because firstly in most of his work he provides empirical evidence to prove the already existing theories or either to disprove the assumptions of already existing theory. Stigler, for instance, gave examples proving the assumption made by kinked demand theory as wrong. He even proved empirically to showcase what factor prize equalization theorem is saying exists in reality also. Secondly, most of his researches have been in areas that have never been investigated before. His research in the area of economic regulation, economies of information and cost of subsistence are some examples.

My Aspirations:

My academic background has reinforced my desire to study further and instilled an urge to enhance my knowledge and expertise in the field of Economics. I am deeply interested in pursuing my Ph.D. in Economics. A Ph.D. from the prestigious LMNO university would most certainly help me achieve my goals in life.

The practical approach of your in-depth course will help me to acquire a clear understanding of the subject and the skills required to execute it. I am sure that the introduction to such a well-structured program will enhance my knowledge and add tremendous importance in helping me realize my professional ambitions.

I am determined to attain my goals through perseverance and research & I hope my strengths, determination, and achievement through undergraduate studies qualify me as an excellent candidate for Ph.D. at the LMNO university. I am sure that an inspiring environment, competitive atmosphere, high-end infrastructure, and research opportunities will make me realize my full potential and help me in reaching the summit of my career. I look forward to having a rewarding association with your esteemed institution which will not only help me realize my professional dreams but also meet personal and social goals.