“Bearing in mind the evolution of monetary policy before the financial crisis and the role of quantitative easing after the crisis, how should central banks take into account the quantity of money when determining monetary policy changes?”
The understanding of how central banks make policy decisions is key to analyse a modern economy, particularly since the outbreak of the Global Financial Crisis in 2008/09. Rigorous analysis of the effects of changes in the quantity of money on prices and output was forgotten and even neglected by nearly all in the years running up to the crisis. This competition will give you a unique opportunity to contribute to the better understanding of money and its roles in the making of monetary policy. The Essay Prize is open to current Undergraduate Students at UK universities.
Entries should be no longer than 2,500 words long. Entries should include a bibliography and Harvard style referencing. References will count towards the word total but the bibliography will not. The text should be double spaced, on A4 pages, in Arial size 12 font.
All entries to the competition should be submitted by 11.59pm on Friday 4th January 2019. They should be submitted in electronic form to [email protected] Entrant name and contact details should be clear in the email but not on the essay attachment itself (it is important you do not include your name or contact details within the attachment as entries will be anonymised before being viewed by judges).
The entries will be reviewed by a panel of judges and the top 5 entries will be invited to the Essay Prize Final (including meeting with the judges) at the Vinson Centre at the University of Buckingham in February.
The winning entry will receive a prize of £1,000. There is also a second prize of £300 and a third prize of £200.
The entries will be judged on the criteria of knowledge and understanding of the economic issues raised by the challenge, use of resources, the quality and clarity of the argument and analysis presented, and the degree of originality and insight displayed. They will not be judged on the basis of adherence to a particular perspective regardless of quality or the other considerations set out. Click here for more information.
The Dorian Fisher Memorial Prize
The IEA is delighted to announce the results of this year’s Essay Competition for the Dorian fisher Memorial Prize. The first prize, of £500 was awarded to Anna Papdi of Hull’s School Zurich, for a main essay on the question “How Might We Use Market Mechanisms to Mitigate or Resolve Environmental problems?”. The three runner-up prizes, of £250 each, were awarded to Anjali Sharma of Kensington Park School, Jeremy Worlock of Warwick School, and Hugo Shotter of Royal Grammar School, High Wycombe. Unusually all of them had tackled the same question “Is Economic Calculation Only Possible When Productive Assets Are Privately Owned and Traded? If So Why Is This, If Not Why Not?”.The prize of £500 for the school with the highest number of entries was won for the second year running by Queen Elizabeth’s School, Barnet who again very narrowly edged out Royal Grammar School, High Wycombe. Several other schools put in a significant number of entries, including Birkenhead School and Walton High School, Milton Keynes. Among those who while not getting one of the prizes submitted work of outstanding quality and were placed in the top seventeen of over two hundred entries were Jordan Hall (University College School), Patrick Tyrrell (The Perse School), Henrietta Sacks (Putney High School), Yuge Ma (Dunman High School, Singapore), Ling Young Loon (Raffles Institution, Singapore), Advay Mohindra (The British School, Al Khubairat), Alex Rizvi and Nicholas Evans (both Royal Grammar School, High Wycombe), and Rohan Shah and Shyam Mamtora (both Queen Elizabeth’s School, Barnet).
The IEA’s Head of Education, Dr Steve Davies, said: “Once again we have had a large field of entries of a very high quality. Particularly striking this year was the number of overseas entrants, including students studying in Singapore, South Korea, the UAE, China, and in the case of the winner, Switzerland. The entries all showed real mastery of key economic concepts – this was particularly striking in the case of the answers to the question about the use of market mechanisms to mitigate or resolve environmental problems. The answers to the question of the debate about economic calculation were notable for their originality and thoughtfulness. Once again the task of judging and of selecting the best has been very challenging, which is a good problem to have. I congratulate everyone who has taken part and hope that they will continue to keep in touch and read IEA publications in the future.”
The four prize winners and their parents, as well as all of those who placed in the top seventeen and representatives from Queen Elizabeth’s School, Barnet and Royal Grammar School, High Wycombe are all invited to the prize giving event and lunch at the IEA offices on Wednesday 3rd October.