Student Essay Competition

We are delighted to present this year’s competition for A- Level and IB students, with a prize of £500 for the entry judged best and £250 each for the three runners up. There is also a prize of £500 for the school with the highest number of entrants. The four top winners, along with the other best entries, will all be invited to a special one-day event at the IEA in the Autumn term, at which they will be given a certificate and the award. The competition is open to students studying International Baccalaureate or A Level and equivalent at institutions outside the UK. Entries from the UK should be submitted by post to Dr S. Davies, Head of Education, Institute of Economic Affairs, 2 Lord North Street, London SW1P 3LB. Entries from outside the UK may be submitted by email. The final deadline for this year’s competition is Friday 27th July 2018. The prize for this competition is named after Dorian Fisher, the wife of Sir Anthony Fisher, founder of the IEA, who was a longtime supporter of the Institute and its work.

An entry to the competition should contain the following three pieces of work.

1. A short essay, of roughly 1,200 words, on one of the following questions:

(a) Is economic calculation only possible when productive assets are privately owned, and traded? If so why is this, if not why not?

(b) How might we use market mechanisms to mitigate or resolve environmental problems?

(c) Is an increase in the proportion of the adult population in paid employment always a good thing and if so why?

2. A 500 word answer to one of the following three questions:

(a) What part do the concepts of knowledge and ignorance play in economic thinking?

(b) Are there inherent problems with the idea of market failure?

(c) What is the difference between risk and uncertainty and why does this matter in economics?

3. A 500 word answer to the following question.

Identify an area of economics that you think should be given more attention in the A- Level or IB syllabus and say why this is so.

Anyone wishing to enter the competition should feel free to contact the IEA for guidance about selected reading by sending an email to [email protected]. The email should have “essay competition” in the subject line.