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 26th July 2019.
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.
- A short essay, of roughly 1,200 words, on one of the following questions:
(a) Are there ever conditions under which free trade is not the best policy? If yes, what are they, if not then why not?
(b) What are the economic challenges posed by an ageing population and how might they be addressed?
(c) What does it mean to say “there is no such thing as a free lunch”?
- A 500 word answer to one of the following three questions:
(a) What exactly is opportunity cost and why is it such an important part of economic thinking?
(b) Are there inherent problems with the idea of market failure?
(c) How and why does time matter in economic thinking and analysis?
- 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.
The Monetary Policy Essay Prize 2019
The 2019 competition was won by Evelyn Staicu of Durham University for her essay and presentation on the question:
“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 entries were reviewed by a panel of judges and the top 5 entries presented their papers at the Essay Prize Final on 19th February at the Vinson Centre at the University of Buckingham.
Evelyn won a prize of £1,000. A joint second prize of £250 each was awarded to Chin Lee of Trinity College Oxford and Matthew Chen of Trinity College Cambridge.
The entries were 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.