Undergraduate /
"Msc. Economic History", I am starting from scratch [9]
Hi Ivy, Kevin and others, I have written a preliminary draft (basically addressed at LSE.. yet to prepare one for Oxford) of my SoP (and it has almost very little about my past). Please have a look and comment. I hope you guys give your honest opinions. I am ready to rewrite the whole thing too, if it doesn't fit the bill. So, please be open with your comments.
Statement of Purpose"I am writing this statement of purpose on behalf of my application to study in the Msc. Economic History (taught) program at the London School of Economics and Political Science (LSE). What follows traces my interests, the reasons why I believe I am well-qualified to study the particular program at LSE, and more importantly, why I want to be spending my year at LSE.
At the root of my desire to study economic history lies the passion that I have possessed for years to explore questions pertaining to the subject. It began with casual observations of real-world economic events when I was in school, and getting to know how prominent intellectuals (belonging to different schools of thought) interpreted current economic events from different perspectives. Controversies and disagreements that ruled over the intellectual atmosphere of the field proved to be an instant lure that engaged me. What began as a thirst for controversies began to widen in scope, and turned me towards literature on general economic theory and the economic history of particular geographical regions and individual nations.
Most of my time off school, and later off college, was spent on voracious reading, exploring various economic questions like underdevelopment, the history of free banking and the gold standard, the Bretton Woods system, speculative bubbles in history etc., and theoretical issues like price theory, economic calculation under central planning, Walrasian General equilibrium theory, interest rate theories, the distribution problem and others. I also got engrossed with the works of prominent economists like Lionel Robbins, Friedrich von Hayek, John Kenneth Galbraith, Milton Friedman, John Maynard Keynes, Karl Polanyi, Joan Robinson, Joseph Schumpeter, Thomas Sowell, Paul Krugman, and many others. More specifically, during the past couple of years that I have spent on pursuing my undergraduate degree in history, I have been able to widen my knowledge through extensive reading and research of over one hundred books pertaining to economic history, which also included a sincere analysis of several economic treatises right from the era of classical economics to the modern age.
My gratifying journey through the years, of reading the evolution of economic doctrines and varied interpretations of economic events, eventually culminated in the decision to pen down a book of my own, named "Political Economy of the Spontaneous Order", in which I explain the vital principles behind the working of a market economy. The name of my book was partially inspired by the works of Nobel prize winning economist Friedrich von Hayek on the nature of the spontaneous order. In two of his principal works, "Denationalization of Money" and "Prices and Production", Hayek argued about the inherent nature of Governments to misuse monetary authority to serve the demand for cheap credit and huge public spending, which eventually disturbs the relative prices of goods in the economy ending in cyclical economic debacles and debt crises.
The misuse of fiscal and monetary authority, inspired by Keynesian and Monetarist view of the economy, to gradually debase the economy's currency has lead several economies into a moribund state. The case of Latin America, which has experienced multiple episodes of hyperinflation is apt for study from the point of view of the role played by monetary debasement (through the banking system) in economic cycles. My primary objective in the next few years is to study how the fate of such economies in Latin America has worked out to be, with Hayekian theory of credit-induced business fluctuations and the choice of competing private currencies at the background. Interestingly, Hayek's theory of business cycle and the argument for competing private currencies was brought to LSE through the efforts of economist Lionel Robbins who also headed it's economic department. I believe a year spent under Professor Colin Lewis at the Department of economic history, who has carried out extensive research on Latin American economies and also authored several journal articles and books, like "Argentina in the crisis years (1983-1990): from Alfonsin to Menem" for instance, can guide me further in my path of studying the history of flawed fiscal and monetary policy.
Apart from the immediate objective to understand the economic performance of Latin America, in the longer-run, I am enticed towards producing a theoretical work on the history of economic thought. Standard accounts of the history and evolution of economic thought, for the most part, are restricted to the post-Adam Smith era. Mainstream accounts of the history of economic thought, at best, provide a very fleeting mention about the growth of economic thought before the times of Adam Smith. There have been very few (and often sidelined) economists who have dealt seriously with the evolution of economic thought before Adam Smith. I believe that many economic theories of the contemporary era could very well have their roots extended well into the middle ages. I understand that such a project would require lots of attention and can only be completed after years of painstaking work. I believe, if given a chance, my year at LSE can lay the best footing towards my leviathan goal."
