Libra Education

Essay Prizes for Economics

Young economist of the year .

An annual essay competition for Year 12 and 13 A-Level students held by the Royal Economics Society in conjunction with the Financial Times. The competition has five prizes, with one awarded for the best overall essay and a further five for the best essays within each category. Reopens in Spring of every year.


An annual essay competition for pre-tertiary education students held by the London School of Economics Students’ Union Economics Society in collaboration with the Centre for Economic Performance. The essay competition encourages students to think critically on current social issues and to explore important intellectual debates.


Open to current Year 12 and Year 13 students as well as all Undergraduate and Postgraduate Students at UK universities, Entries should be no longer than 2,500 words long with a bibliography and Harvard style referencing. As well as the overall winner, there is also a prize for best Year12/13 entry.


Entry is open to students from any country and any school. Each essay should address only one of the questions in your chosen subject category, and must not exceed 2000 words. There is a prize of £100 for the best essay, and the essay will be published (with the authors' permission) on the Institute website.


An essay competition for essays of 7,500 words approximately held by the Independent Social Research Foundation (ISRF) and the Cambridge Journal of Economics (CJE) with a cash prize of €7,000 for the best essay. Essays can discuss theoretical issues generally, or focus on specific problems. Authors can choose their topic and title within the given wider theme.


An opportunity for all students currently working towards A-levels or equivalent qualifications to demonstrate their ability to write a convincing, well-structured essay with sound explanation of economic theory and well-reasoned arguments, drawing on relevant real-world evidence. The maximum word count is 1500 words.


Harvard International Economics

Essay contest (hieec).

HIEEC provides students the opportunity to demonstrate an accomplished level of writing and understanding of economic theory. Through the contest, students hone their academic and professional skills and exhibit their knowledge. 

HIEE C 2022

Huea thanks all those who participated in hieec 2022. the submissions in this year's contest were incredibly well researched, developed, and argued. congratulations to our finalists and highly commended essays, professor hart has concluded the final adjudication process, and we are proud to announce our three winners, listed below. regarding the finalists, professor hart remarked:, “as in previous years i was impressed by the high quality of the finalists’ essays, which covered inflation, the environment, china’s birth rate, and housing shortages. it was very hard to pick the three winners as all eleven would have been worthy of a prize.”  , ashwin telang  *  nanxi jiang   *  duncan wong, fin al ists.

Jiayun Li Nan xi Jiang Duncan W ong Felicity W ong Alex Coiov Jessica Yi Ashwin Telang Aditya Swamy Ethan Tian Natalie Wong Yechan Kim

Highly Com mended

Kitty Sun Sungjoo Kim Ethan Huang Kim Minjun June Lee Atharva Khetan Mason Han Nicholas Li Ariyan Mishra David Rhee Jason Fu Vaasav Gupta Eric Liu Chengqi Ma Yuanheng Yue Daniel Minsoo Choi Seohyun Choi Evan Merkov Claire Tsai Rahul Menon

The 2022 Harvard International Economics Essay Contest is sponsored by the Harvard Undergraduate Economics Association (HUEA) in conjunction with the Harvard College Economics Review (HCER). This essay competition is open to high school students of any year and is a fantastic opportunity to demonstrat e an accom plished level of writing and understanding of economic theory. Through the contest, student competitors hone their academic and professional skills and exhibit their knowledge to future employers and academic programs. 

Competitors must construct a convincing argument using economic theory and real-world examples. Winning essays will be published in the Harvard Economics Review and will be available for the greater Harvard community to read. Essays should focus on argumentation supported with facts and references, although data-based support is also welcome.

2022 Essay Questions

In recent years and decades, many countries have seen fertility rates drop, potentially leading to falling populations. Currently, China has a fertility rate of 1.3, one of the lowest in the world. However, in 2021, China experienced GDP growth of 8% with output totaling $17.7 trillion. Will this lowered fertility rate (with potential to fall further) affect China’s economic growth and policy? How so? What, if anything, can the Chinese government do to limit the risk of falling fertility rates?

U.S. mortgage rates recently passed 7%, making the purchase of a new home increasingly unaffordable. Meanwhile, the United States has suffered from a chronic shortage of available housing for decades, particularly in urban areas, leading to what many scholars and advocates call an affordability crisis. Why is housing so unaffordable in the U.S.? What can (or should) be done by private actors, state and local governments, and the federal government to alleviate the affordability crisis?

It is often suggested that a tradeoff exists between economic growth and the health of the environment, especially now as the threat of climate change becomes more dire. What economic risks does a changing climate pose? Can economic growth be consistent with a healthy environment? What policies, either market-based or otherwise, should governments enact to protect the environment while posing the least danger to economic efficiency? 

Central banks such as the Federal Reserve in the U.S. and the Bank of England in the UK manage their nation’s macroeconomies with the goal of ensuring price stability and maximum employment. Globally, inflation rates are rising to levels not seen since the 1980s, particularly in the U.S. and European countries. To what extent should the monetary policies of central banks in various Western countries differ or resemble one another as a reaction to the specific causes of inflation facing their economies?

10th November 2022 – Essay titles released

11:59pm EST 7th January 2023 – Essay submission deadline

Early February – Highly Commended and Finalists notified

Early March – Winners notified, results published on the website

Entrants must choose one of the four prompts and write a response to it with a strict limit of 1500 words. Submission must be via the HUEA website and entrants are limited to submitting one essay with only the first submission being considered. Each essay submission will have a $20 reading fee which should be paid upon submission of the essay. If this fee will impose a significant financial burden on your family, please email us. The deadline for submitting the essay is 11:59pm EST January 7th, 2023. ​

Please submit essay submissions via this form.

If the above link does not work, use:

The essays will be judged by the boards of the HUEA and HCER, with the top 10 submissions being adjudicated by the esteemed Harvard professor and 2016 Economics Nobel Prize winner Oliver Hart.

The top three winning essays will be published (with the author’s permission) on the Harvard Economics Review online Publications. A finalists list of the top 10 submissions will be published online and adjudicated by 2016 Economics Nobel Prize Winner Oliver Hart. A further 20 names will receive honors of “Highly Commended” and their names will be published online​. The judges' decisions are final.

Terms and Conditions

The word limit of 1500 must be strictly adhered to. Any words past the limit will be truncated. This limit excludes references, footnotes, titles, headers and footers.

Essays must be written only by the entrant. Any outside assistance must be declared in the beginning or end of the essay.

Only your first submission will be accepted. Any further submissions will not be read.

References must be included, and any plagiarism will lead to disqualification.

References must be in Chicago or APA format. 

The only accepted document formatting is PDF. Any other format will not be accepted, nor will refunds be given to those who do follow this rule.

No refunds are granted.

Grades 9-12 are permitted.

The essay must not be entered in any other competition nor be published elsewhere.

No individual feedback of essays will be granted.

The decisions made by the HUEA, HCER and by the final round of adjudication are final.

All winners agree to their names being published on the HUEA website.

Past Winners ​

2019 winner.

2020 Winners



Young Economist of the Year 2022 competition in association with the Financial Times

The Young Economics of the Year Competition is our annual student-based competition, to encourage students to think about current economic issues and promote the study of economic science.

The Royal Economic Society invites students to write an essay or report of up to 1,000 words, excluding references, on one of the four topics below.  Entries will be text-based, but may include tables and charts, with a limit of 1,000 words (with a limit of 5% over word count).

Students did not need to be studying economics to be able to enter and entrants do not have to be members of the RES . This competition is  open to all year 12 and year 13  (S5 and S6 in Scotland, years 13 and 14 in Northern Ireland) students studying for A-Level, International Baccalaureate (IB) or Scottish Highers qualifications who either  normally reside or are studying in the UK .

The Young Economist of the Year competition is now closed.  Please bookmark this page for information on our next RES competition.

Resources and support with entering the Young Economist of the Year Competition

A guidance note on writing and submitting an entry for the YEOY competition and a video on how to reference is  available here . 

Have a look at our spolight on students interview with past winners and entrants of the Young Economist of the Year Competition 2021. Prof Ramin Nassehi, at University of College London, interviews three past entrants of the Young Economist of the Year Competition 2021 where they discuss their experiences and how the competition changed their perspectives.

Previous winners

Young econ 2022 poster.

Promote the Young Economist of the Year Competition 2022 at your school by distributing our poster.

Winners of the Young Economist of the Year 2021

Winners of the Young Economist of the Year 2020

Winners of the young economist of the year 2019, winners of the young economist of the year 2018, young economist winners: news & updates.

Winners of the Young Economist of the Year competition 2022

Foreign, Commonwealth and Development Office launches Next Generation Economics Competition

Young Economist of the Year Competition – 2021 winners receive their awards

Winner of the Young Economist of the Year Essay Competition published in the Financial Times

Young economist of the year essay competition results, essay competition winner published in financial times.

Young Economist of the Year 2019 competition in association with the Financial Times

Essay competition winners receive their prizes

Related projects.

Annual Public Lecture 2022

Our annual lecture provides an opportunity for school students to watch internationally-renowned economists present their research.

Economics Network

We support the work of the Economics Network which provides resources for students and universities.

Follow us here

2 Dean Trench St, Westminster, London, SW1P 3HE Telephone: +44 (0) 203 137 6301 Email: [email protected]

The Royal Economic Society is a Registered Charity no. 231508.


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economics essay competition 2021 year 12

Essay Competitions

With our essay competitions, we aim to encourage students, researchers, and young professionals to develop innovative policy solutions and contribute to public debate on important current issues.

All submissions are preselected by our editorial team and judged by an independent expert panel.

We work to bring young, fresh ideas to the attention of established organizations policymakers by publishing the work online and through  award ceremonies and discussion events, where we give competition winners, experts, and the public the opportunity to interact and discuss policy ideas face-to-face.

If you or your organization would like to work together with us to run an essay competition or encourage public debate in a certain policy area, please get in touch with us at [email protected]

Current Call for Papers

Regular submissions to all topic areas are open.

Past Competitions

economics essay competition 2021 year 12

economics essay competition 2021 year 12

Student Essay Competition .

The dorian fisher memorial prize 2022.

The Monetary Policy Essay Prize 2021-22 By the Institute of Economic Affairs, the Institute of International Monetary Research, and the Vinson Centre

“Does inflation matter? And will the current inflation upturn be transitory or not?”

The IEA is the UK's original free-market think-tank .

Our mission is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of the markets in solving economic and social problems. Given the current economic challenges facing Britain and the wider global environment, it is more vital than ever that we promote the intellectual case for a free economy, low taxes, freedom in education, health and welfare and lower levels of regulation.

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Applications open for 2023 entry Apply online now

Essay Competition

The year 12 essay competition is now closed..

Northeastern University London is inviting competition essay entries from students who are currently in their penultimate year of secondary education (equivalent to Year 12 in the English education system).

Our selection of essay titles engages across a broad range of humanities and social sciences topics and we look forward to receiving entries from talented and intellectually curious students who show passion and academic potential in the humanities and social sciences. We welcome entries from students located anywhere in the world.

If you have any further questions please see our  FAQ  page before contacting us.

Choose your essay question

Business: What are the ethical implications of technological advancement in business? Answer the question with reference to a specific technological improvement of your choice in a company of your choice.

Digital & Technology Solutions: Discuss how data analytics can be used to influence people.

Economics: What are the most likely implications of the economic sanctions imposed on Russia?

English: Should the subject English Literature be replaced by Global Literatures?

History: What can historians learn from the study of past empires and imperialism?

Law: Must we always obey the law?

Philosophy: Can it ever be morally acceptable to sacrifice an innocent person for some greater good? Illustrate your answer with examples.

Politics: What would have to change about ‘democracy’ in order to restore faith in democracy among young people?

Psychology: How could psychology explain atrocious acts towards humans, such as during war times?

The following prizes will be awarded:

Overall winner across all essay subjects- £1000

Winner in a subject category- £500

Runner up in a subject category- £250

How to enter

1. Register for the competition – After registering you will be emailed detailed instructions.

2. Choose one of the essay titles

3. Write your 1,500-word essay

4. Submit your essay via our online form (URL will be emailed to you after you register) by 1pm GMT Monday January 16th 2023 .

If you have any further questions please see our FAQ page before contacting us.

Who can enter?

The Northeastern University London Essay Competition is open to students who are currently in their penultimate (second to last) year of secondary education (Year 12 in England) and who are interested in studying humanities or social sciences at university. This is a global competition, so we encourage entries from those studying anywhere in the world. Find full competition rules here .

Register here

We apologise the competition is now closed.

economics essay competition 2021 year 12

Essay Competition

 “the ideas of economists… both when they are right and when they are wrong, are more powerful than is commonly understood… indeed the world is ruled by little else” ,     j. m. keynes (general theory, 1936), essay competition 2022.

After reviewing more than 1000 outstanding essay submissions, we are excited to congratulate the winners and runners-up of the 2022 Marshall Society Essay Competition.

First Place – Xuanlin Zhang (Singapore) Second Place – Yunhan Gao (Spain) Third Place – Shuo Xu (China)

We would also like to commend several excellent shortlisted essays: Frederick Dehmal Matthew Tan Ryan Modarres Seowan Moon Ziang Huang Christian Bulmer Zhikai Huang Wenlong Song Wenxuan Li Tianying Yang Kai Xiang Mei Alex Zhao Xitong Liu

The quality of submissions we received this year far surpassed our expectations, so selecting the best was an incredibly difficult undertaking. We will not be able to provide feedback on individual essays due to the sheer number of submissions. Thank you everyone for participating, and we look forward to publishing the winning essays in the Marshall Society’s annual magazine “The Dismal Scientist”.

The Nottingham-World Bank Economics Essay Competition

Winning article.

Technology: Killer or Saviour? By Gwendolyn Chan Hui Pei, SMK Batu Lintang, Kuching

Kiva robots. That’s the name of Amazon’s “holiday workers” in a warehouse located in Tracy, California. Kiva robots are like orange suitcases on wheels that makes the shelves in warehouses come to you. More than 3000 of these robots cruise Amazon’s warehouse floors in California, helping employees complete millions of orders. Before Kiva robots, Amazon workers had to comb through warehouse aisles just to find certain products to complete shipments. Now, workers just stay on platforms while the robots bring the shelves with the items directly to them. These 320-pound robots can lift up to more than 2 times their weight, has motion sensors to detect objects in their way and can travel at 3-4 miles per hour. The robot’s small footprint allows it to fit up to 50% more inventory in the warehouses while simultaneously increasing efficiency up to 20%, filling orders in 15 instead of 90 minutes. Many worry about the jobs taken away from them by these robots, however this was not Amazon’s intention. But still, can we deny the number of workers these robots have replaced?

Applied technology can be evidently traced back to as early as the pre-16th century. In ancient Greece and Rome, many free workers became jobless due to simple ancient Greek technology in that period such as gears, screws, rotaries and mills. To overcome this, leaders in that era launched many public works such as infrastructure projects and recreational projects financed by the government to create jobs for the people. Some rulers go to the extent of refusing or banning new inventions and innovations to save labour costs. Emperor Vespasian, a Roman emperor rejected a new method of cost-effective transportation of heavy merchandise saying: "You must allow my poor hauliers to earn their bread." In the medieval and renaissance period, European authorities often sided with “guilds” or the majority of the working population and proceeded to refuse or ban new technologies. The constant dilemma of whether to adopt new technology can be seen in the 16th-18th century in Great Britain. The effect of innovation on employment became a concern which can be evidently seen when Queen Elizabeth I declined to issue a patent for a knitting machine invented by an English clergyman called William Lee on the account that it might cause the layoff of textile workers.

In the 19th century, many controversies and debates over technological unemployment arose. David Ricardo, a British political economist voiced his opinion on the implementation of technology and believing that it is often very injurious and harmful for workers when people substitute machine for human jobs. While many other economists supported his stand, a French economist named Jean Baptiste Say was the first to respond to Ricardo’s argument saying that machinery does not compete with labour, and society would be better off because of the increased productivity. Say mentioned that a new machine supersedes a portion of labour of a human worker, but does not reduce the amount of product, saying that it would be absurd to adopt it if it did. At that time, water carriers were relieved of duty due to the introduction of the hydraulic engine. Say could not deny the problem and recognised that the water carriers were still unemployed. Therefore, he believed that 3 factors would considerably alleviate the detrimental effects of unemployment:

How would replacing 50% of the current jobs with technology look like for Malaysia, a developing country? Firstly, the controversial problem still remains - workers in Malaysia would be susceptible to technological unemployment or tech layoff. Figure 1 below depicts Malaysian jobs at risk of automation. With AI (Artificial intelligence) on the rise, and automation replacing jobs, semi-skilled and low skilled workers are at a high risk of losing their jobs. 90% of semi- skilled jobs such as support workers and salespeople consist of Malaysians and 4 out of 5 jobs at high risk of displacement are semi-skilled jobs as compared to low-skilled jobs. Although Malaysia heavily depends on low-skill foreign labour especially in manufacturing and industrial sectors and there is a possibility of the replacement with technology reducing our reliance on it, the probability of Malaysians being put out of their jobs is higher, leaving a large figure of Malaysian workers unemployed. This is because most blue-collared jobs are highly susceptible to automation and ironically, a large portion of those positions are held by Malaysians. This might cause Malaysians to switch to lower pay jobs or not being employed at all. The sosio-economy of Malaysians would be under immense pressure. Unemployed Malaysian workers would have to suffer a lower standard of life. Occupations that are routine based and have many manual tasks are more susceptible to replacement by technology as compared to jobs that are non-routined and require high cognitive skills. At the end of the day, although our economy may be growing due to rise in productivity and lower price in the long term, the wellness of our own Malaysian citizens may be neglected in the short term.

The World Bank

Source: Methodology adapted from Frey and Osborne (2013) and ILO (2016) data from ILOSTAT and DOSM, author’s calculation [Adapted from The Times They Are A-Changin’: Technology, Employment, and the Malaysian Economy by Allen Ng, Khazanah Research Institute ]

Not only are the welfare of Malaysians put at risk, but also the scale of the economic equality in Malaysia will be tipped. With the replacement of workers with technology, companies that adopt labour-saving technologies will monopoly the industries. Some firms have exclusive rights to methods of manufacturing products causing smaller firms to lose out in competitiveness because of higher cost-per-unit. This will cause a great difference in terms of income among high skilled workers and technology owners versus semi-skilled and low skilled workers. A greater inequality of wages within occupations will arise as only certain workers have the skills needed for certain jobs. Skills that are hard to acquire in the technological field also can cause wages to be unequal. On top of that, income inequality may result in a higher rate of health problems and social problems.

On another note, replacement of human labour with technology will cause Malaysia to face a massive restructuring in different sectors in the economy. As higher productivity with new technology lowers prices of goods and opens new sectors to be explored, new labour demand will be created in certain sectors. The demand for jobs will switch from manufacturing sectors to services in the future, just like how the demand for jobs switched from agricultural sectors to manufacturing sectors in the late 90s in Malaysia. The chart below depicts the change in share of jobs by sector, recording the construction with the highest share and the manufacturing sector a negative figure. An increasing proportion of jobs require at least a college level certificate if not advanced degrees. This proves the need for Malaysians to upgrade their skill levels to be qualified and to keep up with the times.

The World Bank

Figure 2: Change in share of jobs by sector

Source: ONET, BLS, EIU, HIS, Oxford Economics, McKinsey Global Institute analysis [Adapted from Automation and adaptability: How Malaysia can navigate the future of work (2020) ]

In conjunction with creating new demand in the labour force across different sectors in Malaysia, the substitution of jobs with technology can possibly add more value to occupations with the human element, making jobs that require human interaction more valuable. For example, when Automated Teller Machines were first created to automate simple tasks such as simple transactions and deposits, the remaining tasks that cannot be automated became more valuable. Bank tellers became people who form personal relationships with the customers and can sell them financial services at a high margin.

On the flip side, wealth distribution becomes an uprising problem as not everyone is given a fair share even with increased productivity and lower cost. Advancement in various sectors may result in a digital divide between different regions and demographics. Urban areas may continue to advance whereas rural areas which are neglected continue to deteriorate in terms of technological advancements because of the failure of implementation of technology as a whole. Areas that have limited access lack the resources to advance in technology. This may possibly create a wider gap between regions and races socially and in terms of progress and cause an increase in poverty among different races in Malaysia.

However, we cannot deny the possibility of Malaysia flourishing with the implementation of technology. In the 1990s the Malaysian government has always put a priority in making Malaysia an industrialized country with the 7th prime minister, Tun Dr Mahathir Mohamad launching Wawasan 2020. Since then, many efforts have been made in increasing Malaysia’s use of technology in different sectors. Though the replacement of jobs with technology might upset the labour force and possibly obsolete the field of manual labour in certain sectors in the short term, the demand for labour force in other trades will significantly increase in the long term. Increased production would increase supply, lowering the general cost of items, increasing the national dividend thus increasing our competitiveness in the global market. With time, a new demand of labour will be created placing new, skilled workers in those fields. Economic growth as a whole can be accelerated.

Technology replacing 50% of jobs also create high income jobs or increases the wages of existing workers that are involved in the field of technology but also widen existing income inequality at the same time. According to a study by Justin Lim, Kevin Wong, Rosaida Mohd Rasep and Sonia Kumari Selvarajan (2018), wages per worker in the ICT industry has risen proportionately from RM38,274 per annum to RM53097 per annum in 2015 whereas wages of workers in the non-ICT industry only rose by RM6150 in the course of 5 years. Because workers in the ICT industry comprise of a small share of the total labour force and small employment growth, the wage disparity between non-ICT workers and ICT workers has been widening and would likely continue to widen even more over time.

The World Bank

Figure 3: Wage per worker of ICT vs non-ICT Industry

Source: DOSM ICT Satellite Account, GDP by Income Approach, authors calculations [Adapted from Wage premiums in the digital economy: Evidence from Malaysia (2018) ]

With new technology being constructed, Malaysia can explore the possibility of taxing new technology or “robot taxes”. According to The Telegraph, Bill Gates even voiced out the opinion that robots that take away jobs from humans should be taxed, which can make up for income taxes from workers that lost jobs. This could slow down the speed of automation and its negative effects on the labour force. In August 2017, South Korea became the first to introduce the world’s first tax on robots by cutting tax incentives for investments to boost productivity. If 50% of jobs were to be replaced, taxes on technology could increase the country’s income and improve the citizen’s standard of life by giving back to the people, increasing economic development through new infrastructure digitally and physically.

In general, technology replacing 50% of jobs in Malaysia benefits most of the stakeholders in the long run and has the potential to generate economic wealth for Malaysia. New innovations and technology are churned out on a daily basis due to globalization. To be able to compete in the global market, Malaysia has to keep up with the times and take bold steps in adopting new technology in various sectors. Though there is a possibility of technology replacing human jobs, nothing beats the value of a human’s touch. To dampen the adverse side effects of replacing human workers with technology, policy makers need to create new alternatives in helping displaced workers readjust to new sectors and work environments. As for Malaysian citizens, we must not stand by the side lines idly, but instead hop on the wagon of change. Being active players in the labour force, we must not take the importance of education (especially in the field of technology) lightly and sharpen our sword of education thus increasing our skills. Only with technological intelligence can we as Malaysians stand out in the global market as drivers of change, standing out amongst nations that are technologically advanced.

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