My Statement on the Discipline of Economics and Management - Free Paper

My enthusiasm for economics and management had its birth from what I grew up seeing in my residential city, Muscat, in the nation of Sultanate of Oman, which initially had its larger percentage covered by desert with just one hospital and a school countrywide. In a span of fewer than five decades, my city had built more hospitals, schools, and malls. Oman had implemented the theory of institutionalism to rapidly steer its economy, which strengthened my passion for the discipline.

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The aspect of economics is defined by many factors and theories. As in Adam Smith’s “Wealth of Nations,” the institutionalization of Oman’s economy boosted the creation of employment for the utilization of various labor skills. Also, the aspect of the invisible hand theorem permitted traders to create competition in the nation’s market, a fact that has propelled its economy’s labor and infrastructural growth. Also, as per the view of economists in the past two decades, Oman’s economy grew on income inequality among its citizens. The affluent evaded tax and invested in personal activities that created employment for the Omans, who belonged to a low social class. Their fraudulent perpetrations benefited the nation’s growth indirectly.

In my readings regarding Tim Ford’s sentiments about the employment economy in the UK amid COVID-19, I have learned that the occurrence of pandemics can somewhat trigger the development of new sets of technologies that can propel a nation’s economy. The pandemic necessitated the establishment of new technologies and the alterations of the culture of work. Most companies have developed effective workforce sophistication that would enable their employees to work from home.

With my other endeavors of research, I encountered enlightenment from John Mackay’s and Rajendra Sisodia’s book “Conscious Capitalism.” It rebukes Adam Smith’s notion that businesses should just target making profits and that businesses should adopt moral corruption to build the economy. Although moral business corruption impacts positively on a nation’s economic prosperity, big companies take it as an advantage of failing to consider the suffering of public customers due to high prices. Companies should ethically value and consider every consumer in the market, and not just the corporates’ and shareholders’ interests. Some corporates do not consider their social responsibilities such as matters of environmental conservation, as long as they make profits and impact economic growth.

I once volunteered for three weeks to aid elementary students in learning English in Bali and Laos, Indonesia. The trip also impacted my knowledge regarding economic matters in an equal measure. Laos still ranks as a third-world nation whose GDP majorly defines agricultural activities, yet, a better part of Bali’s economy relies on tourism activities. The economic imbalance is rooted in a lack of conscious capitalism. I believe that Bali has invested in institutionalization to steer its economic prosperity as it considers diversity. On the other hand, the Laos economy seems to be dominated by morally unethical capitalism whose low-social class citizens suffer from the exploitative corporations that majorly benefit the affluent. I still intend to dig deeper into the matter in my future research and studies.

My voluntary services in Indonesia exposed me to the entire nature of the above two economies. I presume that the inequality between the economies of Laos and Bali revolves around the aspects of conscious capitalism. Laos experiences unethical and exploitative capitalism since its economic advancements are shaped by the few corporations that only favor the affluent without considering the citizens who belong to the low social class. Thus, they resort to agriculture. On the other hand, Bali seems to embrace modernity to build its economy; therefore, it embraces and makes good use of their natural resources and features towards tourism. Besides learning from each other and the economically stable countries, these two nations should exploit every possible resource and adopt various theorems of economic growth for diversity.

The communication skills I gained for being part of Model UN as the head chair and delegate at the same time equipped me with communication skills. It will facilitate the presentation of my guide regarding how international equality can be attained in a world that shows a lot of economic imbalances and lopsidedness. For instance, how the global oil crisis can be reduced and even end through the proper management of the economies of nations that produce, as they can adopt diversification and implement other strategies of strengthening their economies by not depending on oil production only.

References

Adam, S. (2016). The wealth of nations. Aegitas. https://books.google.co.ke/books?hl=en&lr=&id=lMgDDQAAQBAJ&oi=fnd&pg=PT2&dq=Adam,+S.+(2016).+The+wealth+of+nations.+Aegitas.&ots=2b5wM_My1Y&sig=aI83KD1z50euxNhP1z4owcBWChE&redir_esc=y#v=onepage&q=Adam%2C%20S.%20(2016).%20The%20wealth%20of%20nations.%20Aegitas.&f=false

Mackey, J., & Sisodia, R. (2014). Conscious capitalism, with a new preface by the authors: Liberating the heroic spirit of business. Harvard Business Review Press. https://books.google.co.ke/books?hl=en&lr=&id=KZvBAgAAQBAJ&oi=fnd&pg=PR4&dq=Mackey,+J.,+%26+Sisodia,+R.+(2014).+Conscious+capitalism,+with+a+new+preface+by+the+authors:+Liberating+the+heroic+spirit+of+business.+Harvard+Business+Review+Press.&ots=Lt7KccfMKt&sig=65Vqzpp3lTY48G0MOBQPHECmNeU&redir_esc=y#v=onepage&q&f=false