| INTRODUCTION |
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Keynes described "[Economics] as a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its possessor to draw correct conclusions. “All of the projects shortlisted below illustrate the power of economics as an engine of enquiry, which when used appropriately provides insights into decision making across a wide variety of issues. In doing so economics and economists provide vital contributions to the evidence base needed for effective policy making.
| Senior Cycle YEOTY2016 - 1st Place |
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Congratulations to Kate Lauren Walsh from Presentation Secondary School, Loughboy, Kilkenny who has been awarded 1st place in the Senior Cycle YEOTY2016 awards category with their entry titled: "The Economics of Terrorism". Congratulations also to Kate's teacher Elaine Murphy for the time, dedication and effort put into assisting Kate with this project.
Feedback from Judges
The video is well made and tackles an interesting question and one that some very prominent economists have looked at in the recent past. The link (or lack thereof) between education and terrorist activity was a key point in previous economic work on the Economics the Terrorism. Alan Krueger, a Princeton labour economist and previous Chairman of President Obama's Council of Economic Advisers, also served as an advisor to the National Counterterrorism Center. This project builds on work by economists such as Krueger in helping take people beyond the stereotypical view of what economists do and what they think about, and in doing so highlights the importance of economics for effective policy development across a wide range of issues.
Please follow this link to find out more about Kate's award winning entry.
| Senior Cycle YEOTY2016 - 2nd Place |
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Congratulations to Amal Mutahir and Rachel O’Connor from Loreto College, Mullingar who have been awarded 2nd place in the Senior Cycle YEOTY2016 awards category with their entry titled: "Game theory analysis of the migrant crisis". Congratulations also to Amal and Rachel's teacher Neil Garry for the time, dedication and effort put into assisting Amal and Rachel with this project.
Feedback from Judges
When analysing economic behaviour economists recognise that the decision of an agent can be influenced by how their rivals respond to this behaviour. This strategic interaction can often lead rational agents to behave in ways that appear contrary to their best interests. This project uses game theory, a set of tools used by economists to understand strategic behaviour, to help understand how strategic interactions between countries might affect national policies on migrant entrance. The application of game theory and the acknowledgement of strategic interaction in behaviour clearly illustrates why national policy cannot be considered in isolation and how coordinated policies can potentially lead to welfare gains for all.
Please follow this link to find out more about Amal and Rachel's award winning entry.
| Transition Year YEOTY2016 - 1st Place |
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Congratulations to Mark Glynn and Cian Buckley from Patrician Secondary School, Newbridge, Co.Kildare who have been awarded 1st place in the Transition Year YEOTY2016 awards category with their entry titled: "Is social media an addictive good? ". Congratulations also to their teacher Barry Moriarty for the time, dedication and effort put into assisting Mark and Cian with this project.
Feedback from Judges
This is a very interesting project that combines economic theory with empirical analysis. For empirical economic research to be informative it needs to be grounded in a firm understanding of the economic theory underlying behaviour. This project uses the economic concept of price elasticity to distinguish between addictive and non-addictive goods. Guided by the insights provided by the theory the researchers carry out an empirical analysis, based on primary data, to determine the extent to which social media can be classified as an addictive good. The use of cinema tickets as a comparison good is a nice illustration of the role of control groups when drawing inferences in economics.
Please follow this link to find out more about Mark and Cian's award winning entry.
| Transition Year YEOTY2016 - 2nd Place |
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Congratulations to Deprisse Anne Patricio from Loreto Secondary School, Kilkenny who has been awarded 2nd place in the Transition Year YEOTY2016 awards category with her entry titled "Shrinkflation - paying more but getting less". Congratulations also to Deprisse Anne's teacher Aine Connery for the time, dedication and effort put into assisting Deprisse Anne with this project.
Feedback from Judges
This project considers the role of pricing in firms output decision, providing numerous examples in which firms implement price increases indirectly through changes in the product, rather than directly increasing the deadline price. This project raises many interesting questions about the role of rationality and incomplete information in individual purchase decisions, as well as the potential role of behavioural economics in helping understand economic decision making. The video that accompanied the project was clear, focused, informative and insightful and helped the viewer engage with the project without unnecessary distractions.
Please follow this link to find out more about Deprisse Anne's award winning entry.
