Mayo students win senior young economists of the year

A Mayo school has won the title of senior young economists of the year at a national award ceremony.

Sacred Heart Secondary School in Westport received the award at a ceremony held in the University Concert Hall in Limerick.

The Young Economist of the Year judges at the competition were very impressed with the wide variety of topics presented, the level of research, economic analysis and application of economic concepts, the sustainable development goals and the awareness of how economic forces affect one’s everyday life. 

Students Martha Burns, Chloe Chambers, Ailbhe Gavin, Hristiana Tsarkova and Amy Wallace achieved gold medals and also won a special interest award from the Atlantic Technological University for their application of how economic concepts apply to popular culture.

The students' topic was ‘Taylornomics’, which gave an insight into the demand for Taylor Swift tickets, ticket price mechanisms, hotel price inflation and international economics.  

After conducting primary and secondary research, they applied their economic concepts to their chosen topic, and formed conclusions on the data gathered. 

Their project was insightful and interesting, with all the sparkle of Taylor Swift.

_{Students from Sacred Heart school with their teacher at the ceremony}

Students from the Sacred Heart school also won bronze medals for their project on  ‘Is there demand for a cashless economy in our town?’.   

Students Laura Jane Cleary, Rachel Needham, Christina MacEvilly, Carla Palasz and Ella Patterson conducted research related their topic to their local area and formed conclusions on whether we will have a cashless society in the future.  

Their project gave an insight into consumer behaviour today and consider payment methods in the future.

Speaking at the ceremony, Minister for Public Expenditure, National Development Plan Delivery and Reform, Paschal Donohoe, inspired the students during his speech saying he ‘fundamentally’ believes the study of economics has a ‘moral purpose’. 

“It is not ‘an end in itself’. Some study it, and there will be some of you here today, to better understand how financial markets work, to develop insights into how enterprises rise and fall - all with an aim of pursuing a commercial career. I did this before I entered politics. It is exciting, rewarding and great fun,” he continued.

“I believe that the deepest value in economics is how we can make better decisions about what matters to a society - about living standards, about homes, about greening our economy.”

These decisions are not just about a better economy, they are about a better society. 

Minister Donohue explained that ‘an economy exists within a society, not the other way around’. 

“The goal in economic decision-making must be the common good. As Erik Angner the Swedish economist wrote ‘Economics has always been about fixing the world, making it a better place, more fit for human flourishing’,” he concluded.