A team of five Year 12 QE economists was the only one to turn a profit in an auction at a prestigious conference attended by over 200 delegates from a number of leading schools.
More than 30 QE boys attended the Economics Conference at Woodhouse College in North Finchley, which aimed to offer pupils a unique opportunity to hear directly from academics, researchers and policymakers.
The event was jointly organised by the college and the National Institute of Economic and Social Research (NIESR); it was supported by supported by blue-chip organisations including The Bank of England, The Royal Economics Society, The Government Economics Service and several top universities.
QE’s Head of Economics Shamendra Uduwawala said: “This type of event not only allows our boys to hear directly from both leading academics and those who shape policy, but it also enables them to mix with their peers from other schools. There is no doubt that a conference such as this exposes boys to high-level thinking while reinforcing what they have been learning in the classroom.”
Professor Jagjit Chadha, the Director of NIESR and a Fellow of Clare College, Cambridge, delivered a truncated version of his recent Brexit talk to the Commons Select Committee on Brexit.
QE pupil Rishi Shah, one of the joint Presidents of the School’s Economics Society said: “For me, this talk was the highlight of the day; it was about forecasting and the role it plays in predicting the outcomes of Brexit. Professor Chadha used the metaphor of rolling a dice to show how forecasts can be rational, accurate yet wrong. He gave an insight into the work that NIESR conducts in forecasting and mapping out the likely outcomes of Brexit and the rationale behind the effects of business uncertainty.”
In her lecture, Financial Stability: a fine balancing act, Dr Rhiannon Sowerbutts described her role at the Bank of England as a Senior Economist and advisor to the Financial Policy Committee.
She spoke about the importance of identifying potential risks to financial stability, such as household debt rising faster than incomes.
Dr Babak Somekh, from the University of Bristol. led an auction activity in the afternoon, involving food items. The delegates were split into teams of five. Year 12 pupil Hanif Gofur, who is the other joint President of QE’s Economics Society said: “We didn’t know in advance which food item would be auctioned next, so all the teams were kept on their toes. The atmosphere became electrified and chaotic as bids between schools intensified – often beyond the bounds of rationality.” Hanif and his QE teammates held their nerve and turned a healthy £250 profit on their £2,500 budget – the only team to make a profit.
Sarah Billingham, an Assistant Economist at the Department for Business, Energy and Industrial Strategy, promoted a new Degree Apprenticeship offered by the Government Economics Service in her lecture, How can economists influence policy? She suggested to delegates that this programme could be a good option for aspiring economists aiming for a higher education qualification who wished to avoid student debt and the loss of three to four years of potential earnings.
The day was concluded by Dr Lea Samek, of Kings College London, and Dr Michela Vecchi, of the University of Middlesex, who respectively looked at the UK’s productivity performance since the financial crash of 2008 and the impact of automation on the UK labour market.
Rishi said: “Overall, it was a phenomenal experience to hear from many different renowned speakers and it most definitely piqued my interest in Economics.”
In addition to delegates from QE and the hosts, Woodhouse College, there were pupils from Dame Alice Owen’s School, Highgate Wood School, The Camden School for Girls and Fortismere.
The teams are aiming to build on the School’s success last year, when QE junior boys competing in the parallel VEX IQ competition not only reached the World Championships in the USA but were crowned the UK’s first-ever world champions. A VEX EDR team from QE also qualified for the World Championships, where they achieved the best-ever result for a UK team.
Cobra, a new team comprising Year 12 boys competing in their first-ever VEX EDR event, have also qualified for the nationals, which take place in Telford in March. They performed strongly throughout the round held at St Olave’s Grammar School in Orpington, where they finished third in the Skills Challenge. And in the next round, at The Henrietta Barnett School, they successfully reached both the knockout stage and the final, where they lost by a mere three points.
lost out to the team which went on to win the round. Apex also performed strongly at HBS: like Cobra, they reached the knockout stages, where once again they were eliminated by the eventual overall winners.
s are required to collaborate, as well as compete against others.
Matt Parker, who describes himself as a “stand-up mathematician”, related some of the mathematical errors set out in his book, Humble Pi. Some, he said, were simply amusing or embarrassing, such as McDonalds miscounting the combinations of meal deals and Pepsi underestimating the value of a fighter plane. However, he pointed out that some other mistakes he had come across could have more serious consequences, such as an aeroplane running out of fuel because the wrong units had been used to fill the tanks.
Academic Enrichment Tutor Lucy Riseborough said the competition was a test of both ability and mental stamina. “Whilst similar to the UK version and drawing on similar skills (such as analysing and synthesising information, developing lines of questioning and argument, applying legal principles, learning procedures, effective communication and oracy) the Empire Mock Trial is based on the US courts system. The boys not only had to grapple with case files running to hundreds of pages (witness statements ran to 3,000 words each), but had to learn the different ‘objections’ to utilise (and defend themselves against) in the courtroom. With the ability of attorneys to choose which witnesses are called, the boys had to learn and prepare a lot of information that they would not, in fact, end up using; selecting the right information to deploy, and when, was therefore crucial.
During their trip, the QE boys took the opportunity to do some sight-seeing, notwithstanding the freezing temperatures and the snow that heralded their arrival. After dinner on the first evening, they went to Times Square, whilst the following morning they walked around Central Park in the snow. On the last day they went up the Empire State building to take in the view and also visited Grand Central Station.