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The 11^th edition of The Econobethan – QE’s pupil-led magazine focusing on Economics, as well as on Politics and Sociology – spans the centuries and roams the continents.

It includes original writing from Year 12 pupils on topics ranging from the ancient world – the economic history of the Roman Empire – to the very contemporary concern of the climate crisis, and from the underlying causes of Africa’s poverty to Japan’s ‘apology culture’.

The 27-page magazine also has as its special theme, ‘Black history’, with four articles in a dedicated section. The Econobethan was published just ahead of this month’s launch of a statement expressing QE’s vision for a broad, diverse and inclusive curriculum.

Headmaster Neil Enright said: “The Econobethan is always a stimulating read, and this issue is no exception, with high-quality, considered submissions from the contributors that should serve to inspire deeper thinking and research from other pupils.

“The theme of Black history is timely: through the launch of our long-term vision for a broad, diverse and inclusive curriculum, we seek to build on the very thoughtful work that has already been done at the School, ensuring that our pupils are well-equipped to thrive in our diverse, modern world.”

The Econobethan is edited by Aditya Kute, Avinash Srivastava and Nishanth Bhasuru. In their introductory editors’ note, they write that the magazine aims to “shed light on economic points of interest, as well as providing a platform for some of the School’s most talented writers to delve into current economic affairs”.

In the Black history section, Aditya looks at why Black History Month is important. He spotlights Sir Arthur Lewis, still the only Black winner of the Nobel Prize for Economics (which he won in 1979), and Claudette Colvin, a pioneer of the American civil rights movement, who, at the age of 15, was arrested in 1950s Alabama for refusing to give up her seat on a crowded bus to a white woman.

Aston Daniel looks in more detail at the work of Sir Arthur, while a piece from Avinash is entitled How Does Systemic Racism Continue to Impact Economic Outcomes for African Americans? and Keith Correia writes on How was the war on drugs in the US used as a segregation tool?

Elsewhere in The Econobethan, Nishanth explores Underworld Economics and concludes that while informal markets do cause ‘numerous issues’, nevertheless ‘contrary to the common belief, they aren’t completely negative’, since, for example, they ‘provide a pathway for low-earning families…to get by and survive’.

In the Languages section, Aayush Backory discusses Le fer et les finances: partie 1: l’économie du Luxembourg du 19ème siècle (Iron and finance Part 1: The economy of 19th century Luxembourg) and Arjun Patel writes in German on How do we Deal With the Climate Crisis? (Wie Bewältigen wir die Klimakrise?)

Year 11 pupil Pavan Kovuri came first on both days of a two-day simulated financial trading event open to Year 11–13 students from across the country.

Pavan, who already has his sights set on a career in trading, was among 20 senior QE boys to be commended for their performance in the Global Markets in Action programme.

The programme was run by financial recruitment consultancy Dartmouth Partners and Amplify Trading, who train people working in hedge funds and investment banks and use cutting-edge technology to simulate market conditions.

Assistant Head (Pupil Destinations) and Economics teacher James Kane said: “To have come first in both simulations was a remarkable performance by any standards and I heartily congratulate Pavan on his achievement.

“Congratulations also go to the other 19 boys who were commended by the judges with comments such as ‘superb trading on the sell side’ and ‘clearly understands the dynamics between [the] buy and sell side’.

“It is interesting to note that Dartmouth Partners are now keen to follow up with a number of our boys to arrange work experience in the finance sector.”

Overall, 50 QE pupils took part in the half-term event, the results of which have now been announced.

The workshop simulated the trading floor of an investment bank or hedge fund and aimed to teach participants how traders use their skills and knowledge to buy and sell stock to generate a profit. The boys had the opportunity to meet professionals from Amplify Trading and to gain practical career tips and insights, such as optimising LinkedIn and creating a CV that stands out.

Pavan came first on day one with a score of 96% for the ESG (Environmental, Social, and Governance) simulation. On day two – the Finance Accelerator simulation – he was ranked first in the asset management side of the simulator, scoring 86%.

Pavan said: “Before participating in the workshop, I was always fascinated with the world of trading in markets, but lacked practical experience; this two-day programme provided me with an immersive hands-on experience to solidify that passion, and drive me towards a future career in trading.

“The thrill of seeing your money fluctuate with every miniscule decision was stimulating, and it was amazing how Amplify managed to capture the buzz of real-life trading.”

Other stand-out performances from the QE group included that of James Stack (Year 12) and Abhinav Karla (Year 10), who jointly took first place in the sales trading aspect of day two.

Zaki Mustafa was the “clear winner” in his age group in a prestigious financial journalism competition.

In his winning essay on the impact of technology on money, the Year 11 pupil ranged widely, starting with the first known currency in ancient Mesopotamia and ending with consideration of how modern financial companies could both use and abuse consumer data.

He won the 14–15 age group in the Young Financial Journalist competition run by the London Institute of Banking & Finance (LIBF) and the Financial Times (FT).

After reading his article, competition judge Claer Barrett, who is the FT’s Consumer Editor, said: “Zaki was the clear winner in this category. I loved his point about gambling with plastic chips and how this involves a similar sense of detachment to using contactless payments.”

Her fellow judge, mathematician, teacher, broadcaster and writer Bobby Seagull, praised the “very mature and clear writing for someone so young!”

Zaki was congratulated by QE’s Head of Economics Shamendra Uduwawala: “This was a well-argued piece of writing which gave an impressive overview of the opportunities and risks that come with the application of technology, including AI, to the world of finance.”

Reflecting on his success, Zaki explained why he had entered the competition. After starting his Economics GCSE last year, he said, “I wanted to educate myself a little bit about how technology is changing the way we view money.”

In his essay, he covered topics including:

• Today’s near-cashless society
• The rise in fraud and cybercrime, including the issue of scams that “impacts the elderly disproportionately”
• The rise of “entirely intangible” cryptocurrencies.

The 730-word composition concluded: “In summary, technology has provided huge benefits to the financial world, namely making payments far more efficient and traceable than hard cash. In spite of this, one must always remember to be vigilant, in light of the increasing risks that are associated with such a luxury.”

Zaki wins a cash prize of £150 and a certificate bearing the judges’ comments. His prize also included ten free places for QE pupils to complete the LIBF’s Lessons in Financial Education (LiFE) programme.

QE expanded its series of popular challenges for local primary school children this year, adding a humanities day to the programme.

The events, which are part of QE’s partnerships work with the local community, are aimed at giving Year 5 girls and boys an early taste of secondary school education.

Headmaster Neil Enright said: “We are pleased to support local primary schools in this way.

“I know that our staff and pupils involved in running these enrichment activities greatly enjoy the opportunity to meet the visiting children.”

The first of the three days was the ever-popular Primary Forensics Workshop. The visitors were tasked with completing a number of experiments and analyses to work out who had murdered the Headmaster!

There were stations where the children could undertake: hair and fibre analysis using a microscope; fingerprint analysis, and blood spatter analysis (with a blood substitute).

The pupils worked to solve the ‘crime’, using the evidence they collected to build a case, while also weighing up the respective motives of the suspects.

Boys from Year 12 helped staff run this workshop, engaging with the children at each station.

In the Maths and English Challenge, the girls and boys had to solve a series of games and puzzles that ranged from a cross-number round to a session looking at composing and performing poetry.

There was a focus on teamwork and collaboration. Each team had the support of a QE Year 7 pupil.

Special plaudits went to Foulds School pupils, who achieved a near-clean sweep of the prizes, having impressed across the various disciplines on the day.

The new humanities day hosted by the History, Geography and Economics departments comprised two separate activities.

Firstly, teams were given the challenge of designing a castle on paper. They had to base their design on a certain set of criteria and follow a budget, requiring them to decide which features they wanted to prioritise.

They then faced a number of scenarios, presenting both challenges and opportunities for their fortifications. Could their castle and kingdom survive?

“This was a way of exploring history and strategy in a fun and engaging way,” said Mr Enright. “The Year 5 pupils also had to adapt their plans as the scenarios unfolded, which meant teams had to communicate well and quickly make decisions.”

There was then a Sustainability Challenge run jointly by Geography and Economics. The children had to work in groups and devise a sustainable product. They designed their product, chose a logo and decided on their target market. Then each group presented to the other children in attendance. Among the ideas generated were: a mobile phone where the case is a solar panel and charges the phone, and a ‘plastic’ bottle where the bottle itself is biodegradable.

“Our staff were really impressed with the confidence shown by the children in their presentations and by the creativity they brought to bear in designing their products,” said the Headmaster.

Participating Barnet primary schools this year included: Underhill, Whitings Hill, Christchurch, and Foulds.

A trio of Old Elizabethan Economics graduates gave senior pupils interested in following in their footsteps valuable career and life insights in a series of talks.

Zainul Jafferji (2000-2007), Zain Gulamali (2005–2012) and Yemi Falana (2008–2015) gave advice on topics ranging from critical thinking to internships during the programme of talks organised by the Economics department.

Headmaster Neil Enright said: “Our alumni are heavily involved in helping current pupils in a wide variety of ways, from mentoring to conducting mock interviews. I am very grateful to Zainul, Zain and Yemi for giving their time so generously to guide QE economists of the future.”

Zainul visited on three consecutive weeks, while Zain and Yemi gave virtual talks.

It was, Zain told the Headmaster afterwards, “lovely to get a chance to ‘give back’… always keen to help where I can. I still remember how I felt when I was in their shoes and how important QE has been in my life since I left.”

Zainul Jafferji,  who took a Master’s in Economics (MPhil) at Cambridge, told Year 12 members of the Economics Group about applying for, and studying, Economics at Cambridge; he set out career paths, and he explained how to think like an economist.

On his first visit, he told members of the Economics Group about Cambridge’s Economics admissions process. Not only had taking a diverse range of A-level subjects (Mathematics, Economics, Physics, German) given him an edge and enabled him to stand out from the crowd, but his German is useful even today when he is advising German companies in his role as a Management Consultant, he said.

He urged the boys to start researching universities and courses early, suggesting they use the School’s online alumni network, QE Connect, to speak to OEs before applying. This was doubly important for Cambridge where the choice of college is important: he advised researching a college’s financial situation, location and, perhaps most importantly (!), menus, before applying.

Zainul stressed the importance of regularly reading The Economist and other Economics literature to prepare for interviews and advised the boys to hone their speaking skills by getting involved in debating and taking LAMDA speaking examinations.

He concluded the session by telling the boys to expect an intense, independently led course at Cambridge:  they would be either alone or in small groups in their tutorials and so would have nowhere to hide if they had not prepared correctly, he advised.

In week two, he outlined the four main career paths for Economics undergraduates: investment banking, management consulting, public policy and further study.

University of Cambridge career fairs begin three weeks after term starts, and applications for ‘Spring Weeks’ (an Easter internship) start soon after. It was, he said, important to apply early for “ferociously competitive” areas such as banking and consulting.

Zainul was able to secure a Spring Week at Royal Bank of Scotland in his first year. (He maintained that the bank’s financial collapse soon after, in 2008, was despite, rather than because of, his work there!)

In his final session, Zainul spoke on critical-thinking skills. He outlined the key skills required to think like an economist and to construct powerful, compelling arguments.

Students then split into three groups, looking at topics covering macroeconomics, microeconomics and econometrics. One group tackled the most current of issues: the impact of sanctions on Russia on the UK economy. He helped them to move beyond CPI as a measure and to better understand the worry of a wage-price spiral taking hold.

Afterwards, Economics teacher Sheerwan O’Shea-Nejad  said: “Zainul has been an excellent guide for the students through the process of choosing a university, thriving there, getting a job and excelling once employed.”

In his virtual talk, Zain Gulamali, who read Philosophy, Politics and Economics (PPE) at Warwick, said boys should start at university as they meant to finish, rejecting any thoughts of “the first year doesn’t count so I will work harder in the second and third years”.

He advised them to start applying for work experience immediately: there was no such thing as bad work experience, since even a boring placement could show them what to avoid.

Zain previously worked at an accountancy firm to qualify as an ACA accountant, but is now employed in the finance department of multi-national mining company Anglo-American.

He warned of the dangers of ending up in an unfulfilling repetitive career just to earn a large salary and impress others.

In his talk, which was also delivered online, Bristol graduate Yemi Falana related how he had switched from Medicine to Economics at university. He said frankly that his parents were keener on Medicine than he was.

Yemi stressed the importance of applying for internships early – even during A-levels. His included two with Goldman Sachs, where he then went on to take up a full-time post as an analyst in 2018.

Now an Associate with the investment bank, he advised researching the work-life balance and job security of different roles carefully, remarking on how he works shorter hours than the deal-making teams, and appreciates the opportunity to have more of a personal life.

Three interns from the University of Connecticut helped deepen boys’ knowledge of American healthcare at a meeting of QE’s Personal Finance Society.

Pupils heard about the high costs and complexity inherent in the US system, with the session ending in a discussion of the pros and cons of healthcare on both sides of the Atlantic.

The meeting was organised by Ugan Pretheshan, who runs the society along with fellow Year 11 pupil Roshan Patel with the aim of helping boys manage their finances both now and in the future in their adult lives. Other topics covered in its meetings include buying a house and maintaining a good credit score.

Headmaster Neil Enright said: “I am grateful to our three current interns, Evan Burns, Nathaniel Austin-Mathley, and Ben Duncan, for their contribution to this meeting and to our enrichment programme more generally. Our relationship with the University of Connecticut extends back over a number of years and it is great that we can again welcome interns this year. It is a connection which gives us fascinating insights into the differences in pedagogy and educational culture between our respective countries.

“Their presence allows boys here to more readily make international comparisons and to understand different contexts and policy approaches: the opportunity thus to interrogate a different system is valuable, not least in helping pupils think critically about our own systems.”

“I congratulate Ugan and Roshan on their work with the society: like other pupil-run societies, it is of great benefit both to those who lead it and to those who attend. The Personal Finance Society complements the work of my colleagues who teach topics such as personal finance and other life skills through formal programmes of study, such as QE’s Personal Development Time programme.”

During the meeting, which was overseen by Economics teacher Sheerwan O’Shea-Nejad, the three History interns spoke extensively on American healthcare, telling the boys that it is a complex system that leaves many suffering, both physically and financially.

US healthcare spending grew 9.7 per cent in 2020, they said, reaching $4.1 trillion, or $12,530 per person. As a share of the nation’s Gross Domestic Product, health spending accounted for 19.7 per cent.

“It was eye-opening to understand the complex and diverse methods of insurance and financing these large hospital bills,” said Ugan. The boys attending learned that insurance companies dominate US healthcare industries, presenting American citizens with a welter of quotation pathways and options – encompassing premiums, walk-in fees and ‘deductibles’ – that can be very difficult to understand. The contrast with the relative simplicity achieved by the NHS system in the UK was highlighted.

The meeting also heard a story about what a woman who had got her leg caught between a train and the platform in the US told onlookers: “Don’t call an ambulance. It’s $3,000. I can’t afford that. Call an ‘Uber’.”

Asked what they would do in such a medical emergency in the UK, the boys responded that they would not hesitate to call an ambulance.

The interns, who are supporting the History, Politics and Religious Studies departments this term as part of their Master’s programme, happily answered boys’ questions, before the meeting concluded with a weighing-up of the advantages and disadvantages of both systems, with arguments about price, accessibility and waiting times all factors in the debate.