Finalist in Young Economist of the Year competition

Sixth-former Hardik Ingale won a visit to Downing Street and a tour of the Treasury after reaching the final of the Young Economist of the Year competition.

Hardik’s essay was one of only five entries to reach the final in the Discover Economics contest, which was backed by the Royal Economic Society.

He impressed the judges with his carefully researched exploration of How can economics explain the high price of a supercar?

Head of Economics Krishna Shah said: “Hardik entered the competition on his own initiative during the summer holidays and was meticulous in his approach. I congratulate him on this considerable success.”

Hardik’s choice of topic reflected his interest in Formula One.

His research included:

• Academic articles from the JSTOR digital library;
• Online articles offering diverse perspectives;
• YouTube videos explaining supercar production and market dynamics;
• Investigation into car companies, their products, and economic strategies.

His central argument was that the high price of supercars could be attributed to multiple economic factors – including high manufacturing costs, the costs involved in developing technological innovation and in maintaining the exclusivity of a brand, and the dominance of a small number of firms in this market. Most of all, though, he placed a strong emphasis on psychological factors – including the motivations consumers, who buy supercars for their value as status symbols.

The final of the competition was held at accountants’ KPMG’s offices. Hardik, who is in Year 12, gave a ten-minute presentation, which was followed by a five-minute question-and-answer session with the judges, who were drawn from Government policy bodies as well as the Financial Times, who sponsored the competition, together with KPMG UK.

Hardik, who hopes to read Economics or Finance at university, described his trip to Downing Street as “amazing”. As well as being photographed outside Number 10, he visited 11 Downing Street, the official residence of the Chancellor of the Exchequer, meeting the head of the Government Economic Service, Sam Beckett. He also toured the Treasury and met officials there, enjoying some discussions about careers in public service and government. The day even included meeting Number 10’s famous feline resident, Larry the cat!