Venue: Croke Park Date: Wednesday 2nd May

Time: 11.00a.m. to 3.00p.m. #pdstyoungeconomist @PDST_YEOTY www.pdst.ie/youngeconomist UNEMPLOYMENT

The boulevards of disappointment seemed endless. In a land where human abilities were next to worthless. It is time for me to be brave, And embrace the reality that I crave.

Do I really have to do this? Bold capital “no's”, make me stand amiss. Even standing up for the best; Makes me no more than the rest.

Mother's grumpy sighs and chastisement; Add little to my swift advancement. The man next door says, “I'm in the same position”, Which is not a motivation.

Can't give up now; Even though frustration is clearly written on my brow. Into the dark grey clouds I gaze; Lord; help solve this unending maze.

By Abisola Lydia Olatunji Loreto College, Mullingar, Co. Westmeath

www.pdst.ie/youngeconomist Programme for YEOTY 2018

The Professional Development Service for Teachers (PDST) in association with UCD School of Education and School of Economics, NUI Galway, and the Irish Economic Association are delighted to welcome you to the Young Economist(s) of the Year National Awards for post-primary students.

11.00 Welcome & Opening Address - Ciara O'Donnell, PDST National Director

11.15 Why is Economics Important? - Professor Karl Whelan, Head of School, UCD School of Economics

11.30 Panel of Judges introduced by Dr. Brian O'Boyle - Dr. Kevin Denny, Professor Rowena Pecchenino, Professor John McHale and Dr. Aidan Kane

11.40 Exhibition - Interactive session where participants are invited to take their places at exhibitions and other students will spend time looking at the various projects. Medals will be presented at the stands and there will be an official photographer visiting each stand etc.

12.40 Former YEOTY winners: where are they now? - Daniel Ferreira and Stephen Fowler

12.50 Feedback from panel of judges and announcement of overall Junior and Senior YEOTY

1.15 Closing Remarks - Professor John McHale NUI Galway and President of the IEA

1.30 Lunch

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Message from the Director CIARA O’DONNELL As National Director of the PDST, it gives me great pleasure to welcome you all to the Young Economist of the Year National Awards (YEOTY). We had almost 500 entries this year from 60 participating schools, signalling the appetite there is for exploring this area and demonstrating the commitment of teachers and students to the teaching and learning of economics.

YEOTY as it has become affectionately known is now in its fifth year and aims to develop into a significant national awards event for the enjoyment and promotion of economics. Exciting times are ahead for economics with a long awaited new leaving certificate specification on the horizon. The study of economics provides several opportunities for further study and career options making it a leading discipline for the 21st century.

The purpose of today's event is to showcase and acknowledge the work of the students and their teachers in creating innovative projects across a range of economics concepts and topics.

I would like to thank our partners in the School of Education and School of Economics in University College Dublin, Maynooth University and NUI Galway and also Loais Education Centre and the Irish Economic Association who collaborated with us on this exciting project. We look forward to continuing our association with them as YEOTY continues to grow and develop.

Finally I would like to acknowledge the work of Rachel Farrell, former Deputy Director with the PDST, whose vision and energy has been instrumental in making YEOTY a reality and in co- ordinating this wonderful event today. We wish Rachel well in her new role in the School of Education in UCD. Ciara O'Donnell

Organising Committee Dr. BRIAN O’BOYLE Brian O' Boyle is an economist working for People Before Profit. He has published a number of books and articles in the areas of political economy, philosophy of science, the history of economic thought and the Irish Economy. Brian is currently working on a book to expose the nature of tax haven Ireland.

CIAN SWEENEY Cian is a post-primary teacher on secondment from Holy Family Secondary School in Newbridge where he has taught, Business Studies, Accounting, Business, LCVP and Economics prior to being seconded to the PDST in 2016. As an Advisor with the PDST Cian is part of the post-primary subjects, TY and LCVP team.

JIM ENRIGHT Jim Enright holds a BA in Maths and French, H Dip in Ed from UCD and an MSc in Information Technology from DCU. Jim is seconded from Coláiste Choilm in Tullamore where he taught both Maths and French to all levels. He worked as an ICT Advisor promoting and supporting the pedagogic use of ICT in primary, post-primary and special schools from 1999 - 2008. Since 2008 he has worked as Direct or of Laois Education Centre. page 4 YOUNG ECONOMIST OF THE YEAR 2018

YEOTY welcomes UCD

The School of Education is a leader in its field, internationally recognized for its research and over 100 years of service to the wider education community in Ireland. Contact us at [email protected] Follow us on Twitter @SchoolofEdUCD

UCD School of Economics is Ireland’s leading economics department. Our economists are experts with international reputations in a wide range of topics. We offer single and joint honours undergraduate degrees in Economics as well as a range of postgraduate options. Contact us at [email protected].

PROFESSOR DYMPNA DEVINE Dympna is Full Professor of Education and Head of UCD School of Education, where she is also Director of the PhD in Children and Youth Studies. She is a founding member of the UCD Childhood and Human Development Research Centre in the Geary Institute. Her specialist field is sociology, with an interest in the social study of childhoods/children's rights and identities and their educational well-being. She is a nominee of the Minister for Children and Youth Affairs to the National Advisory Council for Children and Young People: Better Outcomes, Brighter Futures (2014 - 2020) and of the Minister of Education as the IUA representative to the Early Years Education Advisory Group.

RACHEL FARRELL Rachel is a funded doctoral fellow in the School of Education, UCD where she is undertaking research in the areas of pedagogy, collaboration and school/university partnerships in Initial Teacher Education (ITE). Rachel has over twenty years’ experience working across the continuum of teacher education at both practice and policy level and continues to teach economics methods on the Professional Master of Education Programme in UCD.

PROFESSOR KARL WHELAN Professor Karl Whelan, Head of School, UCD School of Economics, has been Professor of Economics at University College Dublin since 2007. Previously, he worked for the Central Bank of Ireland and the Federal Reserve Board in Washington DC. Prof. Whelan has published extensively in the area of applied macroeconomics and is a member of the Royal Irish Academy. He appears regularly in the Irish media discussing issues relating to economic policy and blogs about macroeconomic and financial issues. Professor Whelan acts as an advisor to the European Parliament's Economic and Monetary Affairs Committee.

ASSOCIATE PROFESSOR KEVIN DENNY Associate Professor Kevin Denny UCD School of Economics was born in Dublin in 1962. He studied Economics at University College Dublin, graduating with a BA and MA in 1983 and 1984 respectively. Moving to Oxford, he completed an MPhil in Economics at Nuffield College, Oxford (1984-1986) where he worked as a Research Officer from 1986 to 1987. Returning to study he finished his DPhil in 1991 (The Economics of Trade Unions: an empirical and theoretical analysis, supervisor Steve Nickell) having worked in the Institute for Economics & Statistics from 1988-89. He was a Senior Research Officer at the Institute for Fiscal Studies, London 1989-92. He took up a lectureship in UCD in 1992 and was promoted Senior Lecturer in 2002. For calendar year 2010 he was on sabbatical at the Economics Department, University of Kentucky. .

YOUNG ECONOMIST OF THE YEAR 2018 page 5

YEOTY welcomes NUI Galway & Maynooth University

PROFESSOR JOHN McHALE John McHale is Established Professor of Economics and Dean of the College of Business, Public Policy, and Law at the National University of Ireland, Galway. He has served as Chairman of the Irish Fiscal Advisory Council from its inception in 2011 to 2016. He has previously held positions as Assistant Professor of Economics and Associate Professor of Economics at Harvard University, and as Associate Professor of Managerial Economics and Toller Family Research Fellow at the Queen’s University, Ontario. He holds Ph.D and A.M degrees from Harvard University, and first-class B.Comm. (1988) and M.Econ.Sc. (1990) degrees from the National University of Ireland. Professor McHale has been a consultant to the World Bank on various migration and development projects. He previously serveds a Director of the Whitaker Institute for Innovation and Societal Change at NUI Galway. He has also served as an independent member of that National Economic and Social Council and of the Pensions Board. He is currently President of the Irish Economic Association and an associate editor of the Economic and Social Review.

Dr. AIDAN KANE Dr. Aidan Kane is head of economics at NUI Galway. His BA and PhD are from the , Trinity College. His research interests are principally in Irish economic history, and in particular, the construction of historical datasets, mainly related to Irish public finance, from the 18th century to the present, and on Ireland's 18th century international trade, using a range of web, programming, and relational database technologies. He is currently pursuing a particular interest in the application of open linked data technologies to economic history data. He also has an interest in the political economy of innovation policy in Ireland, having served as director of the University's Centre for Innovation and Structural Change (CISC) from 2002 to 2006. (CISC is now titled the Whitaker Institute). He teaches Irish economic history and macroeconomics at undergraduate level, and he supervises students in respect of final year projects, theses/placements in taught postgraduate programmes, and at PhD level. Dr Kane is currently programme director of the Higher Diploma in Economic Science at NUI Galway, as well as head of economics, and was previously director of undergraduate s tudies in economics.

PROFESSOR ROWENA PECCHENINO Rowena Pecchenino holds a BA in Economics from Cornell University, an MSc in Economics from the LSE, and a PhD in Economics from the University of Wisconsin, Madison. In 1985 she was appointed Assistant Professor at Michigan State University, and was promoted to Professor in 1997. She was elected Department Chairperson at MSU. She is now Professor of Economics in the Maynooth University Department of Economics, Finance & Accounting and Dean of the Maynooth University Faculty of Social Sciences. She has held various visiting posts in the US, UK, Italy, Australia and Ireland. She conducts research in a number of distinct fields in economics from macroeconomics and banking to the philosophy of economics. Her recent work explores hope and despair in economic thought. She has published widely in journals such as the American Economic Review, the Economic Journal, the Journal of Public Economics, and the Scandinavian Journal of Economics. https://www.maynoothuniversity.ie/people/rowena-pecchenino

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YEOTY 2017 view projects @ pdst.ie/yeoty2017/results

Currently I am studying economics, politics and law at DCU. I achieved 499 points in the leaving cert and a H2 in economics. Since winning the prize I have volunteered in Baby Blessing Children's Home in Kenya last summer and I completed work experience in South Africa with a few NGO's and government bodies like Refugee Social Services, Lawyers for Human Rights and Legal Aid South Africa. My plans for the future are to work in the fields of international development, politics or journalism and this summer I intend to get more work experience under my belt.

6th year student Cahal Murphy from Rockwell College, Cashel, Co.Tipperary pictured with his teacher June O’Brien. Cahal was awarded joint 1st place for his project entitled: Does Quantitative Easing Work?

6th year student Stephen Fowler from Ratoath College, Co. Meath, pictured with his teacher Colm Connolly. Stephen was awarded joint 1st place for his project entitled: An Economic Analysis of Airline Tickets.

6th year students Aaron Hannon & Robert Grimes from St. Muredoch's College, Co. Mayo who were awarded 2nd place for their project entitled: Conspicuous Consumption in the Leaving Certificate Points System. (Teacher Brian Lacey)

Transition Year student Domhnall Coffey from Ardscoil Rís, Limerick was awarded 1st place for his project entitled: Modern Macroeconomics – Redesigning Q.E. (Teachers – Derek Larkin & Karen Burke)

YOUNG ECONOMIST OF THE YEAR 2018 page 7

YEOTY 2017 view projects @ pdst.ie/yeoty2017/results

Transition year student Max McKenna (Seán Lardner absent from photo) from Blackrock College, pictured with his teacher Neil McLouglin. Max and Seán were awarded 2nd place for their project entitled: “The Living Wage: Viable Option or Pleasant Thought?”

Transition year student Clara Vidal from Davis College, Mallow, Co. Cork, pictured with her teacher Colette O'Callaghan. Clara was awarded 3rd place for her project entitled: ”The Economic Impact of the Syrian War.”

2nd year student Marianne Ní Dhochartaigh from Coláiste Mhuire, Baile Átha Cliath who was awarded 1st place for her project entitled: “Pay for Points.” (Teacher Mark Rossiter)

1st year student Eoghan McHale from Colaiste Iognaid, Galway who was awarded 2nd place for his project entitled: Could "America First" Backfire? (Teacher Ray Silke)

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YEOTY 2016

Congratulations to Kate Lauren Walsh from Presentation Secondary School, Loughboy, who was awarded 1st place in the Senior Cycle YEOTY 2016 awards category with her entry titled: "The Economics of Terrorism" which can be viewed @pdst.ie/yeoty2016/results. 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.

Congratulations to Mark Glynn and Cian Buckley from Patrician Secondary School, Newbridge, Co.Kildare who were awarded 1st place in the Transition Year YEOTY2016 awards category with their entry titled: "Is social media an addictive good?" which can be viewed @pdst.ie/yeoty2016/results. 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.

YOUNG ECONOMIST OF THE YEAR 2018 page 9

YEOTY 2016

Congratulations to Deprisse Anne Patricio from Loreto Secondary School, Kilkenny who was awarded 2nd place in the Transition Year YEOTY 2016 awards category with her entry titled "Shrinkflation - paying more but getting less" which can be viewed @pdst.ie/yeoty2016/results. 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.

Congratulations to Amal Mutahir and Rachel O’Connor from Loreto College, Mullingar who were awarded 2nd place in the Senior Cycle Y EOTY 2016 awards category with their entry titled: "Game theory analysis of the migrant crisis" which can be viewed @pdst.ie/yeoty2016/results. 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.

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Messages from former Young Economists

The first feeling we felt was definitely shock! We hadn't expected to even get nominated, never mind win! We had initially entered as a challenge and hopefully to get a better understanding of economics. As we looked into the topics, we started to appreciate how economics is in our everyday lives, all around us, and we wanted to show this in our project. Doing the project was definitely a big factor for the choosing of economics as one of our leaving cert subjects. It was a real honour to know our project was appreciated by people with such knowledge in the field of economics. The overriding feeling however was happiness. To be named economists of the year is something that will stay with us forever and we are so proud to have received this prestigious award. YEOTY 2016 TY winners Mark Glynn and Cian Buckley from Patrician Secondary School, Newbridge, Co. Kildare with their teachers Ms. Clarke, Mr. Moriarty and their principal Mr. O'Leary.

Kate's big day out at the Irish Economic Association’s National Conference in Galway! In 2016 in collaboration with the Economics Department