| The Federal Reserve Bank of Minneapolis
announces its Seventeenth Annual Student Essay Contest open to all
high school juniors and seniors in the Ninth Federal Reserve District.
Topic | Rules/Awards | Timetable | Contest Archive
Essay Topic
Why are some countries rich and some countries poor?
Imagine living on a dollar a day. According to the World Bank, more than one fifth of all the world’s population does just that, and half live on less than $2. Per capita income in the highest-income countries is more than 60 times the per capita income of the lowest income countries.
But why are the United States and other developed nations so wealthy while many other nations are destitute? This is among the oldest and most central questions of economics. Adam Smith, who many consider the father of economics, titled his most famous book “An Inquiry into the Nature and Causes of the Wealth of Nations.”
There are many perspectives on this issue and trying to come up with a quick answer is daunting. Nonetheless, it is one of the most important issues facing humanity. The question is central to determining the quality of life for current and future generations, and in some cases it can be a matter of life or death. It is for these reasons that the Federal Reserve Bank of Minneapolis has chosen
to ask the question for its 2004-2005 student essay contest.
Rules and Writing Guide
Awards
Two Divisions: Standard and Advanced Economics
Fifteen students in each division will receive a $100 U.S. savings bond. In addition, from each division a first- and second-place winner will be selected. The two second-place winners will each receive an additional $200 savings bond and the two first-place winners will each receive an additional $400 savings bond. One first-place winner will be selected as the overall winner of a paid summer internship at the Minneapolis Fed. The essay will also be published in The Region magazine.
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Student Congress
