Amelia Farrar (centre) receiving her prize from Motu Executive Director John McDermott and Motu Senior Fellow Trinh Le.
When you hear Amelia Farrar describe economics as being “like the physics of society”, you get some sense of the keen mind that won her the 2024 Sir Frank Holmes Prize – an award given annually to New Zealand’s top undergraduate economics student.
Named after one of New Zealand's most distinguished economists, Sir Frank Holmes, the prize is offered up by the Motu Research and Education Foundation – an independent, public-good-focused economics and public policy research institute.
The winner receives a cheque for $5000 to support studies in economics at honours or master’s level. Amelia will put the prize money towards a Master of Business in Economics.
It’s been nearly a decade since an Otago student has won this coveted prize. Head of Otago’s Department of Economics, Professor Ronald Peeters, explains the high-stakes nature of the selection process.
“In my view, it is the most significant prize nation-wide for undergraduate students within the field of economic analysis. All universities nominate the best of their best students. Within these, Amelia came out as the best. This means she is the best of the best of the best.”
When Amelia hears how many layers of ‘best’ stood between her and the prize, she’s humbled.
“It’s a real honour and I have a lot of people in the Department of Economics to thank for their support and the role they’ve played in my journey. I’ve always strived to do my best, but receiving this recognition is highly motivating.”
Amelia is now in her third year of a BCom in Economics and Finance. She fell for economics via an aptitude for maths.
“I’ve always had a deep curiosity for how the world works and an affinity for numbers. That’s what drove me to initially study physics – there’s true beauty in understanding the intricacies of everyday phenomena happening all around you.
“Economics is much the same. It’s a critical lens, a way of thinking, through which anything can be analysed. I often have epiphanies that some arbitrary experience is a perfect demonstration of an economic concept. I just love the pure elegance of using mathematics and theories to explain real life.”
Amelia is off to Denmark on an Otago Global Student Exchange for the first semester of 2025. She’s looking forward to immersing herself in another culture and gaining a global perspective on economics at Copenhagen Business School. She’s hoping she’ll find inspiration for her dissertation topic there too.
“I’ve always been intrigued by why people act the way they do and by the complexity of economics in all facets of our society. I’m especially fascinated by game theory [the study of how people strategize and make decisions], behavioural economics, environmental economics, economic crises, and the economic implications of artificial intelligence.”
There’s no Amelia-perfect job in mind at this stage. She’s just happy to keep feeding her voracious economics appetite.
“There are so many incredible pathways I could take, from pursuing a PhD overseas to shaping policies in New Zealand. I want to be known for making a difference and being influential in the economics sphere.”
For now, she’s relishing her last moments as an undergraduate. Having arrived at Otago fresh from Ōtūmoetai College in the gentle climate of Tauranga, she’s quite the Dunedin convert.
“I truly believe Otago is the best university in New Zealand and I wouldn’t change my experience for the world. I’ve made such unforgettable memories here with my friends, from Saturday nights in North Dunedin to weekends away skiing or doing Great Walks. Why else would I be sticking around to do my Masters? Kidding! Obviously.”
– Kōrero by Claire Finlayson, Communications Adviser (Otago Business School)